Document:

Registration Rights Agreement

 Exhibit 10.4 
 REGISTRATION RIGHTS AGREEMENT 
 This Registration Rights Agreement (the
“Agreement”), dated as of February 1, 2012, by and among Real Estate Strategies L.P., a Bermuda Limited Partnership (“RES” or, the “Purchaser”), IRSA Inversiones y Representaciones Sociedad
Anónima, an Argentine Sociedad Anónima (“IRSA”) (solely for purposes of Section 5.6 hereof), and Supertel Hospitality, Inc., a Virginia corporation (the “Company”). 

WHEREAS, the Purchaser entered into a purchase agreement dated as of November 16, 2011 with the Company (the
“Purchase Agreement”) related to the acquisition of certain shares of Series C Preferred Stock, par value $ 0.01 per share of the Company (the “Preferred Shares”), which are convertible into shares of common
stock of the Company, par value $ 0.01 per share (the “Common Stock”); 
 WHEREAS, in connection
with the sale and purchase of the Preferred Shares, the Company will issue to Purchaser the warrants (the “Warrants”) to purchase Common Stock (the “Warrant Shares”) on the terms contained therein; and 

WHEREAS, in order to persuade Purchaser the purchase of the Preferred Shares and Warrants, the Company agrees that this Agreement
shall govern the rights and obligations of Purchaser and subsequent Holders (as defined below) of Registrable Shares (as defined below) to cause the Company to register any Registrable Shares held by Purchaser and such subsequent Holders.

 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 
 ARTICLE I. 
 DEFINITIONS 

Unless otherwise indicated to the contrary, capitalized terms not otherwise defined herein shall have the meaning assigned to them in the
Purchase Agreement. In addition, the following terms, as used herein, have the following meanings: 

“Agreement” has the meaning set forth in the preamble. 

“Board of Directors” means the Board of Directors of the Company. 

“Business Day” means any day except a Saturday, Sunday or other day on which banks in New York, New York and Ciudad
Autónoma de Buenos Aires, Argentina are authorized by law to close, other than the Jewish holidays listed by Bloomberg under CDR-JW (including Pesach 1st day, Pesach 2nd day, Pesach 7th day, Pesach 8th day, Shavuot, Shavuot (yizcor), Rosh
Hashanah, Yom Kippur, Sucot, Shemini Atzeret and Simjat Tora). 
 “Closing Date” shall have the meaning set
forth in the Purchase Agreement. 
 “Commission” means the U.S. Securities and Exchange Commission. 

“Common Stock” has the meaning set forth in the recitals. 

“Company” has the meaning set forth in the preamble. 

 “Damages Payment Date” shall mean the later of (i) five
(5) Business Days and (ii) the first day of the calendar month, following the date on which a Registration Default shall have occurred. 
 “Default Rate” has the meaning set forth in Section 2.1(e). 

“Effectiveness Date” has the meaning set forth in Section 2.1(a). 

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated by
the Commission thereunder. 
 “Expedited Offering” has the meaning set forth in Section 2.2(a).

 “FINRA” has the meaning set forth in Section 3.1(l). 

“Holder” means the Initial Holder and any direct or indirect transferee of any Registrable Shares. 

“Holders’ Counsel” means one counsel for the Holders that is selected by the Holders holding a majority of the
Registrable Shares included in the Shelf Registration Statement, with such selection being effective by written consent of Holders holding a majority of the Registrable Shares, whether record or beneficial Holders. 

“Indemnified Party” has the meaning set forth in Section 4.3. 

“Indemnifying Party” has the meaning set forth in Section 4.3. 

“Initial Holder” means the Purchaser. 
 “Inspectors” has the meaning set forth in Section 3.1(i). 

“IRSA” has the meaning set forth in the preamble. 

“Liquidated Damages” has the meaning set forth in Section 2.1(e). 

“Lock-up Period” shall mean set forth in Section 2.1(a). 

“Person” or “Persons” means any individual, corporation, partnership, limited liability company, joint
venture, association, joint-stock company, trust, unincorporated organization or other entity or government or other agency or political subdivision thereof. 
 “Preferred Shares” has the meaning set forth in the recitals. 

“Purchase Agreement” has the meaning set forth in the recitals. 

“Purchaser” has the meaning set forth in the preamble. 

“Records” has the meaning set forth in Section 3.1(i). 

“Registrable Shares” means (i) the Common Stock acquired by the Initial Holder or its transferees in connection
with the conversion of the Preferred Shares, (ii) the Warrant Shares acquired by the Initial Holder or its transferees in connection with the exercise of the Warrants, (iii) any other security beneficially owned by a Holder that was issued
or is issuable with respect to the Preferred Shares or the Warrant Shares by way of exchange, stock dividend or stock split or in connection with a combination of 

  
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shares, recapitalization, merger, consolidation or other reorganization or otherwise and (iv) the Preferred Shares if Purchasers request the filing of a Shelf Registration Statement with
respect to the Preferred Shares pursuant to Section 2.1(a). As to any particular Registrable Shares, such securities shall only cease to be Registrable Shares when (a) a registration statement with respect to the sale of such securities
has been declared effective by the Commission and such particular Registrable Shares have been disposed of under such registration statement, (b) such time as such particular Registrable Shares have been otherwise transferred to holders who may
trade such shares without restriction under the Securities Act, and the Company has delivered a new certificate or other evidence of ownership for such securities not bearing a restrictive legend, or (c) such particular Registrable Shares may
be sold under the exemption of Rule 144 free of all limitations of the rule. 
 “Registrable Securities” means
the Registrable Shares and the Registrable Warrants (as defined below). 
 “Registrable Warrants” means the
Common Stock Purchase Warrant acquired by the Initial Holder or its transferees in connection to certain Purchase Agreement, and certain Common Stock Purchase Warrant, which shall govern the conversion of such into Common Stock of the Company and
its registration with the SEC, among others. 
 “Registration Default” has the meaning set forth in
Section 2.1(e). 
 “Registration Expenses” has the meaning set forth in Section 3.2. 

“Rule 144” means Rule 144 (or any successor rule of similar effect) promulgated under the Securities Act. 

“Rule 415” means Rule 415 (or any successor rule of similar effect) promulgated under the Securities Act. 

“Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated by the
Commission thereunder. 
 “Selling Holder” means any Holder who is selling Registrable Shares pursuant to a
public offering registered hereunder. 
 “Shelf Filing Date” has the meaning set forth in Section 2.1(a).

 “Shelf Registration Period” has the meaning set forth in Section 2.1(b). 

“Shelf Registration Statement” has the meaning set forth in Section 2.1(a). 

“Stand-Off Period” has the meaning set forth in Section 5.3. 

“Successor” has the meaning set forth in Section 5.11. 

“Underwriter” means a securities dealer who purchases any Registrable Shares or other securities of the Company as a
principal for the resale of such securities and not as part of such dealer’s market-making activities. 

“Underwritten Offering” means any sale of Common Stock for the account of the Company to an Underwriter or Underwriters
on a firm commitment basis. 

  
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 “Warrant Shares” has the meaning set forth in the recitals. 

“Warrants” has the meaning set forth in the recitals. 

ARTICLE II. 

REGISTRATION RIGHTS 
 Section 2.1 Shelf Registration. 
 (a) The Company shall
(i) prepare and file with the Commission, as soon as reasonably possible following the Closing Date but in no event later than sixty (60) days following the Closing Date unless the Purchaser shall in writing designate a later date (the
“Shelf Filing Date”), a registration statement (such registration statement, including any replacement registration statement, the “Shelf Registration Statement”) with respect to the Registrable Shares
(provided, that a Shelf Registration Statement with respect to the Preferred Shares and the Warrants shall be filed only upon the written request of the Purchaser submitted no earlier than one year after the Closing Date (the
“Lockup Period”) if the Purchaser (or an affiliate) then beneficially owns a majority of the shares of Preferred Shares, to be filed within sixty (60) days following the delivery of such written request to the Company) under the
Securities Act on Form S-3 (or any similar or successor form or other form to the extent that Form S-3 is not available, the parties hereto acknowledging that the initial Shelf Registration Statement may be on Form S-1), which Shelf Registration
Statement (A) shall be an automatic shelf registration statement if the Company is then a “well known seasoned issuer” (within the meaning of the Securities Act), providing for the registration and the sale by the Holders on a
continuous or delayed basis pursuant to Rule 415 of the Registrable Shares, (B) shall comply as to form in all material respects with the requirements of the applicable form and include, by reference or therewith, all financial statements
required by the Commission to be filed therewith or be incorporated therein and (C) shall be reasonably acceptable to the Holders’ Counsel, and (ii) use its best efforts to cause such Shelf Registration Statement to be declared
effective by the Commission as soon as practicable thereafter but in no event later than one hundred and eighty (180) days after filing (the “Effectiveness Date”). The Shelf Registration Statement shall be on an appropriate
form and shall provide for the resale of the Registrable Shares from time to time, including pursuant to Rule 415, and subject to Section 2.2(b), pursuant to any method or combination of methods legally available by the Holders, and the
registration statement and any form of prospectus included or incorporated by reference therein (or any prospectus supplement relating thereto) shall reflect such plan of distribution or method of sale. 

(b) The Company shall use commercially its reasonable efforts to keep the Shelf Registration Statement continuously effective for the
period beginning on the Effectiveness Date and ending on the date that all of the Registrable Shares registered under the Shelf Registration Statement cease to be Registrable Shares (the “Shelf Registration Period”). During the
Shelf Registration Period, the Company shall (i) subject to Section 2.1(c) hereof, prepare and file with the Commission such amendments and post-effective amendments to the Shelf Registration Statement as may be (A) necessary to keep
the Shelf Registration Statement continuously effective for the Shelf Registration Period or (B) reasonably requested by the Holders (whether or not required by the form on which the securities are being registered), and shall use commercially
reasonable efforts to cause each such amendment to be declared effective by the Commission, if required, as soon as practicable after the filing thereof, (ii) subject to Section 2.1(c) hereof, use commercially reasonable efforts to cause
any related prospectus to be supplemented by any required supplement, and as so supplemented to be filed with the Commission pursuant to Rule 424 under the Securities Act (or any similar provisions then in force under the Securities Act), to the
extent required, and (iii) comply in all material respects with the provisions of the Securities Act with respect to the disposition of all securities covered by the Shelf Registration Statement during the applicable period in accordance with
the intended methods of disposition in market transactions as may be reasonably requested from time to time by the Holders and set forth in such Shelf Registration Statement as so amended or such prospectus as so supplemented. 

  
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 (c) If a majority of the independent directors of the Board of Directors (as determined in
accordance with Nasdaq Stock Market LLC and Commission rules and regulations) determines in its good faith judgment that the availability of the Shelf Registration Statement or the use of any related prospectus would require the disclosure of
material information that the Company has a bona fide business purpose for preserving as confidential or the disclosure of which would impede the Company’s ability to consummate a material transaction, and that the Company is not otherwise
required by applicable securities laws or regulations to disclose, upon written notice from the Company of such determination by the Board of Directors, the rights of the Holders to offer, sell or distribute any Registrable Shares pursuant to the
Shelf Registration Statement or to require the Company to take action with respect to the registration or sale of any Registrable Shares pursuant to the Shelf Registration Statement shall be suspended until the earlier of (i) the date upon
which the Company notifies the Holders in writing that suspension of such rights for the grounds set forth in this Section 2.1(c) is no longer necessary and the Holders have received copies of any required amendment or supplement to the
relevant prospectus, and (ii) forty-five (45) days. The Company agrees to give such notice as promptly as practicable following the date that such suspension of rights is no longer necessary. 

(d) The Company may not utilize the suspension rights under Section 2.1(c) more than one time in any three-month period nor more
than three times in any 12-month period. Each Holder agrees by acquisition of the Registrable Shares that upon receipt of any notice from the Company of the happening of any event of the kind described in Section 2.1(c), such Holder will
forthwith discontinue its disposition of Registrable Shares pursuant to the Shelf Registration Statement relating to such Registrable Shares until the expiration of the applicable suspension period as provided in Section 2.1(c). 

(e) Subject to a reasonable delay determined, in the business judgment of the majority of the independent directors of the Board of
Directors arrived at in good faith, as necessary in the best interest of the Company, if (i) the Shelf Registration Statement has not been filed with the Commission by the Shelf Filing Date, (ii) the Shelf Registration Statement has not
been declared effective by the Commission by Effectiveness Date, or (iii) to the extent that Registrable Shares remain outstanding, the Shelf Registration Statement is filed and declared effective but shall thereafter cease to be effective
(without being succeeded by a replacement shelf registration statement which is filed and declared effective) or usable (including as a result of any suspension period under Section 2.1(c) hereof) for the offer and sale of such Registrable
Securities for any period of time (including any suspension period under Section 2.1(c) hereof) which shall exceed forty five (45) days in any three-month period or one hundred and thirty five (135) days in any 12-month period (each
such event referred to in the immediately preceding clauses (i), (ii) and (iii), a “Registration Default”), the Company shall pay liquidated damages (“Liquidated Damages”) to the Holders, in cash, for the
period (excluding the actual Shelf Filing Date or the actual Effectiveness Date) during which any such Registration Default shall be continuing, at a rate of $20,000.00 per week (prorated for partial weeks). All accrued Liquidated Damages shall be
paid by the Company by the following Damages Payment Date. In the event that any Liquidated Damages are not paid by the Company on the applicable Damages Payment Date, then to the extent permitted by law, such overdue Liquidated Damages, if any,
shall bear interest until paid at the prime rate announced to be in effect from time to time, as published as the average rate in The Wall Street Journal, plus 2% (the “Default Rate”). All accrued Liquidated Damages and any interest
thereon shall be paid by wire transfer of immediately available funds or by federal funds check by the Company to Holders pro rata, based on the respective numbers of Registrable Shares then held by such Holder. THE PARTIES ACKNOWLEDGE THAT DAMAGES
FROM A FAILURE TO FILE THE REGISTRATION STATEMENT OR A FAILURE TO HAVE THE SHELF REGISTRATION STATEMENT DECLARED OR REMAIN EFFECTIVE ARE DIFFICULT TO MEASURE AND THAT THE PAYMENTS 

  
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PROVIDED FOR IN THIS SECTION 2.1(E) ARE REASONABLE LIQUIDATED DAMAGES AND NOT A PENALTY. Promptly (but in no event more than five (5) Business Days) after the occurrence or the termination
of a Registration Default, the Company shall give the Holders at such time notice of such occurrence or termination (as applicable); provided, however, that the failure by the Company to give such notice shall not subject the Company to any further
Liquidated Damages following the termination of the Registration Default. 
 Section 2.2 Piggyback Rights.

 (a) If the Company proposes to conduct an Underwritten Offering, the Company shall give prior written notice of such proposed
Underwritten Offering to the Holders of Registrable Shares as soon as reasonably practicable, but in no event less than ten (10) Business Days before the anticipated offering date (six (6) Business Days before any anticipated offering date
if such Underwritten Offering is an “overnight” offering or equivalent expedited offering (an “Expedited Offering”), undertaking to provide each Holder the opportunity to participate in such Underwritten Offering on the
same terms and conditions as the Company. Each Holder will have seven (7) Business Days (four (4) Business Days in the case of an Expedited Offering) after receipt of any such notice to notify the Company as to whether it wishes to
participate in such Underwritten Offering; provided that should a Holder fail to provide timely notice to the Company, such Holder will forfeit any rights to participate in such Underwritten Offering. If the Company shall determine in its sole
discretion to delay the proposed Underwritten Offering, the Company shall provide written notice of such determination to the Holders and shall thereupon be permitted to delay such Underwritten Offering. In connection with any Underwritten Offering
in which any Holder is exercising piggyback rights pursuant to this Section 2.2, the Company shall be entitled to select the Underwriters in connection with such Underwritten Offering. 

(b) If in the business judgment of a majority of the independent directors of the Board of Directors arrived at in good faith, that the
inclusion of the Registrable Securities in the Underwritten Offering would reduce the cash proceeds to the Company such as to have a material adverse effect on the Company, then the Company shall advise Holders exercising piggyback rights of the
conclusion of the Board of Directors, and their Common Stock shall not be included in the Underwritten Offering. If the managing Underwriter of an Underwritten Offering advises the Company that the inclusion of Registrable Shares by a Holder would
materially adversely affect such Underwritten Offering, the Company shall include in such Underwritten Offering, as to each Holder exercising piggyback rights pursuant to this Section 2.2 and any other Person or Persons having a contractual
right to request their Common Stock be included in such Underwritten Offering, that number of Common Stock that the Company is so advised can be sold in such Underwritten Offering without materially and adversely affecting such Underwritten
Offering, determined as follows: 
 (i) First, for the Holders electing to participate in such Underwritten Offering, such
number of Registrable Shares equal to twenty-five percent (25%) of the number of Common Stock able to be sold as determined by the managing Underwriter; 
 (ii) Second, for the Company, the remaining number of Common Stock able to be sold as determined by the managing Underwriter; 
 (iii) Third, for each remaining holder of Common Stock securities who holds contractual piggyback rights, other than the Holders described above in clauses (i), the fraction of such holder’s Common
Stock proposed to be sold that is obtained by dividing (A) the remaining number of Common Stock that such holder proposes to include in such Underwritten Offering by (B) the total remaining number of Common Stock proposed to be sold in
such Underwritten Offering by all such holders; and 

  
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 (iv) Fourth, for each remaining holder of Common Stock, other than the Holders described
above in clause (i) and the holders described above in clause (iii), if any, who are permitted by the Company to so participate, such number of Common Stock as is determined by multiplying (A) the remaining Common Stock able to be sold as
determined by the managing Underwriter, by (B) the fraction obtained by dividing (1) the number of Common Stock that such holder proposes to include in such Underwritten Offering by (2) the total number of Common Stock proposed to be
sold in such Underwritten Offering by all such remaining holders. 
 ARTICLE III. 

REGISTRATION PROCEDURES 
 Section 3.1 Filings; Information. In connection with the registration of Registrable Shares pursuant to Section 2.1: 

(a) The Company will prepare and file with the Commission a registration statement on any form for that the Company then qualifies and
which counsel for the Company shall deem appropriate and available for the sale of the Registrable Shares to be registered thereunder in accordance with the intended method of distribution thereof, as may be reasonably necessary to effect the sale
of such securities, the Company may require Selling Holders to promptly furnish in writing to the Company such information regarding such Selling Holders, the plan of distribution of the Registrable Shares and other information as the Company may be
legally required to disclose in connection with such registration. 
 (b) The Company will, if requested, prior to filing such
registration statement or any amendment or supplement thereto, furnish to the Selling Holders, and each applicable managing Underwriter, if any, copies thereof, and thereafter furnish to the Selling Holders and each such Underwriter, if any, such
number of copies of such registration statement, amendment and supplement thereto (in each case including all exhibits thereto and documents incorporated by reference therein) and the prospectus included in such registration statement (including
each preliminary prospectus) as the Selling Holders or each such Underwriter may reasonably request in order to facilitate the sale of the Registrable Shares by the Selling Holders. 

(c) After the filing of the registration statement, the Company will promptly notify the Selling Holders of any stop order issued or, to
the Company’s knowledge, threatened to be issued by the Commission and use its commercially reasonable efforts to prevent the entry of such stop order or to remove it if entered. 

(d) In addition to the requirements imposed on the Company elsewhere herein, the Company will qualify the Registrable Shares for offer
and sale under such other securities or blue sky laws of such jurisdictions in the United States as the Selling Holders may reasonably request; keep each such registration or qualification (or exemption therefrom) effective during the period in
which such registration statement is required to be kept effective; and do any and all other acts and things which may be necessary or advisable to enable each Selling Holder to consummate the disposition of the Registrable Shares owned by such
Selling Holder in such jurisdictions; provided that the Company will not be required to (i) qualify to generally do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 3.1(d),
(ii) subject itself to taxation in any such jurisdiction, or (iii) consent to general service of process in any such jurisdiction. 
 (e) The Company will as promptly as is practicable notify the Selling Holders, at any time when a prospectus relating to the sale of the Registrable Shares is required by law to be delivered in connection
with sales by an Underwriter or dealer, of the occurrence of any event requiring the preparation of a supplement or amendment to such prospectus so that, as thereafter delivered to the 

  
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purchasers of such Registrable Shares, such prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to
make the statements therein, in the light of the circumstances under which they were made, not misleading and promptly make available to the Selling Holders and to the Underwriters any such supplement or amendment. Upon receipt of any notice of the
occurrence of any event of the kind described in the preceding sentence, the Selling Holders will forthwith discontinue the offer and sale of Registrable Shares pursuant to the registration statement covering such Registrable Shares until receipt by
the Selling Holders and the Underwriters of the copies of such supplemented or amended prospectus and, if so directed by the Company, the Selling Holders shall deliver to the Company all copies, other than permanent file copies then in the
possession of the Selling Holders, of the most recent prospectus covering such Registrable Shares at the time of receipt of such notice. Furthermore, in the event the Company shall give such notice, the Company shall, as promptly as is practical,
subject to the suspension rights under Section 2.1(c), if applicable, prepare a supplement or post-effective amendment to the registration statement or a supplement to the related prospectus or any document incorporated or deemed to be
incorporated therein by reference, and file any other required document so that, as thereafter delivered to the purchasers of the Registrable Shares being sold thereunder, such prospectus will not contain an untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 

(f) The Company will enter into customary agreements (including an underwriting agreement in customary form) and take such other actions
(including, without limitation, participation in road shows and investor conference calls) as are required in order to expedite or facilitate the sale of such Registrable Shares. 

(g) At the request of any Underwriter in connection with an underwritten offering, the Company will furnish (i) an opinion of
counsel, addressed to the Underwriters and the Selling Holders, covering such customary matters as the managing Underwriter and the Selling Holders may reasonably request and (ii) a comfort letter or comfort letters from the Company’s
independent public accountants addressed to the Underwriters and the Selling Holders covering such customary matters as the managing Underwriter or the Selling Holders may reasonably request. 

(h) If requested by the managing Underwriter or any Selling Holder, the Company shall promptly incorporate in a prospectus supplement or
post-effective amendment such information as the managing Underwriter or any Selling Holder reasonably requests to be included therein, including without limitation, with respect to the Registrable Shares being sold by such Selling Holder, the
purchase price being paid therefor by the Underwriters and with respect to any other terms of the underwritten offering of the Registrable Shares to be sold in such offering, and promptly make all required filings of such prospectus supplement or
post-effective amendment. 
 (i) The Company shall promptly make available for inspection by Purchaser (as representative of any
Selling Holder) or Underwriter participating in any disposition pursuant to any registration statement, and any attorney, accountant or other agent or representative retained by Purchaser (as representative of any such Selling Holder) or Underwriter
(collectively, the “Inspectors”), all financial and other records, pertinent corporate documents and properties of the Company (collectively, the “Records”), as shall reasonably be necessary to enable them to
exercise their due diligence responsibility, and cause the Company’s officers, directors and employees to supply all information requested by any such Inspector in connection with such registration statement; provided, however, that unless the
disclosure of such Records is necessary to avoid or correct a misstatement or omission in the registration statement or the release of such Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, the Company
shall not be required to provide any information under this subparagraph (i) if (A) the Company believes, after consultation with counsel for the Company, that to do 

  
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so would cause the Company to forfeit an attorney-client privilege that was applicable to such information or (B) if the Company has requested and been granted from the Commission
confidential treatment of such information contained in any filing with the Commission or documents provided supplementally or otherwise. 
 (j) The Company shall cause the Common Stock included in any registration statement to be listed on each securities exchange on which securities issued by the Company are then listed, if the Registrable
Shares so qualify. 
 (k) The Company shall provide a CUSIP number for the Registrable Shares included in any registration
statement not later than the effective date of such registration statement. 
 (l) The Company shall cooperate with each Selling
Holder and each Underwriter participating in the disposition of such Registrable Shares and their respective counsel in connection with any filings required to be made with the Financial Industry Regulatory Authority (“FINRA”).

 (m) The Company shall, as may be reasonably requested, participate in any financial roadshow organized for purposes of
publicizing the sale or other disposition of the Registrable Shares. Such participation shall include, but not be limited to, dispatch by the Company of personnel, on a reasonable basis and subject to the operational needs of the Company, to assist
in each presentation made during the roadshow, and provision of the Company data needed for purposes of the roadshow. 
 (n) The
Company shall, during the period when the prospectus is required to be delivered under the Securities Act, promptly file all documents required to be filed with the Commission pursuant to Section 13(a) of the Exchange Act. 

Section 3.2 Registration Expenses. In connection with any registration effected hereunder, the Company shall pay all expenses
incurred in connection with such registration (the “Registration Expenses”), including without limitation: (i) registration and filing fees with the Commission and FINRA, (ii) all fees and expenses of compliance with
securities or blue sky laws (including fees and disbursements of counsel in connection with blue sky qualifications of the Registrable Shares), (iii) printing expenses, messenger and delivery expenses, (iv) fees and expenses incurred in
connection with the listing or quotation of the Registrable Shares, (v) fees and expenses of counsel to the Company and the fees and expenses of independent certified public accountants for the Company (including fees and expenses associated
with the special audits or the delivery of comfort letters), (vi) the fees and expenses of any additional experts retained by the Company in connection with such registration and (vii) the fees and expenses of other persons retained by the
Company, whether or not any registration statement becomes effective; provided that in no event shall Registration Expenses include any underwriting discounts or commissions or transfer taxes. 

ARTICLE IV. 

INDEMNIFICATION AND CONTRIBUTION 
 Section 4.1 Indemnification By the Company. The Company agrees to indemnify, and hold harmless each Selling Holder and their respective officers, directors, partners, shareholders, members,
employees, agents and representatives and each Person (if any) which controls a Selling Holder within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims,
damages, liabilities, costs and expenses (including reasonable attorneys’ fees) caused by, arising out of, resulting from or related to any untrue statement or alleged untrue statement of a material fact contained or incorporated by reference
in any registration statement or prospectus relating to the Registrable Shares (as amended or supplemented if the Company shall have furnished any 

  
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amendments or supplements thereto) or any preliminary prospectus, including all documents attached thereto or incorporated by reference therein, or caused by any omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as such losses, claims, damages or liabilities are caused by or based upon any information furnished in writing to
the Company by or on behalf of such Selling Holder or by such Selling Holder’s failure to deliver a copy of the registration statement or prospectus or any amendments or supplements thereto after the Company has furnished such Selling Holder
with copies of the same; provided, however, that the Company shall have no obligation to indemnify under this sentence to the extent any such losses, claims, damages or liabilities have been finally and non-appealably determined by a court of
competent jurisdiction to have resulted from such Selling Holder’s willful misconduct or gross negligence or an intentional act or omission in violation of applicable laws. The Company also agrees to indemnify any Underwriter of the Registrable
Shares, their officers and directors and each person who controls such Underwriter on substantially the same basis as that of the indemnification of the Selling Holders provided in this Section 4.1, except insofar as such losses, claims,
damages or liabilities are caused by or based upon any information furnished in writing to the Company by or on behalf of such Underwriter or by such Underwriter’s failure to deliver a copy of the registration statement or prospectus or any
amendments or supplements thereto after the Company has furnished the Underwriter with copies of the same; provided, however, that the Company shall have no obligation to indemnify under this sentence to the extent any such losses, claims, damages
or liabilities have been finally and non-appealably determined by a court to have resulted from any such Underwriter’s willful misconduct or gross negligence. The obligations of the Company under this Section 4.1 shall be in addition to
any liability that the Company may otherwise have to any Indemnified Person and the obligations of any Indemnified Person under this Section 4.1 shall be in addition to any liability that such Indemnified Person may otherwise have to the
Company. The remedies provided in this Section 4.1 are not exclusive and shall not limit any rights or remedies which may otherwise be available to an indemnified party at law or in equity. 

Section 4.2 Indemnification By Selling Holders. Each Selling Holder agrees to indemnify, and hold harmless the Company, its
officers and directors, and each Person, if any, that controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages, liabilities,
costs and expenses (including reasonable attorneys’ fees) caused by, arising out of, resulting from or related to any untrue statement or alleged untrue statement of a material fact contained or incorporated by reference in any registration
statement or prospectus relating to the Registrable Shares (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto) or any preliminary prospectus, including all documents attached thereto or incorporated
by reference therein, or caused by any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, but only with reference to information furnished in
writing by or on behalf of such Selling Holder specifically for use in any registration statement or prospectus relating to the Registrable Shares, or any amendment or supplement thereto or any preliminary prospectus. Each Selling Holder also agrees
to indemnify and hold harmless any Underwriters of the Registrable Shares, their officers and directors and each person who controls such Underwriters on substantially the same basis as that of the indemnification of the Company provided in this
Section 4.2, but only with reference to information furnished in writing by or on behalf of such Selling Holder specifically for use in any registration statement or prospectus relating to the Registrable Shares, or any amendment or supplement
thereto or any preliminary prospectus. Each such Selling Holder’s liability under this Section 4.2 shall be limited to an amount equal to the net proceeds (after deducting the applicable underwriting discount and expenses associated with
such Selling Holder’s Registrable Shares sold thereunder) received by such Selling Holder from the sale of such Registrable Shares by such Selling Holder. The obligation of each Selling Holder hereunder shall be several and not joint.

  
 10 

 Section 4.3 Conduct Of Indemnification Proceedings. In case any proceeding
(including any investigation by any court, governmental, regulatory or administrative agency or commission or other governmental authority or instrumentality, domestic (federal, state or municipal) or foreign governmental entity) shall be instituted
involving any Person in respect of which indemnity may be sought pursuant to Section 4.1 or Section 4.2, such Person (the “Indemnified Party”) shall promptly notify the Person against whom such indemnity may be sought (the
“Indemnifying Party”) in writing and the Indemnifying Party, upon the request of the Indemnified Party, shall retain counsel reasonably satisfactory to such Indemnified Party to represent such Indemnified Party and any others the
Indemnifying Party may designate in such proceeding and shall pay the fees and disbursements of such counsel related to such proceeding. In any such proceeding, any Indemnified Party shall have the right to retain its own counsel, but the fees and
expenses of such counsel shall be at the expense of such Indemnified Party unless (i) the Indemnifying Party and the Indemnified Party shall have mutually agreed to the retention of such counsel or (ii) the named parties to any such
proceeding (including any impleaded or joined parties) include both the Indemnified Party and the Indemnifying Party and, in the written opinion of counsel for the Indemnified Party, representation of both parties by the same counsel would be
inappropriate due to actual or potential differing interests between them. It is understood that the Indemnifying Party shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses
of more than one separate firm of attorneys (in addition to any local counsel) at any time for all such Indemnified Parties, and that all such fees and expenses shall be reimbursed as they are incurred. In the case any such separate firm for the
Indemnified Parties exists, such firm shall be designated in writing by the Indemnified Parties. The Indemnifying Party shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent
(not to be unreasonably withheld), or if a final judgment is entered for the plaintiff, the Indemnifying Party shall indemnify and hold harmless such Indemnified Parties from and against any loss or liability (to the extent stated above) by reason
of such settlement or judgment. 
 Section 4.4 Contribution. 

(a) If the indemnification provided for in this Article IV is, by operation of law unavailable to an Indemnified Party in respect of any
losses, claims, damages or liabilities in respect of which indemnity is to be provided hereunder, then each such Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall to the fullest extent permitted by law, contribute to the
amount paid or payable by such Indemnified Party as a result of such losses, claims, damages or liabilities in such proportion as is appropriate to reflect the relative fault of such party in connection with the statements or omissions that resulted
in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative fault of the Company, a Selling Holder and the Underwriters shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by such party and the parties’ relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission. 
 (b) The Company and each Selling Holder agrees that it would not be just
and equitable if contribution pursuant to this Section 4.4 were determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take account of the
equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an Indemnified Party as a result of the losses, claims, damages or liabilities referred to in the immediately preceding paragraph shall be
deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending any such action or claim. Each Selling Holder shall not be
required to contribute any amount in excess of the amount by which the net proceeds of the offering (before deducting expenses) received by such Selling Holder exceeds the amount of any damages that such

  
 11 

 
Selling Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 
 ARTICLE V. 
 MISCELLANEOUS 

Section 5.1 Participation In Underwritten Offerings. No Person may participate in any underwritten registered offering
contemplated hereunder, unless such Person (a) agrees to sell its securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements, (b) completes and executes all (to
the extent reasonable and customary) questionnaires, powers of attorney, custody arrangements, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements and this Agreement and
(c) furnishes in writing to the Company such information regarding such Person, the plan of distribution of the Registrable Shares and other information as the Company may from time to time reasonably request or as may legally be required in
connection with such underwritten registered offering; provided, however, that no such Person shall be required to make any representations or warranties in connection with any such underwritten registered offering other than representations and
warranties as to (i) such Person’s ownership of his or its Registrable Shares to be sold or transferred in a manner that is free and clear of all liens, claims and encumbrances, (ii) such Person’s power and authority to effect
such transfer and (iii) such matters pertaining to compliance with securities laws as may reasonably be requested; provided further, however, that the obligation of such Person to indemnify pursuant to any such underwriting agreements shall be
several, and not joint and several, among such Persons selling Registrable Shares, and the liability of each such Person will be in proportion to, and, provided further that such liability will be limited to, the net amount received by such Person
from the sale of such Person’s Registrable Shares pursuant to such underwritten registered offering. Notwithstanding anything contained herein to the contrary, the Board of Directors must approve any Underwriter engaged to conduct any
underwritten registered offering pursuant to this Agreement; provided, however, that if such underwritten registered offering has been initiated by the Purchaser and the Purchaser is the sole selling shareholder in such offering, the Purchaser shall
have the right to select the Underwriter for such underwritten registered offering, subject to the approval of the Board of Directors, which approval shall not be unreasonably withheld. 

Section 5.2 Rule 144. The Company shall file any and all reports required to be filed by it under the Securities Act and the
Exchange Act and shall take such further action as the Holders may reasonably request to the extent required from time to time to enable the Holders to sell Registrable Shares without registration under the Securities Act within the limitation of
the exemptions provided by Rule 144 under the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission. Upon the request of any Holder, the Company will deliver to such
Holder a written statement as to whether it has complied with such reporting requirements. 
 Section 5.3 Market Stand
Off. In connection with the registration or offering of the Company’s securities, upon the reasonable request of the Company and the managing Underwriter of any underwritten offering of the Company’s securities, each Holder agrees not
to sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of, any Registrable Shares (other than those included in the registration) without prior written consent of the Company, or such Underwriters, as the
case may be, for such period of time (not to exceed 60 days from the effective date of such registration or offering) as the Company and the managing Underwriter may reasonably specify (the “Stand-Off Period”); provided, however,
that: 
 (a) all executive officers and directors of the Company then holding Common Stock of the Company shall enter into
similar agreements for not less than the time period required of the Holders hereunder; and 

  
 12 

 (b) the Holders shall be allowed any concession or proportionate release allowed to any
officer or director that entered into similar agreements. 
 In order to enforce the foregoing covenant in this Section 5.3, the Company
shall have the right to place restrictive legends on the certificates representing the Registrable Shares subject to this Section 5.3 and to impose stop transfer instructions with respect to the Registrable Shares and such other Common Stock of
each Holder (and the Common Stock or securities of every other person subject to the foregoing restriction) until the end of such period. 

Upon request, each such Holder agrees to execute a “lock-up” letter to such effect for the benefit of the Company or any Underwriter.

 Section 5.4 Amendments, Waivers, Etc. This Agreement may not be amended, waived or otherwise modified or
terminated except by an instrument in writing signed by the Company and the Holders of at least two-thirds of the Registrable Shares then held by all the Holders. 
 Section 5.5 Counterparts. This Agreement may be executed and delivered (including by facsimile transmission) in one or more counterparts, all of which shall be considered one and the same
agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart. 

Section 5.6 IRSA Guarantee. IRSA is a party to this Agreement solely for purposes of guaranteeing the obligations of the
Purchaser and IRSA shall be liable to the Company, to the same extent as the Purchaser, for all obligations of the Purchaser hereunder, including, without limitation, the obligations of the Purchaser set forth in Article IV hereof. 

Section 5.7 Entire Agreement. This Agreement, together with the Purchase Agreement and the other agreements, instruments and
documents referred to therein, constitutes the entire agreement of the parties hereto and supersedes all prior agreements, letters of intent and understandings, both written and oral, among the parties with respect to the subject matter hereof.

 Section 5.8 Articles, Sections. Unless the context indicates otherwise, references to Articles, Sections and
paragraphs shall refer to the corresponding articles, sections and paragraphs in this Agreement. 
 Section 5.9
Governing Law; Choice of Forum. This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York without regard to the principles of conflicts of laws. Each of the parties hereto hereby
irrevocably consents, to the maximum extent permitted by law, that any action or proceeding relating to this Agreement or the transactions contemplated hereby shall be brought, at the option of the party instituting the action or proceeding, in any
court of general jurisdiction in New York County, New York, in the United States District Court for the Southern District of New York or in any state or federal court sitting in the area currently comprising the Southern District of New York. Each
of the parties hereto waives any objection that it may have to the conduct of any action or proceeding in any such court based on improper venue or forum non conveniens, waives personal service of any and all process upon it, and consents
that all service of process may be made by mail or courier service directed to it at the address set forth herein and that service so 

  
 13 

 
made shall be deemed to be completed upon the earlier of actual receipt or ten days after the same shall have been posted or delivered to a nationally recognized courier service. Nothing
contained in this shall affect the right of any party hereto to serve legal process in any other manner permitted by law. 

Section 5.10 Assignment of Registration Rights. No Holder of Registrable Shares may assign all or any part of its rights
under this Agreement to any person without the prior written consent of the Company, which consent shall not be unreasonably withheld; provided, however, that the rights may be assigned to any Affiliate of the Purchaser or IRSA without requiring the
Company’s consent. 
 Section 5.11 Parties in Interest. This Agreement shall be binding upon and inure to the
benefit of the Company and any successor organization that shall succeed to substantially all of the business and property of the Company, whether by merger, consolidation, acquisition of all or substantially all of the assets of the Company or
otherwise, including by operation of law (each, a “Successor”). The Company hereby covenants and agrees that it shall cause any Successor to adopt and assume this Agreement. If a parent entity of the Company or its Successor becomes
the issuer of the Registrable Shares, then the Company or such Successor shall cause such parent entity to adopt and assume this Agreement to the same extent as if the parent entity were the Company or such Successor. 

Section 5.12 Notices. All notices and other communications hereunder shall be in writing and shall be deemed given if
delivered personally, by facsimile, or mailed by registered or certified mail (return receipt requested), or sent by Federal Express or other recognized overnight courier, to the parties at the following addresses (or at such other address for a
party as shall be specified by like notice): 
  

	 	(a)	If to Purchaser, to: 

 Real
Estate Strategies L.P. 
 Real Estate Strategies L.P. Clarendon House 2, 

Church Street, Hamilton HM CX, Bermuda 
 Attention: Eduardo S. Elsztain 
 c/o IRSA Inversiones y Representaciones Sociedad
Anónima, 
 Bolívar 108 (C1066AAB), 
 Buenos Aires, Argentina, 
 fax no. +54 (11) 4323-7449, 

Attention: Eduardo S. Elsztain 
 Moreno 877, C1091AAQ 
 Buenos Aires, Argentina 

Fax no. +54 (11) 4323-7449 
 Attention: Eduardo S. Elsztain 
 with a copy to (which shall not constitute
notice): 
 Zang, Bergel & Viñes Abogados, 

Florida 537, 18th Floor, (C1005AAK) 
 Buenos Aires, Argentina 
 Fax no. +54 (11) 5166-7070 

Attention: Pablo Vergara del Carril 

  
 14 

	 	(b)	If to the Company, to: 

 Supertel
Hospitality, Inc. 
 1800 West Pasewalk, Suite 200 
 Norfolk, Nebraska 68701 
 Fax no. (402) 371-4229 

Attention: Chief Executive Officer 
 with a copy to (which shall not constitute notice): 
 McGrath North
Mullin & Kratz, PC LLO 
 Suite 3700, First National Tower 

1601 Dodge Street 

Omaha, Nebraska 68102 
 Fax no. (402) 952-1802 
 Attention: Guy Lawson 

Any of the above addresses may be changed at any time by notice given as provided above; provided, however, that any such notice of change of address
shall be effective only upon receipt. All notices, requests or instructions given in accordance herewith shall be deemed received on the date of delivery, if hand delivered, on the date of receipt, if by facsimile, three business days after the date
of mailing, if mailed by registered or certified mail, return receipt requested, and one business day after the date of sending, if sent by Federal Express or other recognized overnight courier. 

Section 5.13 Headings. The headings contained in this Agreement are for convenience of reference only and are not part of the
substance of this Agreement. 
 Section 5.14 Limitations on Subsequent Registration Rights. From and after the date
of this Agreement, the Company shall not, without the prior written consent of Holders of not less than two-thirds of the then outstanding Registrable Shares, enter into any agreement with any holder or prospective holder of any equity securities of
the Company that would allow such holder or prospective holder (a) to include such equity securities in any registration statement filed for the Registrable Shares pursuant to the terms of this Agreement, unless under the terms of such
agreement, such holder or prospective holder may include such equity securities in any such registration only to the extent that the inclusion of its equity securities will not reduce the amount of Registrable Shares of the Holders or (b) to
have its equity securities registered on a registration statement that is declared effective prior to the Effectiveness Date (exclusive of a registration statement filed on Form S-8). 

[SIGNATURE PAGE FOLLOWS] 

  
 15 

 IN WITNESS WHEREOF, each of the Purchaser, IRSA and the Company has caused this Agreement to
be signed by its duly authorized officer as of the date first written above. 
  

	
	REAL ESTATE STRATEGIES L.P
	By:
	
	JIWIN S.A.
	General Partner
	
	 /s/ Eduardo Elsztain

	Name: Eduardo Elsztain
	Title: Chairman
	
	 IRSA Inversiones y Representaciones
 Sociedad Anónima

	
	By:
	
	 /s/ Eduardo Elsztain

	
	Name: Eduardo Elsztain
	Title: Chairman
	
	SUPERTEL HOSPITALITY, INC.
	
	By:
	
	 /s/ Kelly A. Walters

	
	Name: Kelly A. Walters
	Title: Chief Executive Officer

 Registration Rights Agreement Signature Page 

  
 16Directors Designation Agreement

 Exhibit 10.5 
 DIRECTORS DESIGNATION AGREEMENT 
 This Directors Designation Agreement
(this “Agreement”), dated as of February 1, 2012, by and among Real Estate Strategies L.P., a Bermuda Limited Partnership (“RES” or, the “Purchaser”, or the “Investor” and
Supertel Hospitality, Inc., a Virginia corporation (the “Company” or “SPPR”). 
 W I T N E S
S E T H: 
 WHEREAS, on or about the date hereof, the Investor has agreed, subject to certain conditions, to purchase
from the Company 2,000,000 shares of the Company’s Series C Cumulative Convertible Preferred Shares, par value $0.01 per share (the “Initial Preferred Shares”), with an irrevocable option to purchase up to 1,000,000 additional shares
of the Company’s Series C Cumulative Convertible Preferred Shares, par value $0.01 per share (the “Additional Preferred Shares”), (the Initial Preferred Shares plus the Additional Preferred Shares, if applicable, the
“Preferred Shares”) pursuant that certain Purchase Agreement (the “Purchase Agreement”), dated as of November 16, 2011, by and among RES, the Company and Supertel Limited Partnership, L.P., a Virginia limited
partnership (the “Operating Partnership”); 
 WHEREAS, concurrently in connection with the sale and
purchase of the Preferred Shares, the Company intends to issue to Investor warrants (the “Warrants”) to purchase shares of common stock of the Company, par value $.01 per share (the “Common Stock”) on the terms
contained therein; 
 WHEREAS, in connection with the transactions contemplated by the Purchase Agreement, the Company
has agreed to appoint up to four representatives designated by Investor as members of the Board of Directors of the Company, upon the terms and subject to the conditions set forth in this Agreement; 

WHEREAS, in connection with the transactions contemplated herein, the Company and the Investor have executed on the following
documents, the Purchase Agreement, the Investor Rights and Conversion Agreement, dated as of February 1, 2012, (the “Investor Agreement”), a Common Stock Purchase Warrant dated as of February 1, 2012, (the “Warrant
Agreement”), a Registration Rights Agreement, dated as of February 1, 2012, (the “Registration Rights Agreement”, and together with the Purchase Agreement, the Investor Agreement and the Warrant Agreement, the
“Transaction Documents”). 
 NOW, THEREFORE, in consideration of the promises and the mutual
covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, each intending to be legally bound, hereby agree as follows: 

ARTICLE 1 

DEFINITIONS 
 Section 1.01. Certain Defined Terms. In addition to the terms defined elsewhere herein, for purposes of this Agreement, the terms below shall have the following meanings: 

“Affiliate” means, with respect to any specified Person, any other Person that directly, or indirectly through one or
more intermediaries, controls or is controlled by or is under common control with such specified Person. For purposes of this Agreement, with respect to Investor, “Affiliate” shall not include the Company or any other Person that is
directly, or indirectly through one or more 

 
intermediaries, controlled by the Company and, with respect to the Company, “Affiliate” shall not include Investor or any other Person that is directly, or indirectly through one
or more intermediaries, controlled by Investor. 
 “Beneficially Own,” “Beneficially Owned” or
“Beneficial Ownership” means, with respect to any securities, having beneficial ownership of such securities (as determined pursuant to Rule 13d-3 under the Exchange Act. 

“Board of Directors” means the Board of Directors of the Company. 

“Closing Date” means the date upon which the Investor will purchase the Preferred Shares and deliver to the Company the
purchase price pursuant to the Purchase Agreement. 
 “Designation Notice” shall mean written notice from
Investor to the Company pursuant to which Investor shall notify the Company of its exercise of its right to designate a Qualified Replacement Designee to serve as a member of the Board of Directors, which notice shall identify such Person.

 “D&O Questionnaire” means the questionnaire form attached hereto as Exhibit A. 

“FINRA Questionnaire” means the questionnaire form attached hereto as Exhibit B. 

“Independence Standards” means the categorical independence standards set forth in the Nasdaq Stock Market listing
standards, as the same may be amended form time to time, and the Company’s Articles of Incorporation. 

“Investor Designees” and “Investor Designee” mean respectively Daniel Elsztain, Jim
Friend, Donald J. Landry, and John M. Sabin, and each of them individually, and any Qualified Replacement.  

“Person” means any individual, corporation, partnership (general or limited), limited liability company, joint venture,
association, joint-stock company, trust or unincorporated organization. 
 “Qualified Replacement” means any
Person designated by the Investor in a Designation Notice that (i) meets the Independence Standards but only if the failure to meet the Independence Standards would mean that the Company failed to have a majority of independent directors and
(ii) completes the normal and customary background check and similar processes customary for appointments of directors of Nasdaq Stock Market listed companies, including completion of the D&O Questionnaire and the FINRA Questionnaire.

 “Qualifying Ownership Period” means the period commencing on the Closing Date and ending on the date upon
which the Investor or its Affiliates cease to Beneficially Own at least 7% of the voting power of the capital stock of the Company. 
 ARTICLE 2 
 BOARD DESIGNATION 

Section 2.01. Investor Designees. The Company agrees to take, or cause to be taken, all actions necessary to elect or appoint
(or cause to be elected or appointed) the Investor Designees to the Board of Directors effective as of the Closing Date. The Company also agrees to permit the Investor Designees, as of the Closing Date, to participate as independent directors (if so
qualified) in all decisions regarding transactions that require the approval of independent directors under applicable law or the Articles of 

  
 2 

 
Incorporation or bylaws of the Company, the annual Schedule 14A Proxy Statement of the Company and other relevant materials, and to allow an Investor Designee to attend meetings of any committee
of the Board of Directors as a non-voting observer if there are no Investor Designees serving as a member of such committee. Investor Designees shall be granted the same rights and shall be subject to the same restrictions applicable to all
directors of the Company generally. An Investor Designee will be appointed to the Nominating Committee of the Board of Directors on the Closing Date, provided that Investor Designees shall not constitute a majority of the members of the Nominating
Committee. An acquisition committee of the Board of Directors will be formed on the Closing Date, with the members of such committee consisting of at least an Investor Designee, the Company’s Chief Executive Officer and a director who is a
member of the current Board of Directors. 
 Section 2.02. Number of Investor Designees. As of the Closing Date, and
notwithstanding anything to the contrary the Investor and SPPR agree that SPPR shall appoint to its Board of Directors, subject to the Transaction Documents (including without limitation the Purchaser Interest upon Closing), up to four
(4) knowledgeable and qualified Investor Designees to the Board of Directors. The Board shall consist of no more than nine (9) members after such appointments. The continuing members of the Board of Directors will be reasonably acceptable
to both the current CEO of SPPR and the Purchaser. For so long as Purchaser collectively Beneficially Owns Common Stock and Preferred Shares that would represent at least thirty-four percent (34%) of all outstanding Common Shares and Preferred
Shares (the “Purchaser Interest”), then Purchaser will be entitled to appoint four (4) members to the Board of Directors. For so long as the Purchaser Interest is less than thirty-four percent (34%) but more than twenty-two
percent (22%), then Purchaser will be entitled to appoint three (3) members to the Board of Directors. For so long as the Purchaser Interest is less than twenty-two percent (22%) but is equal to or more than fourteen percent (14%), then
Purchaser will be entitled to appoint two (2) members to the Board of Directors. For so long as the Purchaser Interest is less than fourteen percent (14%) but is equal to or more than seven percent (7%), then Purchaser will be entitled to
appoint one (1) member to the Board of Directors. The Purchaser Interest shall include the fully diluted Beneficial Ownership of the Purchaser including Common Shares and Preferred Shares but excluding Warrants. The Purchaser may remove any
Investor Designee from the Board at any time, for any reason or no reason. The Purchaser may replace at any time any Investor Designee who resigns or is removed with a Qualified Replacement. In the event directors are elected by the holders of SPPR
preferred stock voting separately as a class because dividends on such preferred stock are in arrears, then such directors shall replace a member or members of the Board of Directors, other than Investor Designees, as necessary to maintain the Board
of Directors at no more than nine (9) members. 
 The Purchaser will agree to vote for the election of the current
directors of the SPPR Board who remain on the SPPR Board following appointment of the Investor Designees, and their successors as nominated by the Nominating Committee of the SPPR Board. At Purchaser’s option, a Investor Designee, meeting
Nasdaq independence requirements, will be appointed to the Nominating Committee of the SPPR Board (provided that Investor Designees will not constitute a majority of the membership of the committee). 

An acquisition committee of the SPPR Board will be formed as provided in Section 2.01 of this Agreement. Such acquisition committee
will have authority to approve acquisitions or dispositions of Company assets up to amounts set by the SPPR Board. 

Section 2.03. Replacement Director and Investor Designee Resignation. Subject to applicable law, and applicable stock
exchange and securities market rules and regulations, during the Qualifying Ownership Period, in the event that an Investor Designee is unable to serve as a director of the Company (due to death, disability or otherwise), or the Investor decides to
replace an Investor Designee, following such Investor Designee’s resignation or removal such Investor Designee’s replacement shall be 

  
 3 

 
nominated and designated by Investor pursuant to a Designation Notice, and the Company agrees to take, or cause to be taken, all actions necessary to cause such Qualified Replacement to be
promptly appointed or elected to serve as a director of the Company, with the same rights provided in Section 2.01. With respect to any advance written resignation from the Board of Directors submitted by an Investor Designee to be effective
upon the occurrence of one or more events specified therein, including upon notice from the Investor to the Company that such resignation is effective, the Company will promptly take, or cause to be taken, all action necessary to recognize such
resignation and appoint the Qualified Replacement for such resigned Investor Designee to the Board of Directors. 

Section 2.04. Recommendation and Solicitation of Proxies and Voting. At each shareholder vote for the general election of
directors of the Company held (whether by a meeting or written consent of the stockholders of the Company) during the Qualifying Ownership Period, the Company, the Nominating Committee of the Board of Directors and the Board of Directors shall
nominate and recommend for approval by the Company’s shareholders Investor Designees (up to the number the Investor is entitled to designate pursuant to Section 2.02) or, to the extent that an Investor Designee is unable to serve as a
director of the Company (due to death, disability or incapacity), any Qualified Replacement for election as a director of the Company, and the Company shall also solicit proxies for Investor Designees or such Qualified Replacement to the same extent
as it does for any of its other nominees to the Board of Directors; provided that (1) in the event that the Investor fails to send a timely Designation Notice in order for the Company to nominate a new Investor Designee, the Investor Designee
then currently serving as a director shall be deemed to be the new Investor Designee and (2) to the extent that the Board of Directors reasonably determines, based upon Nasdaq Stock Market listing standards, that the proposed Investor Designee
does not qualify as a Qualified Replacement, Investor shall be permitted to propose additional Persons until such time that the Board of Directors determines that a proposed Investor Designee qualifies as a Qualified Replacement to serve as a
director of the Company. 
 At each shareholder vote for the general election of directors of the Company held (whether by a
meeting or written consent of the stockholders of the Company) during the Qualifying Ownership Period, the Company, the Nominating Committee of the Board of Directors and the Board of Directors shall nominate and recommend for approval by the
Company’s shareholders the current directors of the Board of Directors who remain on the Board of Directors following appointment of the Investor Designees, and upon their replacement for any cause, their successors as nominated by the
Nominating Committee of the Board of Directors. The Investor agrees to vote for the election of the current directors of the Board of Directors who remain on the Board of Directors following appointment of the Investor Designees, and their
successors as nominated by the Nominating Committee of the Board of Directors. 
 Section 2.05. Charters and Bylaws.

 (a) Subject to compliance with applicable laws, rules and regulations, the Company shall take or cause to be taken all lawful
action necessary to ensure that, at all times during the Qualifying Ownership Period, Articles of Incorporation of the Company, as amended, and the Bylaws of the Company, as amended from time to time (the “Bylaws”) are not
inconsistent with the provisions of this Agreement. 
 (b) The Company’s Articles of Incorporation and Bylaws shall
continue to allow attendance at meetings of the Board of Directors and the Committees of the Board of Directors through telephone conference or video conference. 

  
 4 

 Section 2.06. Indemnification and Insurance. 

(a) The Company shall make available to the Investor Designees, at the time of appointment to the Board of Directors, indemnification
consistent with its current practices with respect to other directors of the Board of Directors, including entering into an indemnification agreement consistent with such agreements, if any, entered into with the Company’s other directors.

 (b) The Company shall continue to maintain in full force and effect director and officer liability insurance for the benefit
of the Investor Designees consistent with its current practices with respect to other directors of the Company. 

Section 2.07. Further Obligations by the Company. The Company hereby agrees that during the Qualifying Ownership Period it
shall: (i) unless otherwise consented to by the Investor Designee, provide the Investor Designees at least five (5) business days advance written notice to any meeting of the Board of Directors, notice which shall include the agenda
proposed by the Chairman of the Board of Directors (and for any committee of the Board of Directors if no member of such committee is an Investor Designee) and any documents or information to be addressed or discussed during such meeting; and
(ii) furnish the Investor Designees with such financial and operating data and other information with respect to the business, finance and properties of the Company as the Company prepares and compiles for members of its Board of Directors in
the ordinary course. 
 Section 2.08. Obligations of Investor Designees or Qualified Replacement. Prior to
appointment or election to the Board of Directors, Investor Designees and any individual that the Investor proposes as a potential Qualified Replacement shall complete, to the reasonable satisfaction of the Nominating Committee of the Board of
Directors, the D&O Questionnaire and the FINRA Questionnaire. 
 Section 2.09. Independent Director Matters. The
Investor represents that it will nominate sufficient Investor Designees to meet the Independence Standards when combined with the other existing independent directors of the Company. If at any time during the Qualifying Ownership Period an Investor
Designee ceases to be considered as an “independent” director, and only if such action would cause the Company to fail to have a majority of independent directors, then the Investor shall designate a Qualified Replacement who qualifies as
an “independent director” under applicable law, Nasdaq Stock Market listing standards, and the Company’s Articles of Incorporation. 
 Section 2.10. Injunctive Relief. The parties hereto hereby agree that it is impossible to measure in money the damages which will be suffered or incurred by Investor by reason of any breach or
violation by the Company of its obligations set forth in this Article II. Accordingly, in the event of any such breach or violation, in addition to any other remedy at law or in equity that Investor may have available to it, Investor shall have the
right to specific performance of such obligations. 
 Section 2.11. SPPR Senior Management. During any time the
Purchaser has the right to have two or more Investor Designees to serve on the Board of Directors, then the Purchaser will have the right to require SPPR to hire one individual to the SPPR Senior Management team on terms reasonably acceptable to
SPPR and the Purchaser and subject to SPPR Board approval. Such person may serve as an Investor Designee Director provided the majority of Board of Directors, exclusive of the Investor Designees, approve. It will be the responsibility of the SPPR
CEO to identify and present candidates for the position, exclusive of any persons not acceptable to Purchaser. 

  
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 ARTICLE 3 
 REPRESENTATIONS AND WARRANTIES OF THE COMPANY 
 The Company hereby
represents and warrants to Investor as follows: 
 Section 3.01. Corporation. The Company is duly organized, validly
existing and in good standing under the laws of the Commonwealth of Virginia and has all requisite power to own its properties and assets and to conduct its business as now conducted. 

Section 3.02. Authorization and Validity of Agreement. The Company has the requisite trust power and authority to execute,
deliver and perform its obligations under this Agreement and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement by the Company and the performance by the Company of its obligations hereunder and the
consummation of the transactions contemplated hereby have been duly authorized by the Board of Directors and all other necessary corporate action on the part of the Company, and no other proceedings on the part of the Company are necessary to
authorize this Agreement and the transactions contemplated hereby. This Agreement has been duly and validly executed and delivered by the Company and, assuming due execution and delivery by Investor, constitutes a legal, valid and binding obligation
of the Company, enforceable against it in accordance with its terms. 
 Section 3.03. No Conflict or Violation. The
execution, delivery and performance by the Company of this Agreement does not and will not (i) violate or conflict with any provision of the Articles of Incorporation or bylaws of the Company (in each case, as amended and in effect on the date
hereof and the Closing Date), (ii) violate any provision of law, or any order, judgment or decree of any governmental entity, or (iii) violate or result in a breach of or constitute (with due notice or lapse of time or both) a default
under any contract, agreement or instrument to which the Company or any of its subsidiaries is a party or by which any of them is bound or to which any of their respective properties or assets is subject. 

ARTICLE 4 

ADDITIONAL AGREEMENTS 
 Section 4.01. Term. This Agreement shall be effective as of the date hereof and shall continue in force and effect until the earlier of (i) the termination of the Purchase Agreement or
(ii) the expiration of the Qualifying Ownership Period, at which time this Agreement shall be of no further force or effect. 
 Section 4.02. Notices. All notices, requests, claims, demands and other communications required or permitted hereunder shall be in writing and shall be given (and shall be deemed to have been
duly received if so given) by facsimile, hand delivery, mail (registered or certified mail, postage prepaid, return receipt requested) or any courier service, in each case providing reasonable proof of delivery. All communications hereunder shall be
delivered to the respective parties at the following addresses and facsimile numbers: 
 If to Investor 

Real Estate Strategies L.P. 
 Clarendon House 2, Church Street, 
 Hamilton HM CX, Bermuda: 

c/o I 
 IRSA
Inversiones y Representaciones Sociedad Anónima 

  
 6 

 Bolivar 108 
 C1091AAQ, Buenos Aires 
 Argentina 

Attention: Mr. Eduardo Elsztain 
 Facsimile: +54 (11) 4323-7499 
 with copies to: 

Zang, Bergel & Viñes Abogados 
 Florida 537, 18th Floor 
 C1005AAK, Buenos Aires 

Argentina 

Attention: Pablo Vergara del Carril 
 Facsimile: +54 (11) 5166-7070 
 If to the Company, to: 

Supertel Hospitality, Inc. 
 1800 West Pasewalk Avenue, Suite 200 
 Norfolk, Nebraska 68701 

United States 

Attention: Chief Executive Officer 
 Facsimile: +1 (402) 371-4229 
 with a copy to: 

McGrath North Mullin & Kratz, PC LLO 
 First National Tower, Suite 3700 
 1601 Dodge Street 

Omaha, Nebraska 68102 
 United States 
 Attention: Guy Lawson 

Facsimile: +1 (402) 952-1802 
 Section 4.03. CHOICE OF LAW AND FORUM. This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York without regard to the principles of
conflicts of laws. Each of the parties hereto hereby irrevocably consents, to the maximum extent permitted by law, that any action or proceeding relating to this Agreement or the transactions contemplated hereby shall be brought, at the option of
the party instituting the action or proceeding, in any court of general jurisdiction in New York County, New York, in the United States District Court for the Southern District of New York or in any state or federal court sitting in the area
currently comprising the Southern District of New York. Each of the parties hereto waives any objection that it may have to the conduct of any action or proceeding in any such court based on improper venue or forum non conveniens, waives
personal service of any and all process upon it, and consents that all service of process may be made by mail or courier service directed to it at the address set forth herein and that service so made shall be deemed to be completed upon the earlier
of actual receipt or ten days after the same shall have been posted or delivered to a nationally recognized courier service. Nothing contained in this shall affect the right of any party hereto to serve legal process in any other manner permitted by
law. 
 Section 4.04. Limitations on Rights of Third Parties. Except as otherwise set forth herein, nothing in this
Agreement is intended or shall be construed to confer upon or give any Person, other than the parties hereto and their respective successors, any rights or remedies under or by reason of this Agreement or any transaction contemplated hereby.

  
 7 

 Section 4.05. Assignment. This Agreement and the rights and obligations
hereunder may not be assigned without the prior written consent of the parties hereto and any purported or attempted assignment or other transfer of rights or obligations under this Agreement without such consent shall be void and of no force or
effect. 
 Section 4.06. No Joint Venture or Business Entity. Nothing expressed or implied in this Agreement is
intended or shall be construed to create or establish a joint venture, partnership or other business entity by, among or between the parties hereto. 
 Section 4.07. Amendments. This Agreement may not be amended, modified or altered, and no provision hereof may be waived, in any such case in whole or in part, except by a subsequent writing
signed by the parties hereto. 
 Section 4.08. Severability. In the event that any part of this Agreement is
declared by any court or other judicial or administrative body of competent jurisdiction to be null, void or unenforceable, said provision shall survive to the extent it is not so declared, and all of the other provisions of this Agreement shall
remain in full force and effect. 
 Section 4.09. Headings. The headings contained in this Agreement are included
for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. 

Section 4.10. Counterparts. This Agreement may be executed and delivered (including by facsimile transmission) in one or more
counterparts, and by the different parties hereto in separate counterparts, each of which when executed and delivered shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. 

[SIGNATURE PAGE FOLLOWS.] 

  
 8 

 IN WITNESS WHEREOF, the parties hereto have caused this Director Designation Agreement to be
duly executed as of the day and year first above written. 
  

	
	REAL ESTATE STRATEGIES L.P
	By:
	
	JIWIN S.A.
	General Partner
	
	 /s/ Eduardo Elsztain

	Name: Eduardo Elsztain
	Title: Chairman
	
	SUPERTEL HOSPITALITY, INC.
	
	By:
	
	 /s/ Kelly A. Walters

	
	Name: Kelly A. Walters
	Title: Chief Executive Officer

 Director Designation Agreement Signature Page 

  
 9

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