Document:

EX-4.2

 Exhibit 4.2 
  

 
 DOCEBO INC. 

GLOBAL EMPLOYEE SHARE PURCHASE PLAN 

May 11, 2020 

 TABLE OF CONTENTS 

 

					
	 SECTION 1 PURPOSE
	  	 	1	 
		
	 SECTION 2 CERTAIN DEFINITIONS
	  	 	1	 
		
	 SECTION 3 ELECTION TO PARTICIPATE
	  	 	7	 
		
	 SECTION 4 PAYROLL DEDUCTIONS AND SHARE PURCHASE ACCOUNT
	  	 	8	 
		
	 SECTION 5 PURCHASE OF SHARES
	  	 	9	 
		
	 SECTION 6 WITHHOLDING TAXES
	  	 	10	 
		
	 SECTION 7 SHARE PURCHASE ACCOUNT BALANCE
	  	 	10	 
		
	 SECTION 8 ENDING PARTICIPATION IN THE PLAN
	  	 	10	 
		
	 SECTION 9 TRANSFERABILITY AND HOLDING PERIOD
	  	 	11	 
		
	 SECTION 10 SHARE CERTIFICATES; RIGHTS AS A SHAREHOLDER
	  	 	12	 
		
	 SECTION 11 EFFECTIVE DATE AND AMENDMENT OR TERMINATION OF PLAN
	  	 	13	 
		
	 SECTION 12 PLAN ADMINISTRATION
	  	 	15	 
		
	 SECTION 13 SHARE DIVIDEND OR RECLASSIFICATION OR CHANGE IN CONTROL
	  	 	16	 
		
	 SECTION 14 SHARES TO BE SOLD
	  	 	16	 
		
	 SECTION 15 LIMITATION OF RIGHTS OF THE ELIGIBLE EMPLOYEES
	  	 	16	 
		
	 SECTION 16 CALIFORNIA ELIGIBLE EMPLOYEES
	  	 	17	 
		
	 SECTION 17 MISCELLANEOUS
	  	 	18	 

  
 (i) 

 DOCEBO INC. 

GLOBAL EMPLOYEE STOCK PURCHASE PLAN 

SECTION 1 
 PURPOSE

  

	1.01	 This Plan is designed to encourage employee share ownership in the Shares by providing Eligible Employees
with an opportunity to purchase shares of the Company’s common shares through voluntary payroll deductions. It is the purpose of this Plan to: (a) foster ownership interest among employees, thus aligning the interests of employees with the
interests of shareholders; (b) reward participants of this Plan on the success of the Company; and (c) improve the Company’s ability to retain a skilled workforce; thus aligning the interests of employees with the interests of
shareholders. 

  

	1.02	 The Company intends for this Plan to have two components: a component that is intended to qualify as an
“employee stock purchase plan” for the purposes of Section 423 of the Code (the “Code Section 423 Component”), and a component that is not intended to qualify as an “employee stock purchase
plan” under Section 423 of the Code (the “Non-Code Section 423 Component”). The provisions of the Code Section 423 Component shall be construed so as to
extend and limit participation in a uniform and non-discriminatory basis consistent with the requirements of Section 423 of the Code. A right to purchase Shares under the
Non-Code Section 423 Component may be effectuated via separate offerings under one or more sub-plans established by the Plan Administrator under Section 12.02
of the Plan for Employees of a Designated Affiliate (as defined below). It is anticipated that in most cases such Affiliates will be located in countries outside of the United States, thus facilitating tax, employment, securities law or other
purposes and objectives, and to conform the terms of the sub-plans with the laws and requirements of such countries. Except as otherwise provided herein or in the applicable
sub-plan, the Non-Code Section 423 Component of the Plan shall be operated and administered in the same manner as the Code Section 423 Component. The effective
date of this Plan shall be May 11, 2020 (the “Effective Date”). 

  

	1.03	 This Plan is intended to provide Shares for investment and not for resale. The Company does not, however,
intend to restrict or influence the conduct of any Participant. A Participant therefore, may sell Shares that are purchased under this Plan at any time, subject to the terms of this Plan and compliance with all applicable federal, provincial or
state tax and securities laws. THE PARTICIPANT ASSUMES THE RISK OF ANY MARKET FLUCTUATIONS IN THE PRICE OF THE SHARES. 

SECTION 2 
 CERTAIN
DEFINITIONS 
  

	2.01	 In this Plan, unless the context otherwise requires: 

 

	 	(a)	 “423 Component Eligible Employee” means, with respect to an Offering, all employees
of a Designated Subsidiary (including officers and directors who are also employees of the Designated Subsidiary) whose regularly scheduled work week consists of at least twenty (20) hours and who have completed three (3)

	 	 
consecutive months of employment with the Designated Subsidiary as of the Offering Date, provided that the commencement of an approved leave of absence shall not be deemed to terminate an
employee’s continuous employment. For greater clarity, 423 Component Eligible Employees do not include (i) a seasonal or temporary employee, to the extent not customarily employed for more than five months in a calendar year, or
(ii) an individual performing services for the Designated Subsidiary as an independent contractor or as an employee of another company. Notwithstanding any provision of the Code Section 423 Component, the Plan Administrator may determine,
in its sole discretion and prior to the Offering Date, that citizens or residents of a foreign jurisdiction outside of the United States shall not be 423 Component Eligible Employees if, as of the Offering Date, the grant of purchase rights under
the Code Section 423 Component to citizens or residents of the foreign jurisdiction is prohibited under the laws of such foreign jurisdiction, or compliance with the laws of such foreign jurisdiction would cause the Offering to violate the
requirements of Code Section 423. 

  

	 	(b)	 “Affiliate” means any entity that is an “affiliate” for the purposes of National
Instrument 45-106 – Prospectus Exemptions of the Canadian Securities Administrators, as amended from time to time; 

 

	 	(c)	 “Blackout Period” means a blackout period contemplated in the Company’s Insider
Trading Policy; 

  

	 	(d)	 “Board” means the Company’s Board of Directors of the Company, or where applicable and
as permitted or authorized by the Board of Directors of the Company, any committee of the Board of Directors authorized to oversee and make decisions relating to the Plan; 

 

	 	(e)	 “Business Day” means a day on which banks are open for business in Toronto, Ontario but
does not include a Saturday, Sunday or holiday in the Province of Ontario; 

  

	 	(f)	 “California Eligible Employee” means an Eligible Employee that is a resident of the State
of California, United States; 

  

	 	(g)	 “Change in Control” means the occurrence of any one or more of the following events:

  

	 	(i)	 any transaction at any time and by whatever means pursuant to which any Person or any group of two
(2) or more Persons acting jointly or in concert (other than the Company, a subsidiary of the Company or Intercap Equity Inc. and its Affiliates) hereafter acquires the direct or indirect “beneficial ownership” (as defined in the
Securities Act (Ontario)) of, or acquires the right to exercise Control or direction over, securities of the Company representing more than 50% of the then issued and outstanding voting securities of the Company, including, without
limitation, as a result of a take-over bid, an exchange of securities, an amalgamation of the Company with any other entity, an arrangement, a capital reorganization or any other business combination or reorganization; 

  
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	 	(ii)	 the sale, assignment or other transfer of all or substantially all of the consolidated assets of the Company
to a Person other than a subsidiary of the Company or Intercap Equity Inc. and its Affiliates; 

  

	 	(iii)	 the dissolution or liquidation of the Company, other than in connection with the distribution of assets of
the Company to one (1) or more Persons which were Affiliates of the Company prior to such event or to Intercap Equity Inc. and its Affiliates; 

  

	 	(iv)	 the occurrence of a transaction requiring approval of the Company’s shareholders whereby the Company is
acquired through consolidation, merger, exchange of securities, purchase of assets, amalgamation, statutory arrangement or otherwise by any other Person (other than a short form amalgamation or exchange of securities with a subsidiary of the Company
or transaction with Intercap Equity Inc. and its Affiliates); or 

  

	 	(v)	 individuals who comprise the Board as of the date hereof (the “Incumbent Board”) for
any reason cease to constitute at least a majority of the members of the Board, unless the election, or nomination for election by the Company’s shareholders, of any new director was approved by a vote of at least a majority of the Incumbent
Board or Intercap Equity Inc. and its Affiliates, and in that case such new director shall be considered as a member of the Incumbent Board; 

  

	 	(vi)	 provided that, notwithstanding clause (i), (ii), (iii) and (iv) above, a Change in Control shall be
deemed not to have occurred if immediately following the transaction set forth in clause (i), (ii), (iii) or (iv) above: (A) the holders of securities of the Company that immediately prior to the consummation of such transaction represented
more than 50% of the combined voting power of the then outstanding securities eligible to vote for the election of directors of the Company hold (x) securities of the entity resulting from such transaction (including, for greater certainty, the
Person succeeding to assets of the Company in a transaction contemplated in clause (b) above) (the “Surviving Entity”) that represent more than 50% of the combined voting power of the then outstanding securities eligible to
vote for the election of directors or trustees (“voting power”) of the Surviving Entity, or (y) if applicable, securities of the entity that directly or indirectly has beneficial ownership of 100% of the securities
eligible to elect directors or trustees of the Surviving Entity (the “Parent Entity”) that represent more than 50% of the combined voting power of the then outstanding securities eligible to vote for the election of directors
or trustees of the Parent Entity, and (B) no Person or group of two or more Persons, acting jointly or in concert, is the beneficial owner, directly or indirectly, of more than 50% of the voting power of the Parent Entity (or, if there is no
Parent Entity, the Surviving Entity) (any such transaction which satisfies all of the criteria 

  
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specified in clauses (A) and (B) above being referred to as a “Non-Qualifying Transaction” and, following the Non-Qualifying Transaction, references in this definition of “Change in Control” to the “Company” shall mean and refer to the Parent Entity (or, if there is no Parent Entity, the Surviving
Entity) and, if such entity is a company or a trust, references to the “Board” shall mean and refer to the board of directors or trustees, as applicable, of such entity); 

 

	 	(h)	 “Code” means the Internal Revenue Code of 1986, as amended; 

 

	 	(i)	 “Code Section 423 Component” has the meaning set forth in
Section 1.02; 

  

	 	(j)	 “Company” means Docebo Inc., a company organized under the law of the Province of Ontario;

  

	 	(k)	 “Control” means the relationship whereby a Person is considered to be
“controlled” by a Person if: 

  

	 	(i)	 when applied to the relationship between a Person and a corporation, the beneficial ownership by that
Person, directly or indirectly, of voting securities or other interests in such corporation entitling the holder to exercise control and direction in fact over the activities of such corporation; 

 

	 	(ii)	 when applied to the relationship between a Person and a partnership, limited partnership, trust or joint
venture, means the contractual right to direct the affairs of the partnership, limited partnership, trust or joint venture; and 

  

	 	(iii)	 when applied in relation to a trust, the beneficial ownership at the relevant time of more than 50% of the
property settled under the trust; 

  

	 	(l)	 “Designated Affiliate” means any Affiliate that has been designated by the Plan
Administrator from time to time in its sole discretion as eligible to participate in the Non-Code Section 423 Component. 

 

	 	(m)	 “Designated Subsidiary” means a subsidiary of the Company (as defined in Code
Section 424(f)) that has been designated by the Plan Administrator from time to time in its sole discretion as eligible to participate in the Code Section 423 Component. 

 

	 	(n)	 “Eligible Compensation” shall mean all regular base wage and salary payments paid by the
Company to a Participant in accordance with the terms of his or her employment, excluding all overtime earnings, bonus, commissions, and other incentive payments and awards, and all other forms of extra compensation, all prior to any Source
Deductions, provided that the Plan Administrator may determine, and communicate to Eligible Employees prior to an Offering, that such overtime, bonuses, commissions, other incentive awards and other forms of award compensation will be included in
Eligible Compensation for such Offering; 

  
 - 4 - 

	 	(o)	 “Eligible Employee” means an employee who is either a 423 Component Eligible Employee or a Non-423 Component Eligible Employee. 

  

	 	(p)	 “Employee Contribution” means funds contributed by a Participant solely by way of payroll
deduction for the purpose of purchased Shares pursuant to this Plan; 

  

	 	(q)	 “Exchange Act” means the United States Securities Exchange Act of 1934, as amended;

  

	 	(r)	 “Excluded Affiliate” means (i) an Affiliate of the Company that has been
designated by the Plan Administrator as excluded from participation in the Plan, and (ii) each Affiliate that (A) was neither a Designated Affiliate nor a Designated Subsidiary prior to the Effective Date and (B) has not been
designated by the Plan Administrator after the Effective Date as a Designated Affiliate or a Designated Subsidiary. 

  

	 	(s)	 “Fair Market Value” of the Shares as of any day means (i) the closing price (rounded
to the next highest cent in the case of fractions of a cent) of the Shares on the Toronto Stock Exchange or any other stock market or exchange upon which the Shares are quoted or listed and where the majority of the Shares are traded (the
“Market”), as reported on such day, or if such day is not a trade day, on the immediately preceding trading day on which the Shares traded on the Market; or (ii) or if for any reason no such price is available, in such other
manner as the Plan Administrator may in good faith deem appropriate to reflect the then fair market value thereof; 

  

	 	(t)	 “Insider” means any “reporting insider”, as such term is defined in National
Instrument 55-104 – Insider Reporting Requirements and Exemptions, of the Company; 

  

	 	(u)	 “Insider Trading Policy” means the Docebo Inc. Insider Trading Policy dated
October 8, 2019, as the same may be amended or amended and restated from time to time; 

  

	 	(v)	 “Non-423 Component Eligible Employee” means
unless otherwise determined by the Board or Plan Administrator in its sole discretion prior to an Offering, all employees, including both part-time and full-time employees, of a Designated Affiliate (including officers and directors who are
also employees of such Designated Affiliate) whose regularly scheduled work week consists of at least twenty (20) hours and who have completed three (3) consecutive months of employment with the Company or the Designed Affiliate as
of the Offering Date, provided that the commencement of an approved leave of absence shall not be deemed to terminate an employee’s continuous employment. For greater clarity, Eligible Employees do not include (i) a seasonal or temporary
employee, to the extent not customarily employed for more than five months in a calendar year, or (ii) an individual performing services for the Company or any Designated Affiliate as an independent contractor or as an employee of another
company; 

  
 - 5 - 

	 	(w)	 “Non-Code Section 423 Component”
has the meaning set forth in Section 1.02; 

  

	 	(x)	 “Offering” means the grant of rights to purchase Shares under the Plan to Eligible
Employees. The terms of each Offering need not be identical; provided however that the rights and privileges established with respect to an Offering under the Code Section 423 Component will apply in an identical manner to all 423 Component
Eligible Employees that are granted rights to purchase Shares under the Offering; 

  

	 	(y)	 “Offering Date” means the first Business Day of each Offering Period;

  

	 	(z)	 “Offering Periods” shall be the six-month period
commencing on January 15 and July 15 of each year during which Eligible Employees may commit to the purchase of Shares hereunder, beginning on January 15, 2021; 

 

	 	(aa)	 “Participant” means a 423 Component Eligible Employee or a
Non-423 Component Eligible Employee, who has elected to participate in the manner set forth in the Plan; 

  

	 	(bb)	 “Person” means an individual, sole proprietorship, partnership, unincorporated
association, unincorporated syndicate, unincorporated organization, trust, body corporate, and a natural person in his or her capacity as trustee, executor, administrator or other legal representative; 

 

	 	(cc)	 “Plan” means this Global Employee Share Purchase Plan of the Company set out herein, as the
same may be amended from time to time; 

  

	 	(dd)	 “Plan Administrator” means the Board, or if the administration of this Plan has been
delegated by the Board to a committee of the Board, such committee; 

  

	 	(ee)	 “Purchase Date” means the last Business Day of each Offering Period; 

 

	 	(ff)	 “Purchase Price” has the meaning set forth in Section 5.02; 

 

	 	(gg)	 “Security Based Compensation Arrangement” means a stock option, stock option plan, employee
stock purchase plan or any other compensation or incentive mechanism involving the issuance or potential issuance of Shares to directors, officers, employees and/or service providers of the Company or any Subsidiary of the Company, including a share
purchase from treasury which is financially assisted by the Company by way of a loan, guarantee or otherwise; 

  

	 	(hh)	 “Share” means a common share in the capital of the Company as constituted on the Effective
Date or any share or shares issued in replacement of such common share in compliance with Canadian law or other applicable law; 

  

	 	(ii)	 “Share Entitlement” means the calculation of the number of Shares to be issued each
Offering Period pursuant to the terms of this Plan; 

  

	 	(jj)	 “Share Purchase Account” means a current bookkeeping record maintained by the Company of
cumulative payroll deductions made from the Eligible Compensation of each Participant in the Plan as reduced by amounts applied toward the purchase of Shares under the Plan; 

  
 - 6 - 

	 	(kk)	 “Source Deductions” means amounts deductible by an employer from Source Deductions with
respect to income taxes, Canada Pension Plan contributions, or amounts payable as contributions to any health or benefit plan, or such other applicable statutory deductions that may from time to time be applicable; 

 

	 	(ll)	 “Tax Act” means the Income Tax Act (Canada); and 

 

	 	(mm)	 “UK Employment Taxes” means any income tax and primary class 1 (employee) national
insurance contributions for which the Company or any subsidiary of the Company is or may be liable to account (or reasonably believes it is or may be liable to account) and secondary class 1 (employer) national insurance contributions that can be
lawfully recovered from an Eligible Employee. 

 SECTION 3 

ELECTION TO PARTICIPATE 
  

	3.01	 An Eligible Employee may elect to participate in the Plan by completing the form prescribed by the Plan
Administrator to authorize regular payroll deduction from the employee’s Eligible Compensation, beginning with the first payroll period ending after an Offering Date, provided such authorization is received by the Company’s Human Resources
Department in such time in advance of such Offering Date as may be prescribed by the Plan Administrator. Payroll deductions shall continue until the Eligible Employee decreases his or her payroll deduction rate to zero percent (0%), withdraws from
the Plan, or ceases to be eligible to participate in the Plan in accordance with the terms set out herein. 

  

	3.02	 Notwithstanding the provisions of Section 3.01, no 423 Component Eligible Employee shall be granted any
right to purchase Shares hereunder to the extent that: 

  

	 	(i)	 such 423 Component Eligible Employee, immediately after such a right to purchase is granted, would own,
directly or indirectly, within the meaning of Section 423(b)(3) and Section 424(d) of the Code, Shares possessing five percent (5%) or more of the total combined voting power or value of all the classes of the capital stock of the Company
or of and parent, as defined in Section 424(e) of the Code, or any subsidiary, of the Company as defined in Section 424(f) of the Code, and for greater certainty, any Non-423 Component Eligible
Employee is not prohibited from being granted any right to purchase Shares if after such a right to purchase is granted, such Non-Code 423 Component Eligible Employee would own, directly or indirectly, Shares
possessing five percent (5%) or more of the total combined voting power or value of all the classes of the capital stock of the Company or of and parent or any subsidiary of the Company; or 

  
 - 7 - 

	 	(ii)	 such 423 Component Eligible Employee’s rights to purchase Shares under all “employee stock
purchase plans” (within the meaning of Section 423 of the Code) of the Company and its subsidiaries (as defined in Code Section 424(f)) accrues at a rate that exceeds US$25,000 worth of shares (determined at the Fair Market
Value of the Shares at the time such rights are granted, i.e. the Offering Date) for each calendar year during which the rights to purchase such Shares are outstanding at any time. 

 

	3.03	 In addition to any other restrictions set forth herein, in accordance with the Insider Trading Policy, no
enrollment, changes or dispositions of Shares may be initiated during a Blackout Period by any Insiders. 

  

	3.04	 Employees of an Excluded Affiliate shall not be eligible to participate in the Plan unless and until
(i) they transfer employment to a Designated Subsidiary or a Designated Affiliate, or (ii) the Plan Administrator re-designates the Excluded Affiliate as either a Designated Affiliate or a Designated
Subsidiary. In any such event, the period during which an employee was employed by the Excluded Affiliate shall be counted toward satisfaction of the three (3) consecutive months of employment required for the employee to be eligible under
Section 2.01(a) or Section 2.01(v), as applicable, to participate in the Plan following such transfer or re-designation. 

SECTION 4 
 PAYROLL
DEDUCTIONS AND SHARE PURCHASE ACCOUNT 
  

	4.01	 A Participant may elect payroll deductions of any multiple of one percent (1%) and not less than one percent
(1%) nor more than fifteen percent (15%) of his or her Eligible Compensation. Payroll deductions of a Participant’s Eligible Compensation will occur on a bi-monthly basis. A Participant may, at any time,
increase or decrease the percentage of his or her payroll deduction within the foregoing limitations, and decrease his or her payroll deductions to zero percent (0%), as described in Section 8.01, by filing such form(s) as may be prescribed by
the Plan Administrator indicating the change, such change to become effective with the first payroll period commencing on or after the receipt of the form(s) by the Company’s Human Resources Department, provided that such form(s) are received
by the Company’s Human Resources Department in such time in advance of such payroll period as may be prescribed by the Plan Administrator. 

  

	4.02	 For purposes of the Code Section 423 Component, the date of grant of rights to purchase Shares under an
Offering is the Offering Date. 

  

	4.03	 Employee Contributions are held for the account of the individual Participants and shall be credited
currently to the Participant’s Share Purchase Account. A Participant may not make any separate cash payment into his or her Share Purchase Account. 

  

	4.04	 No interest will be paid upon any Employee Contributions or upon any amount credited to, or on deposit in,
an employee’s Share Purchase Account. 

  

	4.05	 The Plan Administrator may establish procedures under which, if it is determined that a Participant’s
payroll deductions are likely to result in a balance in the Participant’s Share Purchase Account that will fund a purchase of Shares in excess of the limits in Section 3.02(i) or Section 5.01, the Participant’s Employee
Contributions to the Plan may be decreased, including to zero percent (0%), at any time during an Offering Period; any 

  
 - 8 - 

	 	 
amounts in the Participant’s Share Purchase Account that may not be applied to purchase Shares due to application of these limits will be distributed to the Participant; such
Participant’s elected payroll deductions will be reinstated in the next Offering Period in which the Plan Administrator determines the share purchases funded by such deductions will not exceed the applicable limits. 

SECTION 5 
 PURCHASE
OF SHARES 
  

	5.01	 On each Purchase Date, the Company will be responsible for calculating each Participant’s Share
Entitlement. 

  

	5.02	 The per-Share purchase price of Shares purchased shall be
eighty-five percent (85%) of the Fair Market Value of a Share on the Purchase Date of such Offering Period, rounded up to the next higher full cent (the “Purchase Price”). 

 

	5.03	 The total number of Shares available for issue in any Offering Period is calculated as the lesser of:

  

	 	(i)	 the aggregate Share Entitlement set by the Plan Administrator for the Offering Period;

  

	 	(ii)	 the sum of all Employee Contributions for the Offering Period divided by the Purchase Price; and

  

	 	(iii)	 the remaining number of Shares available for issue under this Plan. 

 

	5.04	 The Share Entitlement for each Participant for the Offering Period is calculated as the lesser of:

  

	 	(i)	 the number of Shares obtained by dividing the Participant’s Employee Contributions by the Purchase
Price, rounded down to the nearest Share; and 

  

	 	(ii)	 the pro-rated Share Entitlement calculated as the Participant’s
Employee Contributions for the Offering Period, divided by the aggregate of all Employee Contributions for the Offering Period, and multiplied by the aggregate number of shares calculated in Section 5.03, rounded down to the nearest Share.

 Notwithstanding the foregoing, the maximum number of Shares that may be purchased by a Participant under
the Code Section 423 Component on the Purchase Date for an Offering Period is 570,000 Shares, or such other number of Shares specified by the Plan Administrator as of the Offering Date.  

 

	5.05	 The Company will determine at the end of each Offering Period the Share Entitlement for each Participant.
All purchases will be made in Canadian dollars and all contributions in (a) Euros shall be converted into Canadian dollars using the Banca D’Italia daily exchange rate for Euros to Canadian dollars and (b) a currency other than
Canadian dollars or Euros will be converted into Canadian dollars at an exchange rate determined by the Company, acting reasonably. 

  
 - 9 - 

	5.06	 Notwithstanding any other provision of this Plan, no Shares shall be issued to or on behalf of a Participant
under the Plan if such issuance could result, at any time, in the number of Shares: 

  

	 	(a)	 issuable to Insiders pursuant to this Plan and any other Security Based Compensation Arrangement of the
Company exceeding, at any time, 10% of the issued and outstanding Shares; and 

  

	 	(b)	 issued to Insiders pursuant to this Plan and any other Security Based Compensation Arrangement of the
Company exceeding, within any one-year period, 10% of the issued and outstanding Shares. 

SECTION 6 

WITHHOLDING TAXES 
  

	6.01	 Notwithstanding any other terms of this Plan, the purchase of Shares under this Plan is subject to the
condition that if at any time the Plan Administrator determines, in its discretion, that the satisfaction of withholding tax or other withholding liabilities, including Source Deductions and UK Employment Taxes, is necessary or desirable in respect
of such purchase, such action is not effective unless such withholding or the satisfaction of UK Employment Taxes, has been effected to the satisfaction of the Plan Administrator. In such circumstances, subject to any requirements or limitations
under applicable law, the Company or any Participating Subsidiary may (a) withhold such amount from any Eligible Compensation or other amount payable by the Company or any Participating Subsidiary to the Participant, or (b) enter into any
other suitable arrangements for the receipt of such amount before the date such remittance is required. If required to do so by the Company or a subsidiary of the Company, an Eligible Employee shall enter into a joint election under section 431(1)
or 431(2) of the Income Tax (Earnings and Pensions) Act 2003 in respect of the Shares acquired under this Plan. 

SECTION 7 
 SHARE
PURCHASE ACCOUNT BALANCE 
  

	7.01	 Subject to Section 8 of the Plan, any funds remaining in a Participant’s Share Purchase Account
after the purchase of Shares on a Purchase Date, which funds must be less than the Purchase Price on the Purchase Date, shall remain in his or her Share Purchase Account and be applied toward the purchase of Shares on the next Purchase Date, unless
the Participant withdraws from the Plan, in which case, any such funds shall be distributed to the Participant within thirty (30) days. 

SECTION 8 
 ENDING
PARTICIPATION IN THE PLAN 
  

	8.01	 Subject to Section 3.03, a Participant may, at any time, change his or her Eligible Compensation
payroll deduction percentage to zero percent (0%) by filing such forms as 

  
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may be prescribed by the Company’s Human Resources Department indicating the change. At the end of an Offering Period, if a Participant’s payroll deduction of Eligible Compensation is
zero percent (0%) and the Participant’s Share Purchase Account balance is an amount less than the Purchase Price on the Purchase Date, such balance shall be distributed to him or her in the next payroll period. An Eligible Employee who has
reduced his or her payroll deductions to zero percent (0%), but has not requested a withdrawal of previous deductions, may elect to increase his or her deductions at any time, as described in Section 4.01. 

 

	8.02	 Subject to Section 3.03, a Participant may, at any time, by completing the paper or online form(s)
prescribed by the Company’s Human Resources Department, withdraw from the Plan and cease making any further Employee Contributions. In such event, the Company shall distribute, within thirty (30) days, the entire balance, if any, in the
Participants’ Share Purchase Account. An Eligible Employee who has withdrawn from the Plan may elect to re-enroll in the Plan, as described in Section 3.01. 

 

	8.03	 Participation in the Plan shall cease upon the date of a Participant’s termination of employment,
death, transfer to status other than an Eligible Employee, transfer to an Excluded Affiliate or a change in the designation of a Participant’s employer to an Excluded Affiliate, and any Employee Contributions shall be distributed within thirty
(30) days to the former Participant or to his or her estate. The commencement of an approved leave of absence shall not be deemed a termination of employment for purposes of this Section 8.03; rather, a leave of absence shall be deemed to
result in a termination of employment for purposes of this Section 8.03 on the later of (i) the date that three (3) months after the Participant’s commencement of an approved leave of absence, and (ii) the earlier of the
date that the Participant’s approved leave of absence ends and the date the Participant no longer has a statutory or contractual right to re-employment. 

SECTION 9 

TRANSFERABILITY AND HOLDING PERIOD 
  

	9.01	 Share purchase benefits granted hereunder may not be assigned, transferred, pledged or hypothecated (whether
by operation of law or otherwise), and shall not be subject to execution, attachment or similar process. Any attempted assignment, transfer, pledge, hypothecation or other disposition or levy of attachment or similar process upon the stock purchase
benefits shall be null and void and without effect. 

  

	9.02	 The Employee Contributions may not be assigned, transferred, pledged or hypothecated in any way, and any
attempted assignment, transfer, pledge, hypothecation or other disposition of the Employee Contributions shall be null and void and without effect. 

  

	9.03	 All Participants must not sell, transfer, assign, pledge or hypothecate any Shares purchased in connection
with this Plan for a minimum of twelve (12) months following the Purchase Date (the “Holding Period”). The Plan Administrator may establish such rules and regulations as it determines to be necessary or appropriate for
the administration of the Holding Period and from time to time, modify such Holding Period. Without limiting the generality of the authority herein, the Plan Administrator may require that the Shares issued under the Plan be restricted or bear a
legend against transfer or by requiring periodic 

  
 - 11 - 

	 	 
certifications by Participants concerning compliance with the Holding Period. Any change to the Holding Period shall be made effective on an Offering Date, and notice thereof shall be given to
all Participants at least thirty (30) days prior to such Offering Date by such means as the Plan Administrator determines to be appropriate in the circumstances. The failure of a Participant to receive any such notice shall not affect the
change of the Holding Period or any change thereto with respect to that or any other Participant. 

  

	9.04	 Subject to the Plan Administrator’s discretion, the Holding Period shall continue unaffected in the
event that (a) a Participant’s participation in the Plan ceases as a result of such Participant’s termination of employment, death, transfer to status other than an Eligible Employee, transfer to an Excluded Affiliate or a change in
the designation of a Participant’s employer to an Excluded Affiliate and (b) the Plan is terminated in accordance with Section 11.02. 

SECTION 10 
 SHARE
CERTIFICATES; RIGHTS AS A SHAREHOLDER 
  

	10.01	 Shares purchased under the Plan will be originally issued from treasury in uncertificated form (i) in
the case of those Participants which are Non-423 Component Eligible Employees, the brokerage account designated by the Company and (ii) in the case of those Participants which are 423 Component Eligible
Employees, directly in the form of Direct Registration Statements, in each case subject to the Plan Administrator’s sole discretion. Shares issued under the Plan may contain restrictions against transfer (including applicable legends to that
effect) as provided in Section 9.03 or securities legislation or other applicable law. 

  

	10.02	 The Company shall use all reasonable efforts to facilitate the operation of the Plan as contemplated and
described in the Plan, but shall not be required to issue or deliver any Shares purchased unless such issuance and delivery comply with all applicable provisions of law, domestic or foreign, including, without limitation, the Securities Act
(Ontario), the Securities Act of 1933, as amended, the Exchange Act, the rules and regulations promulgated thereunder, applicable state securities laws and the requirements of any stock exchange upon which the Shares may then be listed, and
shall be further subject to the approval of counsel for the Company with respect to such compliance.  

  

	10.03	 In addition to the requirement that shareholder approval be obtained as set out in Section 11.02, no
Shares shall be issuable by the Company if at any time the Board determines that the listing or qualification of such Shares under any securities legislation or other applicable law, or the consent or approval of any governmental or other regulatory
body (including any applicable stock exchange), is necessary as a condition of, or in connection with, the issuance of such Shares hereunder, and in such circumstance the Company shall not issue such Shares unless such listing, qualification,
consent or approval has been effected or obtained free of any conditions not acceptable to the Board. 

  

	10.04	 Book-entries representing Shares purchased under the Plan shall be registered in the name of the Participant
or jointly in the name of the Participant and another Person, as the Participant may direct. 

  
 - 12 - 

	10.05	 All Participants that are Insiders shall be responsible for completing and filing, in accordance with
applicable securities laws, any insider reports that are required to be filed and completed in connection with the acquisition (or sale/disposition) of any Shares pursuant to this Plan. 

 

	10.06	 A Participant shall not be entitled to any of the rights or privileges of a shareholder of the Company with
respect to Shares offered for purchase under the Plan, including the right to vote or direct the voting or to receive any dividends that may be declared by the Company, until (i) the Participant actually has paid the Purchase Price for such
Shares; (iii) upon satisfaction of any applicable withholding tax or withholding liabilities in accordance with Section 6.01; and (iii) such Shares have been issued and delivered as provided in this Section 10.

 SECTION 11 

EFFECTIVE DATE AND AMENDMENT OR TERMINATION OF PLAN 
  

	11.01	 The Plan was adopted by the Board with an effective date of May 11, 2020 and was subsequently approved
by the shareholders of the Company within twelve months after the date the Plan was adopted by the Board in compliance with Section 423 of the Code and applicable stock exchange rules. 

 

	11.02	 The Plan Administrator may at any time terminate, amend or suspend the Plan, in whole or in part; subject to
any regulatory or TSX approval that may be required and provided that the Plan may not be amended in any way that would: 

  

	 	(a)	 cause rights issued under the Plan in respect of 423 Component Eligible Employees to fail to meet the
requirements for employee Share purchase plans as defined in Section 423 of the Code or any successor thereto, including, without limitation, shareholder approval if required; or 

 

	 	(b)	 deprive a Participant of any benefits that have accrued to the date of termination or which would cause or
permit any Shares or Employee Contributions held pursuant to the Plan to revert to or become the property of the Company (other than pursuant to the existing termination provisions). 

 

	11.03	 Without limiting the generality of the Section 11.02, the Plan Administrator may make any amendment
without shareholder approval: 

  

	 	(a)	 for the purpose of making formal, minor, administrative or technical modifications to any of the provisions
of the Plan, including amendments of a “housekeeping” nature; 

  

	 	(b)	 to correct any ambiguity, defective provision, error or omission in the provisions of this Plan;

  

	 	(c)	 to amend the holding, payment or withdrawal provisions of this Plan or any Shares, as applicable;

  
 - 13 - 

	 	(d)	 to permit participation in the Plan by employees who are employed by Designated Affiliates and who are
employed or reside outside the United States, Canada, the United Kingdom or Italy; 

  

	 	(e)	 to achieve tax, securities law and other compliance objectives in particular jurisdictions, which may
include (but with respect to the Code Section 423 Component, only to the extent permitted by Section 423 of the Code and regulations thereunder), granting options to Participants who are citizens or residents of a non-U.S. jurisdiction that are less favorable than the terms of purchase rights generally granted under the Plan to employees resident in the United States; 

 

	 	(f)	 to change the length or frequency of the Offering Periods; 

 

	 	(g)	 to change any of the termination provisions of this Plan; 

 

	 	(h)	 required to give effect to, or address, any changes in tax laws, accounting policies, securities laws or
other applicable laws or consistent with Section 12.01; or 

  

	 	(i)	 that does not require shareholder approval under applicable laws or the rules of the TSX.

  

	11.04	 Notwithstanding the foregoing, shareholder approval shall be required for any amendment:

  

	 	(a)	 to increase the maximum number of Shares issuable under the Plan as specified in Section 14.01 except
pursuant to the provisions under Section 13 that permit the Plan Administrator to make equitable adjustments in the event of transactions affecting the Company or its capital; 

 

	 	(b)	 to remove or exceed the 10% limits on Shares issuable or issued to Insiders as described in
Section 5.06; 

  

	 	(c)	 to increase the discount reflected in the definition of Purchase Price; 

 

	 	(d)	 to permit any interest in the Share purchase benefits or the Employee Contributions under this Plan to be
transferable or assignable; and 

  

	 	(e)	 to delete or reduce the range of amendments that require shareholder approval under this Section 11.04.

  

	11.05	 During any suspension of the Plan, no new Offering Period shall begin, no Eligible Employee shall be offered
any opportunity to elect to participate in the Plan, and any existing payroll deductions elections shall be suspended, but any Share purchase rights granted for an Offering Period that began prior to the Plan suspension shall remain subject to the
other provisions of this Plan. 

  
 - 14 - 

 SECTION 12 

PLAN ADMINISTRATION 
  

	12.01	 In administering the Plan, it will be necessary to follow various laws and regulations. It may be necessary
from time to time to change or waive requirements of the Plan to conform with law, to meet special circumstances not anticipated or covered in the Plan, or to carry on successful operations of the Plan. Therefore, the Plan Administrator shall have
full power and authority to make variations in the provisions of the Plan for such purposes and to determine any questions which may arise regarding interpretation and application of the provisions of the Plan. Without limiting the generality of the
foregoing, the Plan Administrator is specifically authorized to adopt rules and procedures regarding payroll deductions, payment of interest, conversion of local currency, payroll tax, the definition of Eligible Compensation, withholding procedures
and handling of book entries that vary with local requirements. The Plan Administrator may promulgate rules regarding the time and manner for submitting any required notice or form contemplated under the Plan, which may include a requirement that
the notice be on file with the Company’s designated office for a reasonable period before it will be effective. Subject to the terms of the Plan and applicable law, the Plan Administrator may delegate ministerial duties associated with the
administration of the Plan to such Company officers, employees or agents as the Plan Administrator may determine. The determination of the Plan Administrator as to the interpretation and operation of the Plan shall be final and conclusive. 

  

	12.02	 Subject to applicable laws, rules or regulations or the requirements of any stock exchange upon which the
Shares are listed, the Plan Administrator may, in its sole discretion, establish sub-plans under the Non-Code Section 423 Component of the Plan which do not satisfy
the requirements of Section 423 of the Code for purposes of effectuating the participation of Eligible Employees of a Designated Affiliate. For purposes of the Non-Code Section 423 Component, the
Plan Administrator may establish one or more sub-plans to: (a) amend or vary the terms of the Non-Code Section 423 Component of the Plan in order to conform
such terms with the laws, rules and regulations of each country where such Eligible Employees of such Designated Affiliate may be located; (b) amend or vary the terms of the Non-Code Section 423
Component of the Plan in each country where such Eligible Employees of such Designated Affiliate may be located as it considers necessary or desirable to take into account or to mitigate or reduce the burden of taxation and social insurance
contributions, or (c) amend or vary the terms of the Non-Code Section 423 Component of the Plan in each country where such Eligible Employees of such Designated Affiliate may be located as it
considers necessary or desirable to meet the goals and objectives of the Non-Code Section 423 Component of the Plan. Each sub-plan established pursuant to this
Section 12.02 shall be reflected in a written appendix to this Plan, and shall be treated as being separate and independent from the Code Section 423 Component of the Plan; provided that the total number of Shares authorized to be issued
under the Plan shall include any Shares issued under both the Code Section 423 Component of the Plan and the Non-Code Section 423 Component of the Plan, including each subplan. To the extent
permitted under applicable law, the Plan Administrator may delegate its authority and responsibilities under Section 12.02 to an appropriate sub-committee consisting of one or more officers of the
Company. 

  
 - 15 - 

 SECTION 13 

SHARE DIVIDEND OR RECLASSIFICATION OR CHANGE IN CONTROL 
  

	13.01	 Upon the payment of any dividend, or the occurrence of a stock split, reverse stock split, recapitalization,
combination or reclassification by way of split-up in the number of Shares of the Company or other distribution of Shares without receipt of consideration by the Company, the Plan Administrator shall make such
equitable adjustments as it deems appropriate to the total number of Shares authorized by Section 14.01 to be sold under the Plan, to the number of Shares subject to purchase under outstanding share purchase rights, and to the share purchase
exercise price or prices applicable to outstanding purchase rights. 

  

	13.02	 In the event of a Change in Control, appropriate adjustments shall be made to give effect thereto on an
equitable basis in terms of issuance of shares of the Surviving Entity or successor resulting from the Change in Control. If such Surviving Entity or Parent Entity refuses to continue or assume outstanding purchase rights under the Plan, or issue
substitute rights for such outstanding rights, then the Plan Administrator may, in its discretion, either terminate the Plan in accordance with Section 11.02 or shorten the Offering Period then in progress by setting a new Purchase Date for a
specified date before the date of the consummation of the Change in Control. In the event of a change in the Purchase Date, each Participant shall be notified in writing, prior to any new Purchase Date, that the Purchase Date for the existing
Offering Period has been changed to the new Purchase Date and that the Participant’s right to acquire Shares will be exercised automatically on the new Purchase Date unless prior to such date the Participant’s employment has been
terminated or the Participant has withdrawn from the Plan. In the event of a dissolution or liquidation of the Company, any Offering Period then in progress will terminate immediately prior to the consummation of such action, unless otherwise
provided by the Board. 

 SECTION 14 

SHARES TO BE SOLD 
  

	14.01	 Subject to the terms of Section 13.01, the number of Shares authorized to be sold under the Plan
shall not exceed 570,000 Shares. If the total number of Shares which may otherwise be sold on any Purchase Date, exceeds the maximum number of Shares authorized to be sold, the Company shall make a pro rata allocation of the Shares available for
delivery and distribution in a uniform manner, to the extent practicable, and as it shall determine to be equitable, and the balance of payroll deductions credited to the Share Purchase Account of each Participant shall be returned to him or her as
promptly as possible. 

 SECTION 15 

LIMITATION OF RIGHTS OF THE ELIGIBLE EMPLOYEES 
  

	15.01	 This Plan is a voluntary program on the part of the Company and shall not constitute an inducement to or
condition of the employment of any Eligible Employee. Nothing contained in this Plan shall give any Eligible Employee, whether a Participant or not, the right to be retained in the service of the Company or any of its Subsidiaries or shall interfere
with the right of the Company or any of its Subsidiaries to discharge any Eligible Employee whether a Participant or not at any time. Enrolment in this Plan will not give any Participant or beneficiary of a Participant any right or claim to any
benefit except to the extent provided 

  
 - 16 - 

	 	 
for in the Plan. By participating in the Plan, all Participants strictly waive any claim they may have, may have had or might have in the future with respect to this Plan, including with
respect to (i) any right to participation in the Plan pursuant to Section 3 or loss, actual or otherwise by not being able to participate in the Plan, if their participation in the Plan or their employment with
the Company or any of its Subsidiaries terminates for any reason; (ii) the ability to elect to make payroll deductions in accordance with Section 4; (iii) any currency risk arising from or relating to
Section 5.05 and (iv) the right to purchase the Shares under the condition that the withholding tax or other withholding liabilities have been satisfied pursuant to Section 6. 

  

	15.02	 Neither the Company nor the Plan Administrator shall be liable to any Eligible Employee for any
loss resulting from a decline in the market value of any Shares issued under the Plan. Neither the Company nor the Plan Administrator shall be liable to any Eligible Employee for any change in the market price of the Shares between the time an
Eligible Employee elects to participate in the Plan and the time the purchase of Shares takes place. By participating in the Plan, a Participant expressly acknowledges and agrees to the foregoing and waives any claim such Participant may have, may
have had or might have in the future with respect to the foregoing. 

 SECTION 16 

CALIFORNIA ELIGIBLE EMPLOYEES 

Notwithstanding any other provision of this Plan, the provisions of this Section 16 shall apply to any issuance of Shares under the Plan
to a California Eligible Employee, unless such issuance is otherwise exempt from the applicable securities laws of California. 
  

	16.01	 The issuance of Shares under the Plan to California Eligible Employees shall occur within ten
(10) years from the earlier of (i) the date on which this Plan is adopted by the Board and (ii) the date on which the Plan is approved by approved by the shareholders of the Company. 

 

	16.02	 The Company will not issue Shares under the Plan to California Eligible Employees unless:

  

	 	(a)	 on the date Shares are issued to California Eligible Employees pursuant to the Plan, the Company is a
foreign private issuer, as defined by Rule 3b-4 under the Exchange Act, and the aggregate number of persons in California granted awards under all compensation plans and agreements and issued securities under
all purchase and bonus plans and agreements of the Company does not exceed thirty five (35); or 

  

	 	(b)	 the Plan is adopted and approved in accordance with Section 11.01. 

  
 - 17 - 

 SECTION 17 

MISCELLANEOUS 
  

	17.01	 All written notices to the Company pertaining to the Plan shall be delivered personally, e-mail or mail, postage prepaid, addressed as follows: 

 Docebo Inc.

 366 Adelaide Street West, Suite 701 

Toronto, Ontario, M5V 1R9 Canada 

Attention: Human Resources Department 

options@docebo.com 

All notices to an Eligible Employee will be addressed to the principal address of the Participant on file with the Company.
Either the Company or the Eligible Employee may designate a different address by written notice to the other. Such notices are deemed to be received, if delivered personally or by e-mail, on the date of
delivery, and if sent by mail, on the fifth Business Day following the date of mailing. Any notice given by either the Eligible Employee or the Company is not binding on the recipient thereof until received. 

 

	17.02	 Nothing contained in this Plan shall be construed so as to prevent the Company from taking corporate action
which is deemed by the Company to be appropriate or in its best interest, whether or not such action would have an adverse effect on this Plan. 

  

	17.03	 This Plan and all matters to which reference is made herein shall be governed by and interpreted in
accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein, without any reference to conflicts of law rules. 

  

	17.04	 The Company and each Participant irrevocably submits to the exclusive jurisdiction of the courts of
competent jurisdiction in the Province of Ontario in respect of any action or proceeding relating in any way to the Plan, including, without limitation, with respect to any issuance of Shares made in accordance with the Plan. 

  
 - 18 -Document

Execution Version

Exhibit 10.1

THIRD AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT
AND FIRST AMENDMENT TO PLEDGE AGREEMENT
THIRD AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT AND FIRST AMENDMENT TO PLEDGE AGREEMENT, dated as of December 16, 2020 (this “Amendment”) to the Credit Agreement (defined below), among CHATHAM LODGING TRUST, a Maryland real estate investment trust (the “REIT”), CHATHAM LODGING, L.P., a Delaware limited partnership (the “Borrower”), the several banks and other financial institutions or entities that are parties hereto (the “Lenders”), and BARCLAYS BANK PLC, as administrative agent (in such capacity, the “Administrative Agent”).
W I T N E S S E T H:
WHEREAS, the Borrower, the REIT, the Administrative Agent, the Lenders, Barclays Bank PLC, Citigroup Global Markets Inc., Regions Capital Markets and U.S. Bank National Association, as joint lead arrangers and bookrunners, Regions Bank, as syndication agent, Citibank, N.A. and U.S. Bank National Association, as co-documentation agents, are parties to the Amended and Restated Credit Agreement, dated as of March 8, 2018 (as previously amended by that certain First Amendment to Amended and Restated Credit Agreement, dated as of May 6, 2020, and as further amended by that certain Second Amendment to Amended and Restated Credit Agreement, dated as of July 23, 2020, the “Credit Agreement”);
WHEREAS, the Administrative Agent and the Supermajority Lenders have agreed to such amendments and temporary modifications solely upon the terms and conditions provided for in this Amendment.
NOW, THEREFORE, in consideration of the premises herein contained and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows:
1.Defined Terms    Unless otherwise noted herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.
2.Amendments to Credit Agreement.
(a)Section 1.1 of the Credit Agreement is hereby amended by deleting the following definitions (or subparagraph of such definitions) and substituting in lieu therefor the following new definitions (or new subparagraph of such definitions) in the appropriate alphabetical order: 
“Adjusted Funds From Operations”:  for the REIT for any period, as reported for such period in the “Adjusted Funds From Operations” reconciliation section of the REIT’s quarterly financial statements, the sum of (a) net income or loss (calculated in accordance with GAAP), excluding gains or losses from sales of real estate, impairment 
1

write-downs, items classified by GAAP as extraordinary, the cumulative effect of changes in accounting principles, plus (b) depreciation and amortization (excluding amortization of deferred financing costs), plus (c) other non-recurring expenses and acquisition closing costs that reduce such consolidated net income which do not represent a recurring cash item in such period or any future period, in each case, after adjustments for unconsolidated partnerships and joint ventures; provided that there shall not be included in such calculation (i) any proceeds of any insurance policy other than rental or business interruption insurance received by such person, (ii) any gain or loss which is classified as “extraordinary” in accordance with GAAP, (iii) any capital gains and losses and taxes related to capital gains and losses, (iv) income (or loss) associated with third-party ownership of non-controlling equity interests, (v) gains or losses on the sale of discontinued operations as detailed in the most-recent financial statements delivered, as applicable and (vi) adjustments for unconsolidated partnerships and joint ventures other than Excluded Joint Ventures.
“Borrowing Base Value”:  for each Borrowing Base Property at any time:

(a)    for any Real Property that is not a Seasoned Property, 60% of an amount equal to the purchase price for such Borrowing Base Property; and
(b)    for any Seasoned Property, the lesser of (i) 60% of (x)(A) solely during the Modification Period, an amount equal to the Net Operating Income for such Borrowing Base Property for the four fiscal quarters ended on December 31, 2019, (B) for each of the first three full fiscal quarters immediately following the Modification Period Termination Date, an amount equal to the Net Operating Income for such Borrowing Base Property for such fiscal quarter (and, in the case of the later two such determinations, each previous fiscal quarter commencing after the Modification Period Termination Date) multiplied by 4, 2 and 4/3, respectively, and (C) at all other times, an amount equal to the Net Operating Income for such Borrowing Base Property for the four fiscal quarters ended on or immediately prior to such date of determination for which financial statements are available divided by (y) the Capitalization Rate and (ii) the Debt Service Coverage Amount for such Borrowing Base Property at such time.
“Consolidated EBITDA”:  of the Group Members for any period, Consolidated Net Income for such period plus, without duplication and to the extent reflected as a charge in the statement of such Consolidated Net Income for such period, the sum of (a) income tax expense, (b) interest expense of such Group Members, amortization or write-off of debt discount and debt issuance costs and commissions, discounts and other fees and charges associated with Indebtedness, (c) depreciation and amortization expense, (d) amortization of intangibles (including, but not limited to, goodwill) and organization costs, (e) any extraordinary, unusual or non-recurring expenses or losses (including, whether or not otherwise includable as a separate item in the statement of such Consolidated Net Income for such period, losses on sales of assets outside of the ordinary course of business), (f) any other non-cash charges and (g) the Group Members’ pro rata share of Consolidated EBITDA from their Unconsolidated Joint Ventures (other than 
2

Excluded Joint Ventures), minus, to the extent included in the statement of such Consolidated Net Income for such period, the sum of (a) interest income (except to the extent deducted in determining such Consolidated Net Income), (b) any extraordinary, unusual or non-recurring income or gains (including, whether or not otherwise includable as a separate item in the statement of such Consolidated Net Income for such period, gains on the sales of assets outside of the ordinary course of business), (c) any other non-cash income and (d) any cash payments made during such period in respect of items described in clause (e) above subsequent to the fiscal quarter in which the relevant non-cash expenses or losses were reflected as a charge in the statement of Consolidated Net Income, all as determined on a consolidated basis.
“Consolidated Fixed Charges”: for any period the sum (without duplication) of (a) Consolidated Interest Expense of the Group Members for such period, (b) provision for cash income taxes made by the Group Members on a consolidated basis in respect of such period, (c) scheduled payments (other than balloon payments) made during such period on account of principal of Indebtedness of the Group Members, (d) all preferred dividends accrued or paid during such period and (e) the Group Members’ pro rata share of all expenses, taxes, payments and dividends referred to in the preceding clauses (a) to (d) from their Unconsolidated Joint Ventures (other than Excluded Joint Ventures).
“Debt Service Coverage Amount”: with respect to any Borrowing Base Property on any date of determination, (a) the Net Operating Income of such Borrowing Base Property for the four fiscal quarters ended on or immediately prior to such date of determination for which financial statements are available divided by 2.00, divided by (b) an interest rate of 6.5% per annum; provided that (A) during the Modification Period, the Net Operating Income used to calculate the forgoing ratio shall equal an amount equal to the Net Operating Income for such Borrowing Base Property for the four fiscal quarters ended on December 31, 2019 and (B) for each of the first three full fiscal quarters immediately following the Modification Period Termination Date, the Net Operating Income used to calculate the forgoing ratio shall equal an amount equal to the Net Operating Income for such Borrowing Base Property for such fiscal quarter (and, in the case of the later two such determinations, each previous fiscal quarter commencing after the Modification Period Termination Date) multiplied by 4, 2 and 4/3, respectively.
“Modification Period”: the period beginning on the First Amendment Effective Date and ending on the Modification Period Termination Date.
“REIT Permitted Investments”:  Investments by the REIT or any Subsidiary of the REIT in the following items at any one time outstanding; provided that, on any date of determination, the aggregate value of such holdings of the REIT and its Subsidiaries shall not exceed the following amounts as a percentage of Total Asset Value on such date:
(i)    Mortgage Notes Receivables      5%
(ii)    Pro rata share of Unconsolidated Joint Ventures    20%
3

(iii)    Construction in Process    15%
(iv)    Aggregate of (i) to (iii)    30%
provided that, (i) during the Modification Period, the Warner Center Project will be excluded from the determination of Construction in Process and (ii) for the purposes of determining the percentage of Total Asset Value above for each of the first three full fiscal quarters of the Borrower ending immediately following the Modification Period Termination Date, the calculation of Total Asset Value in clause (a) of the definition thereof shall be deemed equal to Total Asset Value as of and for such fiscal quarter (and, in the case of the later two such determinations, each previous fiscal quarter commencing after the Modification Period Termination Date) multiplied by 4, 2 and 4/3 respectively. The amount of Construction in Process to be included in the limit above shall be based on the Group Members’ total budgeted construction costs for renovation or expansion.
“Total Asset Value”:  as of any date of determination, without duplication, with respect to the Group Members on a consolidated basis, the sum of (a) for Real Property assets owned for four full consecutive fiscal quarters or more as of such date, an amount equal to (x) Net Operating Income for such Real Property assets for the four consecutive fiscal quarters most recently ending on or immediately prior to such date minus the aggregate amount of Net Operating Income attributable to each such Real Property asset acquired, sold or otherwise disposed of during such period, divided by (y) the Capitalization Rate with respect to such Real Property assets, (b) the acquisition cost of each Real Property asset (other than Construction in Process) acquired during the most recent four consecutive fiscal quarters ending on or prior to such date, (c) cost of Construction in Process (including the purchase price of the related Real Property) plus the GAAP book value of any capital expenditures in connection with the renovation or expansion or such Real Property in the most recent balance sheet delivered pursuant to Section 6.1, (d) unrestricted cash and Cash Equivalents on the last day of the four consecutive fiscal quarters ending on or immediately prior to such date, (e) the Group Members’ pro rata share of the foregoing items in clauses (a), (b) and (c) attributable to interests in Unconsolidated Joint Ventures (other than Excluded Joint Ventures), (f) an amount equal to the aggregate book value of accounts receivable, Mortgage Notes Receivable, construction loans, capital improvement loans and other loans not in default owned by the Group Members and (g) capitalized costs for expenditures related to room expansions under construction, in accordance with GAAP (construction in progress book value), for the Residence Inn Silicon Valley I, the Residence Inn Silicon Valley II and the Residence Inn San Mateo; provided; however, that the Warner Center Project shall continue to be included in subclause (c) of this definition of “Total Asset Value” until the renovation of the Warner Center Project has been completed and the Warner Center Project is opened for business to the general public for a period of four (4) full consecutive fiscal quarters and, thereafter, the Warner Center Project shall be valued in accordance with subclause (a) of this definition of “Total Asset Value”. 
4

(b)The definition of “Consolidated Secured Debt” in Section 1.1 of the Credit Agreement is hereby amended by adding the words “(other than Excluded Joint Ventures)” immediately following the words “Unconsolidated Joint Ventures” in clause (ii) thereof.
(c)The definition of “Consolidated Total Debt” in Section 1.1 of the Credit Agreement is hereby amended by adding the words “(other than Excluded Joint Ventures)” immediately following the words “Unconsolidated Joint Ventures” in clause (ii) thereof.
(d)The definition of “Consolidated Unsecured Debt” in Section 1.1 of the Credit Agreement is hereby amended by adding the words “(other than Excluded Joint Ventures)” immediately following the words “Unconsolidated Joint Ventures” in clause (ii) thereof.
(e)The definition of “Eurodollar Base Rate” in Section 1.1 of the Credit Agreement is hereby amended by amending and restating the second proviso thereto in its entirety to read as follows:
“provided further that, if at any time after the Modification Period Termination Date, any such rate determined pursuant to the preceding clauses (i) or (ii) is below 0.25%, the LIBO Rate will be deemed to be 0.25%.” 
(f)Section 1.1 of the Credit Agreement is hereby amended further by inserting the following new definitions in the appropriate alphabetical order:
“Excluded Joint Ventures”: the Innkeepers Joint Venture and the Inland Joint Venture.
“Inland Joint Venture”: the joint ventures evidenced by (i) that certain Amended and Restated Limited Liability Company Agreement of IHP I Owner JV, LLC dated as of June 9, 2017 by and between Chatham IHP LLC and Platform Member II-T, LLC (as the same may be further amended, supplemented, restated or otherwise modified from time to time), and (ii) that certain Amended and Restated Limited Liability Company Agreement of IHP I OPS JV, LLC dated as of June 9, 2017 by and between Chatham TRS Holding, Inc. and Platform Member Holdings II-T CAM2, LLC (as the same may be further amended, supplemented, restated or otherwise modified from time to time), in both cases, related to that certain portfolio of hotel properties known as “Inland Hotel Portfolio”.
“Innkeepers Joint Venture”: the joint ventures evidenced by (i) that certain Fourth Amended and Restated Limited Liability Company Agreement of INK Acquisition LLC dated as of May 9, 2017 by and between Borrower and Platform Member-T, LLC, as amended by a First Amendment to Fourth Amended and Restated Limited Liability Company Agreement of INK Acquisition LLC dated as of November 7, 2019 (as the same may be further amended, supplemented, restated or otherwise modified from time to time), and (ii) that certain Third Amended and Restated Limited Liability Company Agreement of INK Acquisition III LLC dated as of May 9, 2017 by and between 
5

Chatham TRS Holding, Inc. and Platform Member Holdings-T CAM2, LLC, as amended by a First Amendment to Third Amended and Restated Limited Liability Company Agreement of INK Acquisition LLC dated as of November 7, 2019 (as the same may be further amended, supplemented, restated or otherwise modified from time to time), in both cases, related to that certain portfolio of hotel properties known as “Innkeepers Hotel Portfolio”.  
“Modification Period Termination Date”: the date that is the earlier of (i) December 31, 2021 and (ii) the Optional Modification Period Termination Date.
“Optional Modification Period Termination Date”: the date on which the Borrower delivers (i) a Compliance Certificate pursuant to Section 6.2(b) (x) demonstrating pro forma compliance with the financial covenants set forth in Section 7.1(a) through (e), calculated in accordance with such Sections as in effect on the 2018 Amendment Agreement Effective Date, as of the most recent fiscal quarter ended immediately prior to such date and pro forma compliance with Section 7.1(f), and (y) certifying that no Default or Event of Default has occurred and is continuing as such date and (ii) written notice by Borrower to the Administrative Agent electing, in Borrower’s sole and absolute discretion, to terminate the Modification Period concurrently with the delivery of such Compliance Certificate.
“Pledge Agreement Termination Date”: the earlier of (x) the date that the Compliance Certificate for the fiscal quarter ending June 30, 2022 is delivered by Borrower to the Administrative Agent pursuant to Section 6.2(b) and (y) the Optional Modification Period Termination Date.
(g)Section 6.2(d) of the Credit Agreement is hereby amended by deleting the words “, as compared to the portion of the Projections covering such periods and to the comparable periods of the previous year”.
(h)Section 7.1 of the Credit Agreement is hereby amended by deleting clauses 7.1(a), 7.1(b), 7.1(d), 7.1(e) and 7.1(f), and substituting in lieu therefor the following new clauses in the appropriate alphabetical order:
    “(a)    Consolidated Leverage Ratio.  Permit the Consolidated Leverage Ratio as of the last day of any fiscal quarter of the Borrower to exceed 60% (or, for the fiscal quarter ending March 31, 2022 so long as the Optional Modification Period Termination Date has not occurred, 70%); provided that, the Borrower may elect a one-time step up to 65% for two consecutive quarters following a Material Acquisition; provided further that for the purposes of determining the ratio described above for each of the first three fiscal quarters of the Borrower immediately following the Modification Period Termination Date, Net Operating Income for the relevant period shall be deemed to equal Net Operating Income for such fiscal quarter (and, in the case of the later two such determinations, each previous fiscal quarter commencing after the Modification Period Termination Date) multiplied by 4, 2 and 4/3, respectively.
6

    (b)    Consolidated Fixed Charge Coverage Ratio.  Permit the Consolidated Fixed Charge Coverage Ratio for any period of four consecutive fiscal quarters of the Borrower to be less than 1.50 to 1.00; provided that for the purposes of determining the ratio described above for each of the first three full fiscal quarters of the Borrower immediately following the Modification Period Termination Date, Consolidated EBITDA for the relevant period shall be deemed to equal Consolidated EBITDA for such fiscal quarter (and, in the case of the later two such determinations, each previous fiscal quarter commencing after the Modification Period Termination Date) multiplied by 4, 2 and 4/3, respectively.
    (d)    Consolidated Secured Debt Leverage Ratio.  Permit the Consolidated Secured Debt Leverage Ratio as of the last day of any fiscal quarter of the Borrower to exceed 50% (or, for the fiscal quarter ending March 31, 2022 so long as the Optional Modification Period Termination Date has not occurred, 55%); provided that for the purposes of determining the ratio described above for each of the first three full fiscal quarters of the Borrower immediately following the Modification Period Termination Date, Net Operating Income for the relevant period shall be deemed to equal Net Operating Income for such fiscal quarter (and, in the case of the later two such determinations, each previous fiscal quarter commencing after the Modification Period Termination Date) multiplied by 4, 2 and 4/3, respectively.
    (e)    Consolidated Unsecured Debt Leverage Ratio.  Permit the Consolidated Unsecured Debt as of the last day of any fiscal quarter of the Borrower to exceed the Borrowing Base; provided further that for the purposes of determining the ratio described above for each of the first three full fiscal quarters of the Borrower immediately following the Modification Period Termination Date, Net Operating Income for the relevant period shall be deemed to equal Net Operating Income for such fiscal quarter (and, in the case of the later two such determinations, each previous fiscal quarter commencing after the Modification Period Termination Date) multiplied by 4, 2 and 4/3, respectively.
    (f)    Modification Period Minimum Liquidity. On the last day of any calendar month occurring during the period commencing on the First Amendment Effective Date until the Pledge Agreement Termination Date, permit Borrower’s Cash Liquidity to be less than $25,000,000.”
(i)Schedule 1.1A of the Credit Agreement is hereby amended by deleting such Schedule in its entirety and substituting in lieu therefor the new Schedule 1.1A as set forth on Exhibit B to this Amendment.
3.Temporary Modifications to Credit Agreement.  For the period beginning on the Amendment Effective Date (as defined below) and ending on the earlier of (x) December 31, 2021 and (y) the Optional Modification Period Termination (as defined below) (the “Extended Modification Period”), or solely in the case of Sections 3(d)(i) and 3(g)(ii) below, the period beginning on the Amendment Effective Date and ending on the Pledge Agreement Termination 
7

Date (as defined below) (the “Modified Compliance Period”), the Credit Agreement shall be deemed temporarily amended and modified as follows:
(a)Limited Waiver of Financial Covenants. Notwithstanding anything to the contrary contained in the Credit Agreement or any other Loan Document, the Administrative Agent and Lenders agree to a limited waiver of the financial covenants set forth in Sections 7.1(a) through 7.1(e) of the Credit Agreement (collectively, the “Temporarily Modified Financial Covenants”), and that no Default or Event of Default shall exist or arise as a result of Borrower’s failure to comply with the Temporarily Modified Financial Covenants. Without limiting the generality of the provisions of Section 10.1 of the Credit Agreement, the waivers set forth in this Section 3(a) shall be limited precisely as written, and nothing herein shall be deemed to (a) constitute a waiver of compliance by the Borrower or the REIT with respect to (i) the Temporarily Modified Financial Covenants other than during the Extended Modification Period or (ii) any other term, provision or condition of the Loan Documents or any other instrument or agreement referred to in any of them, or (b) prejudice any right or remedy that the Administrative Agent or any Lender may now have or may have in the future under or in connection with the Credit Agreement, the other Loan Documents or any other instrument or agreement referred to in any of them or under any applicable laws. For the avoidance of doubt, the waiver of the Temporarily Modified Financial Covenants set forth herein shall not extend beyond the last day of the Extended Modification Period and such waiver shall be of no force or effect for any purpose after the last day of the Extended Modification Period. 
(b)    Limited Waiver of Eligibility Criteria. Notwithstanding anything to the contrary contained in the Credit Agreement or any other Loan Document, the Administrative Agent and Lenders agree to a limited waiver of subparagraphs (c) and (d) of the definition of the definition of “Eligible Borrowing Base Property”, which shall be temporarily amended and restated during the Extended Modification Period as follows:
“(c)     for any Real Property that is a Seasoned Property, such Real Property had an average Occupancy Rate greater than 60% for the 2019 fiscal year,
(d)     for any Real Property that is a Seasoned Property, such Real Property has RevPAR greater than $60 for the 2019 fiscal year,”.
(c)    Applicable Margin. The pricing grid in the definition of “Applicable Margin” shall be temporarily amended and restated during the Extended Modification Period as follows:
8

									
	Applicability	Applicable Margin for all Eurodollar Loans	Applicable Margin for all Base Rate Loans
	If the Total Revolving Extensions of Credit are less than or equal to $200,000,000	2.50%	1.50%
	If the Total Revolving Extensions of Credit exceed $200,000,000	3.00%	2.00%

(d)    Mandatory Prepayments. If at any time during the Extended Modification Period (or solely in the case of clause (i), during the Modified Compliance Period): the REIT, the Borrower, or any Subsidiary (i) (a) incurs any Indebtedness secured by any Negative Pledge Property (as defined below) or Borrowing Base Property or (b) Disposes of any Negative Pledge Property or Borrowing Base Property which in either case results in the realization or receipt by the REIT, the Borrower or the relevant Subsidiary of cash proceeds or Cash Equivalents (net of any customary and/or actual third party fees, costs and expenses incurred in connection with such disposition of such Negative Pledge Property or Borrowing Base Property, as applicable) (Section 3(d)(i)(a) or Section 3(d)(i)(b) of this Amendment, the “Asset Sale Proceeds”), (ii) incurs any new Indebtedness (other than the Warner Center Development Loan) which results in the receipt by the REIT, the Borrower or the relevant Subsidiary of cash proceeds or Cash Equivalents (net of any customary and/or actual third party fees, costs and expenses incurred in connection with the incurrence of such Indebtedness) (the “New Debt Proceeds”), or (iii) issues any new equity (however defined) which results in the receipt by the REIT, the Borrower or the relevant Subsidiary of cash proceeds or Cash Equivalents (net of any customary and/or actual third party fees, costs and expenses incurred in connection with the issuance of such equity) (the “Equity Proceeds”), then the Borrower shall prepay the Loans and the outstanding Letters of Credit, if any, shall be Cash Collateralized within three (3) Business Days of such date in an aggregate amount equal to (A) in the case of clause (i), the greater of (x) 100% of such Asset Sale Proceeds and (y) the Borrowing Base Value of such Negative Pledge Property or Borrowing Base Property (provided that, the Borrowing Base Value of any Seasoned Property shall be determined based on the Net Operating Income for such Borrowing Base Property for the four fiscal quarters ended on December 31, 2019) and (B) in the case of clause (ii) or (iii), New Debt Proceeds or Equity Proceeds (as applicable). Amounts to be applied in connection with prepayments made pursuant to this Section 3(d) shall be applied, first, to the prepayment of the Loans (without a corresponding reduction of the Revolving Credit Commitments) and, second, to Cash Collateralize the outstanding Letters of Credit, if any.
(e)    LIBO Rate Floor.  If, during the Extended Modification Period, the LIBO Rate determined in accordance with clause (i) or (ii) of the definition of “Eurodollar Base Rate” is below 0.50%, the LIBO Rate will be deemed to be 0.50%.
(f)    Reporting.  For the end of each month occurring during the Modified Compliance Period, the Borrower shall furnish to the Administrative Agent and each Lender, no later than 15 Business Days after the end of each such month, a Compliance Certificate containing all the information and calculations reasonably necessary for determining compliance 
9

by the Group Members with Section 7.1(f) of the Credit Agreement (as amended by this Amendment), together with reasonable detailed reporting of cash, Cash Equivalents and any Available Borrowing Capacity, in form and substance reasonably satisfactory to the Administrative Agent.
(g)    Enhanced Negative Covenants. Notwithstanding anything to the contrary contained in the Credit Agreement, unless the Administrative Agent and the Required Lenders otherwise agree in writing, each of the REIT and the Borrower shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, during the Extended Modification Period, or solely in the case of paragraph (ii) below, during the Modified Compliance Period:
(i)    create, incur or assume any Indebtedness other than (x) any Indebtedness described in Section 7.2(a), (m), (n) and (o) of the Credit Agreement (as amended hereby) or (y) any Indebtedness extending the maturity of, or refunding or refinancing, in whole, or in part, such Indebtedness (“Refinancing Debt”), provided that, in the case of this clause (y), (A) the terms of any Refinancing Debt, and of any agreement entered into and of any instrument issued in connection therewith, (1) do not provide for any Lien on any Borrowing Base Property, and (2) are not otherwise prohibited by the Loan Documents, and (B) the principal amount of such Refinancing Debt shall not exceed the principal amount of the Indebtedness being extended, refunded or refinanced plus the amount of any applicable premium and expenses; 
(ii)    create, incur, assume or suffer to exist any Lien upon any of the Real Properties described on Annex II or any of the direct or indirect equity interests in such Real Properties (the “Negative Pledge Properties”) that secures any Indebtedness of the REIT, Borrower or any of its Subsidiaries, other than the Pledge Agreement, as amended by this Amendment, it being understood that as of the Amendment Effective Date there are no Negative Pledge Properties;
(iii)    declare or make any Restricted Payments in cash, other than Restricted Payments (A) permitted by Sections 7.6(a), (b), (d) and (f) of the Credit Agreement, (B) not to exceed the amount necessary for the REIT to avoid U.S. federal income and excise taxes, provided that the REIT will use the partial stock dividend procedure described in Revenue Procedure 2017-45 for all distributions with the cash limitation percentage being not more than 20% (or a lower percentage if approved by the Internal Revenue Service), and (C) in an amount not to exceed $2,000,000 for any fiscal quarter to holders of the preferred interests of the REIT;
(iv)    make any Capital Expenditures at the Hotel Properties except for: (i) Capital Expenditures to complete ongoing renovations in an amount not to exceed $1,000,000 in the aggregate during the period commencing on the Amendment Effective Date and ending on December 31, 2021 (the “CapEx Modification Period”); (ii) capital expenditures incurred in connection with emergency repairs, life safety repairs or ordinary course maintenance repairs or as required by Law or the franchisors; (iii) discretionary capital expenditures not to exceed $10,000,000 in the aggregate during the CapEx Modification Period (provided, that Borrower shall be permitted to use any FF&E 
10

reserve maintained under its permitted non-recourse Indebtedness for the Capital Expenditures described in, and subject to the limitations set forth in, the foregoing clauses (i), (ii) and (iii), provided, further, that any use of an FF&E reserve shall not count against such monetary limitations); and (iv) Capital Expenditures incurred in connection with the Warner Center Project not to exceed $5,000,000 in the aggregate during the CapEx Modification Period in excess of the total amount available under the Warner Center Development Loan; or
(v)    make any Investments in Unconsolidated Joint Ventures during the Extended Modification Period pursuant to Section 7.7(f) of the Credit Agreement other than Investments in Unconsolidated Joint Ventures existing on the date hereof in an amount not to exceed $5,000,000.
(h)    Conditions to the Release of a Borrowing Base Property. Section 5.4(b) of the Credit Agreement shall be temporarily amended and restated during the Modified Compliance Period as follows:
“(b)     unless otherwise consented to by the Required Lenders, the Borrower shall prepay the Loans in an amount equal to (1) with respect to any Borrowing Base Property securing the incurrence of Indebtedness or subject to a Disposition, the amount required to be prepaid pursuant to Section 3(d) of the Third Amendment, and (2) with respect to any other release of a Borrowing Base Property, an amount equal to the Borrowing Base Value of such Borrowing Base Property being released, provided that, the Borrowing Base Value of any Seasoned Property shall be determined based on the Net Operating Income for such Borrowing Base Property for the four fiscal quarters ended on December 31, 2019;”

(i)    Defined Terms.  As used in this Section 3, the following terms shall have the meanings set forth below:
“Optional Modification Period Termination Date”: the date on which the Borrower delivers (i) a Compliance Certificate pursuant to Section 6.2(b) (x) demonstrating pro forma compliance with the financial covenants set forth in Section 7.1(a) through (e), calculated in accordance with such Sections as in effect on the 2018 Amendment Agreement Effective Date, as of the most recent fiscal quarter ended immediately prior to such date and pro forma compliance with Section 7.1(f), and (y) certifying that no Default or Event of Default has occurred and is continuing as such date and (ii) written notice by Borrower to the Administrative Agent electing, in Borrower’s sole and absolute discretion, to terminate the Modification Period concurrently with the delivery of such Compliance Certificate.
“Pledge Agreement Termination Date”: the earlier of (x) the date that the Compliance Certificate for the fiscal quarter ending June 30, 2022 is delivered by Borrower to the Administrative Agent pursuant to Section 6.2(b) and (y) the Optional Modification Period Termination Date.
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4.Amendments to Pledge Agreement. 
(a)    Clause (i) of Section 7.15 of the Pledge Agreement is hereby amended by deleting the words “the delivery of the Compliance Certificate for the fiscal quarter ending June 30, 2021” and replacing them with the words “the Pledge Agreement Termination Date”.
(b)    Schedule 2 of the Pledge Agreement is hereby amended by deleting such Schedule in its entirety and substituting in lieu therefor the new Schedule 2 as set forth on Exhibit C to this Amendment.
5.Additional Borrowing Base Properties. The Lenders agree that each of the Real Properties described on Annex I hereto (the “Additional Borrowing Base Properties”) shall be added as a Borrowing Base Property as of the Amendment Effective Date; provided that, (x) to the extent that the Borrower has certified to the Administrative Agent and the Lenders that it is unable to deliver one or more Third Party Reports pursuant to Section 6(b) hereof, the Borrower shall deliver to the Administrative Agent such Third Party Reports in form and substance reasonably satisfactory to the Administrative Agent on or prior to the date that is 90 days after the date hereof, provided that, such 90 days may be extended by two additional 30 day periods upon written request from the Borrower to the Administrative Agent certifying that the Borrower is diligently prosecuting the delivery of such Third Party Reports and (y) upon the failure to deliver timely any such Third Party Report, automatically, without any action by the Administrative Agent or the Lenders or notice to the Borrower, (i) the applicable Real Property shall cease to be a Borrowing Base Property, and (ii) the Borrowing Base with respect to the applicable Real Property shall be reduced by the amount included in the calculation of the Borrowing Base in respect of such Real Property. If any Additional Borrowing Base Property is removed from the Borrowing Base in accordance with this Section 5 and has not been Disposed of by the applicable owner thereof, then such Real Property shall be a Negative Pledge Property during the Modified Compliance Period. After the Pledge Agreement Termination Date, Borrowing Base Properties may be removed from the Borrowing Base in accordance with the Credit Agreement and the Borrower may, at its sole cost and expense, request the Administrative Agent to release the direct and/or indirect Capital Stock of such Properties from the Lien of the Pledge Agreement.
6.Reporting.  Notwithstanding the limited waiver of the Temporarily Modified Financial Covenants pursuant to Section 3(a) above, nothing in this Amendment shall modify, affect or waive the Borrower or the REIT’s continuing obligation to comply with the reporting requirements set forth in Section 6.1 of the Credit Agreement during the Extended Modification Period (notwithstanding that the Temporarily Modified Financial Covenants has been waived during the Extended Modification Period) or otherwise (including, without limitation, the Borrower and the REIT’s obligation to provide a schedule of the computations used in determining compliance with the covenants contained in Section 7.1 of the Credit Agreement (notwithstanding that the Temporarily Modified Financial Covenants has been waived during the Extended Modification Period)) under Section 6.2(b) of the Credit Agreement; provided that, the Borrower shall not be required to furnish to the Administrative Agent and the Lenders notice of 
12

any Default or Event of Default relating to the Temporarily Modified Financial Covenants during the Extended Modification Period. 
7.Conditions to Effectiveness.  This Amendment shall become effective upon the date (the “Amendment Effective Date”) on which the following conditions shall have been satisfied (it being acknowledged and agreed that such conditions have been satisfied by the execution and delivery of this Amendment by Administrative Agent and Lenders):
(a)    Amendment Documents.  The Administrative Agent shall have received:
(i)    this Amendment, executed and delivered by a duly authorized officer of each of the REIT, the Borrower and the Supermajority Lenders; 
(ii)    an Acknowledgment and Consent (the “Acknowledgment and Consent”) substantially in the form of Exhibit A attached hereto, duly executed and delivered by the REIT and the Guarantors; 
(iii)    a certificate of each Loan Party, dated the Effective Date, substantially in the form of Exhibit C to the Amended and Restated Credit Agreement, with appropriate insertions and attachments, or as otherwise reasonably approved by the Administrative Agent; and
(iv)    an executed legal opinion of Hunton Andrews Kurth LLP, counsel to the Group Members, in form and substance reasonably satisfactory to the Administrative Agent.
(b)    Additional Borrowing Base Properties.  The Administrative Agent shall have received, for each of the Additional Borrowing Base Properties, each of the documents required by Section 5.3 of the Credit Agreement other than, subject to Section 4 hereof, those Third Party Reports which the Borrower certifies it is unable to obtain on or prior to the Amendment Effective Date, due to timing restrictions arising from the COVID-19 pandemic.
(c)    Administrative Agent Fee; Costs and Expenses. The Administrative Agent shall have received the fees required to be paid pursuant to this Amendment together with all reasonable out-of-pocket expenses for which invoices have been presented (including reasonable fees, disbursements and other charges of counsel to the Administrative Agent), on or before the Amendment Effective Date.
(d)    Approvals. All governmental and third party approvals (including landlords’ and other consents) necessary in connection with the continuing operations of the Group Members and the transactions contemplated hereby shall have been obtained and be in full force and effect, and all applicable waiting periods shall have expired without any action being taken or threatened by any competent authority that would restrain, prevent or otherwise impose adverse conditions on the financing contemplated hereby.
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(e)    PATRIOT ACT. The Administrative Agent shall have received, sufficiently in advance of the Effective Date, all documentation and other information required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the USA PATRIOT Act.
(f)    No Material Adverse Effect.  Other than such events that have been disclosed by the Borrower to the Administrative Agent and the Lenders in writing prior to the Amendment Effective Date, no event or condition shall have occurred since December 31, 2019 which has or could reasonably be expected to have a Material Adverse Effect.
(g)    Consent Fee.    The Administrative Agent shall have received, for the ratable benefit of each Lender that consents to this Amendment, a fee in the amount equal to 0.10% of such Lender’s Revolving Credit Commitment.
8.Representations and Warranties.  The REIT and the Borrower hereby jointly and severally represent and warrant to the Administrative Agent and each Lender that (before and after giving effect to this Amendment):
(a)    Other than as previously notified to the Administrative Agent, each of the representations and warranties made by any Group Member herein or in or pursuant to the Loan Documents  is true and correct in all material respects on and as of the Amendment Effective Date as if made on and as of such date, provided that, (x) to the extent that any such representation or warranty relates to a specific earlier date, it shall be true and correct as of such earlier date, (y) to the extent that any such representation and warranty is qualified as to “materiality”, “Material Adverse Effect” or similar language, it shall be true and correct as so qualified on such respective dates and (z) solely with respect to the representation in Section 4.2 of the Credit Agreement, other than such events that have been disclosed by the Borrower to the Administrative Agent and the Lenders in writing prior to the Amendment Effective Date.  
(b)    After giving effect to this Amendment, no Default or Event of Default has occurred and is continuing.
(c)    After the due execution and delivery of this Amendment, the Capital Stock of each Person that directly owns any Real Property (other than any Real Property subject to a mortgage securing Non-Recourse Indebtedness) will be subject to a perfected first priority security interest in favor of the Administrative Agent.
9.Limited Effect.  Except as expressly provided hereby, all of the terms and provisions of the Credit Agreement and the other Loan Documents are and shall remain in full force and effect.  The amendments contained herein shall not be construed as a waiver or amendment of any other provision of the Credit Agreement or the other Loan Documents or for any purpose except as expressly set forth herein or a consent to any further or future action on the part of the Borrower that would require the waiver or consent of the Administrative Agent or the Lenders.
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10.GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
11.Miscellaneous.   (a) This Amendment may be executed by one or more of the parties to this Amendment on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  A set of the copies of this Amendment signed by all the parties shall be lodged with the Borrower and the Administrative Agent.  This Amendment may be delivered by facsimile transmission or electronic mail of the relevant signature pages hereof.
(b)    On and after the Amendment Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein”, or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to the “Credit Agreement”, “thereunder”, “thereof’, or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement as amended hereby.  This Amendment shall constitute a Loan Document for all purposes of the Credit Agreement and the other Loan Documents.
[SIGNATURES FOLLOW]
15

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their respective proper and duty authorized officers as of the day and year first above written.
						
		CHATHAM LODGING TRUST, as the REIT
		
		
		
		By:  /s/ Eric Kentoff
		Name:  Eric Kentoff
		Title:    Senior Vice President and Secretary
		
		
		CHATHAM LODGING, L.P., as Borrower
		
		
		By: Chatham Lodging Trust, its general partner
		
		
		
		By:  /s/ Eric Kentoff
		Name:  Eric Kentoff
		Title:    Senior Vice President and Secretary

16

						
		BARCLAYS BANK PLC,
		as Administrative Agent and a Lender
		
		By:   /s/ Craig J. Malloy
		Name:   Craig J. Malloy
		Title:     Director
		
		
		Bank of America N.A,
		as a Lender
		
		By:   /s/ Kyle Pearson
		Name:   Kyle Pearson
		Title:     Vice President
		
		
		BMO Harris Bank, N.A.,
		as a Lender
		
		By:   /s/ Gwendolyn Gatz
		Name:   Gwendolyn Gatz
		Title:     Director
		
		
		Citibank, N.A.,
		as a Lender
		
		By:   /s/ Tina Lin
		Name:   Tina Lin
		Title:     Vice President
		
		
		Citizens Bank N.A,
		as a Lender
		
		By:   /s/ Kerri Colwell
		Name:   Kerri Colwell
		Title:     Senior Vice President
		
		
		

17

						
		Regions Bank,
		as a Lender
		
		By:   /s/ Ghi S. Gavin
		Name:   Ghi S. Gaven
		Title:     Senior Vice President
		
		
		U.S. Bank National Association,
		as a Lender
		
		By:   /s/ Lori Y. Jensen
		Name:  Lori Y. Jensen
		Title:     Senior Vice President
		
		
		Wells Fargo Bank, N.A.,
		as a Lender
		
		By:   /s/ Shahin Shariff
		Name:  Shahin Shariff
		Title:     Vice President
		
		

18

ANNEX I
ADDITIONAL BORROWING BASE PROPERTIES

									
	PROPERTY	OWNER	FEE / LEASEHOLD
	Residence Inn Dedham
259 Elm Street, Dedham, MA 02026
	Chatham Dedham RI LLC	Fee
	Courtyard Houston West University
2929 Westpark Drive, Houston, TX 77005
	Chatham Houston West Univ CY LLC	Fee
	Residence Inn Houston West University
2939 Westpark Drive, Houston, TX 77005
	Chatham Houston West Univ RI LLC	Fee
	Embassy Suites Springfield
8100 Loisdale Drive, Springfield, VA 22150
	Chatham Springfield VA LLC	Fee
	Residence Inn Gaslamp Quarter San Diego
356 6th Ave., San Diego, CA 92101
	Chatham Gaslamp RI LLC	Fee
	Residence Inn Fort Lauderdale
3333 NE 32nd Ave., Fort Lauderdale, FL 33308
	Chatham Lugano LLC	Fee

19

ANNEX II

NEGATIVE PLEDGE PROPERTIES

None.

20

EXHIBIT A

ACKNOWLEDGMENT AND CONSENT
Reference is made to the (i) THIRD AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT, dated as of December 16, 2020 (the “Amendment”), (ii) the AMENDED AND RESTATED CREDIT AGREEMENT, dated as of March 8, 2018 (as previously amended, supplemented, or otherwise modified prior to the date hereof, the “Credit Agreement”) among CHATHAM LODGING TRUST, a Maryland real estate investment trust (the “REIT”), CHATHAM LODGING, L.P., a Delaware limited partnership (the “Borrower”), the several banks and other financial institutions or entities from time to time parties thereto (the “Lenders”), BARCLAYS BANK PLC, CITIGROUP GLOBAL MARKETS INC., REGIONS CAPITAL MARKETS and U.S. BANK NATIONAL ASSOCIATION, as joint lead arrangers and bookrunners (in such capacity, the “Arrangers”), REGIONS BANK, as syndication agent (in such capacity, the “Syndication Agent”), CITIBANK, N.A. and U.S. BANK NATIONAL ASSOCIATION, as co-documentation agents (in such capacity, the “Co-Documentation Agents”), and BARCLAYS BANK PLC, as administrative agent (the “Credit Agreement”) and (iii) the Guarantee Agreement (as defined in the Credit Agreement), dated as of November 25, 2015, made by each of the signatories thereto, in favor of the Administrative Agent for the benefit of the Lenders.  Unless otherwise defined herein, capitalized terms used herein and defined in the Credit Agreement are used herein as therein defined.
Each of the undersigned parties to the Guarantee Agreement and the other Loan Documents hereby (a) consents to the Amendment and (b) acknowledges and agrees that the guarantees made by such party contained in the Guarantee Agreement are, and shall remain, in full force and effect after giving effect to the Amendment.
THIS ACKNOWLEDGMENT AND CONSENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
[SIGNATURES FOLLOW]

21

IN WITNESS WHEREOF, the parties hereto have caused this Acknowledgment and Consent to be duty executed and delivered by their respective proper and duly authorized officers as of the day and year first above written.

						
		CHATHAM LODGING TRUST,
		a Maryland real estate investment trust
		
		By:  /s/ Eric Kentoff
		Name:  Eric Kentoff
		Title:    Senior Vice President and Secretary
		
		
		CHATHAM ADDISON QUORUM CY LLC,
		CHATHAM BLOOMINGTON HS LLC,
		CHATHAM BRENTWOOD HS LLC,
		CHATHAM BURLINGTON HG LLC,
		CHATHAM CHERRY CREEK HP LLC,
		CHATHAM DALLAS HS LLC,
		CHATHAM DALLAS DT LLC,
		CHATHAM DEDHAM RI LLC,
		CHATHAM DENVER TECH HG LLC,
		CHATHAM EXETER HAS LLC,
		CHATHAM FARMINGTON HS LLC,
		CHATHAM GASLAMP RI LLC,
		CHATHAM HOLTSVILLE RI LLC,
		CHATHAM HOUSTON WEST UNIV CY LLC,
		CHATHAM HOUSTON WEST UNIV RI LLC,
		CHATHAM LUGANO LLC,
		CHATHAM MAITLAND HS LLC,
		CHATHAM PORTLAND DT LLC,
		CHATHAM PORTSMOUTH LLC,
		CHATHAM SPRINGFIELD VA LLC,
		CHATHAM SUMMERVILLE CY LLC,
		CHATHAM SUMMERVILLE RI LLC,
		CHATHAM WASHINGTON DC LLC,
		CHATHAM WHITE PLAINS RI LLC, each a
		a Delaware limited liability company
		
		

22

						
		By:  Chatham Lodging L.P.,
		a Delaware limited partnership, its member
		
		By:  Chatham Lodging Trust,
		a Maryland real estate investment trust, its general partner
		
		By:  /s/ Eric Kentoff
		Name:  Eric Kentoff
		Title:    Senior Vice President and Secretary

23

EXHIBIT B
Schedule 1.1A
Borrowing Base Properties
									
	Property	Owner	Fee/Leasehold
			
	Courtyard Dallas Addison Quorum Drive
15160 Quorum Drive
Addison, TX 75001
	Chatham Addison Quorum CY LLC, a Delaware limited liability company
	Fee 

	Homewood Suites
2261 Killebrew Drive
Bloomington, Minnesota 55425
	Chatham Bloomington HS LLC, a Delaware limited liability company	Fee
	Homewood Suites
5107 Peter Taylor Park Drive
Brentwood, Tennessee 37027
	Chatham Brentwood HS LLC, a Delaware limited liability company	Fee
	Hilton Garden Inn
5 Wheeler Road
Burlington, Massachusetts 01803
	Chatham Burlington HG LLC, a Delaware limited liability company	Fee
	Courtyard Dallas Downtown
310 South Houston Street
Dallas, TX 75202
	Chatham Dallas DT LLC, a Delaware limited liability company
	Fee
	Homewood Suites
2747 North Stemmons Freeway
Dallas, Texas 75207
	Chatham Dallas HS LLC, a Delaware limited liability company	Fee
	Hilton Garden Inn Denver Tech
7675 East Union Avenue
Denver, CO 80237
	Chatham Denver Tech HG LLC, a Delaware limited liability company
	Fee
	Homewood Suites
2 Farm Glen Boulevard
Farmington, Connecticut 06032
	Chatham Farmington HS LLC, a Delaware limited liability company	Fee
	Hampton Inn & Suites
59 Portsmouth Avenue
Exeter, New Hampshire 03833
	Chatham Exeter HAS LLC, a Delaware limited liability company	Fee
	Hyatt Place
4150 E. Mississippi Avenue
Denver, Colorado 80246
	Chatham Cherry Creek HP LLC, a Delaware limited liability company	Fee
	Residence Inn
25 Middle Avenue
Holtsville, New York 11742
	Chatham Holtsville RI LLC, a Delaware limited liability company

Chatham Holtsville RI Utility LLC, a Delaware limited liability company
	Fee

Ground Leasehold

24

									
	Homewood Suites
290 Southhall Lane
Maitland, Florida 32751
	Chatham Maitland HS LLC, a Delaware limited liability company	Fee
	Hampton Inn
209 Fore Street
Portland, Maine 04101
	Chatham Portland DT LLC, a Delaware limited liability company	Fee
	Hilton Garden Inn Portsmouth Downtown
100 High Street
Portsmouth, NH 03801
	Chatham Portsmouth LLC, a Delaware limited liability company	Fee
	Courtyard Charleston Summerville
1510 Rose Drive
Summerville, SC 29483
	Chatham Summerville CY LLC, a Delaware limited liability company
	Fee
	Residence Inn Charleston Summerville
1528 North Main Street
Summerville, SC 29486
	Chatham Summerville RI LLC, a Delaware limited liability company
	Fee
	Residence Inn
801 New Hampshire Avenue Northwest
Washington, DC 20037
	Chatham Washington DC LLC, a Delaware limited liability company	Fee
	Residence Inn
5 Barker Avenue
White Plains, New York 10601
	Chatham White Plains RI LLC, a Delaware limited liability company	Fee
	Residence Inn Dedham
259 Elm Street, Dedham, MA 02026
	Chatham Dedham RI LLC, a Delaware limited liability company	Fee
	Courtyard Houston West University
2929 Westpark Drive, Houston, TX 77005
	Chatham Houston West Univ CY LLC, a Delaware limited liability company	Fee
	Residence Inn Houston West University
2939 Westpark Drive, Houston, TX 77005
	Chatham Houston West Univ RI LLC, a Delaware limited liability company	Fee
	Embassy Suites Springfield
8100 Loisdale Drive, Springfield, VA 22150
	Chatham Springfield VA LLC, a Delaware limited liability company	Fee
	Residence Inn Gaslamp Quarter San Diego
356 6th Ave., San Diego, CA 92101
	Chatham Gaslamp RI LLC, a Delaware limited liability company	Fee
	Residence Inn Fort Lauderdale
3333 NE 32nd Ave., Fort Lauderdale, FL 33308
	Chatham Lugano LLC, a Delaware limited liability company	Fee

25

EXHIBIT C

Schedule 2
DESCRIPTION OF PLEDGED STOCK
Pledged Stock:

															
	Pledgor	Issuer	Class of Stock	Stock
Certificate No.	Percentage 
Interest

	Chatham Lodging, L.P.	Chatham Addison Quorum CY LLC	N/A	N/A	100%
	Chatham Lodging, L.P.	Chatham Bloomington HS LLC	N/A	N/A	100%
	Chatham Lodging, L.P.	Chatham Brentwood HS LLC	N/A	N/A	100%
	Chatham Lodging, L.P.	Chatham Burlington HG LLC	N/A	N/A	100%
	Chatham Lodging, L.P.	Chatham Cherry Creek HP LLC	N/A	N/A	100%
	Chatham Lodging, L.P.	Chatham Dallas HS LLC	N/A	N/A	100%
	Chatham Lodging, L.P.	Chatham Denver Tech HG LLC	N/A	N/A	100%
	Chatham Lodging, L.P.	Chatham Exeter HAS LLC	N/A	N/A	100%
	Chatham Lodging, L.P.	Chatham Farmington HS LLC	N/A	N/A	100%
	Chatham Lodging, L.P.	Chatham Holtsville RI LLC	N/A	N/A	100%
	Chatham Lodging, L.P.	Chatham Maitland HS LLC	N/A	N/A	100%
	Chatham Lodging, L.P.	Chatham Portland DT LLC	N/A	N/A	100%
	Chatham Lodging, L.P.	Chatham Washington DC LLC	N/A	N/A	100%
	Chatham Lodging, L.P.	Chatham White Plains RI LLC	N/A	N/A	100%
	Chatham Lodging, L.P.	Chatham Portsmouth LLC	N/A	N/A	100%
	Chatham Lodging, L.P.	Chatham Summerville CY LLC	N/A	N/A	100%
	Chatham Lodging, L.P.	Chatham Summerville RI LLC	N/A	N/A	100%
	Chatham Lodging, L.P.	Chatham Dallas DT LLC	N/A	N/A	100%
	Chatham Lodging, L.P.	Chatham Dedham RI LLC	N/A	N/A	100%

26

															
	Chatham Lodging, L.P.	Chatham Houston West Univ CY LLC	N/A	N/A	100%
	Pledgor	Issuer	Class of Stock	Stock
Certificate No.	Percentage 
Interest

	Chatham Lodging, L.P.	Chatham Houston West Univ RI LLC	N/A	N/A	100%
	Chatham Lodging, L.P.	Chatham Springfield VA LLC	N/A	N/A	100%
	Chatham Lodging, L.P.
	Chatham Gaslamp RI LLC
	N/A
	N/A
	100%
	Chatham Lodging, L.P.	Chatham Lugano LLC	N/A	N/A	100%
					
					

27

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