Document:

QuickLinks
 -- Click here to rapidly navigate through this document
  

 
 

Exhibit 4.17    
    

 
 

EXCHANGE AGREEMENT    
    

        THIS EXCHANGE AGREEMENT (this "Agreement") is made as of
December 30, 2003, by and among La Quinta Properties, Inc., a Delaware corporation (the "Company"), and Debra L. Herman (the
"Exchanging Stockholder"). 

        WHEREAS, the Exchanging Stockholder owns beneficially and of record 1,000 shares of the Company's 9% Series B Cumulative Redeemable
Convertible Preferred Stock (the "Series B Shares"); 

        WHEREAS, the Company has agreed with the Exchanging Stockholder to exchange the Series B Shares for 1,000,000 depositary shares
(the "Depositary Shares") which represent 100,000 shares of the Company's 9% Series A Cumulative Redeemable Preferred Stock (the
"Series A Shares"), in accordance with the terms and provisions hereof; 

        WHEREAS, the Company, La Quinta Corporation, and the Exchanging Stockholder's husband, Michael D. Herman, are parties to that
certain Purchase and Sale Agreement (the "Purchase Agreement"), dated as of December 30, 2003, pursuant to which the Michael D. Herman has agreed
to purchase all of the outstanding equity of TeleMatrix, Inc. and TeleMatrix Equipment, LLC held by the Company and La Quinta Corporation for $6,000,000 in cash; and 

        WHEREAS, the closing of the transactions contemplated by the Purchase Agreement is a condition precedent to the consummation of the
transactions contemplated by this Agreement. 

        NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby
agree as follows: 

Section 1. EXCHANGE  

1.1
Exchange of Shares. Subject to the terms and conditions of this Agreement, and in reliance on the representations, warranties and covenants set
forth herein, the Exchanging Stockholder shall exchange with the Company the Series B Shares for the Depositary Shares (the "Exchange"). 

1.2  Depositary Shares. Prior to the Closing (as defined below) the Company shall deposit with American Stock Transfer and Trust Company (the
"Depositary") the Series A Shares and shall direct the Depositary to issue the Depositary Shares in the name of the Exchanging Stockholder. 

1.3
Closing and Deliveries. 

	(a)
	The
Exchange shall occur immediately following the consummation of the transactions contemplated by the Purchase Agreement and shall take place at the same location as the closing
thereof as set forth in the Purchase Agreement (which time and place are designated as the "Closing").

	(b)
	At
the Closing,

	(i)
	the
Company shall deliver, or cause the Depositary to deliver, to the Exchanging Stockholder a duly executed certificate, or certificates, representing the Depositary
Shares;

	(ii)
	the
Exchanging Stockholder shall deliver to the Company the stock certificates evidencing all of the Series B Shares, in each case duly endorsed in blank or
accompanied by stock powers duly executed in blank, or if such stock certificates are not then available, affidavits of loss in lieu thereof acceptable to the Company; and

	(iii)
	the
Company and the Exchanging Stockholder will each execute and deliver the Registration Rights Agreement of even date herewith. 

1

 

	(c)
	It
shall be a condition to Closing that the provisions of Article Thirteenth of the Company's Certificate of Incorporation regarding ownership limitation of Company securities shall
have been properly waived by the Company with respect to the Exchanging Stockholder and the Exchanging Stockholder shall supply such documents, certificates and other information as may be reasonably
requested to facilitate such waiver. 

1.4
Further Assurances. The Exchanging Stockholder from time to time after the Closing at the request of the Company, and without further consideration,
shall execute and deliver further instruments of transfer and assignment and take such other action as the Company may reasonably request to more effectively transfer and assign to, and vest in, the
Company the Series B Shares and all rights thereto, and to fully implement the intent and provisions of this Agreement. 

1.5  Dividend Waiver. The Exchanging Stockholder will receive dividends on the Series B Shares through December 31, 2003, and will not be
entitled to dividends on the Depositary Shares or the Series A Shares until January 1, 2004. Accordingly, the Company and the Exchanging Stockholder acknowledge and agree that the
Series B Shares are issued and outstanding on the date hereof and on December 15, 2003 and that neither the Depositary Shares nor the Series A Shares are or were outstanding on
either such date. With respect to the Depositary Shares and the Series A Shares, the Exchanging Stockholder hereby expressly waives any and all rights and claims to all dividends, of every kind
and nature, which, prior to December 31, 2003, are paid, become payable, are declared or for which a record date has occurred. 

Section 2 . REPRESENTATIONS AND WARRANTIES OF THE COMPANY  

        In order to induce the Exchanging Stockholder to enter into this Agreement and consummate the transactions contemplated hereby, the Company hereby makes to the
Exchanging Stockholder the following representations and warranties; 

2.1
Authorization. 

	(a)
	The
Company has full right, power and authority under its governing documents to execute and deliver this Agreement and each agreement, document and instrument to be executed and
delivered by or on behalf of the Company pursuant to this Agreement and to carry out the transactions contemplated hereby and thereby. This Agreement and each agreement, document and instrument
executed and delivered by the Company pursuant to this Agreement constitutes a valid and binding obligation of the Company, enforceable in accordance with their respective terms (except as such
enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors' rights generally and by general equitable principles), and has been duly
authorized by all necessary corporate action of the Company.

	(b)
	Neither
the execution and delivery by the Company of this Agreement and the other agreements, documents and instruments contemplated hereby, nor the consummation by the Company of the
transactions in accordance with the terms hereof and thereof, conflicts with or results in a breach of any provisions of the Company's organizational documents. The execution and delivery by the
Company of this Agreement and the other agreements, documents and instruments contemplated hereby, and the consummation by the Company of the transactions in accordance with the terms hereof and
thereof, will not violate, or conflict with, or result in a breach of any provision of, or constitute a default (or an event which, with notice or lapse of time or both, would constitute a default)
under any of the terms, conditions or provisions of any note, bond, mortgage, indenture, deed of trust, lease, contract or other agreement to which the Company is a party, or by which the Company is
bound, except, in each case, as would not have a material adverse effect on the ability of the Company to perform its obligations under this Agreement. 

2

 

Issuance of Securities. 

	(a)
	The
Depositary Shares, when issued in accordance with the terms of this Agreement and the Deposit Agreement between the Company and the Depositary, will be validly issued,
fully-paid and non-assessable.

	(b)
	The
Series A Shares, when issued in accordance with the terms of this Agreement, will be validly issued, fully-paid and non-assessable. 

2.3
Litigation.

As
of the date of this Agreement, there is no litigation, action, suit, proceeding, claim, arbitration or investigation pending or, to the Company's knowledge, threatened in writing, against the
Company, as to which there is a reasonable likelihood of an adverse determination and which, if adversely determined (a) would delay, hinder or prevent the consummation of the transactions
contemplated by this Agreement, or (b) would have a material adverse effect on the ability of Company to perform its obligations under this Agreement. 

2.4
Brokers.

The
Company has not incurred or become liable for any broker's commission or finder's fee relating to or in connection with this Agreement or the transactions contemplated hereby. 

2.5
Warranties Limited.

THE COMPANY HAS MADE NO REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, OF ANY NATURE WHATSOEVER RELATING TO THE SERIES A SHARES, THE DEPOSITARY SHARES, THE BUSINESS OF THE
COMPANY OR OTHERWISE IN CONNECTION WITH THE TRANSACTIONS CONTEMPLATED HEREBY, OTHER THAN THOSE REPRESENTATIONS AND WARRANTIES EXPRESSLY SET FORTH IN THIS SECTION II.

Section 3. REPRESENTATIONS AND WARRANTIES OF THE EXCHANGING STOCKHOLDER  

        In order to induce the Company to enter into this Agreement and consummate the transactions contemplated hereby, the Exchanging Stockholder hereby makes to the
Company the following representations and warranties: 

3.1  Authority.

The
Exchanging Stockholder has the power, authority and legal capacity to execute and deliver this Agreement and each agreement, document and instrument to be executed and delivered by or on behalf of
the Exchanging Stockholder pursuant to this Agreement and to carry out the transactions contemplated hereby and thereby. This Agreement has been duly executed and delivered by the Exchanging
Stockholder and, assuming the due authorization, execution and delivery of this Agreement
by the Company, this Agreement constitutes a legal, valid and binding obligation of the Exchanging Stockholder, enforceable against the Exchanging Stockholder in accordance with its terms, except as
such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors' rights generally and by general equitable principles. 

3.2
No Conflict.

Neither
the execution and delivery by the Exchanging Stockholder of this Agreement and the other agreements, documents and instruments contemplated hereby, nor the consummation by the Exchanging
Stockholder of the transactions in accordance with the terms hereof and thereof, will violate, or conflict with, or result in a breach of any provision of, or constitute a default (or an event which,
with notice or lapse of time or both, would constitute a default) under any of the terms, conditions or provisions of any note, bond, mortgage, indenture, pledge, deed of trust, lease, 

3

 

contract
or other agreement to which the Exchanging Stockholder is a party, or by which the Exchanging Stockholder or the Series B Shares are bound. 

3.3
Consents and Approvals.

	(a)
	The
execution, delivery and performance of this Agreement by the Exchanging Stockholder will not, as of the Closing, require any consent, approval, authorization or other action by,
or filing with or notification to, any, any federal, state, local, or any foreign government, governmental, regulatory or administrative authority, agency or commission or any court, tribunal, or
judicial or arbitral body.

	(b)
	The
execution, delivery and performance of this Agreement by the Exchanging Stockholder will not, as of the Closing, require any third-party consents, approvals, authorizations or
actions, except where failure to obtain such consents, approvals, authorizations or actions would not have a material adverse effect on the ability of the Exchanging Stockholder to perform its
obligations under this Agreement. 

3.4  Series B Shares.

The
Exchanging Stockholder owns beneficially and of record all of the Series B Shares. The Series B Shares are, and when delivered by the Exchanging Stockholder to the Company pursuant
to this
Agreement will be, free and clear of any and all mortgages, pledges, liens, encumbrances or other charges (collectively, "Encumbrances"), other than
Encumbrances, if any, resulting from this Agreement. 

3.5
Litigation.

As
of the date of this Agreement, there is no litigation, action, suit, proceeding, claim, arbitration or investigation pending or, to the Exchanging Stockholder's knowledge, threatened in writing,
against the Exchanging Stockholder, as to which there is a reasonable likelihood of an adverse determination and which, if adversely determined (a) would delay, hinder or prevent the
consummation of the transactions contemplated by this Agreement, or (b) would have a material adverse effect on the ability of the Exchanging Stockholder to perform its obligations under this
Agreement. 

3.6
Brokers.

The
Exchanging Stockholder has not incurred or become liable for any broker's commission or finder's fee relating to or in connection with this Agreement or the transactions contemplated hereby. 

3.7  Investment Intent.

The
Exchanging Stockholder is acquiring the Depositary Shares solely for the purpose of investment and not with a view to, or for offer or sale in connection with, any distribution thereof. The
Exchanging Stockholder is an "accredited investor" as such term is defined in Rule 501 under the Securities Act of 1933, as amended (the "Securities
Act"). The Exchanging Stockholder acknowledges that neither the Depositary Shares to be acquired by the Exchanging Stockholder pursuant to the transactions nor the
Series A Shares underlying the Depositary Shares have been registered under the Securities Act or the securities laws of any state or other jurisdiction and cannot be disposed of unless they
are subsequently registered under the Securities Act and the securities laws of any applicable state or other jurisdiction or an exemption from such registration is available. 

4

 

3.8  Inspection; No Other Representations.

The
Exchanging Stockholder acknowledges and confirms that neither the Company nor any of its respective affiliates, officers, directors, employees, agents, advisors, or representatives have rendered
any legal, tax or other advice to the Exchanging Stockholder in connection with any matters including, without limitation, the proposed transactions described herein. The Exchanging Stockholder is an
informed and sophisticated purchaser, and has engaged expert advisors, experienced in the evaluation and purchase of securities such as the Depositary Shares and the Series A Shares as
contemplated hereunder. The Exchanging Stockholder has undertaken such investigation and has been provided with and has evaluated such documents and information as it has deemed necessary to enable it
to make an informed and intelligent decision with respect to the execution, delivery and performance of this Agreement and the transactions contemplated hereby. The Exchanging Stockholder has received
all materials relating to the Depositary Shares, the Series A Shares and the businesses of the Company which it has requested and has been afforded the opportunity to obtain any additional
information necessary to verify the accuracy of any such information or to otherwise evaluate the merits of the transactions contemplated hereby. The Exchanging Stockholder acknowledges that the
Company has given the Exchanging Stockholder complete and open access to the key employees, documents and facilities of the Company. The Company and its representatives and agents have answered, to
the Exchanging Stockholder's satisfaction, all inquiries that the Exchanging Stockholder or its representatives have made concerning the Depositary Shares, the Series A Shares and the
businesses of the Company or otherwise relating to the transactions contemplated hereby. The Exchanging Stockholder agrees to purchase the Depositary Shares based upon its own inspection, examination
and determination with respect thereto as to all matters, and without reliance upon any express or implied representations or warranties of any nature, whether in writing, orally or otherwise, made by
or on behalf of or imputed to the Company, except as expressly set forth in Section II of this Agreement. 

Section 4. MISCELLANEOUS  

4.1  Survival of Representations and Warranties.

All
representations, warranties, agreements, covenants and obligations contained herein shall survive the Closing. Notwithstanding the foregoing, all such representations and warranties shall, except
as otherwise specifically provided herein, only survive until the twelve (12) month anniversary of the Closing. 

4.2
Notices.

All
notices, requests, claims, demands and other communications under this Agreement will be in writing and will be deemed given if delivered personally or sent by overnight courier (providing proof
of delivery) to the parties at the following addresses (or at such other address for a party as specified by like notice): 

if
to the Company, to: 

La
Quinta Corporation

La Quinta Properties, Inc.

909 Hidden Ridge

Suite 600

Irving, TX 75038

Attn: General Counsel 

5

 

with
a copy (which shall not constitute notice) to: 

Goodwin
Procter llp

Exchange Place

Boston, MA 02109

Attn: Scott F. Duggan, Esq. 

If
to the Exchanging Stockholder, to: 

Debra
L. Herman

4745 Broadlake View

Colorado Springs, CO 80906 

with
a copy (which shall not constitute notice) to: 

Fleming &
O'Neill, P.C.

268 Summer Street

Third Floor

Boston, MA 02210

Attn: Julia K. O'Neill, Esq. 

4.3  Fees and Expenses.

Except
as provided otherwise herein, each of the Exchanging Stockholder, on the one hand, and the Company on the other hand, shall bear its own expenses in connection with the negotiation and the
consummation of the transactions contemplated by this Agreement. 

4.4  Interpretation.

When
a reference is made in this Agreement to an article, section, schedule or exhibit, such reference will be to an article or section of, or a schedule or exhibit to, this Agreement unless otherwise
indicated. The headings contained in this Agreement are for reference purposes only and will not affect in any way the meaning or interpretation of this Agreement. Whenever the words "include",
"includes" or "including" are used in this Agreement, they will be deemed to be followed by the words "without limitation." The words "hereof," "herein" and "hereunder" and words of similar import
when used in this Agreement will refer to this Agreement as a whole and not to any particular provision of this Agreement. All terms used herein with initial capital letters have the meanings ascribed
to them herein and all terms defined in this Agreement will have such defined meanings when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined
therein. The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such
term. Any agreement, instrument or statute defined or referred to herein or in any agreement or instrument that is referred to herein means such agreement, instrument or statute as from time to time
amended, modified or supplemented, including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes and references
to all attachments thereto and instruments incorporated therein. References to a person or entity are also to its permitted successors and assigns. 

4.5  Counterparts.

This
Agreement may be executed in one or more counterparts, all of which will be considered one and the same agreement and will become effective when one or more counterparts have been signed by each
of the parties and delivered to the other parties. 

6

 

4.6  Amendments.

This
Agreement may not be amended or modified, nor may compliance with any condition or covenant set forth herein be waived, except by a writing duly and validly executed by the Exchanging Stockholder
and the Company, or in the case of a waiver, the party waiving compliance. 

4.7  Entire Agreement; Severability.

This
Agreement (including the exhibits, schedules, documents and instruments referred to herein) constitutes the entire agreement, and supersedes all prior agreements and understandings, both written
and oral, among the parties with respect to the subject matter of this Agreement. If any term, condition or other provision of this Agreement is found to be invalid, illegal or incapable of being
enforced by virtue of any rule of law, public policy or court determination, all other terms, conditions and provisions of this Agreement shall nevertheless remain in full force and effect. 

4.8  Third Party Beneficiaries.

Except
as expressly provided in this Agreement, each party hereto intends that this Agreement shall not benefit or create any right or cause of action in or on behalf of any person or entity other
than the parties hereto. 

4.9
Governing Law.

This
Agreement will be governed by, and construed in accordance with, the internal laws of the State of Delaware regardless of the laws that might otherwise govern under applicable principles of
conflict of laws. 

4.10  Assignment.

Neither
this Agreement nor any of the rights, interests or obligations under this Agreement may be assigned, in whole or in part, by operation of law or otherwise by the parties hereto without the
prior written consent of the Company and the Exchanging Stockholder. Any assignment in violation of the preceding sentence will be void. Subject to the first sentence of this Section 4.10, this
Agreement will be
binding upon, inure to the benefit of, and be enforceable by, the parties and their respective successors and assigns. 

4.11  Consent to Jurisdiction.

Each
of the parties hereby consents to personal jurisdiction, service of process and venue in the federal or state courts of the State of Texas for any claim, suit or proceeding arising under this
Agreement. 

4.12
Dispute Resolution

Any
dispute arising out of or relating to this Agreement or the breach, termination or validity hereof shall be finally settled by arbitration conducted expeditiously in accordance with the Center for
Public Resources Rules for Nonadministered Arbitration of Business Disputes (the "CPR Rules"). The Center for Public Resources shall appoint a neutral
advisor from its National CPR Panel. The arbitration shall be governed by the United States Arbitration Act, 9 U.S.C. §§1-16, and judgment upon the award rendered
by the arbitrators may be entered by any court having jurisdiction thereof. The place of arbitration shall be Dallas, Texas. 

7

 

Such
proceedings shall be administered by the neutral advisor in accordance with the CPR Rules as he/she deems appropriate, however, such proceedings shall be guided by the following agreed upon
procedures: 

	(a)
	mandatory
exchange of all relevant documents, to be accomplished within forty-five (45) days of the initiation of the procedure;

	(b)
	no
other discovery;

	(c)
	hearings
before the neutral advisor which shall not exceed three hours; such hearings to take place in one or two days at a maximum; and

	(d)
	decision
to be rendered not later than ten (10) days following such hearings 

The
Exchanging Stockholder and the Company (i) hereby unconditionally and irrevocably submits to the jurisdiction of the United States District Court for the Northern District of Texas, for the
purpose of enforcing the award or decision in any such proceeding, (ii) hereby waives, and agrees not to assert in any civil action to enforce the award, any claim that it is not subject
personally to the jurisdiction of the above-named court, that its property is exempt or immune from attachment or execution, that the civil action is brought in an inconvenient forum, that the venue
of the civil action is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court, and (iii) hereby waives and agrees not to seek any review by any
court of any other jurisdiction which may be called upon to grant an enforcement of the judgment of any such court. The Exchanging Stockholder and the Company hereby consent to service of process by
registered mail at the address to which notices are to be given. The Exchanging Stockholder and the Company agree that its submission to jurisdiction and its consent to service of process by mail is
made for the express benefit of the other parties hereto. Final judgment against the Exchanging Stockholder or the Company in any such action, suit or proceeding may be enforced in other jurisdictions
by suit, action or proceeding on the judgment, or in any other manner provided by or pursuant to the laws of such other jurisdiction; provided,  however,
that any party may at its option bring suit, or institute other judicial proceedings, in any state or federal court of the United States or of
any country or place where the other parties or their assets, may be found. 

4.13  Mutual Drafting.

The
parties hereto are sophisticated and have been represented by attorneys throughout the transactions contemplated hereby who have carefully negotiated the provisions hereof. As a consequence, the
parties do not intend that the presumptions of laws or rules relating to the interpretation of contracts against the drafter of any particular clause should be applied to this Agreement or any
agreement or instrument executed in connection herewith, and therefore waive their effects. 

4.14
Remedies.

It
is specifically understood and agreed that any breach of the provisions of this Agreement or any other agreement executed and delivered pursuant to this Agreement by any party hereto will result in
irreparable injury to the other parties hereto, that the remedy at law alone will be an inadequate remedy for such breach, and that, in addition to any other remedies which they may have, such other
parties may enforce their respective rights by actions for specific performance (to the extent permitted by law). 

4.15
Limitation of Liabilities. 

Notwithstanding
anything contained in this Agreement to the contrary, no party shall have any liability hereunder for any lost profits or any consequential, incidental or punitive damages, each of 

8

 

which
is hereby excluded by agreement of the parties regardless of whether or not any party has been advised of the possibility of such damages. 

[Remainder
of page intentionally left blank] 

9

 

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

	 	 	COMPANY:
	

 	
 	

LA QUINTA PROPERTIES, INC.
	

 	
 	

By:	

/s/  STEVEN J. FLOWERS      
 Name: Steven J. Flowers

Title: Vice President and Treasurer
	

 	
 	
EXCHANGING STOCKHOLDER:
	

 	
 	

/s/  DEBRA L. HERMAN      
 Debra L. Herman

10

QuickLinks

Exhibit 4.17

EXCHANGE AGREEMENTQuickLinks
 -- Click here to rapidly navigate through this document
  

 
 

Exhibit 4.18    
    

 
 

Amendment No. 1 to Deposit Agreement    
    

        Amendment No. 1, dated as of December 24, 2003 ("Amendment No. 1") to the Deposit Agreement,
dated as of June 17, 1998 (the "Deposit Agreement"), among La Quinta Properties, Inc. (f/k/a Meditrust Corporation), a Delaware
corporation (the "Corporation"), and American Stock Transfer & Trust Corporation, as successor to State Street Bank and Trust Corporation, as
Depositary (the "Depositary"). 

        WHEREAS, on June 17, 1998, the Corporation deposited 700,000 shares of Preferred Stock with the Depositary and the Depositary
accepted such deposit of Preferred Stock and issued 7,000,000 Depositary Shares, which shares remain issued and outstanding as of the date hereof and represent the only shares of Preferred Stock
issued and outstanding on the date hereof; 

        WHEREAS, the Corporation desires to issue an additional 100,000 shares of Preferred Stock (the "Additional
Preferred Stock") and to deposit the Additional Preferred Stock with the Depositary and to cause the Depositary to issue an additional 1,000,000 Depositary Shares (the
"Additional Depositary Shares"); 

        WHEREAS, the Depositary is willing to accept the deposit of the Additional Preferred Stock and issue the Additional Depositary Shares; 

        WHEREAS, pursuant to the Certificate of Designation, the Corporation is authorized to issue up to an aggregate of 805,000 shares of
Preferred Stock and upon the issuance of the Additional Preferred Stock there shall be an aggregate of 800,000 shares of Preferred Stock issued and outstanding; 

        WHEREAS, upon the issuance of the Additional Depositary Shares there shall be an aggregate of 8,000,000 Depositary Shares issued and
outstanding; 

        WHEREAS, the Corporation desires to amend and restate the form of Receipt as set forth on Exhibit A to the Deposit Agreement; 

        WHEREAS, Section 6.1 of the Deposit Agreement provides for amendments to the Deposit Agreement and the form of Receipt attached as
Exhibit A thereto in certain circumstances; and 

        WHEREAS, the Corporation and the Depositary desire to amend certain provisions of the Agreement as set forth herein. 

        NOW, THEREFORE, in consideration of the premises and mutual agreements herein set forth, the parties hereby agree as follows: 

        1.     Exhibit A
of the Deposit Agreement is amended and restated in its entirety as shown in Schedule I attached hereto. 

        2.     Following
the second sentence of Section 2.2 of the Deposit Agreement the following new sentence shall be added: 

"The
Corporation, on the date of Amendment No. 1, is hereby depositing the Additional Preferred Stock (as defined in Amendment No. 1), which Additional Preferred Stock has neither been
issued, nor is it outstanding prior to the date of Amendment No. 1, and upon such deposit the aggregate number of shares of Preferred Stock issued and outstanding and deposited with the
Depositary is 800,000. 

        3.     In
the first sentence of the third paragraph of Section 5.4, the number "$50,000,000" shall be deleted and replaced by "$10,000,000". 

1

 

        4.     The
Corporation hereby represents and warrants that pursuant to the Certificate of Incorporation and the Certificate of Designation, it is authorized to issue up to an
aggregate of 805,000 shares of Preferred Stock and, as of the date of this Amendment No. 1, after giving effect to the issuance of the Additional Preferred Stock, there will be 800,000 shares
of Preferred Stock issued and outstanding. 

        5.     The
Corporation hereby confirms that the representations and warranties set forth in Sections 3.3 and 3.4 of the Deposit Agreement are true and correct as of the date of
this Amendment No. 1. 

        6.     This
Amendment No. 1 is being adopted in accordance with the provisions of Section 6.1 of the Deposit Agreement. 

        7.     Except
as specifically amended by this Amendment No. 1, the Deposit Agreement shall remain in full force and effect in accordance with its terms. 

        8.     This
Amendment No. 1 and all rights hereunder and provisions hereof shall be governed by, and construed in accordance with, the laws of the State of New York
applicable to agreements made and to be performed in the State. 

        9.     Any
term used herein and not defined shall have the meaning ascribed to such term in the Deposit Agreement. 

        10.   This
Amendment No. 1 may be executed in one or more counterparts all of which shall be considered one and the same amendment and each of which shall be deemed to
be an original. 

*remainder of page has intentionally been left blank*

2

 

        IN WITNESS WHEREOF, the parties have caused this Amendment No. 1 to the Deposit Agreement to be duly executed as of the day and
year first written above. 

	 	 	LA QUINTA PROPERTIES, INC.
	

 	
 	

By:	

/s/  STEVEN J. FLOWERS      

	 	 	Name: Steven J. Flowers

Title: Vice President and Treasurer

Signature
Page Deposit Agreement Amendment No. 1 

3

 

	 	 	AMERICAN STOCK TRANSFER & TRUST COMPANY
	

 	
 	

By:	

/s/  HERBERT J. LEMMER      

	 	 	Name: Herbert J. Lemmer

Title: Vice President

Signature
Page Deposit Agreement Amendment No. 1 

4

 

DEPOSITARY SHARES

THIS DEPOSITARY RECEIPT IS TRANSFERABLE

IN BOSTON, MA OR NEW YORK, NEW YORK

SEE REVERSE

FOR CERTAIN DEFINITIONS
  CUSIP 50419Q 20 1 

DEFINITIVE ENGRAVED RECEIPT  

        The Company (as defined herein) will furnish to any holder hereof who so requests and any other stockholder who so requests, without charge, the powers,
designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences
and/or rights. The Company will also furnish without charge to each holder hereof who so requests, without charge, a copy of the Deposit Agreement (as defined below) and a copy of the Certificate of
Designation with respect to the Stock (as defined below) of the Company. Any such request may be made to the Secretary of the Company at its principal office or to the Depositary (as defined below). 

        The
shares of Stock represented by the Depositary Shares (as defined below) evidenced by this Receipt (as defined below) are subject to restrictions in the by-laws of the
Company which prohibit any person from acquiring or maintaining any ownership interest in the stock of the Company which is inconsistent with the requirements of the Internal Revenue Code of 1986, as
amended (the "Code"), pertaining to real estate investment trusts and which permit the Company to purchase from any stockholder such number of shares sufficient to maintain or bring the ownership of
stock of the Company into conformity with such requirements of the Code. The Deposit Agreement provides that this Receipt and the Depositary Shares evidenced by this Receipt are subject to the
foregoing provisions of the Company's by-laws as if the holder hereof owned the shares (including fractional shares) of Stock represented by such Depositary Shares directly, and this
Receipt and the Depositary Shares evidenced hereby are therefore subject to the restrictions on ownership and transfer set forth in, and may be purchased by the Company in accordance with, the
provisions and restrictions in its by-laws referred to above. The holder of this Receipt by his or her acceptance hereof consents to be bound by such provisions and restrictions. 

        The
provisions of Article Thirteenth of the certificate of incorporation of the Company ("Article Thirteenth") prohibit (a) any Person (as such term and other capitalized terms
used in this paragraph and not defined in this Receipt are defined in Article Thirteenth) (other than a Look-Through Entity) from Beneficially Owning or Constructively Owning in excess of
9.9% of the number of outstanding shares of any class or series of Equity Stock, (b) any Look-Through Entity from Beneficially Owning or Constructively Owning in excess of 9.9% of
the number of outstanding shares of any class or series of Equity Stock, (c) any Person from acquiring or maintaining any ownership interest in the stock in the Company that is inconsistent
with (i) the requirements of the Internal Revenue Code of 1986, as amended, pertaining to real estate investment trusts or (ii) Article Thirteenth of the certificate of incorporation of
the Company. The Stock is subject to all of the terms and provisions of Article Thirteenth and the Deposit Agreement provides that, (1) this Receipt and the Depositary Shares evidenced by this
Receipt are subject to the provisions of Article Thirteenth as if the holder hereof owned the shares (including fractional shares) of Stock represented by such Depositary Shares directly and
(2) the Stock represented by the Depositary Shares evidenced by this Receipt may be converted into Excess Stock of the Company upon the terms and conditions set forth in Article Thirteenth and,
upon any such conversion into Excess Stock, the Prohibited Owner shall submit this Receipt to the Company for registration in the name of the applicable Trustee, all on the terms and subject to the
conditions set forth in the Deposit Agreement. The holder of this Receipt by his or her acceptance hereof consents to be bound by such provisions and restrictions. 

5

 

DEPOSITARY RECEIPT FOR DEPOSITARY SHARES

EACH REPRESENTING 1/10TH OF A SHARE OF

9% SERIES A CUMULATIVE REDEEMABLE PREFERRED STOCK

OF LA QUINTA PROPERTIES, INC. (a Delaware corporation)  

AMERICAN STOCK TRANSFER & TRUST COMPANY, as Depositary (the "Depositary", which term includes any successor depositary under the Deposit Agreement referred to below),
hereby certifies that 

is
the registered owner of 

DEPOSITARY
SHARES ("Depositary Shares"), each Depositary Share representing 1/10th of one share of 9% Series A Cumulative Redeemable Preferred Stock, par value $0.10 per share
(the "Stock"), of La Quinta Properties, Inc., a Delaware corporation (the "Company", which term, as used herein, includes its successors), on deposit with the Depositary, subject to the terms
and entitled to the benefits of the
Deposit Agreement dated as of June 17, 1998 (as the same may be amended or supplemented from time to time, the "Deposit Agreement") among the Company, the Depositary and the holders from time
to time of depositary receipts ("Receipts") issued thereunder. By accepting this Receipt, the holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the Deposit
Agreement. This Receipt shall not be valid or obligatory for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual
signature of a duly authorized signatory of the Depositary, provided that, if a Registrar in respect of the Receipts (other than the Depositary) shall have been appointed, then this Receipt may be
signed by the facsimile signature of a duly authorized signatory of the Depository so long as it is countersigned by the manual signature of a duly authorized signatory of such Registrar. 

This
Receipt is continued on the reverse hereof and the additional provisions therein set forth (including, without limitation, those relating to redemption) for all purposes have the same effect as
if set forth at this place. 

Dated:

AMERICAN STOCK TRANSFER & TRUST COMPANY,
  as Depositary, Transfer Agent and Registrar

By:

Authorized Signatory 

.

..
 LA QUINTA

PROPERTIES, INC.

SEAL

••••••••••••••••••••••••••••••••••••••••

CORPORATE

1979

DELAWARE

6

 
LA QUINTA PROPERTIES, INC.  

        1.     The Deposit Agreement. Receipts, of which this Receipt is one, are made available upon the terms and conditions set forth
in the Deposit Agreement (as defined on the face hereof). The Deposit Agreement (copies of which are on file at the Corporate Office of the Depositary and at the office of any agent of the Depositary)
sets forth the rights of holders of Receipts and the rights and duties of the Depositary. The statements made on the face and the reverse of this Receipt are summaries of certain provisions of the
Deposit Agreement and are subject to the detailed provisions thereof, to which reference is hereby made. In the event of any conflict between the provisions of this Receipt and the provisions of the
Deposit Agreement, the provisions of the Deposit Agreement will govern. 

        2.     Definitions. Unless otherwise expressly herein provided, all defined terms used in this summary of the Deposit Agreement
shall have the meanings ascribed thereto in the Deposit Agreement. 

        3.     Redemption of Stock. Whenever the Company shall elect to redeem shares of Stock for cash, it shall (unless otherwise
agreed in writing with the Depositary) give the Depositary not less than 60 days' prior written notice of the date of such proposed redemption and of the number of such shares of Stock held by
the Depositary to be redeemed and the applicable redemption price. The Depositary shall mail, first-class postage prepaid, notice furnished by the Company of the redemption of the Stock and the
proposed simultaneous redemption of Depositary Shares representing the Stock to be redeemed, not less than 30 and not more than 60 days prior to the date fixed for redemption of such Stock and
Depositary Shares, to the holders of record at the close of business on the record date fixed for such redemption pursuant to the Deposit Agreement of the Receipts evidencing the Depositary Shares to
be so redeemed, at the addresses of such holders as the same appear on the records of the Depositary. Any such notice shall also be published in the manner specified in the Deposit Agreement. On the
date of such redemption, the Depositary shall redeem the number of Depositary Shares representing such Stock so called for redemption; provided, that the Company shall then have paid in full to the
Depositary the cash redemption price of the Stock to be redeemed (including any accrued and unpaid dividends (including, without limitation, accumulated dividends, if any, for prior dividend periods)
to the date of redemption). If fewer than all the outstanding Depositary Shares are to be redeemed, the depositary Shares to be redeemed shall be selected pro rata (as nearly as may be practicable
without creating fractional Depositary Shares) or by lot or by any other equitable method determined by the Company (a) that will not give the Company the right to purchase Receipts, Depositary
Shares or shares of Stock represented by such Depositary Shares pursuant to any provisions in its by-laws allowing the purchase of its capital stock to preserve the status of the Company
as a real estate investment trust for federal income tax purposes and (b) that will not result in the conversion of any Stock into Excess Stock (as defined on the face hereof) of the Company.
Notice having been mailed as aforesaid, from and after the redemption date (unless the Company shall have failed to redeem the shares of Stock to be redeemed by it as set forth in the notice of
redemption and to pay in full the redemption price therefore (including accrued and unpaid dividends (including, without limitation, accumulated dividends, if any, for prior dividend periods) to the
date of redemption), all dividends in respect of the shares of Stock called for redemption shall cease to accrue, the Depositary Shares called for redemption shall be deemed no longer to be
outstanding and all rights of the holders of Receipts evidencing such Depositary Shares (except the right to receive the redemption price together with accrued and unpaid dividends thereon (including,
without limitation, accumulated dividends, for prior dividend periods) and any money or other property to which holders of such Receipts were entitled upon such redemption) shall, to the extent of
such Depositary Shares, cease and terminate. Upon surrender in accordance with said notice of the Receipts evidencing such Depositary Shares (properly endorsed or assigned for transfer, if the
Depositary shall so require), such Depositary Shares shall be redeemed at a redemption price per Depositary Share of $25, plus 1/10th of the accrued and unpaid dividends (including,
without limitation, accumulated 

7

 

dividends,
if any, for prior dividend periods), if any, payable on one share of Stock upon such redemption, plus 1/10th of any other money and other property payable in respect of one
such share of Stock upon such redemption. The foregoing is subject to the further terms and conditions of the Certificate of Designation and the Deposit Agreement. If fewer than all of the Depositary
Shares evidenced by this Receipt are called for redemption, the Depositary will deliver to the holder of this Receipt upon its surrender to the Depositary, together with the redemption price, a new
Receipt evidencing the Depositary Shares evidenced by such prior Receipt and not called for redemption. 

        4.     Surrender of Receipts and Withdrawal of Stock. Upon surrender of this Receipt to the Depositary at the Corporate Office,
the New York Office or at such other office as the Depositary may designate, and subject to the provisions of the Deposit Agreement, the holder hereof is entitled to withdraw, and to obtain delivery,
without unreasonable delay, to or upon the order of such holder, any or all of the Stock (in whole or fractional shares of Stock) and all money and other property, if any, represented by the
Depositary Shares evidenced by this Receipt; provided, however, that, in the event this Receipt shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing
the number of whole or fractional shares of deposited Stock to be withdrawn, the Depositary shall at the same time, in addition to such number of whole or fractional shares of Stock and such money and
other property, if any, to be withdrawn, deliver to or upon the order of such holder, a new Receipt or Receipts evidencing such excess number of Depositary Shares. 

        5.     Transfers, Split-Ups, Combinations. Subject to the Deposit Agreement, this Receipt is transferable on the
books of the Depositary upon surrender of this Receipt by the holder hereof in person or by a duly authorized attorney to the Depositary, properly endorsed or accompanied by a properly executed
instrument of transfer or endorsement, together with evidence of the payment of any transfer taxes as may be required by law. Upon such surrender the Depositary shall sign and deliver a new Receipt or
Receipts to or upon the order of the person entitled thereto, all as provided in and subject to the Deposit Agreement. Subject to the terms of the Deposit Agreement, this Receipt may be split into
other Receipts or combined with other Receipts into one Receipt evidencing the same aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered; provided, however, that the
Depositary shall not issue any Receipt evidencing a fractional Depositary Share. 

        6.     Conditions to Signing and Delivery, Transfer, etc. of Receipts. As a condition precedent to the execution and delivery,
transfer, split-up, combination, surrender or exchange of this Receipt, the Depositary, any of the Depositary's Agents or the Company may require any or all of the following:
(i) payment to it of a sum sufficient for the payment (or, in the event that the Depositary or the Company shall have made such payment, the reimbursement to it) of any transfer tax or similar
governmental charge with respect thereto (including any such tax or charge with respect to the Stock or Excess Stock being deposited or withdrawn); (ii) production of proof satisfactory to it
as to the identity and genuineness of any signature (or the authority of any signature); and (iii) compliance with such reasonable regulations, if any, as the Depositary or the Company may
establish consistent with the provisions of the Deposit Agreement or as may be required by any securities exchange upon which the deposited Stock, the Depositary Shares or the Receipts may be included
for quotation or listed. 

        7.     Suspension of Delivery, Transfer, etc. The deposit of Stock or Excess Stock may be refused, the delivery of this Receipt
against Stock or Excess Stock may be suspended, the transfer of Receipts may be refused, and the transfer, split-up, combination, surrender or exchange of this Receipt may be suspended
(i) during any period when the register of stockholders of the Company is closed or (ii) if any such action is deemed reasonably necessary or advisable by the Depositary, any of the
Depositary's Agents or the Company at any time or from time to time because of any requirement of law or of any government or governmental body or commission, or under any provision of the Deposit
Agreement. 

        8.     Amendment. The Receipts and any provision of the Deposit Agreement (including any provision of the form of Receipt
attached as an exhibit thereto) may at any time and from time to time 

8

 

be
amended by agreement between the Company and the Depositary in any respect that they may deem necessary or desirable; provided, however, that no such amendment which (i) shall materially and
adversely alter the rights of holders of Receipts or (ii) would be materially and adversely inconsistent with the rights granted to the holders of the Stock pursuant to the Certificate of
Designation or to the rights granted to the holders of Excess Stock issued upon conversion of Stock pursuant to the Certificate of Incorporation shall be effective unless such amendment shall have
been approved by the holders of at least two-thirds of the Depositary Shares evidenced by Receipts then outstanding. The holder of this Receipt at the time any such amendment becomes
effective shall be deemed, by continuing to hold this Receipt, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment
impair the right, as provided in the Deposit Agreement, of the holder of the Depositary Shares evidenced by this Receipt to surrender this Receipt with instructions to the Depositary to deliver to the
holder the deposited Stock or any deposited Excess Stock issued upon conversion of deposited Stock, as the case may be, together in each case with all money and other property, if any, represented
thereby, except in order to comply with mandatory provisions of applicable law. 

        9.     Charges and Expenses. The Company will pay all transfer and other taxes and governmental charges arising solely from the
existence of the Deposit Agreement, except such charges as are expressly provided in the Deposit Agreement to be at the expense of holders of Receipts. 

        10.   Title to Receipts. Title to this Receipt (and to the Depositary Shares evidenced hereby), when properly endorsed or
accompanied by a properly executed instrument of transfer or endorsement, is transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that until this
Receipt is transferred on the books of the Depositary as provided in the Deposit Agreement, the Depositary may, notwithstanding any notice to the contrary, treat the record holder hereof at such time
as the absolute owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement and for all
other purposes. 

        11.   Dividends and Distributions. Whenever the Depositary shall receive any cash dividend or other cash distribution on the
deposited Stock or deposited Excess Stock, the Depositary shall, subject to the provisions of the Deposit Agreement, distribute to record holders of Receipts evidencing Depositary Shares representing
the deposited Stock on the record date fixed pursuant to the Deposit Agreement such amounts of such sums as are, as nearly as practicable, in proportion to the respective numbers of such Depositary
Shares evidenced by the Receipts held by such holders and distribute to record holders of Receipts evidencing Depositary Shares representing deposited Excess Stock on the record date fixed pursuant to
the Deposit Agreement such amounts of such sums as are, as nearly as practicable, in proportion to the respective numbers of such Depositary Shares held by such holders (subject to the obligation, if
any, of the applicable Trustee to distribute certain such cash dividends or other cash distributions to the applicable Prohibited Owners as contemplated by the Certificate of Incorporation); provided,
however, that in case the Company or the Depositary shall be required by law to withhold and shall withhold from any cash dividend or other cash distribution in respect of the Stock or Excess Stock
represented by the Depositary Shares which are evidenced by the Receipts held by any holder or owned by any Prohibited Owner an amount on account of taxes, the amount made available for distribution
or distributed in respect of Depositary Shares evidenced by such Receipts shall be reduced accordingly. The Depositary shall distribute or make available for distribution, as the case may be, only
such amount, however, as can be distributed without attributing to any holder of Receipts a fraction of one cent, and any balance not so distributable shall be held by the Depositary (without
liability for interest thereon) and shall be added to and be treated as part of the next sum received by the Depositary for distribution to record holders of Receipts then outstanding. Notwithstanding
the foregoing, (i) if less than all of the outstanding Depositary Shares are to be redeemed and the Depositary Shares to be so redeemed are not selected pro rata, then only the record holders
of the 

9

 

Receipts
evidencing the Depositary Shares selected for redemption will be entitled to receive the cash redemption price therefore or any other amounts payable upon such redemption; and (ii) if
any Depositary Shares are purchased by the Company pursuant to Section 7.5 of its by-laws, then only the holders of the Receipts evidencing such Depositary Shares shall be entitled
to receive the purchase price therefore or any other amounts payable upon such purchase; and (iii) in the event that any Stock is converted into Excess Stock as contemplated by the Certificate
of Incorporation, then, anything herein to the contrary notwithstanding, any monies, securities or other property (including any rights, preferences or privileges) payable, distributable or offered in
respect of the Stock or the Excess Stock shall be paid, distributed or offered, as the case may be, to the persons specified, and as otherwise provided, in the Deposit Agreement. 

        12.   Subscription Rights, Preferences or Privileges. If the Company shall at any time offer or cause to be offered to the
persons in whose names deposited Stock or deposited Excess Stock is registered on the books of the Company any rights, preferences or privileges to subscribe for or to purchase any securities or any
rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance, subject to the provisions of the Deposit Agreement, be made available by the
Depositary to the record holders of Receipts in such manner as the Company shall instruct (including by the issue to such record holders of warrants representing such rights, preferences and
privileges). 

        13.   Notice of Distributions, Fixing of Record Date. Whenever any cash dividend or other cash distribution shall become
payable, any distribution other than cash shall be made, or any rights, preferences or privileges shall at any time be offered with respect to the deposited Stock or Excess Stock issued upon
conversion of deposited Stock, or whenever the Depositary shall receive notice of (i) any meeting at which holders of such Stock are entitled to vote or of which holders of such Stock or such
Excess Stock are entitled to notice or (ii) any election on the part of the Company to redeem any such shares of Stock or Excess Stock, the Depositary shall in each such instance fix a record
date (which shall be the same date as the record date fixed by the Company with respect to the Stock or Excess Stock as the case may be) for the determination of the holders of Receipts who shall be
entitled (x) to receive such dividend, distribution, rights, preferences or privileges or the net proceeds of the sale thereof, or (y) to give instructions for the exercise of voting
rights at any such meeting or to receive notice of such meeting or redemption. 

        14.   Voting Rights. Upon receipt of notice of any meeting at which the holders of deposited Stock or deposited Excess Stock
issued upon conversion of deposited Stock are entitled to vote, the Depositary, as soon as practicable thereafter, shall mail to the record holders of Receipts a notice, which shall be provided by the
Company and which shall contain (i) such information as is contained in such notice of meeting, (ii) a statement that the holders of Receipts at the close of business on a specified date
fixed as provided in the Deposit Agreement will be entitled, subject to any applicable provisions of law, to instruct the Depositary as to the exercise of the voting rights pertaining to the Stock or
Excess Stock, as the case may be, represented by their respective Depositary Shares and (iii) a brief statement as to the manner in which such instructions may be given. Upon the written
request of a holder of this Receipt on such record date, the Depositary shall vote or cause to be voted the Stock or Excess Stock, as the case may be, represented by the Depositary Shares evidenced by
this Receipt in accordance with the instructions set forth in such request. The Company hereby agrees to take all reasonable action that may be deemed necessary by the Depositary in order to enable
the Depositary to vote such Stock or such Excess Stock, as the case may be, or cause such Stock or Excess Stock, as the case may be, to be voted. In the absence of specific instructions from the
holder of this Receipt, the Depositary will abstain from voting to the extent of the Stock represented by the Depositary Shares evidenced by this Receipt. The Depositary shall not be required to
exercise discretion in voting any Stock or Excess Stock represented by the Depositary Shares evidenced by this Receipt. 

10

 

        15.   Reports, Inspection of Transfer Books. The Depositary shall transmit to the record holders of Receipts at the addresses
recorded in the Depositary's books, copies of all notices and reports (including financial statements) required by law, by the rules of any national securities exchange upon which the Stock, the
Depositary Shares or the Receipts are included for quotation or listed or by the Certificate of Incorporation, the Company's by-laws or the Certificate of Designation to be furnished by
the Company to holders of the deposited Stock and Excess Stock issued upon conversion of deposited Stock that are received by the Depositary from the Company. The Depositary shall keep books at the
Corporate Office for the registration and transfer of Receipts, which books at all reasonable times will be open for inspection by the record holders of Receipts. 

        16.   Liability of the Depositary, the Depositary's Agents, the Registrar and the Company. Neither the Depositary, any
Depositary's Agent, any Registrar nor the Company shall incur any liability to any holder of this Receipt, if by reason of any provision of any present or future law or regulation thereunder of the
United States of America or of any other governmental authority or, in the case of the Depositary, any Depositary's Agent or any Registrar, by reason of any provision, present or future, of the
Certificate of Incorporation or the Certificate of Designation or, in the case of the Company, the Depositary, any Depositary's Agent or any Registrar, by reason of any act of God or war or other
circumstances beyond the control of the relevant party, the Depositary, any Depositary's Agent, any Registrar or the Company shall be prevented or forbidden from doing or performing any act or thing
that the terms of the Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary's Agent, any Registrar or the Company incur any liability to any holder of this
Receipt by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing that the terms of the Deposit Agreement provide shall or may be done or performed, or by
reason of any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement. 

        17.   Obligations of the Depositary's Agents, the Registrar and the Company. Neither the Depositary, any Depositary's Agent,
any Registrar nor the Company assumes any obligation or shall be subject to any liability under the Deposit Agreement or this Receipt to the holder hereof other than from acts or omissions arising out
of conduct constituting bad faith, negligence or willful misconduct in the performance of such duties as are specifically set forth in the Deposit Agreement. Neither the Depositary, any Depositary's
Agent, any Registrar nor the Company shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding with respect to the deposited Stock, deposited Excess Stock,
Depositary Shares or Receipts that in its reasonable opinion may involve it in expense or liability, unless indemnity reasonably satisfactory to it against all expense and liability be furnished as
often as may be reasonably required. Neither the Depositary, any Depositary's Agent, any Registrar nor the Company shall be liable for any action or any failure to act by it in reliance upon the
written advice of legal counsel or accountants, or information provided by any person presenting Stock for deposit, any holder of this Receipt or any other person believed by it in good faith to be
competent to give such information. The Depositary, any Depositary's Agent, any Registrar and the Company may each rely and shall each be protected in acting upon any written notice, request,
direction or other document believed by it in good faith to be genuine and to have been signed or presented by the proper party or parties. 

        18.   Termination of Deposit Agreement. The Deposit Agreement may be terminated by the Company upon not less than
30 days' prior written notice to the Depositary if (i) such termination is necessary to preserve the Company's status as a real estate investment trust under the Internal Revenue Code of
1986, as amended (or any successor thereto) or (ii) the holders of Receipts evidencing at least a majority of the outstanding Depositary Shares consent to such termination, whereupon the
Depositary shall deliver or make available to each holder of a Receipt, upon surrender of the Receipt held by such holder (but subject to the provisions of the Deposit Agreement, if applicable), such
number of whole or fractional shares of deposited Stock, or if applicable, Excess Stock issued upon conversion of deposited Stock as are represented by the Depositary Shares 

11

 

evidenced
by such Receipt, together with any cash or other property held by the Depositary in respect of such Receipt. In the event that the Deposit Agreement is terminated pursuant to
clause (i) of the immediately preceding sentence, the Company has agreed in the Deposit Agreement to use its best efforts to list the Stock issued upon surrender of the Receipts evidencing the
Depositary Shares represented thereby on a national securities exchange. Upon the termination of the Deposit Agreement, the Company shall be discharged from all obligations thereunder except for its
obligations to the Depositary, any Depositary's Agent and any Registrar under Sections 5.6 and 5.7 of the Deposit Agreement. 

        19.   Excess Stock. The Deposit Agreement contains certain provisions which will affect the Receipts, the Depositary Shares and
the rights and obligations of the owners and holders thereof in the event that deposited Stock is converted into Excess Stock or Excess Stock is converted into deposited Stock, and this Receipt and
the rights and obligations of the holder hereof are expressly qualified by, and made subject to, all such provisions. Without limitation to the foregoing in the event that any Stock is converted into
Excess Stock pursuant to Article Thirteenth then, upon the terms and subject to the conditions set forth in the Deposit Agreement, (i) the Depositary Shares which previously represented the
shares of Stock so converted shall instead be deemed to represent such shares of Excess Stock, (ii) such Depositary Shares, the Receipts evidencing such Depositary Shares and such Excess Stock
shall be subject to the other terms and provisions, and entitled to the rights and benefits, set forth in the Deposit Agreement, (iii) the Depositary Shares representing Excess Stock shall not
represent a fractional interest in or be entitled to receive any monies, securities or other property (including any rights, preferences or privileges) payable, distributable or offered in respect of
deposited Stock and (iv) the Depositary Shares representing deposited Stock shall not represent a fractional interest in or be entitled to receive any monies, securities or other property
(including any rights, preferences or privileges) payable, distributable or offered in respect of such Excess Stock, all on the terms and conditions set forth in the Deposit Agreement. 

        20.   Governing Law. The Deposit Agreement and this Receipt and all rights thereunder and hereunder and provisions thereof and
hereof shall be governed by, and construed in accordance with, the law of the State of New York applicable to agreements made and to be performed in said State. 

        The
following abbreviations when used in the instructions on the face of this Receipt shall be construed as though they were written out in full according to applicable laws or
regulations. 

TEN
COM—as tenants in common

TEN ENT—as tenants by the entireties

JT TEN—as joint tenants with right of survivorship and not as tenants in common 

UNIF
GIFT MIN ACT—                           Custodian
                             

                                         
                     (Cust)
                                         
  (Minor)

                                         under
 Uniform Gifts to Minors

                                         Act
                                         
     

                                         
                               (State)
 

UNIF
TRF MIN ACT—                           Custodian (until age
                 )

                                         
                     (Cust)

                                         
                         under Uniform Transfers

                                         
       (Minor)

                                      to Minors Act
                                         
     

                                         
                                          
   (State)
 

Additional
abbreviations may also be used though not in the above list. 

12

 
ASSIGNMENT

For
Value Received,
                                       hereby sell(s),
 assign(s) and transfer(s) unto

PLEASE INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING NUMBER OF ASSIGNEE

Please print or typewrite name and address including postal zip code of assignee Depositary Shares represented by

the within Depositary Receipt, and do(es) hereby irrevocably constitute and appoint

Attorney to transfer the said Depositary Shares on the books of the within named Depositary with full
power of

substitution in the

premises. 

Dated:
                                         
                  

Signed:                                       
                                         
      
 

NOTICE:
THE SIGNATURE TO THE ASSIGNMENT MUST CORRESPOND

WITH THE NAME AS WRITTEN UPON THE FACE OF THIS RECEIPT IN

EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR

ANY CHANGE WHATEVER. 

Signature(s)
Guaranteed:
                                         
                                    

THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION

(BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS) WITH

MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO

S.E.C. RULE 17Ad-15. 

13

QuickLinks

Exhibit 4.18

Amendment No. 1 to Deposit Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00062-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00062-of-00352.parquet"}]]