Document:

Form of Sixth Amendment to the Amended and Restated Agreement

 Exhibit 10.1 
 Sixth Amendment to the 
 Amended and Restated Agreement 
 of Limited Partnership 
 of 
 LaSalle Hotel Operating Partnership, L.P. 
 This Amendment is made as of                              , 2006 by and among LaSalle
Hotel Properties, a Maryland real estate investment trust, as the general partner (the “Trust” or the “General Partner”) of LaSalle Hotel Operating Partnership, L.P., a Delaware limited partnership (the “Partnership”),
and as attorney-in-fact for the Persons named on Exhibit A to the Amended and Restated Agreement of Limited Partnership of LaSalle Hotel Operating Partnership, L.P., dated as of April 29, 1998, as amended by the First Amendment to the Amended
and Restated Agreement of Limited Partnership, dated as of March 6, 2002, the Second Amendment to the Amended and Restated Agreement of Limited Partnership, dated as of September 30, 2003, the Third Amendment to the Amended and Restated
Agreement of Limited Partnership, dated as of August 31, 2005, the Fourth Amendment to the Amended and Restated Agreement of Limited Partnership, dated as of August 22, 2005, and the Fifth Amendment to the Amended and Restated Agreement of
Limited Partnership, dated as of February 8, 2006 (collectively, as amended, the “Partnership Agreement”), and JR Wall Street, LLC, a Delaware limited liability company (“JRW”) for the purpose of amending the Partnership
Agreement. Capitalized terms used herein and not defined shall have the meanings given to them in the Partnership Agreement. 
 WHEREAS,
Section 4.2A. of the Partnership Agreement authorizes the General Partner to cause the Partnership to issue additional Partnership Units in one or more classes or series, with such designations, preferences and relative, participating, optional or
other special rights, powers and duties as shall be determined, subject to applicable Delaware law, by the General Partner; and 
 WHEREAS,
pursuant to the authority granted to the General Partner pursuant to Sections 4.2A. and 14.1B. of the Partnership Agreement, the General Partner desires to amend the Partnership Agreement (i) to establish a new class of Partnership Units, the
Series F Preferred Units (as hereinafter defined), and to set forth the designations, rights, powers, preferences and duties of such Series F Preferred Units, (ii) to issue the Series F Preferred Units to JRW and admit JRW as an Additional
Limited Partner, and (iii) to make certain other changes to the Partnership Agreement. 
 NOW, THEREFORE, in consideration of the
premises and for other good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the General Partner hereby amends the Partnership Agreement as follows: 
 1. Article 1 of the Partnership Agreement is hereby amended by adding the following definitions: 
  

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 “Applicable Floating Rate” means an interest rate per annum equal to (i) 150 basis
points plus (ii) the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) for deposits in United States dollars for a 30-day period that appears on the Telerate Page 3750 (or any successor page as determined by the General
Partner) as of 11:00 a.m. (London time) on the date as of which the Applicable Floating Rate must be determined, provided that, if such rate is not available for any reason, the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of
1%), determined by the General Partner in good faith, at which deposits in United States dollars are offered by leading banks to other leading banks and accepted by such other leading banks in the London interbank eurodollar market at approximately
12:00 Noon (London time) on the date as of which the Applicable Floating Rate must be determined. The Applicable Floating Rate shall be reset prospectively each calendar month, on the first Business Day in such calendar month that is not a day
on which banking institutions are generally authorized or obligated by law or executive order to close in the City of London, England. The initial Applicable Floating Rate, effective from the date the initial Series F Preferred Units are first
issued until reset on                         , 2006 for the ensuing month, shall be
             percent (            %). 
 “Series F Cash Amount” means an amount of cash equal to TWENTY-FIVE DOLLARS ($25), plus accrued and unpaid distributions. 
 “Series F Shares Amount” means a number of Shares obtained by dividing (i) the aggregate liquidation preference of the Series F Preferred
Units, plus accrued and unpaid dividends thereon, offered for redemption by a Series F Redeeming Partner by (ii) (x) if the outstanding Shares are Publicly Traded, the average of the daily market price for the ten consecutive trading days
immediately preceding the Valuation Date (the market price for each such trading day shall be the closing price, regular way, on such day, or if no such sale takes place on such day, the average of the closing bid and asked prices on such day),
or (y) if the outstanding Shares are not Publicly Traded, a value as of the Valuation Date determined by the General Partner acting in good faith. 
 “Series F Preferred Units” means the series of Partnership Units representing units of Limited Partnership Interest designated as the Floating Rate Series F Cumulative Redeemable Preferred Units (Liquidation
Preference $25 per unit), with the preferences, liquidation and other rights, voting powers, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption of units as described herein. 
 2. In accordance with Section 4.2A of the Partnership Agreement, set forth below are the terms and conditions of the Series F Preferred Units.

 A. Designation and Number. A series of Partnership Units, designated as the Floating Rate Series F Cumulative Redeemable Preferred
Units, is hereby established. The maximum number of Series F Preferred Units shall be                     . 
 B. Rank. The Series F Preferred Units will, with respect to distribution rights and rights upon liquidation, dissolution or winding up of the
Partnership, rank (i) senior to the Class A Units, Class B Units and to all Partnership Interests the terms of which specifically provide that such Partnership Interests shall rank junior to such Series F Preferred Units; (ii) on a
parity with all Partnership Interests issued by the Partnership, including the 
  

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 10.25% Series A Cumulative Redeemable Preferred Units, 8.375% Series B Cumulative Redeemable Preferred Units, 7.25%
Series C Cumulative Redeemable Preferred Units, 7.5% Series D Cumulative Redeemable Preferred Units and the 8% Series E Cumulative Redeemable Preferred Units, other than those Partnership Interests referred to in clauses (i) and (iii); and
(iii) junior to all Partnership Interests issued by the Partnership the terms of which specifically provide that such Partnership Interests shall rank senior to the Series F Preferred Units. 
 C. Distributions. 
 (i) Pursuant to
Section 5.1 of the Partnership Agreement, holders of Series F Preferred Units shall be entitled to receive, when, as and if declared by the Partnership acting through the General Partner, out of Available Cash, cumulative preferential cash
distributions at the Applicable Floating Rate per annum (calculated based on the number of days in the applicable calendar month) of the TWENTY-FIVE DOLLARS ($25) per share liquidation preference of the Series F Preferred Units. Distributions on the
Series F Preferred Units shall accumulate on a daily basis and be cumulative from (but excluding) the original date of issuance and be payable quarterly in arrears on the fifteenth day of January, April, July and October of each year, beginning on
                        , 2006 (each such day being hereinafter called a “Series F Preferred Unit Distribution
Payment Date;” provided that if any Series F Preferred Unit Distribution Payment Date is not a Business Day, then the distribution which would otherwise have been payable on such Series F Preferred Unit Distribution Payment Date shall be paid
on the next succeeding Business Day with the same force and effect as if paid on such Series F Preferred Unit Distribution Payment Date, and no interest or additional distributions or other sums shall accrue on the amount so payable from such Series
F Preferred Unit Distribution Payment Date to such next succeeding Business Day. Any distribution (including the initial distribution) payable on the Series F Preferred Units for any partial distribution period shall be prorated and computed on the
basis of a 360-day year consisting of twelve 30-day months. Distributions shall be payable to holders of record as they appear in the records of the Partnership at the close of business on the applicable record date, which shall be the first day of
the calendar month in which the applicable Series F Preferred Unit Distribution Payment Date falls or such other date designated by the General Partner for the payment of distributions that is not more than 90 nor less than 10 days prior to such
Series F Preferred Unit Distribution Payment Date (each, a “Series F Preferred Unit Distribution Record Date”). 
 (ii) No
distribution on the Series F Preferred Units shall be authorized by the General Partner or paid or set apart for payment by the Partnership at such time as the terms and provisions of any agreement of the Partnership, including any agreement
relating to its indebtedness, prohibits such authorization, payment or setting apart for payment or provides that such authorization, payment or setting apart for payment would constitute a breach thereof, or a default thereunder, or if such
authorization or payment shall be restricted or prohibited by law. 
 (iii) Notwithstanding anything to the contrary contained herein,
distributions with respect to the Series F Preferred Units shall accumulate whether or not the restrictions referred to in Subsection 2.C.(ii) exist, whether or not the Partnership has earnings, whether or not there is sufficient Available Cash for
the payment thereof and whether or not such 
  

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 distributions are authorized. Accumulated but unpaid distributions on the Series F Preferred Units will accumulate as of
the Series F Preferred Unit Distribution Payment Date on which they first become payable or on the date of redemption as the case may be. Accumulated and unpaid distributions will not bear interest. 
 (iv) If any Series F Preferred Units are outstanding, no distributions of cash or other property will be authorized or paid or set apart for payment on
any Partnership Interests of the Partnership of any other class or series ranking, as to distributions, on a parity with or junior to the Series F Preferred Units unless full cumulative distributions have been or contemporaneously are authorized and
paid or authorized and a sum sufficient for the payment thereof set apart for such payment on the Series F Preferred Units for all past distribution periods and the then current distribution period. When distributions are not paid in full (or a sum
sufficient for such full payment is not so set apart) upon the Series F Preferred Units and all other Partnership Interests ranking on a parity, as to distributions, with the Series F Preferred Units, all distributions authorized, paid or set apart
for payment upon the Series F Preferred Units and all other units ranking on a parity, as to distributions, with the Series F Preferred Units shall be authorized and paid pro rata or authorized and set apart for payment pro rata so that the amount
of distributions authorized per Series F Preferred Unit and each such other Partnership Interest shall in all cases bear to each other the same ratio that accumulated distributions per Series F Preferred Unit and other Partnership Interest (which
shall not include any accumulation in respect of unpaid distributions for prior distribution periods if such Partnership Interests do not have a cumulative distribution) bear to each other. No interest, or sum of money in lieu of interest, shall be
payable in respect of any distribution payment or payments on Series F Preferred Units which may be in arrears. 
 (v) Except as provided in
subsection 2.C.(iv), unless full cumulative distributions on the Series F Preferred Units have been or contemporaneously are authorized and paid or authorized and a sum sufficient for the payment thereof is set apart for payment for all past
distribution periods and the then current distribution period, no distributions (other than in Partnership Interests ranking junior to the Series F Preferred Units as to distributions and upon liquidation) shall be authorized or paid or set aside
for payment nor shall any other distribution be authorized or made upon the Class A Units, Class B Units, or any other Partnership Interests ranking junior to or on a parity with the Series F Preferred Units as to distributions or upon
liquidation, nor shall any Class A Units, Class B Units, or any other Partnership Interests ranking junior to or on a parity with the Series F Preferred Units as to distributions or upon liquidation be redeemed, purchased or otherwise acquired
directly or indirectly for any consideration (or any monies be paid to or made available for a sinking fund for the redemption of any such Partnership Interests) by the Partnership (except (a) by conversion into or exchange for other
Partnership Interests ranking junior to the Series F Preferred Units as to distributions and upon liquidation, dissolution or winding up of the affairs of the Partnership, or (b) by redemption, purchase or acquisition of Partnership Interests
under incentive, benefit or unit purchase plans of the Partnership for Employees of the General Partner, the Partnership, Subsidiaries of the Partnership or any Affiliate of any of them, or (c) by redemption of Partnership Units corresponding
to any Series C Preferred Shares or shares ranking on parity or junior to the Series C Preferred Shares as to distributions and upon liquidation to be purchased by the General Partner pursuant to Article VII of the Declaration of Trust to preserve
the General Partner’s status as a real estate investment trust, provided that such redemption shall be upon the same terms as the corresponding purchase pursuant to 
  

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 Article VII of the Declaration of Trust, or (d) by redemption of Series C Preferred Units for Series C Preferred
Shares having an aggregate liquidation preference equal to such Series C Preferred Units or redemption of any other Partnership Interests ranking on a parity with the Series F Preferred Units as to distributions or upon liquidation for a number of
preferred shares of beneficial interest (or other comparable equity interest) in the General Partner having an aggregate liquidation preference equal to the aggregate liquidation preference of such parity Partnership Interests and other terms
substantially equivalent to the economic terms of such parity Partnership Interests). 
 (vi) Holders of Series F Preferred Units shall not
be entitled to any distribution, whether payable in cash, property or Partnership Interests, in excess of full cumulative distributions on the Series F Preferred Units as described above. Any distribution payment made on the Series F Preferred Units
shall first be credited against the earliest accumulated but unpaid distribution due with respect to such units which remains payable. 
 D.
Allocation of Net Income and Net Losses. Notwithstanding anything contained in the Partnership Agreement to the contrary, so long as any Series F Preferred Units are outstanding, for each fiscal year, prior to any allocations of Net Income
under the Partnership Agreement, the holders of Series F Preferred Units shall be allocated an amount of Net Income equal to the excess of: (i) the sum of (x) the aggregate amount of cash (or the fair market value of property) actually
distributed to the holders of Series F Preferred Units during such fiscal year and all prior fiscal years other than distributions constituting a return of any prior capital contributions to a holder under paragraphs E and F hereof, plus
(y) the amount of accrued but unpaid distributions owed to such holders of Series F Preferred Units as of the end of such fiscal year, over (ii) the aggregate of all prior allocations of Net Income to such holder under this
paragraph D. In the event there are insufficient Net Income to allocate the full amount of Net Income required to be allocated to the holders of Series F Preferred Units under this paragraph D, then such Net Income shall be allocated to and
among the holders of Series F Preferred Units, pro-rata, in proportion to the amount required to be allocated to them. For purposes of this paragraph D, a distribution shall be deemed to have been made in a fiscal year even if such
distribution was actually made in the following fiscal year if the distribution in the following fiscal year was in payment of an accrued and unpaid distribution owed under paragraph C hereof. Any Net Income allocated pursuant to this Paragraph D
shall be in lieu of and without duplication by any other allocation of Net Income under the Partnership Agreement. Notwithstanding anything contained in the Partnership Agreement to the contrary, so long as any Series F Preferred Units are
outstanding, any Net Losses required to be allocated under Section 6.1(B) of the Partnership Agreement shall be allocated to and among the holders of the Series F Preferred Units and the other Partners in a manner so as to cause the balance of
each Partner’s Capital Account to equal the amount that each such Partner would be entitled to be distributed if the Partnership sold all of its assets for their book value (as defined in Treasury Regulation Section 1.704-1(b)), paid all
of its liabilities, distributed the proceeds of such sale to the Partners in liquidation of the Partnership in the relative priorities of distributions of assets to the Partners upon the voluntary or involuntary dissolution, liquidation or winding
up of the Partnership contained in paragraph E of this Amendment to the Partnership Agreement. 
  

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 E. Liquidation Preference. 
 (i) In the event of any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Partnership, the holders of the Series F
Preferred Units shall be entitled to receive out of the assets of the Partnership legally available for distribution to the Partners pursuant to Section 13.2.A of the Partnership Agreement a liquidation preference in cash of TWENTY-FIVE DOLLARS
($25) per Series F Preferred Unit, plus an amount equal to all accumulated and unpaid distributions to the date of payment, before any distribution of assets is made to holders of Class A Units, Class B Units or any other Partnership Interests
that rank junior to the Series F Preferred Units as to liquidation rights. 
 (ii) If upon any such voluntary or involuntary liquidation,
dissolution or winding up of the affairs of the Partnership, the assets of the Partnership are insufficient to make such full payment to holders of the Series F Preferred Units and the corresponding amounts payable on all other Partnership Interests
ranking on a parity with the Series F Preferred Units in the distribution of assets, then the holders of the Series F Preferred Units and other such Partnership Interests shall share ratably in any such distribution of assets in proportion to the
full liquidating distributions to which they would otherwise be respectively entitled. 
 (iii) Written notice of any such liquidation,
dissolution or winding up of the Partnership, stating the payment date or dates when, and the place or places where, the amounts distributable in such circumstances shall be payable, shall be given by first class mail, postage pre-paid, not less
than 30 nor more than 60 days prior to the payment date stated therein, to each record holder of the Series F Preferred Units at the respective address of such holders as the same shall appear on the transfer records of the Partnership. 

(iv) After payment of the full amount of the liquidating distributions to which they are entitled, the holders of Series F Preferred Units shall have
no right or claim to any of the remaining assets of the Partnership. 
 (v) None of a consolidation or merger of the Partnership with or into
another entity, a merger of another entity with or into the Partnership or a sale, lease or conveyance of all or substantially all of the Partnership’s property or business shall be considered a liquidation, dissolution or winding up of the
affairs of the Partnership. 
 F. Redemption by the Partnership. 
 (i) Except as provided below, the Series F Preferred Units are not redeemable prior to
                        , 2016. On and after
                            , 2016, the Partnership, at its option, upon giving notice as provided
below, may redeem the Series F Preferred Units, in whole or in part from time to time, for cash, at a redemption price of TWENTY-FIVE DOLLARS ($25) per share, plus all accumulated and unpaid distributions on such Series F Preferred Units to the date
of such redemption (the “Redemption Right”). 
 (ii) If fewer than all of the outstanding Series F Preferred Units are to be
redeemed pursuant to the Redemption Right, the Series F Preferred Units to be redeemed shall be selected pro rata (as nearly as practicable without creating fractional shares) or by lot or in such other equitable method prescribed by the General
Partner. 
  

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 (iii) Notwithstanding anything to the contrary contained herein, unless full cumulative distributions on
all Series F Preferred Units shall have been or contemporaneously are authorized and paid or authorized and a sum sufficient for the payment thereof set apart for payment for all past distribution periods and the then current distribution period, no
Series F Preferred Units shall be redeemed unless all outstanding Series F Preferred Units are simultaneously redeemed; provided, however, that the foregoing shall not prevent the purchase or acquisition of Series F Preferred Units pursuant to a
purchase or exchange offer made on the same terms to holders of all Series F Preferred Units. In addition, unless full cumulative distributions on all Series F Preferred Units have been or contemporaneously are authorized and paid or authorized and
a sum sufficient for the payment thereof set apart for payment for all past distributions periods and the then current distribution period, the Partnership shall not purchase or otherwise acquire directly or indirectly for any consideration, nor
shall any monies be paid to or be made available for a sinking fund for the redemption of, any Series F Preferred Units (except by conversion into or exchange for Partnership Interests ranking junior to the Series F Preferred Units as to
distributions and upon liquidation; provided, however, that the foregoing shall not prevent any purchase or acquisition of Series F Preferred Units pursuant to a purchase or exchange offer made on the same terms to holders of all outstanding Series
F Preferred Units.) 
 (iv) Immediately prior to any redemption of Series F Preferred Units, the Partnership shall pay, in cash, any
accumulated and unpaid distributions through the redemption date, unless a redemption date falls after a Series F Preferred Unit Distribution Record Date and prior to the corresponding Series F Preferred Unit Distribution Payment Date, in which case
each holder of Series F Preferred Units at the close of business on such Series F Preferred Unit Distribution Record Date shall be entitled to the distribution payable on such units on the corresponding Series F Preferred Unit Distribution Payment
Date (including any accrued and unpaid distributions for prior periods) notwithstanding the redemption of such units before such Series F Preferred Unit Distribution Payment Date. Except as provided above, the Partnership will make no payment or
allowance for unpaid distributions, whether or not in arrears, on Series F Preferred Units for which a notice of redemption has been given. 
 (v) The following provisions set forth the procedures for redemption: 
 (a) Notice of redemption will be mailed by the Partnership,
postage prepaid, no less than 30 nor more than 60 days prior to the redemption date addressed to the respective holders of record of the Series F Preferred Units to be redeemed at their respective addresses as they appear on the transfer records of
the Partnership. No failure to give such notice or any defect thereto or in the mailing thereof shall affect the validity of the proceedings for the redemption of any Series F Preferred Units except as to the holder to whom notice was defective or
not given. 
 (b) In addition to any information required by law, such notice shall state: (A) the redemption date; (B) the
redemption price; (C) the number of Series F Preferred Units to be redeemed; (D) the place or places where the Series F Preferred Units are to be surrendered for payment of the redemption price; and (E) that distributions on the
Series F Preferred Units to be redeemed will cease to accumulate on such redemption date. If less than all of the Series F Preferred Units held by any holder are to be redeemed, the notice mailed to such holder shall also specify the number of
Series F Preferred Units held by such holder to be redeemed. 
  

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 (c) On or after the redemption date, each holder of Series F Preferred Units to be redeemed shall
present and surrender the certificates (if any or, if none, an assignment and such other documentation reasonably acceptable to the General Partner) representing his Series F Preferred Units to the Partnership at the place designated in the notice
of redemption and thereupon the redemption price of such units (including all accumulated and unpaid distributions up to the redemption date) shall be paid to or on the order of the person whose name appears on such assignment or certificate
representing Series F Preferred Units as the owner thereof and each surrendered certificate, if any, shall be canceled. If fewer than all the units represented by any such certificate representing Series F Preferred Units are to be redeemed, a new
certificate, as applicable, shall be issued representing the unredeemed units. 
 (d) From and after the redemption date (unless the
Partnership defaults in payment of the redemption price), all distributions on the Series F Preferred Units designated for redemption in such notice shall cease to accumulate and all rights of the holders thereof, except the right to receive the
redemption price thereof (including all accumulated and unpaid distributions up to the redemption date), shall cease and terminate and such units shall not thereafter be transferred (except with the consent of the Partnership) on the
Partnership’s transfer records, and such units shall not be deemed to be outstanding for any purpose whatsoever. At its election, the Partnership, prior to a redemption date, may irrevocably deposit the redemption price (including accumulated
and unpaid distributions to the redemption date) of the Series F Preferred Units so called for redemption in trust for the holders thereof with a bank or trust company, in which case the redemption notice to holders of the Series F Preferred Units
to be redeemed shall (A) state the date of such deposit, (B) specify the office of such bank or trust company as the place of payment of the redemption price and (C) require such holders to surrender the certificates, if any,
representing such units at such place on or about the date fixed in such redemption notice (which may not be later than the redemption date) against payment of the redemption price (including all accumulated and unpaid distributions to the
redemption date). Any monies so deposited which remain unclaimed by the holders of the Series F Preferred Units at the end of two years after the redemption date shall be returned by such bank or trust company to the Partnership. 
 G. Voting Rights. 
 (i) Holders of the
Series F Preferred Units will not have any voting rights or right to consent to or approve of any matter requiring the vote, consent or approval of the Limited Partners, Outside Limited Partners or Partners, except as set forth below or as otherwise
from time to time required by law. In any matter in which the holders of Series F Preferred Units are entitled to vote, each such holder shall have the right to one vote for each Series F Preferred Unit held by such holder. If the holders of the
Series F Preferred Units and the holders of another series of preferred units are entitled to vote together as a single class on any matter, the holders of the Series F Preferred Units and the holders of such other preferred units shall each have
one vote for each TWENTY-FIVE DOLLARS ($25) of liquidation preference. 
  

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 (ii) So long as any Series F Preferred Units remain outstanding, the Partnership shall not, without the
affirmative vote of the holders of at least two-thirds of the Series F Preferred Units outstanding at the time, given in person or by proxy, either in writing or at a meeting (such series voting separately as a class), (i) authorize or create,
or increase the authorized or issued amount of, any Partnership Interest ranking senior to the Series F Preferred Units with respect to payment of distributions or the distribution of assets upon voluntary or involuntary liquidation, dissolution or
winding up of the Partnership, or reclassify any Partnership Interest of the Partnership into any such Partnership Interest, or create, authorize or issue any obligation or security convertible into or evidencing the right to purchase any such
Partnership Interest; or (ii) amend, alter or repeal the provisions of the Partnership Agreement (including this Amendment), whether by merger or consolidation (in either case, an “Event”) or otherwise, so as to materially and
adversely affect any right, preference, privilege or voting power of the Series F Preferred Units or the holders thereof; provided, however, that with respect to the occurrence of any Event set forth in (ii) above, so long as Series F Preferred
Units remain outstanding with the terms thereof materially unchanged, taking into account that upon the occurrence of an Event, the Partnership may not be the surviving entity and such surviving entity may thereafter be the issuer of the Series F
Preferred Units, the occurrence of any such Event shall not be deemed to materially and adversely affect such rights, preferences, privileges or voting powers of the holders of the Series F Preferred Units; and provided further that (x) any
increase in the amount of the authorized Preferred Units or the creation or issuance of any other Partnership Interests, or (y) any increase in the amount of authorized Series F Preferred Units or any other Partnership Interests, in the case of
each of (x) or (y) above ranking on a parity with or junior to the Series F Preferred Units with respect to payment of distributions and the distribution of assets upon voluntary or involuntary liquidation, dissolution or winding up of the
Partnership, shall not be deemed to materially and adversely affect such rights, preferences, privileges or voting powers. 
 (iii) The
foregoing voting provisions shall not apply if, at or prior to the time when the act with respect to which such vote would otherwise be required shall be effected, all outstanding Series F Preferred Units shall have been redeemed or called for
redemption upon proper notice and sufficient funds shall have been deposited in trust to effect such redemption. 
 H. Redemption Right by
Limited Partner. 
 (i) Subject to the limitations below, at any time on or after the first anniversary date of the issuance of the Series
F Preferred Units to a Limited Partner, a Limited Partner holding such Series F Preferred Units (if other than the General Partner or any Subsidiary of the General Partner) shall have the right (the “Series F Limited Partner Redemption
Right”) to require the Partnership to redeem such Series F Preferred Units, with such redemption to occur on the Specified Redemption Date and at a redemption price equal to and in the form of the Series F Cash Amount to be paid by the
Partnership. Any such Series F Limited Partner Redemption Right shall be exercised pursuant to a Notice of Redemption delivered to the Partnership (with a copy to the General Partner) by the Limited Partner who is exercising the Series F Limited
Partner Redemption Right (the “Series F Redeeming Partner”). A Limited Partner may exercise the Series F Limited Partner Redemption Right from time to time, without limitation as to frequency, with respect to part or all of the Series F
Preferred 
  

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 Units that it owns, as selected by the Limited Partner, provided that a Limited Partner may not exercise the Series F
Limited Partner Redemption Right for less than one thousand (1,000) Series F Preferred Units unless such Series F Redeeming Partner then holds less than one thousand (1,000) Series F Preferred Units, in which event the Series F Redeeming
Partner must exercise the Series F Limited Partner Redemption Right for all of the Series F Preferred Units held by such Series F Redeeming Partner. 
 (ii) The Series F Redeeming Partner shall have no right with respect to any Series F Preferred Units so redeemed to receive any distributions paid after the Specified Redemption Date (unless the Partnership and the
General Partner default in the payment of the Series F Cash Amount or the Series F Shares Amount, as applicable) with respect to such Series F Preferred Units. In no event may a Series F Redeeming Partner receive a distribution of cash with respect
to a Series F Preferred Unit (nor, notwithstanding anything to the contrary in this Amendment, shall the Series F Cash Amount include accrued and unpaid cash distribution with respect to a Series F Preferred Unit) if such Limited Partner is entitled
to receive a cash dividend as the holder of record of a Share for which all or part of such Series F Preferred Unit has been or will be redeemed. 
 (iii) The Assignee of any Limited Partner may exercise the rights of such Limited Partner pursuant to this Section 2.H., and such Limited Partner shall be deemed to have assigned such rights to such Assignee and shall be bound by the
exercise of such rights by such Limited Partner’s Assignee. In connection with any exercise of such rights by such Assignee on behalf of such Limited Partner, the Series F Preferred Cash Amount shall be paid by the Partnership directly to such
Assignee and not to such Limited Partner. 
 (iv) If the General Partner provides notice to the Limited Partners pursuant to
Section 8.5.C of the Partnership Agreement, then the Specified Redemption Date is the date on which the Partnership and the General Partner receive notice of exercise of the Redemption Right. 
 (v) If a Limited Partner has delivered a Notice of Redemption, the General Partner may, in its sole and absolute discretion (subject to the limitations
on ownership and transfer of Shares set forth in the Declaration of Trust), elect to assume directly and satisfy a Series F Limited Partner Redemption Right by paying to the Series F Redeeming Partner either the Series F Cash Amount or the Series F
Shares Amount, as the General Partner determines in its sole and absolute discretion, on the Specified Redemption Date, whereupon the General Partner shall acquire the Series F Preferred Units offered for redemption by the Series F Redeeming Partner
and shall be treated for all purposes of this Agreement as the owner of such Series F Preferred Units. Unless the General Partner, in its sole and absolute discretion, shall exercise its right to assume directly and satisfy the Series F Limited
Partner Redemption Right, the General Partner shall not have any obligation to the Series F Redeeming Partner or to the Partnership with respect to the Series F Redeeming Partner’s exercise of the Series F Limited Partner Redemption Right. If
the General Partner shall exercise its right to satisfy the Series F Limited Partner Redemption Right in the manner described in the first sentence of this Section 2.H.(v) and shall fully perform its obligations in connection therewith, the
Partnership shall have no right or obligation to pay any amount to the Series F Redeeming Partner with respect to such Series F Redeeming Partner’s exercise of the Series F Limited Partner Redemption Right, and each of the Series F Redeeming
Partner, the Partnership and the General Partner 
  

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 shall, for federal income tax purposes, treat the transaction between the General Partner and the Series F Redeeming
Partner as a sale of the Series F Redeeming Partner’s Series F Preferred Units to the General Partner. Nothing contained in this Section 2.H.(v) shall imply any right of the General Partner to require any Limited Partner to exercise the
Series F Limited Partner Redemption Right afforded to such Limited Partner pursuant to Section 2.H.(i). 
 (vi) If the General Partner
determines to satisfy a Series F Limited Partner Redemption Right by paying the Series F Redeeming Partner in the form of Shares, the total number of Shares to be paid to the Series F Redeeming Partner in exchange for the Series F Preferred Units to
be redeemed by the Series F Redeeming Partner shall be the applicable Series F Shares Amount. If this amount is not a whole number of Shares, the Series F Redeeming Partner shall be paid (i) that number of Shares which equals the nearest whole
number less than such amount plus (ii) an amount of cash which the General Partner determines, in its reasonable discretion, to represent the fair value of the remaining fractional Share which would otherwise be payable to the Series F
Redeeming Partner. 
 (vii) Each Series F Redeeming Partner agrees to execute such documents as the General Partner may reasonably require in
connection with the issuance of Shares upon exercise of the Series F Limited Partner Redemption Right. 
 (viii) Notwithstanding the other
provisions of this Section 2.H., a Limited Partner or Assignee shall not be entitled to exercise the Series F Limited Partner Redemption Right pursuant to this Section 2.H. if (but only as long as) the delivery of Shares to such Limited
Partner or Assignee on the Specified Redemption Date (i) would be prohibited under the Declaration of Trust or pursuant to the terms of a waiver of ownership limit under the Declaration of Trust, or (ii) would be prohibited under
applicable federal or state securities laws or regulations (in each case regardless of whether the General Partner would in fact assume and satisfy the Series F Limited Partner Redemption Right). 
 (ix) Each Limited Partner covenants and agrees with the General Partner that all Partnership Units delivered for redemption shall be delivered to the
Partnership or the General Partner, as the case may be, free and clear of all liens, and, notwithstanding anything contained herein to the contrary, neither the General Partner nor the Partnership shall be under any obligation to acquire Partnership
Units which are or may be subject to any liens. Each Limited Partner further agrees that, if any state or local property transfer tax is payable as a result of the transfer of its Partnership Units to the Partnership or the General Partner, such
Limited Partner shall assume and pay such transfer tax. 
 I. No Other Redemption Rights. Holders of Series F Preferred Units shall
not be entitled to any rights provided to Limited Partners pursuant to Section 8.6 of the Partnership Agreement. 
 J. No Conversion
Rights. The holders of the Series F Preferred Units shall not have any rights to convert such units into units of any other class or series of units, or into any other securities of, or interests in, the Partnership. 
 K. No Sinking Fund. No sinking fund shall be established for the retirement or redemption of Series F Preferred Units. 
  

 11 

 L. Revised Meaning of Certain Defined Terms. When used with reference to the Series F Preferred
Units, the term “Shares” refers to common shares of beneficial interest (or other comparable equity interest) of the General Partner and “Notice of Redemption” means a Notice of Redemption substantially in the form of Exhibit A
to this Amendment. 
 3. In accordance with Section 12.2 of the Partnership Agreement, JRW is hereby admitted as an Additional Partner.
Exhibit A to the Partnership Agreement is hereby amended to reflect the issuance of the Series F Preferred Units provided for herein. 
 4.
Except as modified herein, all terms and conditions of the Partnership Agreement shall remain in full force and effect, which terms and conditions the General Partner hereby ratifies and confirms. 
  

 12 

 IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first
set forth above. 
  

			
	 LASALLE HOTEL OPERATING
 PARTNERSHIP, L.P.

		
	By:	 	 LaSalle Hotel Properties, a
 Maryland real estate
investment
 trust, its General Partner, and
 attorney-in-fact of
each Limited Partner

		
	By:	 	  

	Name:	 	Hans S. Weger
	Title:	 	Chief Financial Officer
	
	ADDITIONAL LIMITED PARTNER
	
	 JR WALL STREET, LLC, a Delaware limited
 liability company

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 13Livestock Products Agreement by and between Pfizer Inc. and the Registrant

 Exhibit 10.16 
 [CONFIDENTIAL TREATMENT REQUESTED] /*/ INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE
406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 
 LIVESTOCK PRODUCTS AGREEMENT 
 This Livestock Products Distribution Agreement (“Agreement”) effective as of January 1, 2006 is made by and between Pfizer Inc., having its principal
place of business at 812 Springdale Drive, Exton, PA 19341 (“Pfizer”) and WALCO International Inc., a California corporation having its principal place of business at 7 Village Circle, Ste 200, Westlake, TX 76262 (“WALCO”).

 WHEREAS, WALCO is in the business of buying and selling animal health products and servicing customers for those products, and 
 WHEREAS WALCO and Pfizer wish to set forth the terms of their relationship related to the purchase and supply of such products, 
 NOW, THEREFORE, in consideration of the promises and covenants contained herein, the parties hereby agree as follows: 
 1. (a) Pfizer shall continue to promote its products to certain select customers in the livestock field. The parties agree that each time a customer from the
list of customers approved by Pfizer enters into an annual volume agreement with Pfizer (such customers referred to as “PARTICIPATING CUSTOMERS”) and selects WALCO as their supplier and to service that customers account, Pfizer shall send
to WALCO a Pfizer Suggested Price List which shall specify the Pfizer cattle, dairy and multi-species products (listed on Schedule A hereto) and suggested resale prices which are the subject of an agreement between Pfizer and such PARTICIPATING
CUSTOMERS (hereafter a “SUGGESTED PRICE LIST”). Each such SUGGESTED PRICE LIST shall be incorporated into and become part of this Agreement. 
 (b) Certain SELECT SWINE PRODUCERS (as listed on Schedule B), who are not PARTICIPATING CUSTOMERS may purchase any of the Pfizer SWINE PRODUCTS (as listed on Schedule C hereto) from WALCO. WALCO will not be eligible for payment
of the RSA under paragraph 5 (a) hereof for such sales. Pfizer shall pay WALCO, on a monthly basis, [CONFIDENTIAL TREATMENT REQUESTED] /*/ of WALCO’s sales out of SWINE PRODUCTS to SELECT SWINE PRODUCERS as a logistics fee. Final pricing
to such SELECT SWINE PRODUCERS of SWINE PRODUCTS and any other fees, charges, rebates or credits between WALCO and a SELECT SWINE PRODUCER shall be agreed between WALCO and the SELECT SWINE PRODUCER. In the event WALCO’s negotiated price to the
SELECT SWINE PRODUCER is less than WALCO’s cost from Pfizer for the SWINE PRODUCTS involved, Pfizer shall reimburse WALCO for the difference in price up to a maximum amount equal to the difference between WALCO’s cost from Pfizer for such
products and the Pfizer Suggested Resale Price for such products for the specific account. No sales by WALCO to SELECT SWINE PRODUCERS of SWINE PRODUCTS shall count towards WALCO’s achievement of any [CONFIDENTIAL TREATMENT REQUESTED] /*/ or
year end rebates or incentives provided for in Schedule D hereto. Pfizer shall not be obligated to pay WALCO either an RSA payment or the [CONFIDENTIAL TREATMENT REQUESTED] /*/ logistics fee provided for in this paragraph for sales of any Pfizer
product, including SWINE PRODUCTS made directly by Pfizer to SELECT SWINE PRODUCERS and such sales shall not count towards WALCO’s achievement of any [CONFIDENTIAL TREATMENT REQUESTED] /*/ or year end rebates or incentives provided for in
Schedule D hereto. 
 (c) Certain SELECT SWINE VETERINARIANS (as listed on Schedule E), who are not PARTICIPATING CUSTOMERS may purchase
any of the Pfizer SWINE PRODUCTS (as listed on Schedule C hereto) from WALCO. WALCO will not be eligible for payment of the RSA under paragraph 5 (a) hereof for such sales. Pfizer shall pay WALCO, on a monthly basis, (i) [CONFIDENTIAL
TREATMENT REQUESTED] /*/ of WALCO’s sales out of all SWINE PRODUCTS which are listed on Schedule C that are swine only products and, (ii) [CONFIDENTIAL TREATMENT REQUESTED] /*/ of WALCO’s sales out of [CONFIDENTIAL TREATMENT
REQUESTED] /*/ and those SWINE PRODUCTS listed on Schedule C that are multi-species 

 
products to SELECT SWINE VETERINARIANS as a logistics fee. Final pricing to such SELECT SWINE VETERINARIANS of SWINE PRODUCTS and any other fees, charges, rebates or
credits between WALCO and a SELECT SWINE VETERINARIAN shall be agreed between WALCO and the SELECT SWINE VETERINARIANS. In the event WALCO’s negotiated price to the SELECT SWINE VETERINARIAN is less than WALCO’s cost from Pfizer for the
SWINE PRODUCTS involved, Pfizer shall reimburse WALCO for the difference in price up to a maximum amount equal to the difference between WALCO’s cost from Pfizer for such products and the Pfizer Suggested Resale Price for such products for the
specific account. No sales by WALCO to SELECT SWINE VETERINARIANS of SWINE PRODUCTS shall count towards WALCO’s achievement of any [CONFIDENTIAL TREATMENT REQUESTED] /*/ or year end rebates or incentives provided for in Schedule D hereto.
Pfizer shall not be obligated to pay WALCO either an RSA payment or the [CONFIDENTIAL TREATMENT REQUESTED] /*/ logistics fee provided for in this paragraph for sales of any Pfizer product, including SWINE PRODUCTS made directly by Pfizer to SELECT
SWINE VETERINARIANS and such sales shall not count towards WALCO’s achievement of any [CONFIDENTIAL TREATMENT REQUESTED] /*/ or year end rebates or incentives provided for in Schedule D hereto. 
 (d) WALCO shall not be entitled to receive the [CONFIDENTIAL TREATMENT REQUESTED] /*/ logistics fee payment provided for in paragraphs 1
(b) and (c) above for sales of any Pfizer product to PARTICIPATING CUSTOMERS. 
 (e) Other than as provided for specifically
in paragraphs 1 (b) and (c), sales by WALCO of any SWINE BIOLOGICAL PRODUCTS to any customer or PARTICIPATING CUSTOMER are not eligible for any payment from Pfizer to WALCO under any circumstances. All sales by WALCO of SWINE BIOLOGICAL
PRODUCTS shall be on a buy/sell basis and all terms and conditions are to be negotiated between WALCO and its customers. WALCO shall not be entitled to payment of any RSA payments under paragraph 5 (a) for any sales of SWINE BIOLOGICAL
PRODUCTS. 
 (f) Pfizer reserves the right to add or delete SELECT SWINE PRODUCERS and/or SELECT SWINE VETERINARIANS from Schedules B
and E at any time in Pfizer’s sole discretion. Pfizer will provide notice to WALCO of any changes. [CONFIDENTIAL TREATMENT REQUESTED] /*/ 
 2. (a)
WALCO agrees to purchase from Pfizer, at credit terms agreed to between the parties and as may be further set forth on Pfizer’s invoices, products sufficient to fulfill demand from all customers to whom WALCO will sell products in the
quantities desired by the customers. WALCO agrees to make purchases from Pfizer in accordance with the timing set forth in Appendix I hereto. 
 (b) WALCO agrees to maintain inventory of Pfizer products equal to [CONFIDENTIAL TREATMENT REQUESTED] /*/ days Demand. For purposes of this Agreement “Demand” shall mean twelve (12) running months of sales out by WALCO
divided by 365 times [CONFIDENTIAL TREATMENT REQUESTED] /*/. 
 (c) WALCO agrees that all sales of Pfizer cattle, dairy and
multi-species products from WALCO to a PARTICIPATING CUSTOMER shall reflect the specific prices for each product provided for in that PARTICIPATING CUSTOMER’S SUGGESTED PRICE LIST most recently provided to WALCO by Pfizer. In the event that the
price listed on such SUGGESTED PRICE LIST for any particular product is lower (at the time of consummation of a sale of such particular products between WALCO and that PARTICIPATING CUSTOMER) than the price paid by WALCO to Pfizer for such product,
Pfizer agrees to credit WALCO’s account for the amount of such difference. WALCO agrees to pay Pfizer for its products as specified in Section 4(i) of the Agreement. 
 3. Nothing herein contained shall create or be deemed to create any relationship between the parties other than as specifically provided for herein. No employment,
partnership, specific or general agency relationship shall exist unless specifically provided for in writing between the parties. WALCO shall not represent, directly or indirectly, expressly or by implication, that any such relationships exist
and/or that WALCO has any authority except as set forth in this Agreement. 
 4. WALCO shall use its best efforts to provide appropriate service to the
customers to whom WALCO will sell hereunder. For customers serviced pursuant to this Agreement, WALCO shall: 

 (a) Store its inventory of Pfizer products under conditions (including refrigeration where
appropriate) in accordance with package labeling or other written instructions from Pfizer to ensure that such products retain their potency, purity, quality, and identity; 
 (b) Provide to Pfizer, WALCO’s Health Industry Number, the Customer Health Industry Number, Pfizer product number, transaction date, number of
units and price with respect to each sale of product on a monthly basis, in such amounts and format as Pfizer may reasonably require, by means of EDI; 
 (c) Establish any service fee or other charge or discount to any customer including PARTICIPATING CUSTOMERS for Pfizer products independently and at its sole discretion; 
 (d) Provide delivery service to its customers, use its best efforts to anticipate its customers’ requirements for Pfizer products, and maintain
adequate stocks of Pfizer products to meet its customers’ demands. In the event Pfizer delivers any product order to a PARTICIPATING CUSTOMERS (drop ships) no consideration shall be payable to WALCO for that order under paragraph 5 below,
[CONFIDENTIAL TREATMENT REQUESTED] /*/; 
 (e) WALCO agrees that credit limits established by Pfizer shall be subject to change upon
written notice to WALCO by Pfizer in its sole discretion and that no shipments will be made to WALCO in excess of the established credit limits; 
 (f) Invoice customers in an accurate and timely manner; 
 (g) Refer to that PARTICIPATING CUSTOMERS SUGGESTED
PRICE LIST on each invoice for Pfizer cattle, dairy and multi-species products; 
 (h) Take no action, whether or not identified above,
that would harm the Goodwill or name of Pfizer, or damage the interests of Pfizer or the Pfizer products. For purposes of this Agreement “Goodwill” shall mean the marketplace advantage of customer patronage and loyalty developed with
continuous business under the same name over a period of time. 
 (I) Make payment to Pfizer for all products purchased from Pfizer net
[CONFIDENTIAL TREATMENT REQUESTED] /*/ days. 
 (j) Provide to Pfizer by the close of business on the last business day of each Pfizer
Accounting Period (as set forth in Schedule F hereto) an inventory report covering all inventory purchased from Pfizer and setting forth in dollars at WALCO’s acquisition cost from Pfizer the amount of inventory by species. WALCO agrees that
Pfizer shall have the right, upon reasonable advance notice and during normal business hours, to audit inventory in the possession of WALCO to confirm compliance with this paragraph 4 (j) and to confirm the accuracy of the data contained in the
report; 
 (k) WALCO and PFIZER agree that WALCO shall not be entitled to any payment or rebates under Schedule D for sales to customers
at the close of any fiscal or calendar quarter, any [CONFIDENTIAL TREATMENT REQUESTED] /*/, or at the end of any fiscal or calendar year that do not comply with Pfizer’s Guidelines For Backend Rebate Calculations, (a copy of which has been
provided to WALCO) for reporting of sales and income in appropriate fiscal periods. All determinations of the appropriateness of sales by WALCO shall be in Pfizer’s reasonable discretion. 
 In addition to the obligations set forth above related to PARTICIPATING CUSTOMERS, WALCO agrees as to all customers to undertake with Pfizer those efforts set forth in Appendix II
hereto. 
 5. In consideration of WALCO undertaking the obligations set forth herein related to PARTICIPATING CUSTOMERS, Pfizer agrees to pay to WALCO
the following service fees on sales to PARTICIPATING CUSTOMERS: 
 (a) a Revenue Sharing Allowance (RSA) paid at a rate of
(i) [CONFIDENTIAL TREATMENT REQUESTED] /*/ on sales out for cattle, dairy and multi-species products to identified PARTICIPATING CUSTOMERS who are producers, (ii) a Revenue Sharing Allowance (RSA) paid at a rate of [CONFIDENTIAL TREATMENT
REQUESTED] /*/ on sales out for cattle, 

 
dairy and multi-species products to identified PARTICIPATING CUSTOMERS who are veterinarians or dealers and who take possession of the Products which are the subject
of the sale for which the RSA is to be paid, (iii) a Revenue Sharing Allowance (RSA) paid at a rate of [CONFIDENTIAL TREATMENT REQUESTED] /*/ on sales out for cattle, dairy and multi-species products to identified PARTICIPATING CUSTOMERS who
are veterinarians or dealers and who DO NOT take possession of the Products which are the subject of the sale for which the RSA is to be paid. The RSA is calculated on a product by product basis and based on the product price contained in the
PARTICIPATING CUSTOMER’S SUGGESTED PRICE LIST in effect at the time of such product purchase. The RSA is contingent on WALCO fulfilling all conditions outlined in paragraph 4 of this Agreement. The payments made pursuant to this paragraph 5
(a) are not payable for sales to anyone other than PARTICIPATING CUSTOMERS. The RSA is net of any difference between WALCO’s purchase price and the SUGGESTED PRICE LIST price. Pfizer shall pay WALCO a [CONFIDENTIAL TREATMENT REQUESTED] /*/
RSA on WALCO’s sales out to 2nd tier distributors (which are listed on Schedule G) of (i) cattle, dairy and multi-species
products (which are listed on Schedule A) and (ii) the non-biological products listed on Schedule C. WALCO shall not receive any RSA payment on sales of biological products listed on Schedule C. WALCO shall not be entitled to any payment of any
RSA under this paragraph 5 for sales of SWINE PRODUCTS to any SELECT SWINE PRODUCER or SELECT SWINE VETERINARIAN. 
 (b) the rebates
provided for on Schedule D, provided, however, that sales to other distributors do not count towards the calculation of sales to determine appropriate rebate level. In the event that one Agreement holder acquires or combines with another Agreement
holder, the purchase objectives will be adjusted accordingly for the purpose of determining incentives earned. [CONFIDENTIAL TREATMENT REQUESTED] /*/ Any sales out by WALCO during calendar year 2006 reported after that will count towards 2007
incentives. In addition, WALCO can earn the Custom Marketing Program (“CMP”) provided for in Schedule H. 
 (c) Pfizer shall
have the right to audit shipping records of WALCO to confirm delivery to products to veterinarians, dealers or producers in order to assure proper logistics fee payments under paragraph 1 and proper RSA payments under paragraph 5 (a) above. Any
material misrepresentations by WALCO related to paragraphs 1, 5 (a) (ii) or (iii) above and the party actually taking possession of the products shall void any payments due under paragraphs 1 and 5 (b) above. In addition, WALCO
recognizes that the AVA program is designed as an effective go to market approach to selling for the benefit of veterinarians who add value in the transaction and for producers. Blatant abuse of the intended structure of AVA by WALCO (including, but
not limited to, falsification of EDI data or establishing false business entities or inserting other business entities that add no commercial value to end users purely to obtain additional RSA payments) will subject WALCO to potential forfeiture of
all or a portion of the year end rebate provided for in Schedule D at the sole discretion of PFIZER. 
 (d) The parties agree that WALCO
will provide to Pfizer on request and within two (2) business days proof of delivery on any suspicious (as determined by Pfizer) EDI transaction. WALCO agrees that Pfizer shall be entitled to audit, either directly or through external auditors
hired by Pfizer and upon reasonable notice by Pfizer, WALCO’s books and records for the purpose of determining the accuracy of EDI data for Pfizer Product sales only communicated to Pfizer through Covansys. 
 (e) The parties agree that Pfizer will no longer automatically credit WALCO for returns of Products not sold in the calendar year in which they are
returned. Prior to issuing any appropriate credit Pfizer shall be entitled to conduct a detailed manual review of sales data. 
 (f) The
parties agree that Pfizer shall not be obligated to issue credits for any returns that exceed the current average of select distributors as specified below unless such returns are the subject of a recall or made at the request of Pfizer. The current
average of select distributors for calendar year 2006 shall be: 
 [CONFIDENTIAL TREATMENT REQUESTED] /*/ 
 6. Sales of Pfizer products to any party other than a SELECT SWINE PRODUCER, SELECT SWINE VETERINARIAN or a PARTICIPATING CUSTOMER for whom a SUGGESTED PRICE LIST
has been incorporated into this Agreement are not covered by this Agreement. Any transaction involving cattle, dairy or multi-species products with any customer including a PARTICIPATING CUSTOMER for which 

 
WALCO has not been selected by that PARTICIPATING CUSTOMER as the distributor are not covered by this Agreement 
 7. WALCO shall not be provided with any rebate, discount or other compensation for products handled under this Agreement, including any rebate, discount or
compensation which would otherwise be due under Pfizer’s spring, fall or other similar program. All sales by Pfizer to WALCO shall be at the then current Pfizer list price but subject to appropriate credits in accordance with paragraph 2 (c).
Pfizer shall have the right to raise or change the price of any or all Products to WALCO on [CONFIDENTIAL TREATMENT REQUESTED] /*/. Pfizer shall be free to limit sales of any or all Products to WALCO in advance of any price increase. 
 8. The RSA payable hereunder on sales from the SUGGESTED PRICE LIST, to PARTICIPATING CUSTOMERS and the logistics fee shall be net of returns and constitute full
and complete compensation for WALCO providing the EDI data and upholding the reputation of Pfizer in carrying out the service of PARTICIPATING CUSTOMERS. 
 9. Pfizer may terminate this Agreement at any time on fifteen (15) days prior written notice in the event WALCO takes any action that harms the goodwill of Pfizer. All returns shall be approved by Pfizer and subject to Pfizer’s
Returned Goods Policy. WALCO may not offset payment to Pfizer of invoice amounts as credit for the fee payable hereunder. Pfizer shall make monthly payment of appropriate fees to WALCO. 
 10. WALCO and Pfizer agree that, under the specific circumstances delineated herein, Pfizer, at Pfizer’s sole discretion, may recoup the sums outstanding to it
from WALCO against those sums which may become due from Pfizer to WALCO, in that the obligations arise from mutual transactions. The specific circumstances which will enable Pfizer to initiate recoupment are: 
 i. WALCO becomes insolvent which shall be defined as: 
  

	 	(a)	 	the sum of WALCO’s debts is greater than all of WALCO’s property (“Balance Sheet Test”); or 

  

	 	(b)	 	WALCO is generally not paying its debts as they come due; or 

  

	 	(c)	 	WALCO has failed to act in good faith for a period in excess of six (6) months to resolve any outstanding invoice or purchase order issues or reconciliations. 

ii. WALCO commences a liquidation of its operations by means of a sale of substantially all its assets, or piecemeal. 
 iii. WALCO ceases its business operations whether or not such cessation is voluntary or involuntary. 
 iv. WALCO files a proceeding pursuant to the U.S. Bankruptcy Code or any state court proceeding, including an Assignment for the Benefit of Creditors. 

11. Nothing in this Agreement shall be deemed to preclude WALCO from negotiating a service fee or any other consideration from any customer including
PARTICIPATING CUSTOMERS for the services (including those services specified hereunder or any other services provided by WALCO to any customer) provided by WALCO. 
 12. WALCO shall distribute Pfizer products only under the labeling provided by Pfizer; prescribe, recommend, suggest, and advertise each product for use only under the conditions stated in the labeling provided by Pfizer, or as
otherwise approved in writing by Pfizer; and observe all federal, state, and local laws governing the distribution of Pfizer products. 
 13. Nothing in
this Agreement shall be deemed to limit Pfizer’s ability to sell any product at any time to any customer including PARTICIPATING CUSTOMERS or any other party. Transactions consummated directly between Pfizer and any such customer or other party
shall not qualify for the fee payable under paragraph 5 above. 
 14. [CONFIDENTIAL TREATMENT REQUESTED] /*/ 

 15. WALCO and Pfizer acknowledge that in the performance of their duties hereunder each may obtain access to
“Confidential Information” (as defined below) of the other. WALCO and Pfizer agree that during the term of this Agreement and for a period of three (3) years after the termination of this Agreement, unless specifically permitted in
writing by the other party, to (a) retain in confidence and not disclose to any third party and (b) use only for the purpose of carrying out their duties hereunder, any such Confidential Information. As used herein the term
“Confidential Information” means any information, or data, whether of a business or scientific nature and whether in written, oral or tangible form, relating to Pfizer’s and WALCO’s business or potential business or its research
and development activities, not generally available to or known to the public, and not otherwise known to the receiving party, that is disclosed to or learned by the other party pursuant hereto. Upon written request from either party after
completion of the work provided for hereunder or other termination of this Agreement each party shall return to the other party any documents, or copies thereof, or any product samples, containing or constituting Confidential Information disclosed
to or generated by either party in connection with this Agreement. 
 16. All notices or communications given hereunder by one party to the other shall
be sent by hand or by first class prepaid registered or recorded delivery post or by facsimile addressed to such party as follows: 
  

			
	        If to Pfizer:	  	Pfizer, Inc.
		  	812 Springdale Drive
		  	Exton, PA 19341
		  	Attention: ________________________
		
	        If to WALCO:	  	Walco International, Inc.
		  	7 Village Circle, Suite 200
		  	Westlake, TX 76262
		  	Attn: Vice President of Marketing
		
	        With a copy to:	  	
		  	Walco International, Inc.
		  	7 Village Circle, Suite 200
		  	Westlake, TX 76262
		  	Attn: Legal Department

 Either party may change its address by giving written notice to the other party. 
 17. This Agreement shall be effective as of the date first written above and shall continue in force until December 31, 2006. This Agreement may be terminated
by either party upon thirty (30) days prior written notice. Such termination may be without cause. This Agreement may be terminated immediately by either party upon written notice in the event of a material breach by the other. 
 18. This Agreement shall be governed by the laws of the State of New York applicable to contracts made and performed therein. This Agreement is not assignable
without the express written consent of the other party, and may be modified or amended only in writing signed by the party to be bound. 
 19. This
Agreement and documents referred to herein embody the entire understanding between the parties hereto, will supersede prior agreements relating to the products, and may be modified only in writing and signed by the parties to be bound. No activities
conducted pursuant to this Agreement or related thereto, including but not limited to the future planning activities of the parties, shall be deemed to give rise to any obligations on the part of either party other than as expressly provided for
herein. 
 IN WITNESS WHEREOF, intending to be legally bound, the parties have executed this Agreement. 
  

									
	WALCO International Inc.	 		 	Pfizer Inc.
					
	 By
	 	/s/ Greg Eveland	 		 	By	 	/s/ Robert DiMarzo
		 	 Greg Eveland
 Sr. Vice President and
 Chief Operating Officer
	 		 		 	 Robert DiMarzo
 President, U.S. Operations
 Pfizer Animal Health

					
	 Date
	 	September 9, 2006	 		 	Date	 	September 9, 2006

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