Document:

Management Agreement Letter

 Exhibit 10.3.3 
 MANAGEMENT AGREEMENT LETTER AMENDMENT 
 June 1, 2006 

Sunstone Hotel Properties Inc. 
 C/O Interstate
Hotels & Resorts, Inc. 
 4501 North Fairfax Drive 
 Arlington, Virginia 22203 
  

	Re:	Letter of Credit Agreement 

 Ladies and
Gentlemen: 
 Pursuant to Section 3(C) of the Master Agreement dated as of October 26, 2004 between all affiliates of Sunstone Hotel
TRS Lessee, Inc. which originally signed or have subsequently signed the Master Agreement (collectively, “Sunstone”) and Sunstone Hotel Properties, Inc. (“Manager”), Sunstone agreed either to provide, or cause one of its
affiliates to provide, Manager with a letter of credit (“LC”) in the amount of $5,000,000 in connection with Sunstone’s obligation to fund salaries, wages and benefits (including without limitation vacation and sick pay benefits,
health and dental benefits and pension benefits) to Hotel personnel. Such salaries, wages and benefits shall be herein referred to as the “Reimbursables.” 
 Sunstone and Manager hereby agree to the following two items. First, Manager shall release said LC within five (5) business days hereof, provided that Sunstone shall be obligated to provide Manager
with a replacement LC solely in the event that (i) Sunstone fails to pay any such Reimbursables to Manager following five (5) business days prior written notice by Manager of such failure to pay the Reimbursables as and when due pursuant
to the Master Agreement or (ii) Sunstone Hotel Investors, Inc.’s total leverage ratio (total debt to total EBITDA) based on a trailing four quarters is equal to or greater than 7.5x (“Financial Wherewithal”). Second. Sunstone
agrees to pay to Manager $43,750 annually (with the first payment due on May 31, 2007) during any period that the Master Agreement is in force and the LC is not outstanding, pro-rated for less than full-year periods. When the Master Agreement
terminates, Manager will receive a pro-rata portion of the $43,750 for the period since the last annual payment. 

 In the event that the Financial Wherewithal is equal to or greater than 7.5x and Manager provides notice to
Sunstone to deliver the LC, Sunstone shall cause to be delivered to Manager within five (5) business days after the receipt of the request the replacement LC in the amount of $5,000,000. Such LC shall (i) be issued by a financial
institution reasonably acceptable to Manager, (ii) be in form and substance reasonably acceptable to Manager and (iii) remain in full force and effect so long as the Master Agreement is in effect. 
 If subsequent to the delivery of the replacement LC Sunstone’s Financial Wherewithal is less than 7.5x, then Manager shall return to Sunstone the
replacement LC within five (5) business days of Sunstone’s written request. Sunstone shall remain obligated to deliver a replacement LC if thereafter its Financial Wherewithal equals or exceeds 7.5x and Manager shall remain obligated to
return any replacement LC so delivered if Sunstone’s Financial Wherewithal thereafter is less than 7.5x. 
 Notwithstanding the above, if
Manager ever manages ten (10) or fewer hotels for Sunstone or its subsidiaries and if Sunstone Hotel Investors, Inc.’s Financial Wherewithal is less than 7.5x, Sunstone will put up a letter of credit to the benefit of Manager in an amount
equal to the then outstanding pension liability of any hotels ever covered by the Master Agreement; provided that the total LC covered by this side letter shall not exceed $5,000,000. The pension liability will be calculated by an independent
third-party actuary mutually agreed to by Sunstone and Manager. The letter of credit will be provided to Manager within five (5) business days after the determination of the amount thereof by the actuary. 
 This letter agreement and the rights and the duties of the parties hereto shall be governed by, and construed in accordance with, the laws of the State of
New York and may be executed in counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same instrument. 
 REMAINDER OF PAGE LEFT INTENTIONALLY BLANK 

			
	 SUNSTONE HOTEL TRS LESSEE, INC., on
 behalf of its affiliates

		
	By:	 	/s/ Jon D. Kline
	Name:	 	Jon D. Kline
	Title:	 	Vice President

  

			
	Agreed and acknowledged as of the Date first above written:
	
	INTERSTATE HOTELS & RESORTS, INC. On behalf of Sunstone Hotel Properties, Inc.
		
	By:	 	/s/ Bruce Riggins
	Name:	 	Bruce Riggins
	Title:	 	Chief Financial OfficerWaiver Agreement

 Exhibit 10.13.8 
 SUNSTONE HOTEL INVESTORS, INC. 
 WAIVER AGREEMENT

 This Waiver Agreement (this “Agreement”), dated as of February 19, 2010, is made by and between
Sunstone Hotel Investors, Inc. and Sunstone Hotel Partnership, LLC (together, the “Company”) and Robert A. Alter (“Executive”). 
 RECITALS 
  

	 	A.	The Company and Executive are parties to that certain Employment Agreement, effective as of the closing of the Company’s initial public offering of common stock
(as amended from time to time, the “Employment Agreement”). 

  

	 	B.	The Company maintains a 401(k) Savings and Retirement Plan (the “401(k) Plan”). 

  

	 	C.	Pursuant to the Employment Agreement and the 401(k) Plan, Executive is entitled to receive certain compensation and benefits. 

  

	 	D.	Executive and the Company wish to enter into this Agreement, pursuant to which Executive will waive his right and entitlement to receive certain compensation and
benefits under the Employment Agreement and the 401(k) Plan and the Company will make certain acknowledgements. 

 In consideration of the covenants and undertakings contained herein, and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the Company and Executive hereby agree as follows: 
 1. Waiver. Executive hereby waives, relinquishes and gives up any and all right, title, claim and interest that Executive may have to
receive each of: (i) any profit-sharing contribution from the Company under the 401(k) Plan in respect of calendar year 2009; and (ii) all Base Salary (as such term is defined in the Employment Agreement) in excess of $186,000 that would
otherwise be payable to Executive in respect of calendar year 2010 (it being understood that Executive’s 2010 Base Salary shall be reduced prospectively only, such that amounts that currently remain unearned and unpaid under the limitation
contained in this provision will be earned and paid in substantially equal installments over the Company’s remaining 2010 payroll dates). 
 2. No Good Reason. Executive hereby acknowledges and agrees that nothing contained in this Agreement shall, or shall be construed so as to, constitute Good Reason (as defined in the Employment
Agreement) for purposes of the Employment Agreement or any other agreement between Executive and the Company. 
 3.
Applicable Law. This Agreement shall be administered, interpreted and enforced under the internal laws of the State of California, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of
California or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of California. 

 4. Enforceability. If any provision of this Agreement is determined to be invalid or
unenforceable, it shall be adjusted rather than voided, to achieve the intent of the parties to the extent possible, and the remainder of the Agreement shall be enforced to the maximum extent possible. 
 5. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and
all of which together shall constitute one and the same instrument. 
 6. Captions. The captions contained in this
Agreement are included for convenience only and shall have no bearing on the meaning or interpretation of the provisions contained herein. 
 [SIGNATURE PAGE FOLLOWS] 
  

 2 

 IN WITNESS WHEREOF, the Company and Executive have caused this Agreement to be executed as
of the date first above written. 
  

									
	SUNSTONE HOTEL INVESTORS, INC.	 		 		 	EXECUTIVE
					
	By:	 	/s/ Arthur Buser	 		 		 	/s/ Robert A. Alter
		 		 		 		 	(Signature)
					
	Its:	 	President & CEO	 		 		 	Robert A. Alter

  

									
	SUNSTONE HOTEL PARTNERSHIP, LLC	 		 		 	
					
	By:	 	/s/ Arthur Buser	 		 		 	
		 		 		 		 	
	Its:	 	President	 		 		 	

  

 3Waiver Agreement

 Exhibit 10.14.2 
 SUNSTONE HOTEL INVESTORS, INC. 
 WAIVER AGREEMENT

 This Waiver Agreement (this “Agreement”), dated as of February 19, 2010, is made by and between
Sunstone Hotel Investors, Inc. and Sunstone Hotel Partnership, LLC (together, the “Company”) and Arthur Buser (“Executive”). 
 RECITALS 
  

	 	A.	The Company and Executive are parties to that certain Employment Agreement, effective July 21, 2008 (as amended from time to time, the “Employment
Agreement”). 

  

	 	B.	The Company maintains a 401(k) Savings and Retirement Plan (the “401(k) Plan”). 

  

	 	C.	Pursuant to the Employment Agreement and the 401(k) Plan, Executive is entitled to receive certain compensation and benefits. 

  

	 	D.	Executive and the Company wish to enter into this Agreement, pursuant to which Executive will waive his right and entitlement to receive certain compensation and
benefits under the Employment Agreement and the 401(k) Plan for calendar year 2009 and the Company will make certain acknowledgements. 

 In consideration of the covenants and undertakings contained herein, and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the Company and Executive hereby agree
as follows: 
 1. Waiver. Executive hereby waives, relinquishes and gives up any and all right, title, claim and interest
that Executive may have to receive each of: (i) any profit-sharing contribution from the Company under the 401(k) Plan in respect of calendar year 2009; (ii) any increase in Base Salary (as such term is defined in the Employment Agreement)
over the Base Salary level in effect for Executive as of December 31, 2009; and (iii) any Annual Bonus (as such term is defined in the Employment Agreement) in respect of calendar year 2009 to the extent that such Annual Bonus would
otherwise exceed three hundred fifty-nine thousand four hundred twenty-three dollars and 08/100 cents ($359,423.08). 
 2.
Annual Bonus; Payment in Shares. In consideration of the waivers contained in this Agreement, the Company hereby agrees to pay Executive an Annual Bonus in the amount of three hundred fifty-nine thousand four hundred twenty-three dollars and
08/100 cents ($359,423.08) in respect of calendar year 2009, which Annual Bonus shall otherwise be payable in accordance with the terms and conditions of the Employment Agreement. The Company further agrees to pay such Annual Bonus, less the sum of
all applicable withholdings, in a number of shares of fully vested Company common stock (in lieu of cash) determined by dividing the net dollar value of such Annual Bonus by the average closing price of the Company’s common stock for the
twenty-day period ending February 12, 2010, which is three business days prior to the grant date for restricted stock granted to employees under the Company’s 2004 Long Term Incentive Plan (which average price was $8.74). 

 3. Company Acknowledgements. In consideration of the waivers contained in this
Agreement, the Company hereby acknowledges and agrees that, (i) in the event that Executive becomes entitled to receive payments under Section 4(a) and/or Section 5 of the Employment Agreement in connection with Executive’s
termination of employment, such payments shall be determined, to the extent applicable to the calculations thereof, as if Executive had earned and been paid an Annual Bonus in respect of calendar year 2009 without regard to the waivers contained in
this Agreement; and (ii) Executive’s additional annual equity award under Section 2(b)(iii)(B) of the Employment Agreement shall be paid at the “high” level (i.e., 250% of Base Salary) in respect of calendar year
2009. 
 4. No Good Reason. Executive hereby acknowledges and agrees that nothing contained in this Agreement shall, or
shall be construed so as to, constitute Good Reason (as defined in the Employment Agreement) for purposes of the Employment Agreement or any other agreement between Executive and the Company. 
 5. Applicable Law. This Agreement shall be administered, interpreted and enforced under the internal laws of the State of California,
without giving effect to any choice of law or conflict of law provision or rule (whether of the State of California or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of California.

 6. Enforceability. If any provision of this Agreement is determined to be invalid or unenforceable, it shall be
adjusted rather than voided, to achieve the intent of the parties to the extent possible, and the remainder of the Agreement shall be enforced to the maximum extent possible. 
 7. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and
all of which together shall constitute one and the same instrument. 
 8. Captions. The captions contained in this
Agreement are included for convenience only and shall have no bearing on the meaning or interpretation of the provisions contained herein. 
 [SIGNATURE PAGE FOLLOWS] 
  

 2 

 IN WITNESS WHEREOF, the Company and Executive have caused this Agreement to be executed as
of the date first above written. 
  

									
	SUNSTONE HOTEL INVESTORS, INC.	 		 		 	EXECUTIVE
					
	By:	 	/s/ Arthur Buser	 		 		 	/s/ Arthur Buser
		 		 		 		 	(Signature)
					
	Its:	 	President & CEO	 		 		 	Arthur Buser

  

									
	SUNSTONE HOTEL PARTNERSHIP, LLC	 		 		 	
					
	By:	 	/s/ Arthur Buser	 		 		 	
		 		 		 		 	
	Its:	 	President	 		 		 	

  

 3

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