Document:

Alexion Pharmaceuticals, Inc. Amended and Restated 2004 Incentive Plan

 Exhibit 10.1 

ALEXION PHARMACEUTICALS, INC. 

AMENDED AND RESTATED 2004 INCENTIVE PLAN 

1. Purpose. The purpose of this Amended and Restated 2004 Incentive Plan (the “Plan”) is to aid Alexion Pharmaceuticals, Inc., a
Delaware corporation (the “Company”), in attracting, retaining, motivating and rewarding employees and non-employee directors of, and consultants to, the Company or its subsidiaries or affiliates, to provide for equitable and competitive
compensation opportunities, to recognize individual contributions and reward achievement of Company goals, and promote the creation of long-term value for stockholders by closely aligning the interests of Participants with those of stockholders. The
Plan authorizes stock-based and cash-based incentives for Participants. 
 2. Definitions. In addition to the terms defined in
Section 1 above and elsewhere in the Plan, the following capitalized terms used in the Plan have the meanings set forth in this Section: 

(a) “Annual Incentive Award” means a Performance Award granted to a Participant under Section 7(c) representing a
conditional right to receive cash, Stock or other Awards or payments, as determined by the Committee, based on performance in a performance period of up to and including one fiscal year. 

(b) “Annual Cash Limit” has the meaning specified in Section 5(b). 

(c) “Annual Share Limit” has the meaning specified in Section 5(b). 

(d) “Award” means any Option, SAR, Restricted Stock, Deferred Stock, Stock granted as a bonus or in lieu of another award,
Dividend Equivalent, Other Stock-Based Award, Annual Incentive Award, or other Performance Award, together with any related right or interest, granted to a Participant under the Plan. 

(e) “Beneficiary” means the legal representatives of the Participant’s estate entitled by will or the laws of descent and
distribution to receive the benefits under a Participant’s Award upon a Participant’s death, provided that, if and to the extent authorized by the Committee, a Participant may be permitted to designate a Beneficiary by separate written
designation hereunder, in which case the “Beneficiary” instead will be the person, persons, trust or trusts (if any are then surviving) which have been designated by the Participant in his or her most recent written beneficiary designation
filed with the Committee to receive the benefits specified under the Participant’s Award upon such Participant’s death. Unless otherwise determined by the Committee, any designation of a Beneficiary other than a Participant’s spouse
shall be subject to the written consent of such spouse. 
 (f) “Board” means the Company’s Board of Directors.

 (g) “Change in Control” has the meaning specified in Section 9. 

(h) “Code” means the Internal Revenue Code of 1986, as amended. References to any provision of the Code or regulation
(including a proposed regulation) there under shall include any successor provisions and regulations. 
 (i)
“Committee” means the Compensation Committee of the Board, the composition and governance of which is subject to the listing guidelines of the NASDAQ Stock Market, and the Company’s corporate governance documents. No action of the
Committee shall be void or deemed to be without authority due to the failure of any member, at the time the action was taken, 
  

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to meet any qualification standard set forth in the Plan. Except to the extent otherwise provided herein, the full Board may perform any function of the Committee hereunder, in which case the
term “Committee” shall refer to the Board. 
 (j) “Covered Employee” means an Eligible Person who is a
Covered Employee as specified in Section 10(j). 
 (k) “Deferred Stock” means a right, granted to a Participant
under Section 6(e), to receive Stock or other Awards or a combination thereof at the end of a specified deferral period. Deferred Stock may be denominated as “stock units,” “restricted stock units,” “phantom
shares,” “performance shares,” or other appellations. 
 (l) “Dividend Equivalent” means a right,
granted to a Participant under Section 6(g), to receive cash, Stock, other Awards or other property equal in value to all or a specified portion of the dividends paid with respect to a specified number of shares of Stock. 

(m) “Effective Date” means the effective date specified in Section 10(o). 

(n) “Eligible Person” has the meaning specified in Section 5(a). 

(o) “Exchange Act” means the Securities Exchange Act of 1934, as amended. References to any provision of the Exchange Act or
rule (including a proposed rule) there under shall include any successor provisions and rules. 
 (p) “Fair Market
Value” means the fair market value of Stock, Awards or other property as determined in good faith by the Committee or under procedures established by the Committee, in accordance, where applicable, with the requirements of Section 422 and
Section 409A of the Code. Unless otherwise determined by the Committee, the Fair Market Value of Stock as of any given date shall be the closing sale price per share of Stock reported on the principal stock exchange or market on which Stock is
traded on the date as of which such value is being determined or, if there is no sale on that day, then on the last previous day on which a sale was reported. 

(q) “Full-Value Awards,” means Awards other than Options, SARs, or Awards for which the Participant pays the intrinsic value
directly or by forgoing a right to receive a cash payment from the Company. 
 (r) “Option” means a right, granted to
a Participant under Section 6(b), to purchase Stock or other Awards at a specified price during specified time periods. 

(s) “Other Stock-Based Awards” means Awards granted to a Participant under Section 6(h). 

(t) “Participant” means a person who has been granted an Award under the Plan which remains outstanding, including a person who
is no longer an Eligible Person. 
 (u) “Performance Award” means a conditional right, granted to a Participant under
Sections 6(i) and 7, to receive cash, Stock or other Awards or payments, as determined by the Committee, based upon performance criteria specified by the Committee. 

(v) “Person” means an individual or a corporation, limited liability company, partnership, joint venture, trust, unincorporated
organization, association or other entity. 
  

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 (w) “Prior 2004 Plan” means the Plan as in effect immediately prior to the
Effective Date. 
 (x) “Qualified Member” means a member of the Committee who is a “Non-Employee Director”
within the meaning of Rule 16b-3(b)(3) and an “outside director” within the meaning of Regulation 1.162-27 under Code Section 162(m). 

(y) “Restricted Stock” means Stock granted to a Participant under Section 6(d) which is subject to certain restrictions
and to a risk of forfeiture. 
 (z) “Rule 16b-3” means Rule 16b-3, as from time to time in effect and applicable to
Participants, promulgated by the Securities and Exchange Commission under Section 16 of the Exchange Act. 
 (aa)
“Stock” means the Company’s Common Stock, and any other equity securities that may be substituted or resubstituted for Stock pursuant to Section 10(c) and consistent with, where applicable, the requirements of section 409A.

 (bb) “Stock Appreciation Right” or “SAR” means a right granted to a Participant under Section 6(c).

 3. Administration. 

(a) Authority of the Committee. The Plan shall be administered by the Committee, which shall have full and final authority, in
each case subject to and consistent with the provisions of the Plan, to select Eligible Persons to become Participants; to grant Awards; to determine the type and number of Awards, the dates on which Awards may be exercised and on which the risk of
forfeiture or deferral period relating to Awards shall lapse or terminate, the acceleration of any such dates, the expiration date of any Award, whether, to what extent, and under what circumstances an Award may be settled, or the exercise price
thereof may be paid, in cash, Stock, other Awards, or other property, and other terms and conditions of, and all other matters relating to, Awards; to prescribe documents evidencing or setting terms of Awards, amendments thereto, and rules and
regulations for the administration of the Plan and amendments thereto; to construe and interpret the Plan and Award documents and correct defects, supply omissions or reconcile inconsistencies therein; and to make all other decisions and
determinations as the Committee deems necessary or advisable for the administration and interpretation of the Plan. Decisions of the Committee with respect to the administration and interpretation of the Plan shall be final, conclusive, and binding
upon all persons interested in the Plan, including Participants, Beneficiaries, transferees under Section 10(b) and other persons claiming rights from or through a Participant, and stockholders. 

(b) Manner of Exercise of Committee Authority. At any time that a member of the Committee is not a Qualified Member, any action of
the Committee relating to an Award intended by the Committee to qualify as “performance-based compensation” within the meaning of Code Section 162(m) and regulations there under or intended to be covered by an exemption under Rule
16b-3 under the Exchange Act may be taken by a subcommittee, designated by the Committee or the Board, composed solely of two or more Qualified Members or may be taken by the Committee but with each such member who is not a Qualified Member
abstaining or recusing himself or herself from such action, provided that, upon such abstention or recusal, the Committee remains composed of two or more Qualified Members. Such action, authorized by such a subcommittee or by the Committee upon the
abstention or recusal of such non-Qualified Member(s), shall be the action of the Committee for purposes of the Plan. The express grant of any specific power to the Committee, and the taking of any action by the Committee, shall not be construed as
limiting any power or authority of the Committee. To the fullest extent authorized 
  

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under Section 157(c) and other applicable provisions of the Delaware General Corporation Law, the Committee may delegate to officers or managers of the Company or any subsidiary or
affiliate, or committees thereof, the authority, subject to such terms as the Committee shall determine, to perform such functions, including administrative functions, as the Committee may determine, to the extent that such delegation will not cause
Awards intended to qualify as “performance-based compensation” under Code Section 162(m) or intended to qualify for an exemption under Rule 16b-3 under the Exchange Act to fail to so qualify. 

(c) Limitation of Liability. The Committee and each member thereof, and any person acting pursuant to authority delegated by the
Committee, shall be entitled, in good faith, to rely or act upon any report or other information furnished by any executive officer, other officer or employee of the Company or a subsidiary or affiliate, the Company’s independent auditors,
consultants or any other agents assisting in the administration of the Plan. Members of the Committee, any person acting pursuant to authority delegated by the Committee, and any officer or employee of the Company or a subsidiary or affiliate acting
at the direction or on behalf of the Committee or a delegee shall not be personally liable for any action or determination taken or made in good faith with respect to the Plan, and shall, to the extent permitted by law, be fully indemnified and
protected by the Company with respect to any such action or determination. 
 4. Stock Subject to Plan. 

(a) Overall Number of Shares Available for Delivery. Subject to adjustment as provided in Section 10(c), the total number of
shares of Stock reserved and available for delivery in connection with Awards under the Plan starting on the Effective Date shall be the sum of: (i) 3,000,000 new shares, and (ii) the number of shares remaining under the Prior 2004 Plan
immediately prior to the Effective Date, and shall also include the number of shares which become available in accordance with Section 4(b) after the Effective Date. Subject to adjustment as provided in Section 10(c), in no event may more
than 3,000,000 shares of Stock be issued under the Plan pursuant to Options that qualify as “incentive stock options” as defined in Section 422 of the Code. Any shares of Stock delivered under the Plan shall consist of authorized and
unissued shares or treasury shares.  
 (b) Share Counting Rules. 

(i) Fungible Share Pool. Subject to adjustment as provided under Section 10(c), (A) any Award granted
prior to the Effective Date, and any Award granted on or after the Effective Date that is not a Full-Value Award, shall be counted against the share limits specified in Section 4(a) as one share for each share of Stock subject to such Award,
and (B) any Award granted on or after the Effective Date that is a Full-Value Award shall be counted against the share limits specified in Section 4(a) as 1.7 shares for each one share of Stock subject to such Full-Value Award. To the
extent a share that was subject to an Award that counted as one share of Stock is returned to the Plan pursuant to Section 4(b)(ii), the share reserve will be credited with one share. To the extent that a share that was subject to an Award that
counts as 1.7 shares of Stock is returned to the Plan pursuant to Section 4(b)(ii), the share reserve will be credited with 1.7 shares. 

(ii) Share Counting. The Committee may adopt reasonable counting procedures, consistent with the express provisions
of this Section 4(b) and with the applicable requirements of the regulations under Section 422 of the Code, to ensure appropriate counting, avoid double counting (as, for example, in the case of tandem or substitute awards) and make
adjustments if the number of shares of Stock actually delivered differs from the number of shares previously counted in connection with an Award. Notwithstanding the preceding sentence: (A) shares of Stock that are potentially

  

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deliverable under an Award under the Plan or an award under the Prior 2004 Plan that is canceled, expired, forfeited, settled in cash or otherwise terminated without the delivery of such shares
(other than pursuant to clause (2) in the following sentence) will not be counted as delivered under the Plan or the Prior 2004 Plan, as the case may be, and will remain available for delivery pursuant to Section 4(a) above; and
(B) shares of Stock delivered but subsequently forfeited such that those shares are returned to the Company will again be available for delivery pursuant to Section 4(a) above. Notwithstanding the foregoing, the following shares of Stock
will be counted as delivered under the Plan or the Prior 2004 Plan, as the case may be, and will not again become available for delivery pursuant to Section 4(a) above: (1) shares of Stock tendered by a Participant as full or partial
payment to the Company upon exercise of Options granted under the Plan; (2) shares of Stock reserved for issuance upon the grant of SARs under the Plan, to the extent that the number of reserved shares of Stock exceeds the number of shares of
Stock actually issued upon exercise of the SARs; and (3) shares of Stock withheld by, or otherwise remitted to, the Company to satisfy a Participant’s tax withholding obligations upon the lapse of restrictions on Restricted Stock or the
exercise of Options or SARs granted under the Plan or upon any other payment or issuance of shares of Stock under the Plan. In addition, in the case of any Award granted in substitution for an award of a company or business acquired by the Company
or a subsidiary or affiliate, shares issued or issuable in connection with such substitute Award shall not be counted against the number of shares reserved under the Plan, but shall be available under the Plan by virtue of the Company’s
assumption of the plan or arrangement of the acquired company or business. 
 5. Eligibility and Certain Award Limitations. 

(a) Eligibility. Awards may be granted under the Plan only to Eligible Persons. For purposes of the Plan, an “Eligible
Person” means (i) an employee of the Company or any subsidiary or affiliate, which term shall include any common-law employee as well as any non-employee executive officer or non-employee director of the Company, or a subsidiary or
affiliate, and any person who has been offered employment by the Company or a subsidiary or affiliate, provided that such prospective employee may not receive any payment or exercise any right relating to an Award until such person has commenced
employment with the Company or a subsidiary or affiliate, or (ii) a consultant, advisor or other independent contractor of the Company or any subsidiary or affiliate. An employee on leave of absence may be considered as still in the employ of
the Company or a subsidiary or affiliate for purposes of eligibility for participation in the Plan. For purposes of the Plan, a joint venture in which the Company or a subsidiary has a substantial direct or indirect equity investment shall be deemed
an affiliate, if so determined by the Committee. Notwithstanding the preceding, for purposes of determining eligibility for the grant of an Option or SAR by reason of service with an affiliate, the term “affiliate” shall be limited to
Persons that stand in a relationship to the Company that would result in the Company and such Person being treated as a single employer under Section 414(b) or Section 414(c) of the Code, as modified in accordance with the definition of
the definition of “service recipient” applicable to stock rights under Section 409A of the Code and the guidance there under. Options intended to qualify as “incentive stock options” as defined in Section 422 of the
Company may be granted only to an Eligible Person who is an employee (as determined under the statutory option rules of Section 421 et seq. of the Code) of the Company or of a “parent corporation” or “subsidiary
corporation” (as those terms are defined in Section 424 of the Code) with respect to the Company. 
 (b) Per-Person
Award Limitations. In each fiscal year during any part of which the Plan is in effect, an Eligible Person may be granted Awards intended to qualify as “performance-based compensation” under Code Section 162(m) under each of
Section 6(b), 6(c), 6(d), 6(e), 6(f), 6(g) or 6(h) relating to up to his or her Annual Share Limit (such Annual Share Limit to apply 

 

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separately to the type of Award authorized under each specified subsection, except that the limitation applies to Dividend Equivalents under Section 6(g) only if such Dividend Equivalents
are granted separately from and not as a feature of another Award). Subject to Section 4(a) and subject to adjustment as provided in Section 10(c), an Eligible Person’s “Annual Share Limit” shall equal, in any year during
any part of which the Eligible Person is then eligible under the Plan, 600,000 shares plus the amount of the Eligible Person’s unused Annual Share Limit relating to the same type of Award as of the close of the previous year. In the case of any
Awards denominated in cash that are intended to qualify as “performance-based compensation” under Code Section 162(m), an Eligible Person may not be granted Awards authorizing the earning during any fiscal year of an amount that
exceeds the Eligible Person’s Annual Cash Limit, which for this purpose shall equal $2,500,000 plus the amount of the Eligible Person’s unused Annual Cash Limit as of the close of the previous year (this limitation is separate and not
affected by the number of Awards granted during such fiscal year subject to the limitation in the preceding sentence). For this purpose, (i) “earning” means satisfying performance conditions so that an amount becomes payable, without
regard to whether it is to be paid currently or on a deferred basis or continues to be subject to any service requirement or other non-performance condition, and (ii) an Eligible Person’s Annual Share Limit is used to the extent an amount
or number of shares may be potentially earned or paid under an Award, regardless of whether such amount or shares are in fact earned or paid. In applying the limitations of this Section 5(b), a Performance Award under Section 6(i) and
Section 7 shall be treated as an Award under Section 6(b), 6(c), 6(d), 6(e), 6(f), 6(g) or 6(h), as the case may be, depending on the nature and terms of the Award. 

6. Specific Terms of Awards. 

(a) General. Awards may be granted on the terms and conditions set forth in this Section 6. In addition, the Committee may
impose on any Award or the exercise thereof, at the date of grant or thereafter (subject to Section 10(e)), such additional terms and conditions, not inconsistent with the provisions of the Plan, as the Committee shall determine, including
terms requiring forfeiture of Awards in the event of termination of employment or service by the Participant and terms permitting a Participant to make elections relating to his or her Award. The Committee shall retain full power and discretion with
respect to any term or condition of an Award that is not mandatory under the Plan. The Committee shall require the payment of lawful consideration for an Award to the extent necessary to satisfy the requirements of the Delaware General Corporation
Law, and may otherwise require payment of consideration for an Award except as limited by the Plan. 
 (b) Options. The
Committee is authorized to grant Options to Participants on the following terms and conditions, provided that no Option that is intended to qualify as an “incentive stock option” as defined in Section 422 of the Code shall be granted
after June 7, 2016. 
 (i) Exercise Price. The exercise price per share of Stock purchasable under an
Option shall be determined by the Committee, provided that such exercise price shall be not less than the Fair Market Value of a share of Stock on the date of grant of such Option. Without the affirmative vote of holders of a majority of the shares
of Stock cast in person or by proxy at a meeting of the stockholders of the Company at which a quorum representing a majority of all outstanding shares of Stock is present or represented by proxy, the Committee shall not approve a program providing
for either (a) the cancellation of outstanding Options and the grant in substitution therefore of new Awards having a lower exercise price that constitutes a repricing, (b) the amendment of outstanding Options to reduce the exercise price
thereof, or (c) the cancellation in exchange for a cash payment any outstanding Options with an exercise price below the then current Fair Market Value. The preceding sentence shall not be construed to apply to: (i) “issuing or
assuming a stock 
  

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option in a transaction to which section 424(a) applies,” within the meaning of Section 424 of the Code or (ii) the substitution or assumption of an Award by reason of or pursuant
to a corporate transaction, to the extent such substitution or assumption would not be treated as a grant of a new stock right or a change in the form of payment for purposes of Section 409A of the Code within the meaning of Treas. Reg.
Section 1.409A-1(b)(5). 
 (ii) Option Term; Time and Method of Exercise. The Committee shall
determine the term of each Option, provided that in no event shall the term of any Option or of any SAR granted in tandem with any Option, exceed a period of ten years from the date of grant. The Committee shall determine the time or times at which
or the circumstances under which an Option may be exercised in whole or in part (including based on achievement of performance goals and/or future service requirements), the methods by which such exercise price may be paid or deemed to be paid and
the form of such payment, including, without limitation, cash, Stock (including through withholding of Stock deliverable upon exercise, if such withholding will not result in additional accounting expense to the Company), other Awards or awards
granted under other plans of the Company or any subsidiary or affiliate, or other property (including through “cashless exercise” arrangements, to the extent permitted by applicable law), and the methods by or forms in which Stock will be
delivered or deemed to be delivered in satisfaction of Options to Participants (including deferred delivery of shares representing the Option “profit,” at the election of the Participant or as mandated by the Committee, with such deferred
shares subject to any vesting, forfeiture or other terms as the Committee may specify). 
 (iii) 409A.
Except where the Committee determines otherwise, no Option shall have deferral features or shall be administered in a manner that would cause such Option to fail to qualify for exemption under Section 409A of the Code. 

(c) Stock Appreciation Rights. The Committee is authorized to grant SARs to Participants on the following terms and conditions:

 (i) Right to Payment. A SAR shall confer on the Participant to whom it is granted a right to receive,
upon exercise thereof, the excess of (A) the Fair Market Value of one share of Stock on the date of exercise over (B) the grant price of the SAR as determined by the Committee, which grant price shall be not less than the Fair Market Value
of a share of Stock on the date of grant of such SAR. Without the affirmative vote of holders of a majority of the shares of Stock cast in person or by proxy at a meeting of the stockholders of the Company at which a quorum representing a majority
of all outstanding shares of Stock is present or represented by proxy, the Committee shall not approve a program providing for either (a) the cancellation of outstanding SARs and the grant in substitution therefore of new Awards having a lower
exercise price that constitutes a repricing, or (b) the amendment of outstanding SARs to reduce the exercise price thereof, or (c) the cancellation in exchange for a cash payment any outstanding SARs with a measurement price per share
below the then current Fair Market Value. The preceding sentence shall not be construed to apply to the substitution or assumption of an Award by reason of or pursuant to a corporate transaction, to the extent such substitution or assumption would
not be treated as a grant of a new stock right, modification or a change in the form of payment for purposes of Section 409A of the Code within the meaning of Treas. Reg. Section 1.409A-1(b)(5). 

(ii) Other Terms. The Committee shall determine at the date of grant or thereafter, the time or times at which and
the circumstances under which a SAR may be exercised in whole or in part (including based on achievement of performance goals and/or future service requirements), the method of exercise, method of settlement, form of consideration payable in
settlement, method by or forms in which Stock will be delivered or deemed to be 
  

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delivered to Participants, whether or not a SAR shall be free-standing or in tandem or combination with any other Award, and the maximum term of an SAR, which in no event shall exceed a period of
ten years from the date of grant. Limited SARs that may only be exercised in connection with a Change in Control or other event as specified by the Committee may be granted on such terms, not inconsistent with this Section 6(c), as the
Committee may determine. The Committee may require that an outstanding Option be exchanged for an SAR exercisable for Stock having vesting, expiration, and other terms substantially the same as the Option, so long as such exchange will not result in
additional accounting expense to the Company. 
 (iii) 409A. Except where the Committee determines
otherwise, no SAR shall have deferral features, or shall be administered in a manner that would cause such SAR to fail to qualify for exemption under Section 409A of the Code. 

(d) Restricted Stock. The Committee is authorized to grant Restricted Stock to Participants on the following terms and conditions:

 (i) Grant and Restrictions. Restricted Stock shall be subject to such restrictions on transferability,
risk of forfeiture and other restrictions, if any, as the Committee may impose, which restrictions may lapse separately or in combination at such times, under such circumstances (including based on achievement of performance goals and/or future
service requirements), in such installments or otherwise and under such other circumstances as the Committee may determine at the date of grant or thereafter. Except to the extent restricted under the terms of the Plan and any Award document
relating to the Restricted Stock, a Participant granted Restricted Stock shall have all of the rights of a stockholder, including the right to vote the Restricted Stock and the right to receive dividends thereon (subject to any mandatory
reinvestment or other requirement imposed by the Committee). 
 (ii) Forfeiture. Except as otherwise
determined by the Committee, upon termination of employment or service during the applicable restriction period, Restricted Stock that is at that time subject to restrictions shall be forfeited and reacquired by the Company; provided that the
Committee may provide, by rule or regulation or in any Award document, or may determine in any individual case, that restrictions or forfeiture conditions relating to Restricted Stock will lapse in whole or in part, including in the event of
terminations resulting from specified causes. 
 (iii) Certificates for Stock. Restricted Stock granted
under the Plan may be evidenced in such manner as the Committee shall determine. The Committee may require that any certificates representing shares of Restricted Stock bear an appropriate legend referring to the terms, conditions and restrictions
applicable to such Restricted Stock, that the Company retain physical possession of the certificates, and that the Participant deliver a stock power to the Company, endorsed in blank, relating to the Restricted Stock. The Committee may impose
similar restrictions and conditions with respect to uncertificated shares of Restricted Stock. 
 (iv)
Dividends and Splits. As a condition to the grant of an Award of Restricted Stock, the Committee may require that any dividends paid on a share of Restricted Stock shall be either (A) paid with respect to such Restricted Stock at the
dividend payment date in cash, in kind, or in a number of shares of unrestricted Stock having a Fair Market Value equal to the amount of such dividends, or (B) automatically reinvested in additional Restricted Stock or held in kind, which shall
be subject to the same terms as applied to the original Restricted Stock to which it relates, or (C) deferred as to payment, either as a cash deferral or with the amount or value thereof automatically deemed reinvested in shares of

  

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Deferred Stock, other Awards or other investment vehicles, subject to such terms as the Committee shall determine or permit a Participant to elect. Unless otherwise determined by the Committee,
Stock distributed in connection with a Stock split or Stock dividend, and other property distributed as a dividend, shall be subject to restrictions and a risk of forfeiture to the same extent as the Restricted Stock with respect to which such Stock
or other property has been distributed. 
 (v) 409A. Any award of Restricted Stock, including any deferral
or restriction of dividends or other distributions there under, resulting in a deferral of compensation subject to Section 409A of the Code shall be construed, to the maximum extent possible, as determined by the Committee consistent with the
requirements of or the exemption from Section 409A of the Code. 
 (e) Deferred Stock. The Committee is authorized
to grant Deferred Stock to Participants, which are rights to receive Stock, other Awards, or a combination thereof at the end of a specified deferral period, subject to the following terms and conditions: 

(i) Award and Restrictions. Issuance of Stock will occur upon expiration of the deferral period specified for an
Award of Deferred Stock by the Committee (or, if permitted by the Committee, as elected by the Participant). In addition, Deferred Stock shall be subject to such restrictions on transferability, risk of forfeiture and other restrictions, if any, as
the Committee may impose, which restrictions may lapse at the expiration of the deferral period or at earlier specified times (including based on achievement of performance goals and/or future service requirements), separately or in combination, in
installments or otherwise, and under such other circumstances as the Committee may determine at the date of grant or thereafter. Deferred Stock may be satisfied by delivery of Stock, other Awards, or a combination thereof, as determined by the
Committee at the date of grant or thereafter. 
 (ii) Forfeiture. Except as otherwise determined by the
Committee, upon termination of employment or service during the applicable deferral period or portion thereof to which forfeiture conditions apply (as provided in the Award document evidencing the Deferred Stock), all Deferred Stock that is at that
time subject to such forfeiture conditions shall be forfeited; provided that the Committee may provide, by rule or regulation or in any Award document, or may determine in any individual case, that restrictions or forfeiture conditions relating to
Deferred Stock will lapse in whole or in part, including in the event of terminations resulting from specified causes. 

(iii) Dividend Equivalents. Unless otherwise determined by the Committee, Dividend Equivalents on the specified
number of shares of Stock covered by an Award of Deferred Stock shall be either (A) paid with respect to such Deferred Stock at the dividend payment date in cash or in shares of unrestricted Stock having a Fair Market Value equal to the amount
of such dividends, or (B) deferred with respect to such Deferred Stock, either as a cash deferral or with the amount or value thereof automatically deemed reinvested in additional Deferred Stock, other Awards or other investment vehicles having
a Fair Market Value equal to the amount of such dividends, as the Committee shall determine or permit a Participant to elect, consistent with the requirements of Section 409A of the Code. 

(iv) 409A. Awards of Deferred Stock shall be established consistent with the requirements of or exemption from
Section 409A of the Code, and shall be construed accordingly. 
 (f) Bonus Stock and Awards in Lieu of Obligations.
The Committee is authorized to grant Stock as a bonus, or to grant Stock or other Awards in lieu of obligations of the Company or a 

 

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subsidiary or affiliate to pay cash or deliver other property under the Plan or under other plans or compensatory arrangements, subject to such terms as shall be determined by the Committee. Any
such Award shall be established and administered consistent either with an exemption from, or in compliance with, the requirements of Section 409A of the Code. 

(g) Dividend Equivalents. The Committee is authorized to grant Dividend Equivalents to a Participant, entitling the Participant to
receive cash, Stock, other Awards, or other property equivalent to all or a portion of the dividends paid with respect to a specified number of shares of Stock. Dividend Equivalents may be awarded on a free-standing basis or in connection with
another Award. The Committee may provide that Dividend Equivalents shall be paid or distributed when accrued or shall be deemed to have been reinvested in additional Stock, Awards, or other investment vehicles, and subject to restrictions on
transferability, risks of forfeiture and such other terms as the Committee may specify. Any entitlements to Dividend Equivalents or similar entitlements shall be established and administered consistent either with an exemption from, or in compliance
with, the requirements of Section 409A of the Code. 
 (h) Other Stock-Based Awards. The Committee is authorized,
subject to limitations under applicable law, to grant to Participants such other Awards as may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Stock or factors that may influence the
value of Stock, including, without limitation, convertible or exchangeable debt securities, other rights convertible or exchangeable into Stock, purchase rights for Stock, Awards with value and payment contingent upon performance of the Company or
business units thereof or any other factors designated by the Committee, and Awards valued by reference to the book value of Stock or the value of securities of or the performance of specified subsidiaries or affiliates or other business units. The
Committee shall determine the terms and conditions of such Awards. Stock delivered pursuant to an Award in the nature of a purchase right granted under this Section 6(h) shall be purchased for such consideration, paid for at such times, by such
methods, and in such forms, including, without limitation, cash, Stock, other Awards, notes, or other property, as the Committee shall determine. Cash awards, as an element of or supplement to any other Award under the Plan, may also be granted
pursuant to this Section 6(h). Any such Award shall be established and construed either to be exempt from the requirements of Section 409A of the Code, or to comply with such requirements. 

(i) Performance Awards. Performance Awards, denominated in cash or in Stock or other Awards, may be granted by the Committee in
accordance with Section 7. 
 7. Performance Awards, including Annual Incentive Awards. 

(a) Performance Awards Generally. The Committee is authorized to grant Performance Awards on the terms and conditions specified in
this Section 7. Performance Awards may be denominated as a cash amount, number of shares of Stock, or specified number of other Awards (or a combination) which may be earned upon achievement or satisfaction of performance conditions specified
by the Committee. In addition, the Committee may specify that any other Award shall constitute a Performance Award by conditioning the grant, exercise or settlement, and the timing thereof, upon achievement or satisfaction of such performance
conditions as may be specified by the Committee. The Committee may use such business criteria and other measures of performance as it may deem appropriate in establishing any performance conditions, and may exercise its discretion to reduce or
increase the amounts payable under any Award subject to performance conditions, except as limited under Sections 7(b) and 7(c) in the case of a Performance Award intended to qualify as “performance-based compensation” under Code
Section 162(m). 
  

 10 

 (b) Performance Awards Granted to Covered Employees. If the Committee determines that
a Performance Award to be granted to an Eligible Person who is designated by the Committee as likely to be a Covered Employee should qualify as “performance-based compensation” for purposes of Code Section 162(m), the grant, exercise
and/or settlement of such Performance Award shall be contingent upon achievement of a preestablished performance goal and other terms set forth in this Section 7(b). 

(i) Performance Goal Generally. The performance goal for such Performance Awards shall consist of one or more
business criteria and an objectively determinable targeted level or levels of performance with respect to each of such criteria, as specified by the Committee consistent with this Section 7(b). The performance goal shall otherwise meet the
requirements of Code Section 162(m) and regulations there under (including Regulation 1.162-27 and successor regulations thereto), including the requirement that the level or levels of performance targeted by the Committee result in the
achievement of performance goals being “substantially uncertain.” The Committee may determine that such Performance Awards shall be granted, exercised and/or settled upon achievement of any one performance goal or that two or more of the
performance goals must be achieved as a condition to grant, exercise and/or settlement of such Performance Awards. Performance goals may differ for Performance Awards granted to any one Participant or to different Participants. 

(ii) Business Criteria. One or more of the following business criteria for the Company, on a consolidated basis,
and/or for specified subsidiaries or affiliates or other business units of the Company, shall be used by the Committee in establishing performance goals for such Performance Awards, either on an absolute basis or relative to an index:
(1) revenues on a corporate or product by product basis; (2) earnings from operations, earnings before or after taxes, earnings before or after interest, depreciation, amortization, incentives, service fees or extraordinary or special
items; (3) net income or net income per common share (basic or diluted); (4) return on assets, return on investment, return on capital, or return on equity; (5) cash flow, free cash flow, cash flow return on investment, or net cash
provided by operations; (6) economic value created or added; (7) operating margin or profit margin; (8) stock price, dividends or total stockholder return; (9) development of new technologies, (10) raising of equity or debt,
(11) successful hiring of key individuals; (12) resolution of significant litigation; and (13) strategic business criteria, consisting of one or more objectives based on the following goals: meeting specified market penetration or
value added, product development or introduction (including, without limitation, any clinical trial accomplishments, regulatory or other filings or approvals, or other product development milestones), geographic business expansion, cost targets,
customer satisfaction, employee satisfaction, information technology, corporate development (including, without limitation, licenses or establishment of third party collaborations), manufacturing or process development, legal compliance or risk
reduction, patent application or issuance goals, or goals relating to acquisitions or divestitures of subsidiaries, affiliates or joint ventures. The targeted level or levels of performance with respect to such business criteria may be established
at such levels and in such terms as the Committee may determine, in its discretion, including in absolute terms, as a goal relative to performance in prior periods, or as a goal compared to the performance of one or more comparable companies or an
index covering multiple companies. 
 (iii) Performance Period; Timing for Establishing Performance Goals.
Achievement of performance goals in respect of such Performance Awards shall be measured over a performance period of up to one year or more than one year, as specified by the Committee. A performance goal shall be established not later than the
earlier of (A) 90 days after the beginning of any performance period applicable to such Performance Award or (B) the time 25% of such performance period has elapsed. 

 

 11 

 (iv) Performance Award Pool. The Committee may establish a
Performance Award pool, which shall be an unfunded pool, for purposes of measuring performance of the Company in connection with Performance Awards. The amount of such Performance Award pool shall be based upon the achievement of a performance goal
or goals based on one or more of the business criteria set forth in Section 7(b)(ii) during the given performance period, as specified by the Committee in accordance with Section 7(b)(ii). The Committee may specify the amount of the
Performance Award pool as a percentage of any of such business criteria, a percentage thereof in excess of a threshold amount, or as another amount which need not bear a strictly mathematical relationship to such business criteria. 

(v) Settlement of Performance Awards; Other Terms. Settlement of such Performance Awards shall be in cash, Stock,
other Awards or other property, in the discretion of the Committee. The Committee may, in its discretion, increase or reduce the amount of a settlement otherwise to be made in connection with such Performance Awards, but may not exercise discretion
to increase any such amount payable to a Covered Employee in respect of a Performance Award subject to this Section 7(b). Any settlement which changes the form of payment from that originally specified shall be implemented in a manner such that
the Performance Award and other related Awards do not, solely for that reason, fail to qualify as “performance-based compensation” for purposes of Code Section 162(m). The Committee shall specify the circumstances in which such
Performance Awards shall be paid or forfeited in the event of termination of employment by the Participant or other event (including a Change in Control) prior to the end of a performance period or settlement of such Performance Awards. 

(c) Annual Incentive Awards Granted to Designated Covered Employees. The Committee may grant an Annual Incentive Award to an
Eligible Person who is designated by the Committee as likely to be a Covered Employee. Such Annual Incentive Award will be intended to qualify as “performance-based compensation” for purposes of Code Section 162(m), and therefore its
grant, exercise and/or settlement shall be contingent upon achievement of preestablished performance goals and other terms set forth in this Section 7(c). 

(i) Grant of Annual Incentive Awards. Not later than the earlier of 90 days after the beginning of any performance
period applicable to such Annual Incentive Award or the time 25% of such performance period has elapsed, the Committee shall determine the Covered Employees who will potentially receive Annual Incentive Awards, and the amount(s) potentially payable
there under, for that performance period. The amount(s) potentially payable shall be based upon the achievement of a performance goal or goals based on one or more of the business criteria set forth in Section 7(b)(ii) in the given performance
period, as specified by the Committee. The Committee may designate an annual incentive award pool as the means by which Annual Incentive Awards will be measured, which pool shall conform to the provisions of Section 7(b)(iv). In such case, the
portion of the Annual Incentive Award pool potentially payable to each Covered Employee shall be preestablished by the Committee. In all cases, the maximum Annual Incentive Award of any Participant shall be subject to the limitation set forth in
Section 5(b). 
 (ii) Payout of Annual Incentive Awards. After the end of each performance period,
the Committee shall determine the amount, if any, of the Annual Incentive Award for that performance period payable to each Participant. The Committee may, in its discretion, determine that the amount payable to any Participant as a final Annual
Incentive Award shall be reduced from the amount of his or her potential Annual Incentive Award, including a determination to make no final Award whatsoever, but may not exercise discretion to increase any such amount. The Committee shall specify
the circumstances in which an 
  

 12 

 
Annual Incentive Award shall be paid or forfeited in the event of termination of employment by the Participant or other event (including a Change in Control) prior to the end of a performance
period or settlement of such Annual Incentive Award. 
 (d) Written Determinations. Determinations by the Committee as to
the establishment of performance goals, the amount potentially payable in respect of Performance Awards and Annual Incentive Awards, the level of actual achievement of the specified performance goals relating to Performance Awards and Annual
Incentive Awards, and the amount of any final Performance Award and Annual Incentive Award shall be recorded in writing in the case of Performance Awards intended to qualify under Section 162(m). Specifically, the Committee shall certify in
writing, in a manner conforming to applicable regulations under Section 162(m), prior to settlement of each such Award granted to a Covered Employee, that the performance objective relating to the Performance Award and other material terms of
the Award upon which settlement of the Award was conditioned have been satisfied. 
 8. Certain Provisions Applicable to Awards.

 (a) Stand-Alone, Additional, Tandem, and Substitute Awards. Awards granted under the Plan may, in the discretion of
the Committee, be granted either alone or in addition to, in tandem with, or in substitution or exchange for, any other Award or any award granted under another plan of the Company, any subsidiary or affiliate, or any business entity to be acquired
by the Company or a subsidiary or affiliate, or any other right of a Participant to receive payment from the Company or any subsidiary or affiliate. Awards granted in addition to or in tandem with other Awards or awards may be granted either as of
the same time as or a different time from the grant of such other Awards or awards. The Committee may determine that, in granting a new Award, the in-the-money value or fair value of any surrendered Award or award may be applied to reduce the
purchase price of any Award other than an Option or SAR, provided, that no such reduction shall be made, in the case of an Award subject to and intended to comply with the requirements of Section 409A of the Code, except to the extent
consistent with Section 409A of the Code. 
 (b) Term of Awards. The term of each Award shall be for such period as
may be determined by the Committee, subject to the express limitations set forth in Section 6(b)(ii). 
 (c) Form and
Timing of Payment under Awards; Deferrals. Subject to the terms of the Plan and any applicable Award document, payments to be made by the Company or a subsidiary or affiliate upon the exercise of an Option or other Award or settlement of an
Award may be made in such forms as the Committee shall determine, including, without limitation, cash, Stock, other Awards or other property, and may be made in a single payment or transfer, in installments, or on a deferred basis. The settlement of
any Award may be accelerated, and cash paid in lieu of Stock in connection with such settlement, in the discretion of the Committee or upon occurrence of one or more specified events. Installment or deferred payments may be required by the Committee
(subject to Section 10(e)) or permitted at the election of the Participant on terms and conditions established by the Committee. Payments may include, without limitation, provisions for the payment or crediting of reasonable interest on
installment or deferred payments or the grant or crediting of Dividend Equivalents or other amounts in respect of installment or deferred payments denominated in Stock. Any deferral or other action pursuant to this Section 8(c) shall be
consistent with requirements of or exemption from Section 409A of the Code. 
 (d) Exemptions from Section 16(b)
Liability. With respect to a Participant who is then subject to the reporting requirements of Section 16(a) of the Exchange Act in respect of the Company, the Committee shall implement transactions under the Plan and administer the Plan in
a manner that will ensure that each transaction with respect to such a Participant is exempt under Rule 16b-3 (or satisfies another exemption under Section 16(b)), except that this provision shall

  

 13 

 
not limit sales by such a Participant, and such a Participant may engage in other non-exempt transactions with respect to shares delivered under the Plan. The Committee may authorize the Company
to repurchase any Award or shares of Stock deliverable or delivered in connection with any Award. 
 (e) Limitation on
Vesting of Certain Awards. If the granting or vesting of Full-Value Awards is subject to performance conditions, the minimum vesting period of such Awards shall be no less than one year. If neither the granting nor vesting of Full-Value Awards
is subject to performance conditions, such Awards shall have a minimum vesting period of no less than three years; provided, however, that such Awards may vest on an accelerated basis in the event of a Participant’s death, disability,
retirement, or in the event of a Change in Control. For purposes of this Section 8(e), (i) a performance period that precedes the grant of the Award will be treated as part of the vesting period if the participant has been notified
promptly after the commencement of the performance period that he or she has the opportunity to earn the Award based on performance and continued service, and (ii) vesting over a one-year period or three-year period will include periodic
vesting over such period if the rate of such vesting is proportional (or less rapid) throughout such period. The foregoing notwithstanding, up to 10% of the shares of Stock authorized under the Plan may be granted as Full-Value Awards without the
minimum vesting requirements set forth in this Section 8(e). 
 (f) 409A. Awards under the Plan
are intended either to be exempt from the rules of Section 409A and the Code or to satisfy these rules, and shall be construed accordingly.  

9. Change in Control.  

(a) Effect of “Change in Control” on Outstanding Awards. Unless otherwise provided in the relevant grant agreement
relating to an Award, in any other plan or agreement relating directly or indirectly to the Award, or in the Plan (including, without limitation in Section 3(a)), a “Change in Control” shall have no impact on any outstanding Award.

 (b) Definition of “Change in Control.” Unless otherwise provided in the relevant grant agreement relating to
an Award, in any other plan or agreement relating directly or indirectly to the Award, a “Change in Control” shall be deemed to have occurred if, after the Effective Date, there shall have occurred any of the following: 

(i) any Person (other than the Company, any trustee or other fiduciary holding securities under any employee benefit plan
of the Company, or any company owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of the common stock of the Company) becomes the beneficial owner (except that a Person shall be
deemed to be the beneficial owner of all shares that any such Person has the right to acquire pursuant to any agreement or arrangement or upon exercise of conversion rights, warrants or options or otherwise, without regard to the sixty day period
referred to in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company or any Significant Subsidiary (as defined below), representing 50% or more of the combined voting power of the Company’s or such
subsidiary’s then outstanding securities; 
 (ii) during any period of two consecutive years (not including
any period prior to the adoption of the Plan), individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect a
transaction described in clause (i), (iii), or (iv) of this paragraph) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office

  

 14 

 
who either were directors at the beginning of the two-year period or whose election or nomination for election was previously so approved but excluding for this purpose any such new director
whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of
proxies or consents by or on behalf of an individual, corporation, partnership, group, associate or other entity or Person other than the Board, cease for any reason to constitute at least a majority of the Board; 

(iii) the consummation of a merger or consolidation of the Company or any subsidiary owning directly or indirectly all or
substantially all of the consolidated assets of the Company (a “Significant Subsidiary”) with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company or a Significant
Subsidiary outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving or resulting entity) more than 50% of the combined voting power of the surviving
or resulting entity outstanding immediately after such merger or consolidation; or 
 (iv) the stockholders of
the Company or any affiliate approve a plan or agreement for the sale or disposition of all or substantially all of the consolidated assets of the Company (other than such a sale or disposition immediately after which such assets will be owned
directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of the common stock of the Company immediately prior to such sale or disposition) and the satisfaction of all material conditions to
completion of the transaction, in which case the Board shall determine the effective date of the Change in Control resulting therefrom. 
 10.
General Provisions.  
 (a) Compliance with Legal and Other Requirements. The Company may, to the extent deemed
necessary or advisable by the Committee, postpone the issuance or delivery of Stock or payment of other benefits under any Award until completion of such registration or qualification of such Stock or other required action under any federal or state
law, rule or regulation or listing or other required action with respect to any stock exchange or automated quotation system upon which the Stock or other securities of the Company are listed or quoted, as the Committee may consider appropriate, and
may require any Participant to make such representations, furnish such information and comply with or be subject to such other conditions as it may consider appropriate in connection with the issuance or delivery of Stock or payment of other
benefits in compliance with applicable laws, rules, and regulations or listing requirements. The foregoing notwithstanding, in connection with a Change in Control, without the express written consent of the affected Participant the Company shall
take or cause to be taken no action, and shall undertake or permit to arise no legal or contractual obligation, that results or would result in any postponement of the issuance or delivery of Stock or payment of benefits under any Award or the
imposition of any other conditions on such issuance, delivery or payment, to the extent that such postponement or other condition would represent a greater burden on a Participant than existed on the 90th day preceding the Change in Control.

 (b) Limits on Transferability; Beneficiaries. No Award or other right or interest of a Participant under the Plan
shall be pledged, hypothecated or otherwise encumbered or subject to any lien, obligation or liability of such Participant to any party (other than the Company or a subsidiary or affiliate thereof), or assigned or transferred by such Participant
otherwise than by will or the laws of descent and distribution or to a Beneficiary upon the death of a Participant, and such Awards or rights that may be exercisable shall be exercised during the lifetime of the

  

 15 

 
Participant only by the Participant or his or her guardian or legal representative; provided, that Awards and other rights (other than with respect to Options intended to qualify as
“incentive stock options” as defined in Section 422 of the Code) may be transferred to one or more transferees during the lifetime of the Participant, and may be exercised by such transferees in accordance with the terms of such
Award, but only if and to the extent such transfers are permitted by the Committee, subject to any terms and conditions which the Committee may impose thereon (including limitations the Committee may deem appropriate in order that offers and sales
under the Plan will meet applicable requirements of registration forms under the Securities Act of 1933 specified by the Securities and Exchange Commission); and provided, further, that any such transfer, if permitted, must be a gratuitous transfer.
A Beneficiary, transferee, or other person claiming any rights under the Plan from or through any Participant shall be subject to all terms and conditions of the Plan and any Award document applicable to such Participant, except as otherwise
determined by the Committee, and to any additional terms and conditions deemed necessary or appropriate by the Committee. 

(c) Adjustments. In the event that any large, special and non-recurring dividend or other distribution (whether in the form of
cash or property other than Stock), recapitalization, forward or reverse split, Stock dividend, reorganization, merger, consolidation, spin-off, combination, repurchase, share exchange, liquidation, dissolution or other similar corporate transaction
or event affects the Stock such that an adjustment is determined by the Committee to be appropriate under the Plan, then the Committee shall, in such manner as it may deem equitable, adjust any or all of (i) the number and kind of shares of
Stock which may be delivered in connection with Awards granted thereafter, (ii) the number and kind of shares of Stock by which annual per-person Award limitations are measured under Section 5(b), (iii) the number and kind of shares
of Stock subject to or deliverable in respect of outstanding Awards and (iv) the exercise price, grant price or purchase price relating to any Award or, if deemed appropriate, the Committee may make provision for a payment of cash or property
to the holder in cancellation of an outstanding Option, SAR or other Award with respect to which Stock has not been previously issued. In addition, the Committee is authorized to make adjustments in the terms and conditions of, and the criteria
included in, Awards (including Performance Awards and performance goals and any hypothetical funding pool relating thereto) in recognition of unusual or nonrecurring events (including, without limitation, events described in the preceding sentence,
as well as acquisitions and dispositions of businesses and assets) affecting the Company, any subsidiary or affiliate or other business unit, or the financial statements of the Company or any subsidiary or affiliate, or in response to changes in
applicable laws, regulations, accounting principles, tax rates and regulations or business conditions or in view of the Committee’s assessment of the business strategy of the Company, any subsidiary or affiliate or business unit thereof,
performance of comparable organizations, economic and business conditions, personal performance of a Participant, and any other circumstances deemed relevant; provided that no such adjustment shall be authorized or made if and to the extent that the
existence of such authority (i) would cause Options, SARs, or Performance Awards granted under Section 7 to Participants designated by the Committee as Covered Employees and intended to qualify as “performance-based compensation”
under Code Section 162(m) and regulations there under to otherwise fail to qualify as “performance-based compensation” under Code Section 162(m) and regulations there under, or (ii) would cause the Committee to be deemed to
have authority to change the targets, within the meaning of Treasury Regulation 1.162-27(e)(4)(vi), under the performance goals relating to Options or SARs granted to Covered Employees and intended to qualify as “performance-based
compensation” under Code Section 162(m) and regulations there under. All adjustments pursuant to this Section 10(c) with respect to an Award intended to qualify for an exemption from, or to comply with the requirements of,
Section 409A of the Code shall be accomplished in a manner consistent with such intent. 
  

 16 

 (d) Tax Provisions. 

(i) Withholding. The Company and any subsidiary or affiliate is authorized to withhold from any Award granted, any
payment relating to an Award under the Plan, including from a distribution of Stock, or any payroll or other payment to a Participant, amounts of withholding and other taxes due or potentially payable in connection with any transaction involving an
Award, and to take such other action as the Committee may deem advisable to enable the Company and Participants to satisfy obligations for the payment of withholding taxes and other tax obligations relating to any Award. This authority shall include
authority to withhold or receive Stock or other property and to make cash payments in respect thereof in satisfaction of a Participant’s withholding obligations, either on a mandatory or elective basis in the discretion of the Committee. Other
provisions of the Plan notwithstanding, only the minimum amount of Stock deliverable in connection with an Award necessary to satisfy statutory withholding requirements will be withheld, except a greater amount of Stock may be withheld if such
withholding would not result in additional accounting expense to the Company. 
 (ii) Required Consent to and
Notification of Code Section 83(b) Election. No election under Section 83(b) of the Code (to include in gross income in the year of transfer the amounts specified in Code Section 83(b)) or under a similar provision of the laws of
a jurisdiction outside the United States may be made unless expressly permitted by the terms of the Award document or by action of the Committee in writing prior to the making of such election. In any case in which a Participant is permitted to make
such an election in connection with an Award, the Participant shall notify the Company of such election within ten days of filing notice of the election with the Internal Revenue Service or other governmental authority, in addition to any filing and
notification required pursuant to regulations issued under Code Section 83(b) or other applicable provision. 

(e) Changes to the Plan. The Board may amend, suspend or terminate the Plan or the Committee’s authority to
grant Awards under the Plan without the consent of stockholders or Participants; provided, however, that any amendment to the Plan shall be submitted to the Company’s stockholders for approval not later than the earliest annual meeting for
which the record date is after the date of such Board action if such stockholder approval is required by the Plan by any federal or state law or regulation or the rules of any stock exchange or automated quotation system on which the Stock may then
be listed or quoted, and the Board may otherwise, in its discretion, determine to submit other amendments to the Plan to stockholders for approval and provided further, that, without the consent of an affected Participant, no such Board action may
materially and adversely affect the rights of such Participant under any outstanding Award. 
 (f) Right of
Setoff. The Company or any subsidiary or affiliate may, to the extent permitted by applicable law and to the extent consistent with the requirements of or exemption from Section 409A of the Code, deduct from and set off against any amounts
the Company or any subsidiary or affiliate may owe to the Participant from time to time, including amounts payable in connection with any Award, owed as wages, fringe benefits, or other compensation owed to the Participant, such amounts as may be
owed by the Participant to the Company, although the Participant shall remain liable for any part of the Participant’s payment obligation not satisfied through such deduction and setoff. By accepting any Award granted hereunder, the Participant
agrees to any deduction or setoff under this Section 10(f). 
 (g) Unfunded Status of Awards; Creation of
Trusts. The Plan is intended to constitute, or to provide the means for the grant of Awards that constitute, an “unfunded” 

 

 17 

 
plan for incentive and deferred compensation. With respect to any payments not yet made to a Participant or obligation to deliver Stock pursuant to an Award, nothing contained in the Plan or any
Award shall give any such Participant any rights that are greater than those of a general creditor of the Company; provided that the Committee may authorize the creation of trusts and deposit therein cash, Stock, other Awards or other property, or
make other arrangements to meet the Company’s obligations under the Plan. Such trusts or other arrangements shall be consistent with the “unfunded” status of the Plan unless the Committee otherwise determines with the consent of each
affected Participant. 
 (h) Nonexclusivity of the Plan. Neither the adoption of the Plan by the Board nor
its submission to the stockholders of the Company for approval shall be construed as creating any limitations on the power of the Board or a committee thereof to adopt such other incentive arrangements, apart from the Plan, as it may deem desirable,
including incentive arrangements and awards which do not qualify under Code Section 162(m), and such other arrangements may be either applicable generally or only in specific cases. 

(i) Payments in the Event of Forfeitures; Fractional Shares. Unless otherwise determined by the Committee, in the
event of a forfeiture of an Award with respect to which a Participant paid cash consideration, the Participant shall be repaid the amount of such cash consideration. No fractional shares of Stock shall be issued or delivered pursuant to the Plan or
any Award. The Committee shall determine whether cash, other Awards or other property shall be issued or paid in lieu of such fractional shares or whether such fractional shares or any rights thereto shall be forfeited or otherwise eliminated.

 (j) Compliance with Code Section 162(m). It is the intent of the Company that Options and SARs
granted to Covered Employees and other Awards designated as Awards to Covered Employees subject to Section 7 shall constitute qualified “performance-based compensation” within the meaning of Code Section 162(m) and regulations
thereunder, unless otherwise determined by the Committee at the time of allocation of an Award. Accordingly, the terms of Sections 7(b), (c), and (d), including the definitions of Covered Employee and other terms used therein, shall be interpreted
in a manner consistent with Code Section 162(m) and regulations thereunder. The foregoing notwithstanding, because the Committee cannot determine with certainty whether a given Participant will be a Covered Employee with respect to a fiscal
year that has not yet been completed, the term Covered Employee as used herein shall mean only a person designated by the Committee as likely to be a Covered Employee with respect to a specified fiscal year. If any provision of the Plan or any Award
document relating to a Performance Award that is designated as intended to comply with Code Section 162(m) does not comply or is inconsistent with the requirements of Code Section 162(m) or regulations thereunder, such provision shall be
construed or deemed amended to the extent necessary to conform to such requirements, and no provision shall be deemed to confer upon the Committee or any other person discretion to increase the amount of compensation otherwise payable in connection
with any such Award upon attainment of the applicable performance objectives. 
 (k) Governing Law. The
validity, construction, and effect of the Plan, any rules and regulations relating to the Plan and any Award document shall be determined in accordance with the laws of the State of Delaware, without giving effect to principles of conflicts of laws,
and applicable provisions of federal law. 
 (l) Awards to Participants Outside the United States. The
Committee may modify the terms of any Award under the Plan made to or held by a Participant who is then resident or primarily employed outside of the United States in any manner deemed by the Committee to be necessary or appropriate in order that
such Award shall conform to laws, 
  

 18 

 
regulations, and customs of the country in which the Participant is then resident or primarily employed, or so that the value and other benefits of the Award to the Participant, as affected by
foreign tax laws and other restrictions applicable as a result of the Participant’s residence or employment abroad shall be comparable to the value of such an Award to a Participant who is resident or primarily employed in the United States. An
Award may be modified under this Section 10(l) in a manner that is inconsistent with the express terms of the Plan, so long as such modifications will not contravene any applicable law or regulation or result in actual liability under
Section 16(b) for the Participant whose Award is modified. 
 (m) Limitation on Rights Conferred under
Plan. Neither the Plan nor any action taken hereunder shall be construed as (i) giving any Eligible Person or Participant the right to continue as an Eligible Person or Participant or in the employ or service of the Company or a subsidiary
or affiliate, (ii) interfering in any way with the right of the Company or a subsidiary or affiliate to terminate any Eligible Person’s or Participant’s employment or service at any time, (iii) giving an Eligible Person or
Participant any claim to be granted any Award under the Plan or to be treated uniformly with other Participants and employees, or (iv) conferring on a Participant any of the rights of a stockholder of the Company unless and until the
Participant is duly issued or transferred shares of Stock in accordance with the terms of an Award or an Option is duly exercised. Except as expressly provided in the Plan and an Award document, neither the Plan nor any Award document shall confer
on any person other than the Company and the Participant any rights or remedies thereunder. 
 (n)
Severability; Entire Agreement. If any of the provisions of the Plan or any Award document is finally held to be invalid, illegal or unenforceable (whether in whole or in part), such provision shall be deemed modified to the extent, but only to
the extent, of such invalidity, illegality or unenforceability, and the remaining provisions shall not be affected thereby; provided, that, if any of such provisions is finally held to be invalid, illegal, or unenforceable because it exceeds the
maximum scope determined to be acceptable to permit such provision to be enforceable, such provision shall be deemed to be modified to the minimum extent necessary to modify such scope in order to make such provision enforceable hereunder. The Plan
and any Award documents contain the entire agreement of the parties with respect to the subject matter thereof and supersede all prior agreements, promises, covenants, arrangements, communications, representations and warranties between them,
whether written or oral with respect to the subject matter thereof (unless an employment agreement entered into between the Company and the Participant specifically provides contradictory terms, in which case the terms of the employment agreement
shall govern). 
 (o) Plan Effective Date and Termination. The Plan as originally adopted became effective
on December 10, 2004. Each amendment and restatement of the Plan in 2006, 2007 and 2008 became effective on June 7, 2006, May 3, 2007, and May 9, 2008, respectively. The 2010 amendment and restatement of the Plan, including
the increase of the shares available under Section 4(a), shall become effective if, and at such time as, the stockholders of the Company have approved it by a majority of the votes cast at a duly held meeting of stockholders at which a quorum
is present (the “Effective Date”). Unless earlier terminated by action of the Board of Directors, the Plan will remain in effect until such time as no Stock remains available for delivery under the Plan and the Company has no further
rights or obligations under the Plan with respect to outstanding Awards under the Plan. 
  

 19Purchase and Sale Agreement

 Exhibit 10.8 

PURCHASE AND SALE AGREEMENT 

BY AND BETWEEN 

BOSTON HOTEL COMPANY, L.L.C. 

a Delaware limited liability company 

AND 
 CHESAPEAKE
LODGING, L.P. 
 a Delaware limited partnership 

DATED AS OF MARCH 18, 2010 

HYATT REGENCY BOSTON 

One Avenue de Lafayette 

Boston, MA 

 LIST OF EXHIBITS 

 

			
	Exhibit A	  	Earnest Money Escrow Agreement
		
	Exhibit B	  	Quitclaim Deed
		
	Exhibit C	  	Bill of Sale
		
	Exhibit D	  	Assignment and Assumption of Leases and Contracts
		
	Exhibit E	  	Assignment and Assumption of Intangibles

 LIST OF SCHEDULES 

 

			
	Schedule 1.1	 	Environmental Reports
		
	Schedule 2.1(a)	 	Legal Description of the Land
		
	Schedule 4.1(c)	 	Due Diligence Deliveries
		
	Schedule 5.1(c)	 	Consents and Approvals; No Conflicts
		
	Schedule 5.1(d)	 	Title to Personal Property
		
	Schedule 5.1(f)	 	Litigation
		
	Schedule 5.1(g)	 	Employment Agreements/Employment Litigation
		
	Schedule 5.1(i)	 	Licenses and Permits
		
	Schedule 5.1(j)	 	Tenant Leases
		
	Schedule 5.1(k)	 	Material Contracts
		
	Schedule 5.1(m)	 	Bookings
		
	Schedule 5.1(n)	 	Insurance
		
	Schedule 5.1(r)	 	Taxes
		
	Schedule 10.1(o)	 	2010 Capital Expenditures
		
	Schedule 15.13	 	Payments to Former Employees

 TABLE OF CONTENTS 

 

					
	 	    	 	  	Page
		
	Article I. DEFINITIONS	  	1
			
	 Section 1.1
	    	Definitions	  	1
		
	Article II. DESCRIPTION OF THE PROPERTY; EXCLUDED PROPERTY	  	9
			
	 Section 2.1
	    	Description of the Property	  	9
			
	 Section 2.2
	    	Excluded Property	  	11
		
	Article III. PURCHASE PRICE; EARNEST MONEY; LIKE-KIND EXCHANGE	  	12
			
	 Section 3.1
	    	Purchase Price	  	12
			
	 Section 3.2
	    	Intentionally Deleted	  	12
			
	 Section 3.3
	    	Earnest Money	  	12
			
	 Section 3.4
	    	Payment of Purchase Price	  	13
			
	 Section 3.5
	    	Like-Kind Exchange	  	13
			
	 Section 3.6
	    	Section 3.6 Independent Contract Consideration	  	13
		
	Article IV. DUE DILIGENCE; TITLE AND SURVEY	  	13
			
	 Section 4.1
	    	Due Diligence	  	14
			
	 Section 4.2
	    	Title and Survey	  	16
		
	Article V. SELLER’S REPRESENTATIONS AND WARRANTIES	  	17
			
	 Section 5.1
	    	Representations and Warranties	  	17
			
	 Section 5.2
	    	LIMITATION ON SELLER’S REPRESENTATIONS AND WARRANTIES	  	20
			
	 Section 5.3
	    	Amendment to Representations, Warranties and Schedules	  	21
		
	Article VI. PURCHASER’S REPRESENTATIONS AND WARRANTIES	  	21
			
	 Section 6.1
	    	Representations and Warranties	  	21
		
	Article VII. COVENANTS	  	22
			
	 Section 7.1
	    	Confidentiality; Exclusivity	  	22
			
	 Section 7.2
	    	Operation of the Hotel Prior to Closing	  	23
			
	 Section 7.3
	    	Licenses and Permits	  	25
			
	 Section 7.4
	    	Employees	  	25
			
	 Section 7.5
	    	Bookings	  	25
			
	 Section 7.6
	    	Tax Contests	  	25

  

 -i- 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	    	 	  	Page
	 Section 7.7
	    	Notices and Filings	  	26
			
	 Section 7.8
	    	Access to Information	  	26
			
	 Section 7.9
	    	Further Assurances	  	27
			
	 Section 7.10
	    	Intentionally Deleted	  	27
		
	Article VIII. CONDITIONS PRECEDENT	  	27
			
	 Section 8.1
	    	Conditions Precedent to the Obligations of Both Seller and Purchaser	  	27
			
	 Section 8.2
	    	Additional Conditions to Purchaser’s Obligations	  	28
			
	 Section 8.3
	    	Additional Conditions to Seller’s Obligations	  	28
			
	 Section 8.4
	    	Frustration of Closing Conditions	  	30
		
	Article IX. CLOSING	  	30
			
	 Section 9.1
	    	Closing Date	  	30
			
	 Section 9.2
	    	Closing Escrow	  	30
			
	 Section 9.3
	    	Seller’s Deliveries	  	30
			
	 Section 9.4
	    	Purchaser’s Deliveries	  	31
			
	 Section 9.5
	    	Possession	  	32
		
	Article X. PRORATIONS; ACCOUNTS RECEIVABLE; TRANSACTION COSTS	  	32
			
	 Section 10.1
	    	Prorations	  	32
			
	 Section 10.2
	    	Accounts Receivable	  	34
			
	 Section 10.3
	    	Transaction Costs	  	35
		
	Article XI. TRANSITION PROCEDURES	  	36
			
	 Section 11.1
	    	Settlement Statement	  	36
			
	 Section 11.2
	    	Safe Deposit Boxes	  	36
			
	 Section 11.3
	    	Baggage	  	37
		
	Article XII. DEFAULT; FAILURE OF CLOSING CONDITIONS	  	37
			
	 Section 12.1
	    	Seller’s Default	  	37
			
	 Section 12.2
	    	Purchaser’s Default	  	37
			
	 Section 12.3
	    	Failure to Satisfy Mutual Closing Conditions	  	38
		
	Article XIII. CASUALTY; CONDEMNATION	  	38
			
	 Section 13.1
	    	Casualty	  	38

  

 -ii- 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	    	 	  	Page
	 Section 13.2
	    	Condemnation	  	39
		
	Article XIV. INDEMNIFICATION	  	40
			
	 Section 14.1
	    	Indemnification by Seller	  	40
			
	 Section 14.2
	    	Indemnification by Purchaser	  	40
			
	 Section 14.3
	    	Limitations on Indemnification Obligations	  	40
			
	 Section 14.4
	    	Indemnification Procedure	  	41
			
	 Section 14.5
	    	Exclusive Remedy	  	42
			
	 Section 14.6
	    	Release of Seller for Environmental Liabilities	  	42
		
	Article XV. MISCELLANEOUS PROVISIONS	  	42
			
	 Section 15.1
	    	Notices	  	42
			
	 Section 15.2
	    	Time is of the Essence	  	44
			
	 Section 15.3
	    	Assignment	  	44
			
	 Section 15.4
	    	Successors and Assigns; Third Party Beneficiaries	  	44
			
	 Section 15.5
	    	Prevailing Party	  	44
			
	 Section 15.6
	    	No Recordation	  	45
			
	 Section 15.7
	    	Rules of Construction	  	45
			
	 Section 15.8
	    	Governing Law; Severability; Venue; Waiver Of Jury Trial	  	45
			
	 Section 15.9
	    	Recitals, Exhibits and Schedules	  	46
			
	 Section 15.10
	    	Entire Agreement; Amendments to Agreement	  	46
			
	 Section 15.11
	    	Facsimile or Email; Counterparts	  	46
			
	 Section 15.12
	    	Right to Audit	  	47
			
	 Section 15.13
	    	Processing of Certain Future Payments	  	47

  

 -iii- 

 PURCHASE AND SALE AGREEMENT 

THIS PURCHASE AND SALE AGREEMENT (this “Agreement”) is made and entered into as of this 18th day of March, 2010 (the
“Effective Date”), by and between Boston Hotel Company, L.L.C., a Delaware limited liability company (“Seller”), and Chesapeake Lodging, L.P. a Delaware limited partnership (“Purchaser”). (Seller
and Purchaser are sometimes referred to herein individually as a “Party,” and collectively as the “Parties”). 

RECITALS 

WHEREAS, Seller is the owner of the Property (as defined herein) relating to the hotel facility located at One Avenue de Lafayette,
Boston, Massachusetts 02111, and commonly known as the Hyatt Regency Boston hotel (the “Hotel”). 
 WHEREAS,
Seller desires to sell the Property to Purchaser, and Purchaser desires to purchase the Property from Seller, on the terms set forth in this Agreement. 

NOW, THEREFORE, in consideration of the mutual covenants set forth in this Agreement and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Seller and Purchaser hereby agree as follows: 
 ARTICLE I. 

DEFINITIONS 

Section 1.1 Definitions. In addition to the terms defined above in the introduction and recitals to this Agreement, the
following terms when used in this Agreement shall have the meanings set forth in this Section 1.1. 
 “Accounts
Receivable” means all amounts which Seller is entitled to receive from the operation of the Hotel, but are not paid as of the date preceding the Closing Date, including, without limitation, (i) charges for the use or occupancy of any
guest, conference, meeting or banquet rooms or other facilities at the Hotel, any restaurant, bar or banquet services, or any other goods or services provided by or on behalf of Seller at the Hotel, and (ii) rents under the Tenant Leases.

 “Accrued and Earned Vacation Pay” means the amount of salaries and wages which the Employees are entitled to
receive (including all employment taxes with respect thereto) for any vacation days accrued by such Employees as of the time in question (computed at the rate of the salaries and wages earned by such Employees as of the time in question).

 “Additional Deposit” has the meaning set forth in Section 3.3(a). 

“Affiliate” means, with respect to the Person in question, any other Person that, directly or indirectly, controls, is
controlled by or is under common control with, such Person. For the purposes of this definition, the term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies
of the Person in question, whether by the ownership of voting securities, contract or otherwise. 

 “Applicable Law” means all statutes, laws, common law, rules, regulations,
ordinances, codes or other legal requirements of any Governmental Authority, the New York Stock Exchange, Board of Fire Underwriters and similar quasi-governmental agencies or entities, and any judgment, injunction, order, directive, decree or other
judicial or regulatory requirement of any court or Governmental Authority of competent jurisdiction affecting or relating to the Person or property in question. 

“Attic Stock” has the meaning set forth in Section 2.1(l) of this Agreement. 

“Bookings” has the meaning set forth in Section 2.1(m) of this Agreement. 

“Business Day” means any day other than Saturday, Sunday or any federal legal holiday. 

“Casualty” has the meaning set forth in Section 13.1(a) of this Agreement. 

“Closing” has the meaning set forth in Section 9.1 of this Agreement. 

“Closing Date” has the meaning set forth in Section 9.1 of this Agreement. 

“Closing Documents” has the meaning set forth in Section 9.2 of this Agreement. 

“Closing Escrow” has the meaning set forth in Section 9.2 of this Agreement. 

“Closing Escrow Agreement” has the meaning set forth in Section 9.2 of this Agreement. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, and any regulations, rulings and guidance
issued by the Internal Revenue Service. 
 “Compensation” means all salaries and wages which the Employees are
entitled to receive at the time in question, together with all employment taxes with respect thereto, including, without limitation, any withholding or employer contributions under Applicable Law, any (i) bonus or incentive compensation;
(ii) accrued and earned vacation days, sick days and personal days; and (iii) any health, welfare and other benefits provided to the Employees under the Seller Employee Plans, and employer contributions to, and amounts paid or accrued
under, the Seller Employee Plans or Seller 401(k) Plan for the benefit of the Employees. 
 “Condemnation” has
the meaning set forth in Section 13.2(a) of this Agreement. 
 “Confidential Information” has the meaning
set forth in Section 7.1(a) of this Agreement. 
 “Contracts” means, collectively, the Equipment Leases
and Operating Agreements. 
 “Cut-Off Time” has the meaning set forth in Section 10.1 of this Agreement.

 “Due Diligence Contingency” has the meaning set forth in Section 4.1(a) of this Agreement. 

“Due Diligence Period” means the period ending as of the date of this Agreement. 

 “Earnest Money” has the meaning set forth in Section 3.3(a) of this
Agreement. 
 “Earnest Money Escrow” has the meaning set forth in Section 3.3(a) of this Agreement.

 “Earnest Money Escrow Agreement” has the meaning set forth in Section 3.3(a) of this Agreement.

 “Effective Date” has the meaning set forth in the first paragraph of this Agreement. 

“Employees” means all employees of Seller or Manager, or any of their Affiliates, who are employed full-time or
part-time at the Hotel at the time in question. 
 “Employer” means the Seller, Manager or any of their
Affiliates which employs the Employees. 
 “Employment Agreements” has the meaning set forth in
Section 5.1(g)(i) of this Agreement. 
 “Environmental Claims” means all claims for reimbursement or
remediation expense, abatement, removal, clean-up, contribution, personal injury, property damage or damage to natural resources made by any Governmental Authority or other Person arising from or in connection with the presence or actual or
potential spill, leak, emission, discharge or release of any Hazardous Materials over, on, in, from or under the Real Property, or the violation of any Environmental Laws with respect to the Real Property. 

“Environmental Laws” means any Applicable Laws regulating or relating to any Hazardous Materials including, without
limitation, (i) the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. § 9601 et seq. (“CERCLA”), (ii) the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 et seq.
(“RCRA”), (iii) the Federal Water Pollution Control Act, 33 U.S.C. § 2601 et seq., (iv) the Toxic Substances Control Act, 15 U.S.C. § 2601 et seq., (v) the Clean Water Act, 33 U.S.C. § 1251 et seq.,
(vi) the Clean Air Act, 42 U.S.C. § 7401 et seq., (vii) the Hazardous Materials Transportation Act, 49 U.S.C. § 5101 et seq., (viii) the Safe Drinking Water Act, 42 U.S.C. § 803 et seq., (ix) the Oil Pollution
Act of 1990, 33 U.S.C. § 2701 et seq., (x) the Emergency Planning and Community Right-To-Know Act of 1986, 42 U.S.C. § 11001 et seq., (xi) the Occupational Safety and Health Act, 29 U.S.C. § 651 et seq. (to
the extent it regulates exposure to Hazardous Materials), and similar state and local Applicable Law, as amended from time to time, and all regulations, rules and guidance issued pursuant thereto. 

“Environmental Liabilities” means all liabilities or obligations of any kind or nature imposed on the Person in question
pursuant to any Environmental Laws, including, without limitation, any (i) obligations to manage, control, contain, remove, remedy, respond to, clean up or abate any actual or potential release of Hazardous Materials or other pollution or
contamination of any water, soil, sediment, air or other environmental media, whether or not located on the Real Property and whether or not arising from the operations or activities with respect to the Hotel, and (ii) liabilities or
obligations with respect to the manufacture, generation, formulation, processing, use, treatment, handling, storage, disposal, distribution or transportation of any Hazardous Materials. 

 “Environmental Report” means collectively, the reports listed on Schedule
1.1 attached hereto and made a part hereof. 
 “Equipment Leases” has the meaning set forth in
Section 2.1(h) of this Agreement. 
 “Escrow Agent” shall mean Comerica Bank 1031 Exchanges Services or
the Title Company, as selected by Seller. 
 “Exchange Agreement” has the meaning set forth in Section 3.5
of this Agreement. 
 “Exchange Party” has the meaning set forth in Section 3.5 of this Agreement.

 “Excluded Property” has the meaning set forth in Section 2.2 of this Agreement. 

“F&B” has the meaning set forth in Section 2.1(e) of this Agreement. 

“Failure to Cure Notice” Intentionally Deleted. 

“FF&E” has the meaning set forth in Section 2.1(c) of this Agreement. 

“Gold
Passport® Program” shall mean Manager’s Gold
Passport® Program. 

“Governmental Authority” means any federal, state or local government or other political subdivision thereof, including,
without limitation, any agency or entity exercising executive, legislative, judicial, regulatory or administrative governmental powers or functions, in each case to the extent the same has jurisdiction over the Person or property in question.

 “Guest Ledger” means any and all charges accrued to the open accounts of any guests or customers at the
Hotel as of the Cut-Off Time for the use and occupancy of any guest, conference, meeting or banquet rooms or other facilities at the Hotel, any restaurant, bar or banquet services, or any other goods or services provided by or on behalf of Seller at
the Hotel. 
 “Hazardous Materials” means any hazardous or toxic substances, materials or waste, whether solid,
semisolid, liquid or gaseous, including, without limitation, asbestos, polychlorinated biphenyls, petroleum or petroleum by-products, (excluding any substances of kinds and amounts ordinarily used or stored in similar properties for purposes of
cleaning or other maintenance or operations and otherwise in compliance with all Environmental Laws) and any other material or substance which is defined as a “hazardous substance,” “hazardous waste,” “toxic waste” or
“toxic substance” under any Environmental Laws. 
 “Hotel” has the meaning set forth in the Recitals.

 “Hotel Management Agreement” has the meaning set forth in Section 8.1(c) of this Agreement. 

“Improvements” has the meaning set forth in Section 2.1(b) of this Agreement. 

“Indemnification Cap” has the meaning set forth in Section 14.3(b) of this Agreement. 

 “Indemnification Claim” has the meaning set forth in Section 14.4(a)
of this Agreement. 
 “Indemnification Deductible” has the meaning set forth in Section 14.3(b) of this
Agreement. 
 “Indemnitee” has the meaning set forth in Section 14.4(a) of this Agreement. 

“Indemnitor” has the meaning set forth in Section 14.4(a) of this Agreement. 

“Initial Deposit” has the meaning set forth in Section 3.3(a) of this Agreement. 

“Inspections” has the meaning set forth in Section 4.1(b) of this Agreement. 

“Intangible Property” has the meaning set forth in Section 2.1(k) of this Agreement. 

“Inventoried Baggage” has the meaning set forth in Section 11.3 of this Agreement. 

“Inventoried Safe Deposit Boxes” has the meaning set forth in Section 11.2 of this Agreement. 

“Knowledge” means (i) with respect to Seller, the actual knowledge of Tiffany A. Leadbetter, Steve Sokal, or
Phillip Stamm, and expressly excluding the knowledge of any other shareholder, trustee, partner, member, director, officer, manager, employee, agent or representative of Seller or any of its respective Affiliates, and (ii) with respect to
Purchaser, (A) the actual knowledge of D. Rick Adams and expressly excluding the knowledge of any other shareholder, trustee, partner, member, director, officer, manager, employee, agent or representative of Purchaser, (B) any matter
disclosed in any exhibits or schedules to this Agreement, (C) any matter disclosed in any Seller Due Diligence Materials or any other documents or materials provided by Seller to Purchaser prior to Closing, (D) any matter disclosed in the
Purchaser Due Diligence Reports or by the Inspections and (E) any matter disclosed by Seller pursuant to an amendment to Seller’s representations, warranties or schedules in accordance with Section 5.3 of this Agreement. 

“Land” has the meaning set forth in Section 2.1(a) of this Agreement. 

“Licenses and Permits” has the meaning set forth in Section 2.1(j) of this Agreement. 

“Liquor License” has the meaning set forth in Section 7.3 of this Agreement. 

“Losses” means, with respect to the Person in question, any liability, damage, loss, cost or expense, including, without
limitation, reasonable attorneys fees and expenses and court costs, incurred by such Person. 
 “Management
Agreement” has the meaning set forth in Section 2.2(d) of this Agreement. 
 “Manager” means
Hyatt Corporation, a Delaware corporation. 
 “Material Casualty” has the meaning set forth in
Section 13.1(a) of this Agreement. 

 “Material Condemnation” has the meaning set forth in Section 13.2(a)
of this Agreement. 
 “Material Contract” means any Contract requiring aggregate annual payments in excess of
Ten Thousand Dollars ($10,000) for any year during the term of such Contract. 
 “Mutual Closing Conditions”
has the meaning set forth in Section 8.1 of this Agreement. 
 “Non-Inventoried Safe Deposit Boxes” has
the meaning set forth in Section 11.2 of this Agreement. 
 “Notice” has the meaning set forth in
Section 15.1(a) of this Agreement. 
 “Older Accounts Receivable” has the meaning set forth in
Section 10.2(b) of this Agreement. 
 “Operating Agreements” has the meaning set forth in
Section 2.1(i) of this Agreement. 
 “Ordinary Course of Business” means the ordinary course of business
consistent with Seller’s past custom and practices for the operation, maintenance and repair of the Real Property and the tangible Personal Property. 

“Permitted Exceptions” has the meaning set forth in Section 4.2(c) of this Agreement. 

“Person” means any natural person, corporation, general or limited partnership, limited liability company, association,
joint venture, trust, estate, Governmental Authority or other legal entity, in each case whether in its own or a representative capacity. 

“Personal Property” means the Property other than the Real Property. 

“Plans and Specifications” has the meaning set forth in Section 2.1(o). 

“Property” has the meaning set forth in Section 2.1 of this Agreement. 

“Proprietary Property” has the meaning set forth in Section 2.2(b) of this Agreement. 

“Prorations” has the meaning set forth in Section 10.1 of this Agreement. 

“Prorations Date” means March 1, 2010, the date as of which all Prorations shall be calculated, as more
particularly set forth in this Agreement. 
 “Protected Marks” shall mean those logos, trademarks, trade names,
copyrights, service marks and other intellectual property owned by Manager or any Affiliate thereof (or otherwise used by Manager or any Affiliate thereof in the operation of Manager hotels), whether or not used in connection with the operation of
the Hotel. 
 “Protected Names” shall mean the names “Hyatt” and
“Regency” and any other name that includes the word “Hyatt” (such as, for example and without limitation, “Hyatt Regency” or “Grand Hyatt” or “Park Hyatt”) either alone or in conjunction with another
word or words or any other name used in the operation of other hotels and resorts owned, operated or licensed by Manager or any Affiliate thereof, including, without limitation, “Gold
Passport®” or “Andaz.” 

 “Purchase Price” has the meaning set forth in Section 3.1 of this
Agreement. 
 “Purchaser Closing Conditions” has the meaning set forth in Section 8.2 of this Agreement.

 “Purchaser Default” has the meaning set forth in Section 12.2 of this Agreement. 

“Purchaser Due Diligence Reports” has the meaning set forth in Section 4.1(d) of this Agreement. 

“Purchaser Indemnitees” means Purchaser and its Affiliates, and each of their respective shareholders, members,
partners, trustees, directors, officers, employees and agents, and the successors, assigns, heirs and legal representatives of each of the foregoing. 

“Purchaser’s Inspectors” has the meaning set forth in Section 4.1(b) of this Agreement. 

“Real Property” has the meaning set forth in Section 2.1(b) of this Agreement. 

“Retail Merchandise” has the meaning set forth in Section 2.1(f) of this Agreement. 

“Seller 401(k) Plan” shall mean any Seller Employee Plan maintained pursuant to Section 401(k) of the Code.

 “Seller Closing Conditions” has the meaning set forth in Section 8.3 of this Agreement. 

“Seller Default” has the meaning set forth in Section 12.1 of this Agreement. 

“Seller Due Diligence Materials” has the meaning set forth in Section 4.1(c) of this Agreement. 

“Seller Employee Plans” means all plans and programs maintained by or on behalf of Seller for the health, welfare or
benefit of any Employees and/or their spouses, dependents or other qualified beneficiaries, including, without limitation, any multi-employer plans to which Seller contributes, including without limitation, the Seller 401(k) Plan. 

“Seller Indemnitees” means Seller, Manager, Employer and their respective Affiliates, and each of their respective
shareholders, members, partners, trustees, directors, officers, employees and agents, and the successors, assigns, heirs and legal representatives of each of the foregoing. 

“Seller Retained Liabilities” has the meaning set forth in Section 14.1 of this Agreement. 

“Seller’s Possession” means in the physical possession of any officer or employee of Seller, Manager or any of
their Affiliates who has direct or supervisory responsibility for the operation of the Hotel; provided, however, that any reference in this Agreement to Seller’s Possession of any documents or materials expressly excludes the possession of any
such documents or materials that are legally privileged or constitute attorney work product. 

 “Settlement Statement” has the meaning set forth in Section 11.1 of
this Agreement. 
 “Supplies” has the meaning set forth in Section 2.1(d) of this Agreement. 

“Survey” has the meaning set forth in Section 4.2(b) of this Agreement. 

“Survey Defects” has the meaning set forth in Section 4.2(c) of this Agreement. 

“Survival Period” has the meaning set forth in Section 14.3(a) of this Agreement. 

“Tax-Free Exchange” has the meaning set forth in Section 3.5 of this Agreement. 

“Taxes” means any federal, state, local or foreign, real property, personal property, sales, use, room, occupancy,
excise, severance, stamp, payroll, employment, withholding, social security, unemployment, disability, vault, ad valorem, assessments, value added or other tax, assessments, levies, charges or fees of any kind whatsoever imposed on Seller or the
Property or any portion thereof by any Governmental Authority, including, without limitation, any interest, penalty, or addition thereto, but expressly excluding any (i) federal, state, local or foreign income, capital gain, gross receipts,
capital stock, franchise, profits, estate or gift tax, or (ii) transfer or similar taxes incurred with respect to the transaction contemplated in this Agreement. 

“Tenant Leases” has the meaning set forth in Section 2.1(g) of this Agreement. 

“Third-Party Claim” means, with respect to the Person in question, any claim, demand, lawsuit, arbitration or other
legal or administrative action or proceeding against such Person by any other Person which is not an Affiliate of such Person. 

“Title Commitment” has the meaning set forth in Section 4.2(a) of this Agreement. 

“Title Company” means Terra Nova Title & Settlement Services. 

“Title Exceptions” has the meaning set forth in Section 4.2(c) of this Agreement. 

“Title Objection Letter” has the meaning set forth in Section 4.2(c) of this Agreement. 

“Title Policy” has the meaning set forth in Section 8.2(d) of this Agreement. 

“Trade Payables” has the meaning set forth in Section 10.1(l) of this Agreement. 

“Unpermitted Exceptions” has the meaning set forth in Section 4.2(c) of this Agreement. 

 ARTICLE II. 

DESCRIPTION OF THE PROPERTY; EXCLUDED PROPERTY 

Section 2.1 Description of the Property. Subject to the terms set forth in this Agreement, at the Closing, Seller shall sell,
convey, transfer, assign and deliver to Purchaser, and Purchaser shall purchase and accept from Seller, all right, title and interest of Seller in and to the property and assets set forth in this Section 2.1, but expressly excluding the
Excluded Property (collectively, the “Property”): 
 (a) Land. The land and air rights described in Schedule
2.1(a), together with all appurtenant easements and any other rights and interests appurtenant thereto (the “Land”); 

(b) Improvements. All buildings, structures and improvements located on, under or affixed to the Land and all fixtures on the Land
which constitute real property under Applicable Law (the “Improvements”; the Land and the Improvements are referred to collectively herein as the “Real Property”); 

(c) FF&E. All fixtures (other than those which constitute Improvements), furniture, furnishings, equipment, machinery,
vehicles, appliances, computer hardware, art work and other items of tangible personal property which are located at the Hotel and used exclusively in the operation of the Hotel, or ordered for future use at the Hotel as of the Closing, other than
the Supplies, F&B and Retail Merchandise (the “FF&E”); 
 (d) Supplies. Subject to
Section 10.1(n) of this Agreement, all china, glassware, silverware; linens; uniforms; engineering, maintenance, cleaning and housekeeping supplies; matches and ashtrays; soap and other toiletries; stationery, menus and other printed materials;
and all other similar materials and supplies, which are located at the Hotel or ordered for future use at the Hotel as of the Closing (the “Supplies”); 

(e) Food and Beverage. Subject to Section 10.1(i) of this Agreement, all food and beverages which are located at the Hotel
(whether opened or unopened, except for food items sold as retail merchandise), or ordered for future use at the Hotel as of the Closing, but expressly excluding any alcoholic beverages to the extent the sale or transfer of the same is not permitted
under Applicable Law (the “F&B”); 
 (f) Retail Merchandise. Subject to Section 10.1(i) of this
Agreement, all merchandise located at the Hotel, including, without limitation, any gift shop, pro shop or newsstand maintained by Seller or Manager, and held for sale to guests and customers of the Hotel, or ordered for future sale at the Hotel as
of the Closing , but expressly excluding the F&B (the “Retail Merchandise”); 
 (g) Tenant Leases.
All leases, subleases, licenses, concessions and similar agreements granting a real property interest to any other Person for the use or occupancy of any portion of the Real Property, other than the Management Agreement and Bookings (the
“Tenant Leases”), together with all security deposits held by Seller thereunder, to the extent such Tenant Leases and security deposits are transferable or the Parties obtain any consent necessary to effectuate such a transfer (if
obtainable at no cost to Seller); 

 (h) Equipment Leases. All leases and purchase money security agreements for any
equipment, machinery, vehicles, furniture or other personal property located at the Hotel and used in the operation of the Hotel which are held by or on behalf of Seller other than the items identified as “Terminated Contracts” on Schedule
5.1(k) (the “Equipment Leases”), together with all deposits made thereunder, to the extent such Equipment Leases and deposits are transferable or the Parties obtain any consent necessary to effectuate such a transfer (if obtainable
at no cost to Seller); 
 (i) Operating Agreements. All maintenance, service and supply contracts, credit card service
agreements, and all other contracts and agreements which are held by or on behalf of Seller in connection with the operation of the Hotel, other than the Tenant Leases, Equipment Leases, Licenses and Permits and the items identified as
“Terminated Contracts” on Schedule 5.1(k) (the “Operating Agreements”), together with all deposits made or held by Seller thereunder, to the extent such Operating Agreements and deposits are transferable or the Parties
obtain any consent necessary to effectuate such a transfer (if obtainable at no cost to Seller); 
 (j) Licenses and
Permits. All licenses, permits, consents, authorizations, approvals, registrations and certificates of any Governmental Authority held by Seller and used in connection with the construction, ownership, occupancy or operation of the Hotel
excluding the Liquor License (the “Licenses and Permits”), together with any deposits made by Seller thereunder, to the extent such Licenses and Permits and deposits are transferable or the Parties obtain any consent necessary to
effectuate such a transfer (if obtainable at no cost to Seller); 
 (k) Intangible Property. All of the following owned
by, issued to or licensed to Seller and used in connection with the operation of the Hotel to the extent Seller’s rights and interests therein are transferable: warranties and guaranties held by Seller pursuant to any Contracts or with respect
to any Improvements or Personal Property (the “Intangible Property”); 
 (l) Attic Stock. Subject to
Section 10.1(n) of this Agreement, all FF&E in storage intended as replacement FF&E (the “Attic Stock”); 

(m) Bookings. All bookings and reservations for guest, conference, meeting and banquet rooms or other facilities at the Hotel that
are listed on Schedule 5.1(m) (the “Bookings”), together with all deposits held by Seller with respect thereto and any and all books, records and contracts related thereto; and 

(n) Guest Ledger, Cash and Certain Accounts Receivable. That portion of Accounts Receivable comprised by the Guest Ledger as set
forth in Section 10.2(a), that portion of Accounts Receivable subject to Section 10.2(b) but not including Older Accounts Receivable, and all cash on hand or on deposit in any house bank at the Hotel as set forth in Section 10.1(m).

 (o) Plans and Specifications. All plans and specifications, blue prints, architectural plans, engineering diagrams and
similar items located at the Hotel or in Seller’s Possession which relate exclusively to the Hotel, to the extent the same are transferable at no cost to Seller (the “Plans and Specifications”) 

 Section 2.2 Excluded Property. Notwithstanding anything to the contrary in
Section 2.1, the property, assets, rights and interests set forth in this Section 2.2 (the “Excluded Property”) are excluded from the Property: 

(a) Cash. Subject to Section 10.1(m) and except for deposits expressly included in Section 2.1, all cash on hand or on
deposit in any house bank, operating account or other account maintained in connection with the ownership or operation of the Hotel together with any and all credit card charges, checks and other instruments which Seller has submitted for payment as
of the Closing. 
 (b) Proprietary Property. (i) all software from time to time owned by, or
leased or licensed on an exclusive basis to, Manager or Manager’s Affiliates, including, without limitation, any centralized system, including, without limitation, the reservation system, property management system and e-mail, internet and
internal computer network systems (including, without limitation, revisions or enhancements to otherwise commercially available software) together with related source and object codes, (ii) the Protected Names and Protected Marks and all
depictions thereof, either graphic or verbal, (iii) copyrighted materials, (iv) operating handbooks (including employee manuals, training materials, user manuals, and maintenance procedures), (v) operating policies and procedures,
(vi) reporting and budgeting formats, (vii) Manager’s (or any Affiliate’s) promotional materials, (viii) recipes, (ix) Gold
Passport® members and member information, (x) customer information and customer contact lists for guests,
patrons and groups patronizing this Property (other than guest information necessary to honor Bookings in accordance with the terms of this Agreement), (xi) data and information on potential guests or groups, not otherwise guests or groups
patronizing the Hotel, (xii) financial records of Manager, Seller and their respective Affiliates and all books and records of Manager, Seller or their respective Affiliates (excluding records and information necessary to honor Bookings in
accordance with this Agreement, or otherwise relating to liabilities assumed by Purchaser in accordance with this Agreement), (xiii) information relating to other hotels leased, managed or operated by Manager, (xiv) information which
Seller reasonably determines may not be disclosed by Seller or its Affiliates under applicable privacy or identity theft laws, and (xv) signs and other fixtures and personal property at the Hotel which bear any of the Protected Marks or the
Protected Names ((i) through (xv) above, hereinafter collectively referred to as the “Proprietary Property”). 

(c) Third-Party Property. Any fixtures or personal property owned by (i) the lessor under any Equipment Leases, (ii) the
supplier or vendor under any other Contracts, (iii) the tenant under any Tenant Leases, (iv) the Manager, (v) any Employees, or (vi) any guests or customers of the Hotel. 

(d) Management Agreement. That certain Management Agreement by and between Seller and Manager, dated February 17, 2009 (the
“Management Agreement”), which shall be terminated by Seller at Closing. 
 (e) Insurance. Seller’s
insurance relating to the Hotel, which shall be terminated by Seller as of the Closing, subject to any pending claims thereunder pursuant to Sections 13.1 or 13.2 of this Agreement. 

 (f) Telephone Exchange Numbers. Any and all direct dial telephone numbers for the
Hotel. 
 (g) Contracts. All Contracts identified as “Terminated Contracts” on Schedule 5.1(k). 

(h) Accounts Receivable. All Older Accounts Receivable. 

ARTICLE III. 

PURCHASE PRICE; EARNEST MONEY; LIKE-KIND EXCHANGE 

Section 3.1 Purchase Price. The purchase price for the Property is One Hundred and Twelve Million and no/100 Dollars
($112,000,000.00) (the “Purchase Price”) which shall be adjusted at Closing for the Prorations pursuant to Section 10.1, the Accounts Receivable pursuant to Section 10.2, and as otherwise expressly provided in this
Agreement. 
 Section 3.2 Intentionally Deleted. 

Section 3.3 Earnest Money. 

(a) Earnest Money. Within one (1) Business Day after the Effective Date, Purchaser shall deposit with Escrow Agent the sum
equal to $0 (0%) of the Purchase Price (the “Initial Deposit”). If Purchaser does not terminate this Agreement pursuant to the Due Diligence Contingency, Purchaser shall deposit with Escrow Agent an additional sum equal to $0 (0%)
of the Purchase Price prior to the expiration of the Due Diligence Period (the “Additional Deposit”; the term “Earnest Money” shall refer to the Initial Deposit from the date of this Agreement until the expiration
of the Due Diligence Period, and shall refer to the Initial Deposit and Additional Deposit collectively from and after the expiration of the Due Diligence Period), and the Earnest Money shall be non-refundable to Purchaser, except as otherwise
expressly provided in this Agreement. The Earnest Money shall be held by Escrow Agent in escrow (the “Earnest Money Escrow”) pursuant to the escrow agreement in the form attached hereto as Exhibit A, to be entered into among
Seller, Purchaser and Escrow Agent (the “Earnest Money Escrow Agreement”), and delivered to Escrow Agent concurrently with the Initial Deposit. 

(b) Investment of Earnest Money. The Earnest Money shall be invested in any investments approved by Seller and Purchaser in
writing in accordance with the Earnest Money Escrow Agreement, and all interest and other amounts earned on the Earnest Money shall be deemed additional Earnest Money. All fees, costs and expenses of the Earnest Money Escrow shall be shared equally
between Seller and Purchaser, except that Purchaser shall pay any fees, costs or expenses with respect to the investment of the Earnest Money and Purchaser shall bear the risk of loss of the Earnest Money. 

(c) Disbursement of Earnest Money. At Closing, Purchaser shall cause Escrow Agent to disburse the Earnest Money to Seller, and
Purchaser shall receive a credit against the Purchase Price in the amount of the Earnest Money disbursed to Seller, or if this Agreement is terminated, the Earnest Money shall be disbursed by Escrow Agent to Seller or Purchaser in accordance with
the terms of this Agreement and the Earnest Money Escrow Agreement. 

 Section 3.4 Payment of Purchase Price. At Closing, Purchaser shall pay to Seller
by wire transfer of immediately available funds an amount equal to the Purchase Price (as adjusted pursuant to Section 3.1) less the Earnest Money disbursed to Seller. Purchaser shall cause the wire transfer of funds to be received by
Seller no later than 1:00 p.m. (Eastern Time) (time is of the essence). 
 Section 3.5 Like-Kind Exchange.
Notwithstanding anything to the contrary in this Agreement, Purchaser acknowledges and agrees that Seller shall have the right at Closing, in lieu of receiving the Purchase Price for the sale of the Property, to exchange the Property in a
transaction intended to qualify as a tax-free exchange under Section 1031 of the Code (the “Tax-Free Exchange”). If Seller elects to effect a Tax-Free Exchange pursuant to this Section 3.5, Seller shall provide written
notice to Purchaser prior to Closing, in which case Seller shall enter into an exchange agreement and other exchange documents with a “qualified intermediary” (as defined in Treas. Reg. § 1.1031(k)-1(g)(4)) (the “Exchange
Party”) pursuant to the Exchange Party’s standard form of such exchange documents (the “Exchange Agreement”), pursuant to which Seller shall assign all of its right, title and interest under this Agreement to the
Exchange Party; provided, however, (i) that such assignment shall not relieve Seller of any of its obligations under this Agreement , (ii) Seller shall save, protect, defend, indemnify and hold the Purchaser Indemnitees harmless from any
and all additional costs, liabilities or expenses as a result of such Tax-Free Exchange and such indemnification shall not be subject to the limitation of Section 14.3(b) of this Agreement, (iii) Seller shall remain liable for any of its
obligations under this Agreement, (iv) such exchange shall not cause or result in any delay of the Closing, and (v) Purchaser shall not be obligated to take title to any other property in connection with such exchange. Purchaser shall
execute and deliver such documents as may be reasonably required to complete the transactions contemplated by the Tax-Free Exchange which are in form and substance reasonably acceptable to Purchaser, and otherwise cooperate with Seller in all
reasonable respects to effect the Tax-Free Exchange. Purchaser agrees that if Seller elects to effect a Tax-Free Exchange pursuant to this Section 3.5, the Earnest Money shall be deposited with or transferred to the Exchange Party pursuant to
the Exchange Agreement, subject to the same terms applicable thereto under the Earnest Money Escrow Agreement. Notwithstanding the foregoing in this Section 3.5, the Tax-Free Exchange shall not diminish Purchaser’s rights, nor increase
Purchaser’s obligations, under this Agreement. Seller shall pay for all fees, costs and expenses in connection with the Tax-Free Exchange. 

Section 3.6 Independent Contract Consideration. Contemporaneously with the execution of this Agreement, Purchaser shall
deliver to Seller a check in the amount of $100 (the “Independent Contract Consideration”), which amount the parties bargained for and agreed to as consideration for the Seller’s grant to Purchaser of Purchaser’s right to
purchase the Property pursuant to the terms hereof and for Seller’s execution, delivery and performance of this Agreement. The Independent Contract Consideration is in addition to and independent of any other consideration or payment provided
in this Agreement, is nonrefundable under any circumstances and will be retained by Seller notwithstanding any other provisions of this Agreement. 

 ARTICLE IV. 

DUE DILIGENCE; TITLE AND SURVEY 

Section 4.1 Due Diligence. 

(a) Due Diligence Contingency. Purchaser has completed all of its due diligence prior to the Effective Date. There is no due
diligence contingency to this Agreement. Any additional inspections that Purchaser may elect to undertake pursuant to this Agreement are for its own information, but do not give rise to any right to terminate this Agreement or give rise to any
condition to Closing not otherwise explicitly set forth herein. 
 (b) Due Diligence Inspections. Purchaser, through its
employees, contractors, consultants, agents and representatives (“Purchaser’s Inspectors”), shall have the right to perform such examinations, tests, investigations and studies of the Property (the
“Inspections”) as Purchaser reasonably deems advisable, in accordance with this Section 4.1, and Seller shall provide reasonable access to the Property for Purchaser’s Inspectors to perform the Inspections; provided,
however, that (i) Purchaser shall provide Seller with at least one (1) Business Day prior written notice of each of the Inspections; (ii) Purchaser and its inspectors shall be accompanied by an employee, agent or representative of
Seller; (iii) the Inspections shall be conducted by Purchaser’s Inspectors on a Business Day between 10:00 a.m. and 5:00 p.m. (Eastern Time); (iv) Purchaser’s Inspectors shall not perform any drilling, coring or other invasive
testing, without Seller’s prior written consent (which consent may be withheld in Seller’s sole discretion) and (v) the Inspections shall not unreasonably interfere with the operations of the Hotel, and Purchaser’s Inspectors
shall comply with Seller’s requests with respect to the Inspections to minimize such interference. 
 (c) Seller’s
Due Diligence Materials. Purchaser acknowledges receipt of the due diligence materials set forth on Schedule 4.1(c). Seller shall provide to Purchaser promptly upon request by Purchaser such additional due diligence materials in
Seller’s Possession relating to the Property which are reasonably requested by Purchaser, and Purchaser agrees to acknowledge in writing, upon Seller’s request, the receipt of any due diligence documents or materials delivered to
Purchaser. (All due diligence documents and materials provided by Seller to Purchaser pursuant to this Agreement are referred to collectively herein as the “Seller Due Diligence Materials”.) 

(d) Purchaser’s Due Diligence Reports. If requested by Seller, Purchaser shall provide a copy to Seller of all final studies,
reports, and assessments prepared by any Person for or on behalf of Purchaser (other than any internal studies, reports and assessments or other privileged information prepared by any of Purchaser’s employees, attorneys, investors, bankers or
accountants) in connection with the Inspections (the “Purchaser Due Diligence Reports”), and if also requested by Seller, at Seller’s sole cost and expense, Purchaser shall use commercially reasonable efforts to obtain an
original of any such Purchaser Due Diligence Reports for Seller, together with a reliance letter from such Person in favor of Seller. This Section 4.1(d) shall survive the termination of this Agreement. 

(e) Release and Indemnification. Purchaser shall, at its cost and expense, repair any damage to the Property or any other property
owned by a Person other than Purchaser arising from or in connection with the Inspections, and restore the Property or such other third-party property to the same condition as existed prior to such Inspections. Purchaser hereby releases the Seller
Indemnitees for any Losses incurred by any Purchaser Indemnitees arising from or in 

 
connection with the Inspections, except to the extent resulting from Seller’s gross negligence or intentional misconduct. Purchaser shall indemnify the Seller Indemnitees from and against
any Losses incurred by any Seller Indemnitees arising from or in connection with the Inspections, except to the extent resulting from Seller’s gross negligence or intentional misconduct. Purchaser shall in no event be responsible under this
Section 4(e) for any condition already existing on the Property at the time of the Inspections, except and only to the extent that Purchaser or the Inspections exacerbate such existing condition. This Section 4.1(e) shall survive the
termination of this Agreement and the Closing. 
 (f) Liens. Purchaser shall not permit any mechanics’ or
materialmen’s liens to be filed against the Real Property as a result of the Inspection or of any of Purchaser’s Inspectors activities on or with respect to the Real Property, including but not limited to, with respect to any labor or
materials furnished to the Real Property at Purchaser’s or Purchaser’s Inspectors’ insistence or request. If any such lien is filed against the Real Property, Purchaser shall cause the same to be promptly discharged of record and, to
the extent not fully discharged of record, any such lien shall be a Permitted Exception to which the Purchaser agrees to accept the conveyance of title to the Real Property for the purposes of this Agreement. If Purchaser fails to have any such lien
removed of record or post a bond or other security reasonably acceptable to Seller within thirty (30) days following written notice from Seller, then Seller may cause the same to be removed of record and recover from Purchaser all reasonable
out-of-pocket costs and expenses incurred by Seller in connection therewith. Purchaser shall indemnify, hold harmless and defend Seller, Manager and the Real Property from and against any and all such liens. This Section 4.1(f) shall survive
the termination of this Agreement. 
 (g) Compliance with Laws. Purchaser, at its own expense, shall comply in all
material respects (and shall cause each of Purchaser’s Inspectors to comply in all material respects) with all applicable laws, regulations, rules, and orders with respect to the Inspections and with respect to their activities on or about the
Real Property including, without limitation, those relating to health, safety, noise, environmental protection, waste disposal, water and air quality, and worker occupational health and safety, and shall furnish to Seller reasonable evidence of such
compliance upon request. 
 (h) Insurance. 

(i) With respect to any activities on or about the Real Property, Purchaser shall, at its expense, maintain and furnish or
cause Purchaser’s Inspectors to maintain and furnish evidence of insurance naming Seller and Hyatt Corporation as an additional insured thereunder, written through an insurance company licensed to do business in the State of Massachusetts
having a rating of at least “A” by A.M. Best Company, evidencing current worker’s compensation insurance meeting the legally mandated limits of coverage as well as commercial general liability insurance on an occurrence basis with
coverage limits of not less than Two Million Dollars ($2,000,000) combined single limit per occurrence for personal liability (including bodily injury and death) and not less than One Million Dollars ($1,000,000) per occurrence for property damage
and with endorsements (copies to be provided to Seller) providing that such coverages are primary and evidencing contractual liability insurance that covers Purchaser’s indemnity obligations under this Agreement. 

 (ii) A properly completed certificate of insurance executed by an authorized
representative of the insurer or insurers or a certified copy of the policy or policies, evidencing compliance with the above requirements and providing that not less than thirty (30) days prior written notice will be provided to Seller before
any cancellation of coverage, shall be delivered to Seller prior to entry upon the Real Property by Purchaser or any of Purchaser’s Inspectors. In any event, Purchaser shall cause Seller and Hyatt Corporation to be named as an additional
insured under all insurance coverages afforded Purchaser by any and all of Purchaser’s Inspectors with respect to the performance of the Inspections. 

Section 4.2 Title and Survey. 

(a) Title Commitment. Purchaser acknowledges receipt of an ALTA owner’s title insurance commitment from the Title Company,
with an effective date of November 20, 2009 for the Real Property, together with a copy of all documents referenced therein (the “Title Commitment”). 

(b) Survey. Purchaser acknowledges receipt of the ALTA/ACSM Land Title Survey, prepared by Merlyn J. Jenkins &
Associates, Inc. (the “Survey”). 
 (c) Identification of Unpermitted Exceptions. Purchaser has reviewed
(i) the Title Commitment and has identified those exceptions to title that are not acceptable to Purchaser (the “Title Exceptions”), and (ii) the Survey and has identified those survey defects that are not acceptable to
Purchaser (the “Survey Defects”), and has provided written notice to Seller of Purchaser’s objections to Title Exceptions and Survey Defects (the “Title Objection Letter”) prior to the Effective Date. The Title
Exceptions and Survey Defects set forth in any Title Objection Letter are referred to collectively herein as the “Unpermitted Exceptions”, a copy of which is attached as Exhibit G. All (i) real estate taxes and assessments not
due and payable as of the Closing Date, (ii) Title Exceptions disclosed in the Title Commitment and all matters disclosed on the Survey, that are not objected to by Purchaser in any Title Objection Letter, (iii) all Tenant Leases, and
(iv) all liens and encumbrances created by Purchaser are referred to collectively herein as the “Permitted Exceptions”. 

(d) Removal of Unpermitted Exceptions. Seller agrees to use commercially reasonable efforts to cure the Unpermitted Exceptions by
removing such Unpermitted Exception from title or causing the Title Company to waive or commit to insure over such Unpermitted Exception at any time prior to Closing. If, despite the use of commercially reasonable efforts Seller is not able to cure
any Unpermitted Exception(s) at or prior to Closing, Purchaser shall have the option to (i) terminate this Agreement (subject to Purchaser’s satisfaction of its obligations under Sections 4.1(d), 4.1(e) and 7.1(b)) and Seller and Purchaser
shall have no further rights or obligations under this Agreement, except those which expressly survive such termination, or (ii) proceed to Closing under this Agreement and accept title to the Real Property, subject to such uncured Unpermitted
Exception(s) (which shall thereafter be deemed to be Permitted Exceptions), without any credit against the Purchase Price for any such uncured Unpermitted Exception(s). For purposes of this Section 4.2(d), “commercially reasonable
efforts” shall mean undertaking such ministerial efforts involving minor administrative costs, such as obtaining recordable discharges of old, previously paid-off mortgages, but shall not

 
include (i) payment of consideration to any third party in connection with the removal of an Unpermitted Exception, (ii) the obligation to negotiate with or make any request of any
public or quasi-public entity or agency or (iii) the incurring of any material expense. 
 (e) Other Title Company.
If the Title Company does not agree to remove, waive or insure over any Unpermitted Exception(s), but another nationally recognized, financially sound title insurance company is willing to issue the Title Policy without such Unpermitted
Exception(s), then Seller shall have the right to obtain, and Purchaser shall accept, a Title Policy from such other title insurance company which otherwise shall satisfy the requirements of Section 8.2(d) (in which case the term “Title
Company” shall be deemed to refer to such other title insurance company, and term “Escrow Agent” shall be deemed to refer to the escrow agent of such other title insurance company for all purposes in this Agreement). 

(f) Extension of Closing Date. If Seller is unable to cure any Unpermitted Exceptions prior to Closing, Seller shall have the
right to postpone the Closing and extend the Closing Date for up to thirty (30) days by providing written notice to Purchaser no later than three (3) Business Days prior to the originally scheduled Closing Date. 

ARTICLE V. 

SELLER’S REPRESENTATIONS AND WARRANTIES 

Section 5.1 Representations and Warranties. To induce Purchaser to enter into this Agreement and to consummate the
transaction contemplated herein, Seller hereby makes the representations and warranties in this Section 5.1, subject to the limitations set forth in Sections 5.2, 5.3 and 5.4, upon which Seller acknowledges and agrees that Purchaser is entitled
to rely. 
 (a) Organization and Power. Seller is duly formed or organized, validly existing, in good standing in the
jurisdiction of its formation or organization, and is qualified to do business in the jurisdiction in which the Hotel is located, and has all requisite power and authority to own and operate the Hotel as currently owned and operated. 

(b) Authority and Binding Obligation. (i) Seller has full power and authority to execute and deliver this Agreement and all
documents now or hereafter to be executed and delivered by Seller under this Agreement, and to perform all obligations arising under this Agreement and such other documents, (ii) the execution by the undersigned on behalf of Seller, and the
delivery and performance of this Agreement by Seller has been duly and validly authorized by all necessary action on the part of Seller, and (iii) this Agreement and such other documents now or hereafter to be executed and delivered by Seller
under this Agreement, when executed and delivered, will each constitute the legal, valid and binding obligations of Seller enforceable against Seller in accordance with its terms, except to the extent Purchaser itself is in default hereunder.

 (c) Consents and Approvals; No Conflicts. Subject to the recordation of any Closing Documents as appropriate, the
approval of any appropriate Governmental Authority in connection with the transfer of the Licenses and Permits, and except as disclosed in Schedule 5.1(c), (i) no filing with, and no permit, authorization, consent or approval of, any
Governmental 

 
Authority or other Person is necessary for the consummation by Seller of the transaction contemplated by this Agreement, except to the extent the failure to obtain such permit, authorization,
consent or approval would not have a material adverse effect on the ownership or operation of the Hotel, and (ii) neither the execution and delivery of this Agreement by Seller, nor the consummation by Seller of the transaction contemplated
under this Agreement, nor performance by Seller with any of the terms of this Agreement will: (A) violate any provision of Seller’s organizational or governing documents; (B) violate any Applicable Law to which Seller or the Property
is subject; or (C) result in a violation or breach of, or constitute a default under any of the Material Contracts, except to the extent such violation, breach or default would not have a material adverse effect on the ownership or operation of
the Hotel, or (D) result in the creation or imposition of any lien or encumbrance on the Property or any portion thereof. 

(d) Title to Personal Property. Except as set forth in Schedule 5.1(d), Seller has good and valid title to all tangible
Personal Property (other than the Excluded Property), which in each case shall be free and clear of all liens and encumbrances as of the Closing. 

(e) Condemnation. Neither Seller nor Manager has received any written notice of any pending condemnation or other proceedings in
eminent domain, and to Seller’s Knowledge, no such condemnation or eminent domain proceedings are threatened against Seller, Manager or the Property or any portion thereof. 

(f) Litigation. Except with respect to Employees (which are addressed in Section 5.1(g)) and Environmental Claims
(which are addressed in Section 5.1(h)), and as set forth in Schedule 5.1(f), neither Seller nor Manager has (i) been served with any court filing in any litigation with respect to the Property in which Seller or Manager is named a
party, or (ii) received written notice of any claim, charge or complaint from any Governmental Authority or other Person pursuant to any administrative, arbitration or similar adjudicatory proceeding with respect to the Property which has not
been resolved, settled or dismissed. 
 (g) Employees. 

(i) There are no employees of the Hotel other than the Employees. Neither Seller nor Manager is a party to any collective
bargaining agreement with any labor union relating to Employees of the Hotel, and, except for the employment agreements set forth in Schedule 5.1(g) (the “Employment Agreements”), neither Seller nor Manager is a party to any
written employment or compensation agreements with any of the Employees. Seller has made available to Purchaser a correct and complete copy of all Employment Agreements (including all amendments, modifications and other agreements with respect
thereto). 
 (ii) Except as set forth in Schedule 5.1(g), neither Seller nor Manager has (A) been
served with any court filing in any litigation with respect to the Employees in which Seller or Manager is a named party or (B) received written notice from any Employee, Governmental Authority or other Person making a formal charge, complaint,
or request for a grievance or arbitration proceeding against Seller or Manager alleging a breach or default under any Employment Agreement or a violation of any Applicable Law relating to the employment of the Employees. 

 (h) Environmental Matters. Except as disclosed by the Environmental Report, to
Seller’s Knowledge, neither Seller nor Manager has received any written notice from any Governmental Authority or other Person of any Environmental Claims or violation of any Environmental Laws with respect to the Real Property which has not
been cured or dismissed. 
 (i) Licenses and Permits. Except as set forth in Schedule 5.1(i), Seller has made
available to Purchaser a true and complete copy of the Licenses and Permits. Neither Seller nor Manager has received any written notice from any Governmental Authority or other Person of (i) any violation, suspension, revocation or non-renewal
of any Licenses and Permits with respect to the Property that has not been cured or dismissed, or (ii) any failure by Seller or Manager to obtain any Licenses and Permits required for the Property that has not been cured or dismissed.

 (j) Tenant Leases. Schedule 5.1(j) sets forth a correct and complete list of the Tenant Leases for the Hotel,
and Seller has made available to Purchaser a true and complete copy of the Tenant Leases (including all amendments, modifications and other written agreements with respect thereto). Except as set forth in Schedule 5.1(j), neither Seller nor
Manager has given or received any written notice of any breach or default under any of the Tenant Leases. To Seller’s Knowledge, the Tenant Leases are in full force and effect. 

(k) Contracts. Schedule 5.1(k) sets forth a correct and complete list of the Material Contracts, and Seller has made
available to Purchaser a true and complete copy of each of the Contracts (including all amendments, modifications and other written agreements with respect thereto). Except as set forth on Schedule 5.1(k), neither Seller nor Manager has given
or received any written notice of any breach or default under any of the Material Contracts which has not been cured. To Seller’s Knowledge, the Material Contracts are in full force and effect. 

(l) Management Agreements. Except for the Management Agreement, Seller is not a party to any management, franchise, license,
concession or other agreement for the management or operation of the Hotel. 
 (m) Bookings. Schedule 5.1(m) sets
forth a correct list of all Bookings for the Hotel as of the date of its preparation. Provided that Closing occurs on or before March 18, 2010, Schedule 5.1(m) will not need to be updated. If Closing occurs after March 18, 2010, Schedule
5.1(m) shall be updated to a date that is not earlier than ten (10 Business Days prior to Closing. 
 (n) Insurance.
Schedule 5.1(n) sets forth a true and correct list of the insurance maintained by Seller with respect to the Property. 

(o) Finders and Investment Brokers. Seller has not dealt with any Person who has acted, directly or indirectly, as a broker,
finder, financial adviser or in such other capacity for or on behalf of Seller in connection with the transaction contemplated by this Agreement in a manner which would entitle such Person to any fee or commission in connection with this Agreement
or the transaction contemplated in this Agreement. Seller shall indemnify Purchaser Indemnitees from and against any Losses incurred by Purchaser Indemnitees as a result of any inaccuracy of the representation contained in this Section 5.1(o).
The indemnity in this Section 5.1(o) shall survive Closing or termination of this Agreement and shall not be subject to the limitation set forth in Section 14.3(b) of this Agreement. 

 (p) Foreign Person. Seller is not a “foreign person” for purposes of the
withholding provisions of Section 1445 of the Code. 
 (q) Bankruptcy. Seller has not filed any petition in
bankruptcy or other insolvency proceedings or proceedings for reorganization of Seller or for the appointment of a receiver or trustee for all or any substantial part of the Property, nor has Seller made any assignment for the benefit of its
creditors or filed a petition for an arrangement, or entered into an arrangement with creditors or filed a petition for an arrangement with creditors or otherwise admitted in writing its inability to pay its debt as they become due. 

(r) Taxes. Except as disclosed in Schedule 5.1(r), (i) all Taxes which would be delinquent if unpaid will be paid in
full or prorated at Closing as part of the Prorations pursuant to Section 10.1(a); provided, however, that if any Taxes are payable in installments, such representation and warranty shall apply only to such installments which would be
delinquent if unpaid at Closing, (ii) Seller has not received any written notice for an audit of any Taxes which has not been resolved or completed, and (iii) Seller is not currently contesting any Taxes. 

Section 5.2 LIMITATION ON SELLER’S REPRESENTATIONS AND WARRANTIES. PURCHASER ACKNOWLEDGES AND AGREES THAT, EXCEPT AS
OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT OR ANY CLOSING DOCUMENT, (I) THE PURCHASE OF THE PROPERTY SHALL BE ON AN “AS IS,” “WHERE IS,” “WITH ALL FAULTS BASIS,” SUBJECT TO REASONABLE WEAR AND TEAR FROM THE
DATE OF THIS AGREEMENT UNTIL CLOSING, AND (II) NONE OF SELLER, MANAGER, EMPLOYER OR ANY OF THEIR AFFILIATES, NOR ANY OF THEIR RESPECTIVE SHAREHOLDERS, MEMBERS, PARTNERS, TRUSTEES, DIRECTORS, OFFICERS, MANAGERS, EMPLOYEES, AGENTS OR REPRESENTATIVES,
NOR ANY PERSON PURPORTING TO REPRESENT ANY OF THE FOREGOING, HAVE MADE ANY REPRESENTATION, WARRANTY, GUARANTY, PROMISE, PROJECTION OR PREDICTION WHATSOEVER WITH RESPECT TO THE HOTEL OR ANY ASPECT THEREOF OR THE PROPERTY OR ANY PORTION THEREOF,
WRITTEN OR ORAL, EXPRESS OR IMPLIED, ARISING BY OPERATION OF LAW OR OTHERWISE, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, OR ANY REPRESENTATION OR WARRANTY AS TO (A) THE CONDITION,
QUANTITY, QUALITY, USE, OCCUPANCY OR OPERATION OF THE PROPERTY OR ANY PORTION THEREOF, (B) THE PAST, PRESENT OR FUTURE REVENUES OR EXPENSES WITH RESPECT TO THE HOTEL, (C) THE COMPLIANCE OF THE PROPERTY OR ANY PORTION THEREOF OR THE
OPERATION OF THE HOTEL WITH ANY ZONING REQUIREMENTS, BUILDING CODES OR OTHER APPLICABLE LAW, OR (D) THE ACCURACY OF ANY ENVIRONMENTAL REPORTS OR OTHER INFORMATION SET FORTH IN THE SELLER DUE DILIGENCE MATERIALS PROVIDED TO PURCHASER WHICH WERE
PREPARED FOR OR ON BEHALF OF SELLER. PURCHASER ACKNOWLEDGES AND AGREES THAT PURCHASER IS NOT RELYING ON ANY STATEMENT MADE OR INFORMATION PROVIDED TO PURCHASER BY SELLER, MANAGER, EMPLOYER OR ANY OF THEIR AFFILIATES, OR ANY OF THEIR RESPECTIVE
SHAREHOLDERS, MEMBERS, PARTNERS, TRUSTEES, DIRECTORS, MANAGERS, OFFICERS, EMPLOYEES, AGENTS OR REPRESENTATIVES, OR ANY PERSON PURPORTING TO REPRESENT ANY OF THE FOREGOING, EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES EXPRESSLY MADE BY SELLER IN
THIS AGREEMENT. 

 Section 5.3 Amendment to Representations, Warranties and Schedules.
Notwithstanding anything to the contrary in this Agreement, Seller shall have the right to amend and supplement the representations and warranties contained in Section 5.1 of this Agreement and the schedules to this Agreement from time to time
to the extent Seller did not have Knowledge as of the date of this Agreement of the matter being disclosed in such amendment or supplement or to the extent that facts regarding such matter changed subsequent to the making of the representation and
warranty by providing a written copy of such amendment or supplement to Purchaser. No such amendment or supplement or the subject matter thereof shall be deemed a default by Seller under this Agreement. If such amendment or supplement is delivered
after the expiration of the Due Diligence Period and such amendment or supplement contains a material modification to any representation or warranty contained in Section 5.1, Purchaser may elect, no later than five (5) Business Days after
receipt of Seller’s notice, to proceed to Closing notwithstanding such amendment or supplement or terminate this Agreement. In the event Purchaser elects to terminate this Agreement pursuant to this Section 5.3, Escrow Agent shall refund
the Earnest Money to Purchaser upon Purchaser’s satisfaction of its obligations under Sections 4.1(d), 4.1(e) and 7.1(b). If Purchaser does not make such election, within such five (5) Business Day period, Purchaser shall be deemed to have
elected to proceed to Closing. Seller’s representations and warranties shall be deemed modified by any amendment or supplement delivered in accordance with this Section 5.3. 

Section 5.4 Effect of Purchaser’s Knowledge. 

If Purchaser has Knowledge prior to Closing of a breach of any representation or warranty made by Seller in this Agreement and Purchaser
nevertheless elects to close this transaction, such representation or warranty by Seller with respect to such matter shall be deemed to be modified to reflect such Purchaser’s Knowledge. 

ARTICLE VI. 

PURCHASER’S REPRESENTATIONS AND WARRANTIES 

Section 6.1 Representations and Warranties. To induce Seller to enter into this Agreement and to consummate the transaction
contemplated hereby, Purchaser hereby makes the representations and warranties in this Section 6.1, subject to the limitation in Section 6.2, upon which Purchaser acknowledges and agrees that Seller is entitled to rely. 

(a) Organization and Power. Purchaser is duly organized, validly existing and in good standing under the laws of the State of
Delaware, and has all requisite power and authority to own, lease and operate its properties and to carry on its business as now being conducted. 

(b) Authority and Binding Obligation. (i) Purchaser has full power and authority to execute and deliver this Agreement and
all documents now or hereafter to be executed and delivered by Purchaser under this Agreement, and to perform all obligations arising under this 

 
Agreement and such other documents, (ii) the execution by the undersigned on behalf of Purchaser, and the delivery and performance of this Agreement by Purchaser has been duly and validly
authorized by all necessary action on the part of Purchaser, and (iii) this Agreement and such other documents now or hereafter to be executed and delivered by Purchaser under this Agreement, when executed and delivered, will each constitute
the legal, valid and binding obligations of Purchaser enforceable against Purchaser in accordance with its terms, except to the extent Seller itself is in default hereunder. 

(c) Consents and Approvals; No Conflicts. Subject to the recordation of certain of the Closing Documents, as appropriate, and the
approval of any appropriate Governmental Authority in connection with the transfer of the Licenses and Permits, (i) No filing with, and no permit, authorization, consent or approval of, any Governmental Authority or other Person is necessary
for the consummation by Purchaser of its obligations under this Agreement, and (ii) neither the execution and delivery of this Agreement by Purchaser, nor the consummation by Purchaser of the transaction contemplated under this Agreement, nor
compliance by Purchaser with any of the terms of this Agreement will: (A) violate any provision of the organizational or governing documents of Purchaser; (B) violate any Applicable Law to which Purchaser is subject; or (C) result in
a violation or breach of or constitute a default under any material contract, agreement or other instrument or obligation to which Purchaser is a party or by which any of Purchaser’s properties are subject. 

(d) Finders and Investment Brokers. Purchaser has not dealt with any Person who has acted, directly or indirectly, as a broker,
finder, financial adviser or in such other capacity for or on behalf of Purchaser in connection with the transaction contemplated by this Agreement in any manner which would entitle such Person to any fee or commission in connection with this
Agreement or the transaction contemplated in this Agreement. Purchaser shall indemnify Seller Indemnitees from and against any Losses incurred by Seller Indemnitees as a result of any inaccuracy of the representation contained in this
Section 6.1(d). The indemnity in this Section 6.1(d) shall survive Closing or termination of this Agreement. 

Section 6.2 Effect of Seller’s Knowledge. If Seller has Knowledge prior to Closing of a breach of any representation or
warranty made by Purchaser in this Agreement and Seller nevertheless elects to close this transaction described in this Agreement, such representation or warranty by Purchaser with respect to such matter shall be deemed to be qualified or modified
to reflect such Seller’s Knowledge. 
 ARTICLE VII. 

COVENANTS 

Section 7.1 Confidentiality; Exclusivity. 

(a) Disclosure of Confidential Information; Public Announcements. Purchaser shall keep confidential and not make any public
announcement or disclose to any Person the existence or any terms of this Agreement, any information disclosed by the Inspections or in the Seller Due Diligence Materials or Purchaser Due Diligence Reports, and any other documents, materials, data
or other information with respect to the Hotel which is not generally known to the public 

 
(the “Confidential Information”); provided, however, that Purchaser shall be permitted to (i) disclose any Confidential Information to the extent required by court order or
under Applicable Law, (ii) make a public announcement regarding the transaction contemplated in this Agreement after the expiration of the Due Diligence Period (except to the extent that Purchaser is required to make a public announcement under
Applicable Law), provided that Seller shall approve the form and substance of any such public announcement, which approval shall not be unreasonably withheld, conditioned or delayed, or (iii) disclose any Confidential Information to any Person
on a “need-to-know” basis, such as their respective directors, officers, partners, members, employees, attorneys, accountants, engineers, surveyors, consultants, lenders, investors, managers, franchisors and such other Persons whose
assistance is required to consummate the transactions contemplated in this Agreement; provided, however, that Purchaser shall (a) advise such Person of the confidential nature of such Confidential Information, and (b) use commercially
reasonable efforts to cause such Person to maintain the confidentiality of such information. This Section 7.1(a) shall survive the termination of this Agreement, but not Closing. 

(b) Return of Seller Due Diligence Materials. If this Agreement is terminated, (i) Purchaser promptly shall return all
original Seller Due Diligence Materials provided by Seller to Purchaser or certify to Seller in writing that Purchaser has destroyed such materials, (ii) Purchaser shall destroy all copies and other reproductions made of any Seller Due
Diligence Materials and certify to Seller in writing that Purchaser has completed such destruction, and (iii) upon Seller’s request, Purchaser shall promptly deliver to Seller copies of all final third-party reports prepared by or for
Purchaser in connection with the Inspections (other than any internal studies, reports and assessments or other privileged information prepared by any of Purchaser’s employees, attorneys, investors, bankers or accountants). This
Section 7.1(b) shall survive termination of this Agreement. 
 (c) Communication with Employees. Purchaser shall
not, through its employees, agents, representatives or any other Person, directly or indirectly, initiate or pursue any communication with any Employees or any Person representing any Employees involving any matter with respect to the Hotel, the
Employees or this Agreement, other than Philip Stamm, the Hotel’s general manager, without Seller’s prior written consent, which may be withheld, in Seller’s sole discretion, unless such communication is arranged by Seller. If
Purchaser breaches its covenants in this Section 7.1(c), Seller shall have the right to terminate this Agreement, in which case Escrow Agent shall refund the Earnest Money to Purchaser upon Purchaser’s satisfaction of its obligations under
Sections 4.1(d), 4.1(e) and 7.1(b), and Seller and Purchaser shall have no further rights or obligations under this Agreement, except those which expressly survive such termination. 

Section 7.2 Operation of the Hotel Prior to Closing. 

(a) Operation in Ordinary Course of Business. From the expiration of the Due Diligence Period until the Closing or earlier
termination of this Agreement, Seller shall operate the Hotel in the Ordinary Course of Business, including, without limitation, (i) maintaining all existing insurance coverages as set forth in Schedule 5.1(n), (ii) maintaining the
inventories of Supplies, F&B and Retail Merchandise in the Ordinary Course of Business, and (iii) performing maintenance and repairs for the Real Property and tangible Personal Property in the Ordinary Course of Business; provided, however,
that Seller shall be permitted to inform vendors, guests or prospective guests of the Hotel of the impending sale of the Hotel. 

 (b) Contracts. From the expiration of the Due Diligence Period until the Closing or
earlier termination of this Agreement, Seller shall not (i) amend, modify, extend, renew or terminate any existing Contracts unless in accordance with their existing terms (other than those identified as “Terminated Contracts” on
Schedule 5.1(k)) Tenant Leases or Licenses and Permits, in each case without Purchaser’s prior written consent which shall not be unreasonably withheld, conditioned or delayed, except in the Ordinary Course of Business, nor
(ii) enter into any new Tenant Leases or Contracts, unless such new Tenant Leases or Contracts are terminable by Purchaser in accordance with their terms, without any termination fee, upon not more than thirty (30) days notice. 

 Section 7.3 Licenses and Permits. Purchaser shall be responsible for obtaining
the transfer of all Licenses and Permits (to the extent transferable) or the issuance of new licenses and permits, including, without limitation, the licenses and permits required for the sale and service of alcoholic beverages at the Hotel (the
“Liquor License”). Purchaser, at its cost and expense, shall submit all necessary applications and other materials to the appropriate Governmental Authority and take such other actions to effect the transfer of Licenses and Permits
or issuance of new licenses and permits, including, without limitation, the Liquor License, as of the Closing, and Seller shall use commercially reasonable efforts (at no cost or expense to Seller other than any de minimis cost or expense or any
cost or expense which Purchaser agrees in writing to reimburse) to cooperate with Purchaser to cause the Licenses and Permits to be transferred or new licenses and permits to be issued to Purchaser. Notwithstanding anything to the contrary in this
Section 7.3, Purchaser shall not post any notices at the Hotel or publish any notices required for the transfer of the Licenses and Permits or issuance of new licenses and permits, including, without limitation, the Liquor License, prior to the
expiration of the Due Diligence Period. 
 Section 7.4 Employees. Subject to the terms of the Hotel Management
Agreement governing the employment of Employees, a sufficient number of Employees shall continue to be employed by Manager or its Affiliate pursuant to the Hotel Management Agreement so that no notices are required, nor shall be given, under the
Worker Adjustment and Retraining Act, 29 U.S.C. §2101 et seq., or similar state or local law. 

Section 7.5 Bookings. Purchaser shall assume and honor all Bookings for any period on or after the
Prorations Date, including, without limitation, any Bookings by any Person in redemption of any benefits accrued under the Gold
Passport® Program, any Bookings under any special promotions, employee Bookings, pre-paid Bookings or Bookings
for which a deposit was made and for which Purchaser received a credit on the Prorations Date. Purchaser shall be responsible for any and all refunds associated with any of the foregoing. Seller shall promptly reimburse Purchaser for any room nights
redeemed by any Person pursuant to the Gold Passport® Program on or after the Prorations Date in accordance with
the terms for such reimbursement as provided in the Gold Passport® Program and shall promptly reimburse
Purchaser for any payments for any Bookings paid for with gift certificates of Seller or any of its Affiliates. This Section 7.5 shall survive the Closing. 

Section 7.6 Tax Contests. 

(a) Taxable Period Terminating Prior to Closing Date. Seller shall retain the right to commence, continue and settle any proceeding
to contest any Taxes for any taxable period which terminates prior to the Closing Date, and shall be entitled to any refunds or abatements of Taxes awarded in such proceedings. 

(b) Taxable Period Including the Closing Date. Seller shall have the right to commence, continue and settle any proceeding to
contest any Taxes for any taxable period which includes the Closing Date. Notwithstanding the foregoing, if Purchaser desires to contest any Taxes for such taxable period and Seller has not commenced any proceeding to contest any such Taxes for such
taxable period, Purchaser shall provide written notice requesting that Seller contest such Taxes. If Seller desires to contest such Taxes, Seller shall provide written notice to 

 
Purchaser within twenty (20) days after receipt of Purchaser’s request confirming that Seller will contest such Taxes, in which case Seller shall proceed to contest such Taxes, and
Purchaser shall not have the right to contest such Taxes. If Seller fails to provide such written notice confirming that Seller will contest such Taxes within such twenty (20) day period, Purchaser shall have the right to contest such Taxes.
Any refunds or abatements awarded in such proceedings shall be used first to reimburse the Party contesting such Taxes for the reasonable costs and expenses incurred by such Party in contesting such Taxes, and the remainder of such refunds or
abatements shall be prorated between Seller and Purchaser as of the Cut-Off Time, and the Party receiving such refunds or abatements promptly shall pay such prorated amount due to the other Party. 

(c) Taxable Period Commencing On or After Closing Date. Purchaser shall have the right to commence, continue and settle any
proceedings to contest Taxes for any taxable period which commences on or after the Closing Date, and shall be entitled to any refunds or abatements of Taxes awarded in such proceedings. 

(d) Cooperation. Seller and Purchaser shall use commercially reasonable efforts to cooperate with the Party contesting the Taxes
(at no cost or expense to the Party not contesting the Taxes other than any de minimis cost or expense or any cost or expense which the requesting Party agrees in writing to reimburse) and to execute and deliver any documents and instruments
reasonably requested by the Party contesting the Taxes in furtherance of the contest of such Taxes. 
 (e) Survival. The
provisions of this Section 7.6 shall survive the Closing. 
 Section 7.7 Notices and Filings. Seller shall have
the right, at its sole cost and expense, to send an announcement to all guests and customers at the Hotel as of the Closing and all Persons who have Bookings at the Hotel as of the Closing, in form and substance reasonably acceptable to Purchaser,
informing such Persons of the change in ownership and operation of the Hotel to Purchaser. Seller and Purchaser shall use commercially reasonable efforts to cooperate with each other (at no cost or expense to the Party whose cooperation is
requested, other than any de minimis cost or expense or any cost or expense which the requesting Party agrees in writing to reimburse) to provide written notice to any Person under any Tenant Leases, Contracts, Licenses and Permits, and to effect
any registrations or filings with any Governmental Authority or other Person, regarding the change in ownership or operation of the Hotel. This Section 7.7 shall survive the Closing. 

Section 7.8 Access to Information. After the Closing, Purchaser shall provide reasonable access to the officers, employees,
agents and representatives of any Seller Indemnitees to (i) Purchaser’s books and records for the Hotel for any purpose deemed necessary or advisable by Seller, including, without limitation, to facilitate the preparation of any documents
required to be filed by Seller under Applicable Law or the resolution of any audit, litigation or other proceeding, claim or charge made by any Person or insurance claim involving Seller or any of its Affiliates, (ii) the Property to conduct
any examinations, tests, investigations or studies of the Property (provided, however, that Seller shall not conduct any invasive examinations, tests, investigations or studies of the Property, without obtaining Purchaser’s prior written
consent, which may be withheld in Purchaser’s sole discretion), and (iii) the employees 

 
of Purchaser (or Purchaser’s manager) whose assistance or testimony is deemed necessary or advisable by Seller to assist Seller in evaluating or defending any audit, litigation or other
proceeding, claim or charge made by any Person or insurance claim involving any Seller Indemnitees; provided, however, that (A) such Seller Indemnitees shall provide reasonable prior notice to Purchaser; (B) Purchaser shall not be required
to provide such access during non-business hours; (C) Purchaser shall have the right to accompany the officer, employees, agents or representatives of such Seller Indemnitees in providing access to its books and records, the Property or the
employees of Purchaser (or Purchaser’s manager) as provided in this Section 7.8; Seller shall defend, indemnify and hold harmless the Purchaser Indemnitees in accordance with Article XIV from and against any Loss incurred by any Purchaser
Indemnitees arising from any examinations, tests, investigations or studies of the Property conducted by Seller, its employees, agents or representatives pursuant to this Section 7.8 and such indemnity shall not be subject to the limitation set
forth in Section 14.3(b) of this Agreement. Purchaser, at its cost and expense, shall retain all books and records with respect to the Hotel for a period of seven (7) years after the Closing. This Section 7.8 shall survive the
Closing. 
 Section 7.9 Further Assurances. From the date of this Agreement until the Closing or termination of this
Agreement, Seller and Purchaser shall use commercially reasonable efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable to consummate the transaction contemplated in this
Agreement, including, without limitation, (i) obtaining all necessary consents, approvals and authorizations required to be obtained from any Governmental Authority or other Person under this Agreement or Applicable Law, and (ii) effecting
all registrations and filings required under this Agreement or Applicable Law. After the Closing, Seller and Purchaser shall use commercially reasonable efforts (at no cost or expense to such Party, other than any de minimis cost or expense or any
cost or expense which the requesting Party agrees in writing to reimburse) to further effect the transaction contemplated in this Agreement. This Section 7.9 shall survive the Closing. 

Section 7.10 Intentionally Deleted. 

ARTICLE VIII. 

CONDITIONS PRECEDENT 

Section 8.1 Conditions Precedent to the Obligations of Both Seller and Purchaser. The respective obligations of Seller and
Purchaser to close the transaction contemplated under this Agreement are subject to the satisfaction at or prior to the Closing Date of the following conditions precedent (the “Mutual Closing Conditions”): 

(a) No litigation or other court action shall be pending seeking to obtain an injunction or other relief from such court to enjoin the
consummation of the transaction described in this Agreement, and no preliminary or permanent injunction or other order, decree or ruling shall have been issued by a court of competent jurisdiction or by any Governmental Authority, that would make
illegal or invalid or otherwise prevent the consummation of the transaction described in this Agreement (if any such litigation or action is pending, or any such injunction has been issued, the Closing Date shall be extended, for a period not to
exceed thirty (30) days, while the Seller may, at its election, endeavor to get such litigation or action dismissed or such injunction lifted); 

 (b) No Applicable Law shall have been enacted (or passed which upon enactment), would make
illegal or invalid or otherwise prevent the consummation of the transaction contemplated under this Agreement; and 
 (c) The
parties shall have executed a hotel management agreement in the form attached hereto as Exhibit F (the “Hotel Management Agreement”) for the continued management of the Hotel by Manager subsequent to Closing. 

Section 8.2 Additional Conditions to Purchaser’s Obligations. In addition to the Mutual Closing Conditions,
Purchaser’s obligations to close the transactions contemplated under this Agreement also are subject to the satisfaction at or prior to Closing of the following conditions precedent (the “Purchaser Closing Conditions”):

 (a) Seller’s Deliveries. Seller shall have delivered to Purchaser or deposited with Escrow Agent in the Closing
Escrow for the benefit of Purchaser, all of the Closing Documents and other items set forth in Section 9.3. 
 (b)
Representations and Warranties. Each of Seller’s representations and warranties made in this Agreement (as the same may be updated pursuant to Section 5.3) shall be true and correct in all material respects as of the Closing (unless
such representation or warranty is made expressly as of another date). 
 (c) Covenants and Obligations. Seller shall
have performed in all material respects all of its covenants and obligations under this Agreement. 
 (d) Title Policy.
The Title Company shall have committed to issue an owner’s title insurance policy to Purchaser (which may be in the form of a mark-up of the Title Commitment) in accordance with the Title Commitment, insuring Purchaser’s interest in the
Real Property as of the Closing Date, with gap coverage from the Closing through the date of recording, with extended coverage (deleting the general or standard exceptions) in the Title Commitment, subject only to the Permitted Exceptions (the
“Title Policy”). 
 (e) Management Agreement. Seller shall have terminated the Management Agreement with
Manager as of the Closing at its sole cost and expense. 
 The Purchaser Closing Conditions are for the benefit of Purchaser,
and Purchaser shall have the right to waive any of the Purchaser Closing Conditions at or prior to Closing. 
 Section 8.3
Additional Conditions to Seller’s Obligations. In addition to the Mutual Closing Conditions, Seller’s obligations to close the transactions contemplated under this Agreement are subject to the satisfaction at or prior to Closing of
the following conditions precedent (the “Seller Closing Conditions”): 
 (a) Receipt of the Purchase
Price. Purchaser shall have (i) paid to Seller pursuant to Section 3.4 or deposited with Escrow Agent, with written direction to disburse the same to Seller, the Purchase Price (as adjusted pursuant to Section 3.1), and
(ii) delivered written direction to Escrow Agent to disburse the Earnest Money to Seller. 

 (b) Purchaser’s Deliveries. Purchaser shall have delivered to Seller or
deposited with Escrow Agent in the Closing Escrow for the benefit of Seller, all of the Closing Documents and other items set forth in Section 9.4. 

(c) Representations and Warranties. Each of the representations and warranties of Purchaser made in this Agreement shall be true
and correct in all material respects as of the Closing (unless such representation or warranty is made expressly as of another date). 

(d) Covenants and Obligations. Purchaser shall have performed in all material respects all of its covenants and obligations under
this Agreement. 
 (e) Intentionally Deleted. 

The Seller Closing Conditions are for the benefit of Seller, and Seller shall have the right to waive any of the Seller Closing
Conditions at or prior to Closing. 

 Section 8.4 Frustration of Closing Conditions. Seller and Purchaser may not rely
on the failure of the Seller Closing Conditions or Purchaser Closing Conditions, respectively, if such failure was caused by such Party’s failure to act in good faith or to use its commercially reasonable efforts to cause the Closing to occur.

 ARTICLE IX. 

CLOSING 

Section 9.1 Closing Date. The closing of the transaction contemplated under this Agreement (the “Closing”)
shall occur on the date that is thirty (30) days after the expiration of the Due Diligence Period, or such other date as agreed to in writing between Seller and Purchaser (the date on which the Closing occurs is referred to herein as the
“Closing Date”), and shall be effected through the Closing Escrow pursuant to the Closing Escrow Agreement as provided in Section 9.2 at the offices of Seller’s counsel or such other place as agreed to in writing between
Seller and Purchaser. 
 Section 9.2 Closing Escrow. The Closing shall take place by means of a so-called “New
York-style” escrow (the “Closing Escrow”). On or prior to the Closing Date, Seller and Purchaser shall provide a letter of joint closing instructions to the Escrow Agent with respect to the Closing in form and substance
reasonably acceptable to Seller, Purchaser (the “Closing Escrow Agreement”) pursuant to which (i) all of the documents required to be delivered by Seller and Purchaser pursuant to this Agreement (the “Closing
Documents”) shall be deposited with Escrow Agent; (ii) the Purchase Price to be paid by Purchaser pursuant to Section 3.4 shall be deposited with Escrow Agent, and (iii) at Closing, the Closing Documents shall be delivered to
Seller and Purchaser (as the case may be) and the Purchase Price (as adjusted by Section 3.1) shall be disbursed to Seller pursuant to the Closing Escrow Agreement. 

Section 9.3 Seller’s Deliveries. At the Closing, Seller shall deliver or cause to be delivered to Purchaser or deposited
with Escrow Agent in the Closing Escrow for the benefit of Purchaser all of the (i) documents, each of which shall have been duly executed by Seller and acknowledged (if required), and (ii) other items, set forth in this Section 9.3,
as follows: 
 (a) A certificate re-making the representations and warranties set forth in Section 5.1 as of the Closing
Date, subject to the limitations contained in Sections 5.2, 5.3 and 5.4. 
 (b) A quitclaim deed in the form of Exhibit
B, conveying the Real Property to Purchaser or its designee, subject only to the Permitted Exceptions; 
 (c) A Bill of Sale
in the form of Exhibit C, transferring the FF&E, Supplies, Attic Stock, F&B, Retail Merchandise, Plans and Specifications and those portions of the Accounts Receivable for which the Seller receives a credit pursuant to Sections
10.2(a) and 10.2(b) of this Agreement, to Purchaser or its designee, free and clear of all liens and encumbrances; 
 (d) An
Assignment and Assumption of Tenant Leases and Contracts in the form of Exhibit D, assigning the Tenant Leases and Contracts to Purchaser, with the assumption by Purchaser or its designee of the liabilities and obligations thereunder from and
after the Closing Date; 

 (e) A General Assignment and Assumption Agreement in the form of Exhibit E, assigning
the Licenses and Permits, Intangible Property and Bookings, with the assumption by Purchaser or its designee of the liabilities and obligations thereunder from and after the Closing Date, as well as an assumption by Purchaser or its designee of any
obligations with respect to which Purchaser received a credit at the Closing; 
 (f) A written agreement between Seller and
Manager terminating the Management Agreement and all of Manager’s rights and obligations thereunder to manage or operate the Hotel from and after the Closing Date; 

(g) A certificate or registration of title for any owned vehicle included in the Property, duly executed by Seller, conveying such
vehicle to Purchaser or its designee; 
 (h) Such customary agreements, affidavits or other documents as may be reasonably
required by the Title Company from the Seller to issue the Title Policy (provided that nothing herein obligates Seller to provide any indemnifications to the Title Company); 

(i) Any required real estate transfer tax declaration or similar documents required in connection with any tax imposed by any
Governmental Authority in connection with the transaction contemplated hereunder; 
 (j) A FIRPTA affidavit in the form set
forth in the regulations under Section 1445 of the Code; 
 (k) To the extent not previously delivered to Purchaser, all
originals (or copies if originals are not available) of the Tenant Leases, Contracts, Licenses and Permits, Bookings, Plans and Specifications, keys and lock combinations in Seller’s Possession, which shall be located at the Hotel on the
Closing Date and deemed to be delivered to Purchaser upon delivery of possession of the Hotel; 
 (l) The Settlement Statement
prepared pursuant to Section 11.1; 
 (m) Hotel Management Agreement executed by Manager; and 

(n) Such other documents and instruments as may be reasonably requested by Purchaser in order to consummate or better effectuate the
transaction contemplated in this Agreement. 
 Section 9.4 Purchaser’s Deliveries. At the Closing, Purchaser
shall deliver or cause to be delivered to Seller or deposited with Title Company in the Closing Escrow for the benefit of Seller all of the (i) documents, each of which shall have been duly executed by Purchaser and acknowledged (if required),
and (ii) other items, set forth in this Section 9.4, as follows: 
 (a) A certificate re-making the representations
and warranties set forth in Section 6.1 as of the Closing Date, subject to the limitations contained in Section 6.2. 

(b) The Purchase Price (as adjusted pursuant to Section 3.1) to be paid by Purchaser pursuant to Section 3.4. 

 (c) A letter of direction to Escrow Agent directing Escrow Agent to disburse the Earnest
Money to Seller; and 
 (d) A counterpart of each of the documents and instruments to be delivered by Seller under
Section 9.3 which require execution by Purchaser; 
 (e) Hotel Management Agreement executed by Purchaser; and 

(f) Such other documents and instruments as may be reasonably requested by Seller or the Title Company in order to consummate or better
effectuate the transaction contemplated in this Agreement. 
 Section 9.5 Possession. Seller shall deliver the
Property and possession of the Hotel to Purchaser upon the Closing, subject to the Permitted Exceptions. 
 ARTICLE X.

 PRORATIONS; ACCOUNTS RECEIVABLE; TRANSACTION COSTS 

Section 10.1 Prorations. Except as may otherwise be provided below, the items of revenue and expense with respect to the
Hotel set forth in this Section 10.1 shall be prorated between Seller and Purchaser (the “Prorations”), using a 365 day year, as of 11:59 p.m. (Eastern Time) on the day preceding the Prorations Date, or such other time
expressly provided in this Section 10.1 (the “Cut-Off Time”), so that the Prorations Date is a day of income and expense for Purchaser. Seller shall separately reimburse Purchaser at Closing for any items of expense in this
Section 10.1 to the extent the same are accrued or due and payable but unpaid as of the Cut-Off Time, and Purchaser shall separately reimburse Seller at Closing for any of the items of expense in this Section 10.1 which have been paid
prior to or at the Closing or will be paid by Seller after the Closing to the extent such payment relates to any period of time after the Cut-Off Time. 

(a) Taxes. All Taxes shall be prorated as of the Cut-Off Time between Purchaser and Seller. If the amount of any such Taxes is not
ascertainable on the Closing Date, the proration for such Taxes shall be based on the most recent available bill; provided, however, that after the Closing, Seller and Purchaser shall reprorate the Taxes and pay any deficiency in the original
proration to the other Party promptly upon receipt of the actual bill for the relevant taxable period. The obligations under this Section 10.1(a) shall survive the Closing. 

(b) Tenant Leases. Any rents and other amounts prepaid, accrued or due and payable under the Tenant Leases shall be prorated as of
the Cut-Off Time between Purchaser and Seller. Purchaser shall receive a credit for all security deposits held by Seller under the Tenant Leases which are transferred to Purchaser, and Purchaser thereafter shall be obligated to refund or apply such
deposits in accordance with the terms of such Tenant Leases. 
 (c) Contracts. Any amounts prepaid, accrued or due and
payable under the Contracts (other than for utilities which proration is addressed separately in this Section 10.1(e)) shall be prorated as of the Cut-Off Time between Seller and Purchaser with Seller being credited for amounts prepaid and
Purchaser being credited for amounts accrued and unpaid. Purchaser shall 

 
receive a credit for all deposits held by Seller under the Contracts which are not transferred to Purchaser, and Purchaser thereafter shall be obligated to refund or apply such deposits in
accordance with the terms of such Contracts. Seller shall receive a credit for all deposits made by Seller under the Contracts which are transferred to Purchaser or remain on deposit for the benefit of Purchaser. 

(d) Licenses and Permits. All amounts prepaid, accrued or due and payable under any Licenses and Permits (other than utilities
which are separately prorated under Section 10.1(e)) transferred to Purchaser shall be prorated as of the Cut-Off Time between Seller and Purchaser. Seller shall receive a credit for all deposits made by Seller under the Permits which are
transferred to Purchaser or which remain on deposit for the benefit of Purchaser. 
 (e) Utilities. All utility services
shall be prorated as of the Cut-Off Time between Purchaser and Seller. To the extent possible, readings shall be obtained for all utilities as of the Cut-Off Time. If not possible, the cost of such utilities shall be prorated between Seller and
Purchaser by estimating such cost on the basis of the most recent bill for such service; provided, however, that after the Closing, Seller and Purchaser shall reprorate the amount for such utilities and pay any deficiency in the original proration
to the other Party promptly upon receipt of the actual bill for the relevant billing period. Seller shall receive a credit for all fuel stored at the Hotel based on Seller’s cost for such fuel. Seller shall receive a credit for all deposits
transferred to Purchaser or which remain on deposit for the benefit of Purchaser with respect to such utility contracts, otherwise such deposits shall be refunded to Seller. The reproration obligation in this Section 10.1(e) shall survive the
Closing. 
 (f) Compensation. All Compensation due to Employees shall be prorated as of the Cut-Off Time, other than
Accrued and Earned Vacation Pay, which shall be addressed in accordance with Section 10.1(g) below. 
 (g) Accrued and
Earned Vacation. Purchaser shall receive a credit in an amount equal to one hundred percent (100%) of the Accrued and Earned Vacation Pay for any Employees that are to be employed by the Hotel Manager or its Affiliate pursuant to the Hotel
Management Agreement. 
 (h) Deposits for Bookings. Purchaser shall receive a credit for all prepaid deposits for
Bookings scheduled for accommodations or events on or after the Prorations Date which Purchaser is obligated to honor pursuant to this Agreement, except to the extent such deposits are transferred to Purchaser. 

(i) Property Held for Sale at the Hotel. Seller shall receive a credit for all Retail Merchandise and unopened items of F&B
based on Seller’s cost for such items. To the extent Seller is not permitted by Applicable Law to sell any alcoholic beverage inventories, Seller shall be permitted to remove such items from the Property prior to the Closing without a reduction
in the Purchase Price. 
 (j) Restaurants, Bars and Banquets. Seller shall close out the transactions in the restaurants
and bars and any banquets in the Hotels that remain open after Cut-Off Time as of such time as such facilities are closed on the Prorations Date and retain all monies collected as of such closing, and Purchaser shall be entitled to any monies
collected from the restaurants and bars and any banquets thereafter. 

 (k) Vending Machines. Seller shall remove all monies from all vending machines,
laundry machines, pay telephones and other coin-operated equipment as of the Cut-Off Time and shall retain all monies collected therefrom as of the Cut-Off Time, and Purchaser shall be entitled to any monies collected therefrom after the Cut-Off
Time. 
 (l) Trade Payables. Except to the extent an adjustment or proration is made under another subsection of this
Section 10.1, (i) Seller shall pay in full prior to the Closing all amounts payable to vendors or other suppliers of goods or services to the Hotel (the “Trade Payables”) which are due and payable as of the Prorations Date
for which goods or services have been delivered to the Hotel prior to Prorations Date, and (ii) Purchaser shall receive a credit for the amount of such Trade Payables which have accrued, but are not yet due and payable as of the Prorations
Date, and Purchaser shall pay all such Trade Payables accrued as of the Prorations Date when such Trade Payables become due and payable up to the amount of such credit; provided, however, Seller and Purchaser shall reprorate the amount of credit for
any Trade Payables and pay any deficiency in the original proration to the other Party promptly upon receipt of the actual bill for such goods or services. Seller shall receive a credit for all advance payments or deposits made with respect to
FF&E, Supplies, Attic Stock, F&B and Retail Merchandise, which has been ordered, but not delivered to the Hotel prior to the Prorations Date and Purchaser shall pay the amounts which become due and payable for such FF&E, Supplies, Attic
Stock, F&B and Retail Merchandise which were ordered prior to Closing. The reproration obligation in this Section 10.1(l) shall survive the Closing. 

(m) Cash. Seller shall receive a credit for all cash on hand or on deposit in any house bank at the Hotel at the Prorations Date,
which shall be transferred to Purchaser. 
 (n) Attic Stock and Supplies. Subject to Section 11.1 of this Agreement,
Seller shall receive a credit for all Attic Stock and all unopened Supplies at the Hotel at the Prorations Date, based on Seller’s cost for such items. 

(o) 2010 Capital Expenditures. Seller shall receive a credit for all 2010 Capital Expenditures paid by Seller pursuant to the
Property Improvement Plan set forth on Schedule 10.1(o). 
 (p) Other Adjustments and Prorations. All other items of
income and expense as are customarily adjusted or prorated upon the sale and purchase of a hotel property similar to the Hotel shall be adjusted and prorated between Seller and Purchaser accordingly as of the Prorations Date. 

No post-Closing reprorations or adjustments as between Seller and Purchaser in accordance with this Section 10.1 shall be subject to the limitation
of Section 14.3(b) of this Agreement. 
 Section 10.2 Accounts Receivable. 

(a) Guest Ledger. At Closing, Seller shall receive a credit in an amount equal to: (i) all amounts charged to the Guest Ledger
for all room nights up to (but not including) the night 

 
during which the Cut-Off Time occurs, and (ii) one-half (1/2) of all amounts charged to the Guest Ledger for the room night which includes the Cut-Off Time net of any fees and
commissions retained by credit card companies and occupancy or sales tax due with respect thereto (other than any restaurant or bar charges for such room night, which are otherwise prorated under Section 10.1(j)), and Purchaser shall be
entitled to retain all deposits made and amounts collected for such Guest Ledger. 
 (b) Accounts Receivable (Other than
Guest Ledger). Seller shall receive a credit as of the Prorations Date for, and Purchaser shall purchase from Seller, all Accounts Receivable (other than the Guest Ledger) that are less than one hundred twenty (120) days past due.
Such credit shall equal the amount of the Accounts Receivable, less (i) credit card charges, travel company charges and similar commissions and (ii) on all accounts receivable other than credit card receivables, a discount for
uncollectible amounts based on the Hotel’s historic reserve for uncollectible amounts for receivables that are less than one hundred twenty (120) days past due. Accounts Receivable that are past due for one hundred twenty (120) days
or more are referred to as “Older Accounts Receivable”. Purchaser shall not be entitled to any amounts collected for Older Accounts Receivable. Purchaser shall cooperate with Seller in collecting the Older Accounts Receivable, at no cost
or expense to Purchaser other than any de minimis cost and expense or any cost or expense which Seller agrees in writing to reimburse. If any Older Accounts Receivable are paid to Purchaser after the Closing, Purchaser shall pay to Seller the
amounts received by Purchaser within ten (10) days after receipt of such amounts, without any commission or deduction for Purchaser 

Section 10.3 Transaction Costs. 

(a) Seller’s Transaction Costs. In addition to the other costs and expenses to be paid by Seller set forth elsewhere in this
Agreement, Seller shall pay for the following costs in connection with this transaction: (i) the fees and expenses of its own attorneys and accountants; (ii) the fees and expenses of removing any Unpermitted Exceptions which Seller elects
to remove pursuant to Section 4.2(d); (iii) the commission due to Broker, if any; and (iv) one-half of the fees and expenses for the Escrow Agent. 

(b) Purchaser’s Transaction Costs. In addition to the other costs and expenses to be paid by Purchaser set forth elsewhere in
this Agreement, Purchaser shall pay for the following costs in connection with this transaction: (i) the fees and expenses of its own attorneys and accountants; (ii) the fees and expenses incurred by Purchaser for Purchaser’s
Inspectors or otherwise in connection with the Inspections; (iii) the cost and expense of the Title Commitment, the standard premium for the Title Policy (including extended coverage over the general exceptions) and the cost of any endorsements
to the Title Policy (other than extended coverage over the general exceptions); (iv) the cost of the updated Survey; (v) all transfer taxes due and payable in connection with the conveyance of the Real Property from Seller to Purchaser;
(vi)any recording charges payable in connection with the conveyance of the Real Property; (vii) any mortgage tax, title insurance fees and expenses for any loan title insurance policies, recording charges or other amounts payable in connection
with any financing obtained by Purchaser; and (viii) one-half of the fees and expenses for the Escrow Agent. 

 (c) Other Transaction Costs. All other fees, costs and expenses not expressly
addressed in this Section 10.3 or elsewhere in this Agreement shall be allocated between Seller and Purchaser in accordance with applicable local custom for similar transactions. 

ARTICLE XI. 

TRANSITION PROCEDURES 

Section 11.1 Settlement Statement. On the day prior to Closing, Seller and Purchaser, through their respective employees,
agents or representatives, jointly shall make such examinations, audits and inventories of the Hotel as may be necessary to make the adjustments and Prorations to the Purchase Price as set forth in Sections 10.1 and 10.2 or any other provisions of
this Agreement. Based upon such examinations, audits and inventories, Seller and Purchaser jointly shall prepare prior to Closing a settlement statement (the “Settlement Statement”), which shall set forth Seller’s and
Purchaser’s best estimate of the amounts of the items to be adjusted and prorated under this Agreement. The Settlement Statement shall be approved and executed by Seller and Purchaser at Closing, and shall be binding and conclusive on Seller
and Purchaser with respect to the items set forth in the Settlement Statement. If, at any time within ninety (90) days after the Closing Date, either Seller or Purchaser discovers any items which should have been included in the Settlement
Statement but were omitted therefrom or items which were incorrectly adjusted or prorated therein, such items shall be adjusted and prorated in the same manner as if their existence or such error had been known at the time of the preparation of the
Settlement Statement, and the Party in whose favor such original error or omission was made shall refund such difference to the other Party promptly after the original error or omission is discovered. Purchaser shall give Seller access to
Purchaser’s books and records from and after the Closing Date for the purpose of making the adjustments contemplated by this Section 11.1. This Section 11.1 shall survive the Closing. 

Section 11.2 Safe Deposit Boxes. Prior to the Closing, Seller shall notify all guests or customers who are then using a safe
deposit box at the Hotel advising them of the pending change in ownership and operation of the Hotel and requesting them to conduct an inventory and verify the contents of such safe deposit box. All inventories by such guests or customers shall be
conducted under the joint supervision of representatives of Seller and Purchaser. Upon such inventory and verification, Seller shall deliver to Purchaser all keys, receipts and agreements for such safe deposit box (and thereafter such safe deposit
box shall deemed an “Inventoried Safe Deposit Box”). If the Closing does not occur on the Closing Date for any reason whatsoever, Purchaser immediately shall return all keys, receipts and agreements to Seller for such Inventoried
Safe Deposit Boxes. Upon Closing, Seller shall deliver to Purchaser all keys in Seller’s Possession for all safe deposit boxes not then in use, and a list of all safe deposit boxes which are then in use, but not yet inventoried by the depositor
(the “Non-Inventoried Safe Deposit Boxes”), with the name and room number of such depositor. After the Closing, Seller and Purchaser shall make appropriate arrangements for guests and customers at the Hotel to inventory and verify
the contests of the Non-Inventoried Safe Deposit Boxes, and upon such inventory and verification, Seller shall deliver to Purchaser all keys, receipt and agreements for such safe deposit box (and such safe deposit box thereafter shall constitute an
Inventoried Safe Deposit Box). Purchaser shall be responsible for, and shall indemnify the Seller Indemnitees from and against any Losses incurred with respect to, any theft, loss or damage to the contents of 

 
any safe deposit box from and after the time such safe deposit box is deemed an Inventoried Safe Deposit Box pursuant to this Section 11.2. Seller shall be responsible for, and shall
indemnify the Purchaser Indemnitees from and against any Losses incurred, with respect to, any theft, loss or damage to the contents of any safe deposit box prior to the time such safe deposit box is deemed an Inventoried Safe Deposit Box and such
indemnification shall not be subject to the limitation of Section 14.3(b) of this Agreement. This Section 11.2 shall survive the Closing. 

Section 11.3 Baggage. On the Closing Date, representatives of Seller and Purchaser jointly shall make a written inventory of
all baggage, boxes and similar items checked in or left in the care of Seller at the Hotel, and Seller shall deliver to Purchaser the keys to any secured area which such baggage and other items are stored (the “Inventoried
Baggage”). Purchaser shall be responsible for, and shall indemnify the Seller Indemnitees from and against any Losses incurred, with respect to any theft, loss or damage to any Inventoried Baggage from and after the time of such inventory,
and any other baggage, boxes or similar items left in the care of Purchaser. Seller shall be responsible for, and shall indemnify the Purchaser Indemnitees from and against any Losses incurred, with respect to any theft, loss or damage to any
Inventoried Baggage prior to the time of such inventory, and any other baggage, boxes or similar items left in the care of Seller and such indemnification shall not be subject to the limitation of Section 14.3(b) of this Agreement. This
Section 11.3 shall survive the Closing. 
 ARTICLE XII. 

DEFAULT; FAILURE OF CLOSING CONDITIONS 

Section 12.1 Seller’s Default. If (i) at any time prior to Closing, Seller fails to perform any of its covenants or
obligations under this Agreement in any material respect, which default is not caused by a Purchaser Default, or (ii) at Closing, Seller has not satisfied one or more of the Purchaser Closing Conditions to be satisfied by Seller at or prior to
Closing (each, a “Seller Default”), and Seller has not cured such Seller Default within three (3) Business Days after Seller’s receipt of written notice of such Seller Default from Purchaser, then Purchaser, as its sole
and exclusive remedies for such Seller Default, may elect to (i) terminate this Agreement, in which case Escrow Agent shall refund the Earnest Money to Purchaser upon Purchaser’s satisfaction of its obligations under Sections 4.1(d),
4.1(e) and 7.1(b) and Seller and Purchaser shall have no further rights or obligations under this Agreement, except those which expressly survive such termination; (ii) proceed to Closing without any reduction in or setoff against the Purchase
Price; or (iii) bring an action for specific performance. 
 Section 12.2 Purchaser’s Default. If
(i) Purchaser has not deposited the Earnest Money within the time period provided in Section 3.3(a), (ii) at any time prior to Closing, Purchaser is in fails to perform any of its covenants or obligations under this Agreement in any
material respect, which breach or default is not caused by a Seller Default, or (iii) at Closing, Purchaser has not satisfied any one or more Seller Closing Conditions to be satisfied by Purchaser at or prior to Closing (each, a
“Purchaser Default”), and Purchaser has not cured such Purchaser Default within three (3) Business Days after Purchaser’s receipt of written notice of such Purchaser Default from Seller, then Seller, as its sole and
exclusive remedy, may elect (i) to terminate this Agreement by providing written notice to Purchaser, in which case Purchaser shall cause Escrow Agent to disburse the Earnest Money to Seller within two (2) Business Days after such

 
termination, and Seller and Purchaser shall have no further rights or obligations under this Agreement, except those which expressly survive such termination or (ii) proceed to Closing
pursuant to this Agreement, in which case Seller shall be deemed to have waived such Purchaser Default. Purchaser’s obligation to cause Escrow Agent to disburse the Earnest Money to Seller shall survive such termination. 

SELLER AND PURCHASER AGREE THAT IF THIS AGREEMENT IS TERMINATED PURSUANT TO THIS SECTION 12.2, THE DAMAGES THAT SELLER WOULD SUSTAIN AS A
RESULT OF SUCH TERMINATION WOULD BE DIFFICULT IF NOT IMPOSSIBLE TO ASCERTAIN. ACCORDINGLY, SELLER AND PURCHASER AGREE THAT SELLER SHALL RETAIN THE EARNEST MONEY AS FULL AND COMPLETE LIQUIDATED DAMAGES (AND NOT AS A PENALTY) AND AS SELLER’S SOLE
AND EXCLUSIVE REMEDY FOR SUCH TERMINATION; PROVIDED, HOWEVER, THAT SELLER SHALL RETAIN ALL RIGHTS AND REMEDIES UNDER THIS AGREEMENT WITH RESPECT TO THOSE OBLIGATIONS OF PURCHASER WHICH EXPRESSLY SURVIVE SUCH TERMINATION. 

Section 12.3 Failure to Satisfy Mutual Closing Conditions. Notwithstanding the foregoing, but subject to the provision of
Section 8.4, if any of the Mutual Closing Conditions in Section 8.1 have not been satisfied or waived by both parties prior to Closing, then this Agreement shall be deemed to have been terminated automatically, without further action by
the Parties, in which case Escrow Agent promptly shall refund the Earnest Money to Purchaser, and Seller and Purchaser shall have no further rights or obligations under this Agreement, except those which expressly survive such termination.

 ARTICLE XIII. 

CASUALTY; CONDEMNATION 

Section 13.1 Casualty. 

(a) Material Casualty. If the Property or any portion thereof is damaged or destroyed by fire or any other casualty prior to
Closing (a “Casualty”), Seller shall give written notice of such Casualty to Purchaser promptly after the occurrence of such Casualty. If the amount of the repair, restoration or replacement required by a Casualty equals or exceeds
five percent (5%) of the Purchase Price (a “Material Casualty”) and the Casualty was not caused by Purchaser or Purchaser’s Inspectors, or their respective employees or agents, then Purchaser shall have the right, in its
sole discretion, to (i) terminate this Agreement, in which case Escrow Agent shall refund the Earnest Money to Purchaser upon Purchaser’s satisfaction of its obligations under Sections 4.1(d), 4.1(e) and 7.1(b) and Seller and Purchaser
shall have no further rights or obligations under this Agreement, except those which expressly survive such termination, or (ii) proceed to Closing, without terminating this Agreement, in which case Seller shall (A) credit the amount of
the applicable insurance deductible against the Purchase Price, and (B) transfer and assign to Purchaser all of Seller’s right, title and interest in and to all proceeds from all casualty and lost profits insurance policies maintained by
Seller with respect to the Hotel, except those proceeds allocable to lost profits for the period prior to the Closing. Purchaser shall make an election under this Section 13.1(a) by giving written notice to Seller on or before ten
(10)

 
Business Days after Seller’s delivery to Purchaser of written notice of such Casualty. If Purchaser fails to make an election under Section 13.1(a) within such time period, Purchaser
shall be conclusively deemed to have elected to proceed to Closing pursuant to clause (ii) of this Section 13.1(a). If the Closing Date is scheduled to occur within Purchaser’s ten (10) day election period, the Closing Date shall
be extended until the tenth (10th) day after the expiration of such ten (10) Business Day election period. 
 (b)
Non-Material Casualty. In the event of any (i) Casualty which is not a Material Casualty, or (ii) Material Casualty which is caused by Purchaser or Purchaser’s Inspectors, or their respective employees or agents, then Purchaser
shall not have the right to terminate this Agreement, but shall proceed to Closing, in which case Seller shall (A) credit the amount of the applicable insurance deductible against the Purchase Price (except if such Casualty is caused by
Purchaser or Purchaser’s Inspectors), and (B) transfer and assign to Purchaser all of Seller’s right, title and interest in and to all proceeds from all casualty and lost profits insurance policies maintained by Seller with respect to
the Hotel, except those proceeds allocable to lost profits for the period prior to the Closing. 
 Section 13.2
Condemnation. 
 (a) Material Condemnation. If the event of any actual or threatened condemnation or taking pursuant to
the power of eminent domain of all or any portion of the Real Property, or any proposed sale in lieu thereof (a “Condemnation”), Seller shall give written notice of such Condemnation to Purchaser as soon as possible after Seller
receives notice of such Condemnation. If the Condemnation would (i) result in the loss of more than five percent (5%) of the Land or Improvements (computed on a square foot basis), (ii) result in any material reduction or restriction
in access to the Land or Improvements or (iii) or have a permanent material adverse effect on the operation of the Hotel as conducted prior to such Condemnation (a “Material Condemnation”), then Purchaser shall have the right,
in its sole discretion, to (A) terminate this Agreement, in which case Escrow Agent shall refund the Earnest Money to Purchaser upon Purchaser’s satisfaction of its obligations under Sections 4.1(d), 4.1(e) and 7.1(b) and Seller and
Purchaser shall have no further rights or obligations under this Agreement, except those which expressly survive such termination, or (B) proceed to Closing, without terminating this Agreement, in which case Seller shall assign to Purchaser all
of Seller’s right, title and interest in all proceeds and awards from such Condemnation. Purchaser shall make an election under this Section 13.2(a) by giving written notice to Seller within ten (10) Business Days after Seller’s
delivery to Purchaser of written notice of such Condemnation. If Purchaser fails to make an election under Section 13.2(a) within such time period, Purchaser shall be conclusively deemed to have elected to proceed to Closing pursuant to clause
(B) of Section 13.2(a). If the Closing Date is scheduled to occur within Purchaser’s ten (10) Business Day election period, the Closing Date shall be extended until the tenth (10th) day after the expiration of such ten
(10) day election period. 
 (b) Non-Material Condemnation. In the event of any Condemnation of any Real Property
other than a Material Condemnation, Purchaser shall not have the right to terminate this Agreement, but shall proceed to Closing, in which case Seller shall assign to Purchaser all of Seller’s right, title and interest in all proceeds and
awards from such Condemnation. 

 ARTICLE XIV. 

INDEMNIFICATION 

Section 14.1 Indemnification by Seller. Subject to the limitations, procedures or provisions set forth in Sections 5.2, 5.3,
5.4, 14.3, 14.4, 14.5 and 14.6, Seller shall indemnify the Purchaser Indemnitees from and against any Losses incurred (i) after the Closing to the extent resulting from (a) any inaccuracy or untruth of any representations or warranties
made by Seller in this Agreement, and (b) the breach by Seller of any of its covenants or obligations under this Agreement which expressly survive the Closing, (ii) after the termination of this Agreement to the extent resulting from the
breach by Seller of any of its covenants or obligations under this Agreement which expressly survive such termination, (iii) to the extent due to events, contractual obligations, acts or omissions of Seller that occurred in connection with the
ownership of the Property prior to Closing, (iv) to the extent due to damage to property or injury to or death of any person or any claims for any debt or obligations occurring on or about or in connection with the Property or any portion
thereof or with respect to the Property’s operations at any time or times prior to Closing , or (v) to the extent due to any liability or obligations related to the Excluded Property (collectively, the “Seller Retained
Liabilities”), but specifically excluding (w) any Losses to the extent related to covenants of Purchaser which, by the terms of this Agreement, survive Closing, (x) any Losses related to liabilities or obligations for which
Purchaser received a credit at Closing pursuant to Section 10.1, (y) any Losses related to liabilities or obligations arising or accruing as of and after the Closing Date which Purchaser expressly assumed at Closing pursuant to this
Agreement and (z) subject to Seller’s express representations and warranties in Section 5.1, any Losses incurred with respect to the physical condition of the Property (including without limitation, the environmental condition of the
Real Property), but in each case expressly excluding the Seller Retained Liabilities. 
 Section 14.2 Indemnification by
Purchaser. In addition to the Purchaser indemnities set forth elsewhere in this Agreement and subject to the limitations set forth in Sections 6.2 and 14.3, 14.4 and 14.5, Purchaser shall indemnify the Seller Indemnitees from and against any
Losses incurred (i) after the Closing to the extent resulting from (a) any inaccuracy or breach of any representations or warranties made by Purchaser in this Agreement, or (b) the breach by Purchaser of any of its covenants or
obligations under this Agreement which expressly survive the Closing, (ii) after the termination of this Agreement to the extent resulting from the breach by Purchaser of any of its covenants or obligations under this Agreement which expressly
survive such termination, (iii) events, contractual obligations, acts or omissions of Purchaser that occur in connection with the ownership of the Property after Closing, or (iv) damage to property or injury to or death of any person or
any claims for any debt or obligations occurring on or about or in connection with the Property or any portion thereof or with respect to the Property’s operations at any time or times after Closing. 

Section 14.3 Limitations on Indemnification Obligations. 

(a) Survival of Representations and Warranties. All representations and warranties of Seller and Purchaser under this Agreement
shall survive the Closing for a period commencing on the Closing Date and expiring at 5:00 p.m. (Eastern time) on the date which is one hundred eighty (180) days after the Closing Date (the “Survival Period”). 

 (b) Indemnification Deductible and Cap. Except as otherwise expressly provided in
this Agreement, Seller shall not be required to provide indemnification to the Purchaser Indemnitees pursuant to Section 14.1(i)(a) to the extent that the aggregate amount of all Losses incurred by the Purchaser Indemnitees for which Purchaser
otherwise would be entitled to indemnification (i) does not exceed an amount equal to $1,000,000 (the “Indemnification Deductible”), or if such Losses exceed the Indemnification Deductible, Purchaser shall not be entitled to
defense or indemnification for any amount up to the Indemnification Deductible, or (ii) exceeds $3,000,000 (the “Indemnification Cap”). 

(c) Effect of Taxes and Insurance. The amount of any Losses for which indemnification is provided to any Indemnitee under this
Article XIV shall be net of any tax benefits realized or insurance proceeds received by such Indemnitee in connection with the Indemnification Claim. 

Section 14.4 Indemnification Procedure. 

(a) Notice of Indemnification Claim. If any of the Seller Indemnitees or Purchaser Indemnitees (as the case may be) (each, an
“Indemnitee”) is entitled to indemnification under any provision in this Agreement (each, an “Indemnification Claim”), the Party required to provide indemnification to such Indemnitee (the
“Indemnitor”) shall not be obligated to indemnify Indemnitee unless and until such Indemnitee provides written notice to such Indemnitor promptly after such Indemnitee has actual knowledge of any facts or circumstances on which such
Indemnification Claim is based or a Third-Party Claim is made on which such Indemnification Claim is based, describing in reasonable detail such facts and circumstances or Third-Party Claim with respect to such Indemnification Claim. Notwithstanding
the foregoing, (i) to the extent any Indemnitee is seeking indemnification for a breach of any representations or warranties, the Indemnitee shall be entitled to indemnification only for those matters as to which the Indemnitee has given
written notice to the Indemnitor prior to the expiration of the applicable Survival Period, and (ii) an Indemnitee shall not be entitled to indemnification to the extent such Indemnitee’s failure to promptly notify the Indemnitor in
accordance with this Section 14.4(a) increases the amount of the indemnification obligation of the Indemnitor or prejudices the Indemnitor’s ability to defend against any Third-Party Claim on which such Indemnification Claim is based.

 (b) Resolution of Indemnification Claim Not Involving Third-Party Claim. If the Indemnification Claim does not involve
a Third-Party Claim and is disputed by the Indemnitor, the dispute shall be resolved by litigation or other means of alternative dispute resolution as the Parties otherwise may agree in writing. 

(c) Resolution of Indemnification Claim Involving Third-Party Claim. If the Indemnification Claim involves a Third-Party Claim,
the Indemnitor shall have the right (but not the obligation) to assume the defense of such Third-Party Claim, at its cost and expense, and shall use good faith efforts consistent with prudent business judgment to defend such Third-Party Claim,
provided that (i) the counsel for the Indemnitor who shall conduct the defense of the Third-Party Claim shall be reasonably satisfactory to the Indemnitee (unless selected by Indemnitor’s insurance company), (ii) the Indemnitee, at
its cost and expense, may participate in, but shall not control, the defense of such Third-Party Claim, and (iii) the Indemnitor shall not 

 
enter into any settlement or other agreement which requires any performance by the Indemnitee, other than the payment of money which shall be paid by the Indemnitor. The Indemnitee shall not
enter into any settlement agreement with respect to the Indemnification Claim, without the Indemnitor’s prior written consent, which consent may be withheld in Indemnitor’s sole discretion. If the Indemnitor elects not to assume the
defense of such Third-Party Claim, the Indemnitee shall have the right to retain the defense of such Third-Party Claim and shall use good faith efforts consistent with prudent business judgment to defend such Third-Party Claim in an effective and
cost-efficient manner. 
 (d) Accrual of Indemnification Obligation. Notwithstanding anything to the contrary in this
Agreement, the Indemnitee shall have no right to indemnification against the Indemnitor for any Indemnification Claim which (i) does not involve a Third-Party Claim, but is disputed by Indemnitor until such time as such dispute is resolved by
written agreement or other means as the Parties otherwise may agree in writing, or (ii) which involves a Third-Party Claim, until such time as such dispute or Third-Party Claim is concluded, including any appeals with respect thereto; provided,
however, that nothing in this Section 14.4(d) shall limit the Indemnitee’s rights to defense with respect to such Indemnification Claim as otherwise set forth in this Article XIV. 

Section 14.5 Exclusive Remedy. Except for claims based on fraud the indemnification provisions in this Agreement shall be the
sole and exclusive remedy of any Indemnitee with respect to any claim for Losses arising from or in connection with this Agreement. 

Section 14.6 Release of Seller for Environmental Liabilities. Purchaser acknowledges that it has had or will have an
opportunity to become familiar with the Environmental Report, all matters set forth therein and the environmental status of the Real Property and that Purchaser shall make its own evaluation of and business decision regarding the foregoing, without
any representation or warranty by Seller or any of its Affiliates. Notwithstanding any indemnification obligation of Seller under this Agreement, Purchaser does hereby forever release and discharge the Seller Indemnitees from any and all
Environmental Claims and Environmental Liabilities, whether now known or unknown to Purchaser; provided, however, that such release and discharge shall not apply to any indemnification obligation of Seller under this Agreement, to the extent
resulting from a breach of Seller’s representation or warranty set forth in Section 5.1(h). 
 ARTICLE XV. 

MISCELLANEOUS PROVISIONS 

Section 15.1 Notices. 

(a) Method of Delivery. All notices, requests, demands and other communications (each, a “Notice”) required to be
provided to the other Party pursuant to this Agreement shall be in writing and shall be delivered (i) in person, (ii) by certified U.S. mail, with postage prepaid and return receipt requested, (iii) by overnight courier service, or
(iv) by facsimile transmittal, with a verification copy sent on the same day by any of the methods set forth in clauses (i), (ii)

 
and (iii), to the other Party to this Agreement at the following address or facsimile number (or to such other address or facsimile number as Seller or Purchaser may designate from time to time
pursuant to Section 15.1(c)): 
 If to Seller: 

c/o Hyatt Corporation 

Hyatt Center 
 71
South Wacker Drive 

12th
 Floor 
 Chicago, Illinois 60606 

Attn: Tiffany A. Leadbetter, Vice President – Corporate Transactions Group 

Facsimile No.: (312) 780-5281 

c/o Hyatt Corporation 

Hyatt Center 
 71
South Wacker Drive 

12th
 Floor 
 Chicago, Illinois 60606 

Attn: General Counsel 

Facsimile No.: (312) 780-5284 

With a further copy to: 

Goulston & Storrs 

400 Atlantic Avenue 

Boston, MA 

Attn: Peter D. Corbett 

Facsimile No.: 617-574-7504 

If to Purchaser: 

c/o Chesapeake Lodging Trust 

1997 Annapolis Exchange Parkway, Suite 410 

Annapolis, Maryland 21401 

Attn: Chief Accounting Officer 

Facsimile: (410) 972-4180 

With a copy to: 

c/o Chesapeake Lodging Trust 

1997 Annapolis Exchange Parkway, Suite 410 

Annapolis, Maryland 21401 

Attn: Chief Investment Officer 

Facsimile: (410) 972-4180 

(b) Receipt of Notices. All Notices sent by Seller or Purchaser (or their respective counsel pursuant to Section 15.1(d))
under this Agreement shall be deemed to have been 

 
received by the Party to whom such Notice is sent upon (i) delivery to the address or facsimile number of the recipient Party, provided that such delivery is made prior to 5:00 p.m. (local
time for the recipient Party) on a Business Day, otherwise the following Business Day, or (ii) the attempted delivery of such Notice if (A) such recipient Party refuses delivery of such Notice, or (B) such recipient Party is no longer
at such address or facsimile number, and such recipient Party failed to provide the sending Party with its current address or facsimile number pursuant to this Section 15.1(c). 

(c) Change of Address. Seller and Purchaser and their respective counsel shall have the right to change their respective address
and/or facsimile number for the purposes of this Section 15.1 by providing a Notice of such change in address and/or facsimile as required under this Section 15.1(c). 

(d) Delivery by Party’s Counsel. Seller and Purchaser agree that the attorney for such Party shall have the authority to
deliver Notices on such Party’s behalf to the other Party hereto. 
 Section 15.2 Time is of the Essence. Time
is of the essence of this Agreement; provided, however, that notwithstanding anything to the contrary in this Agreement, if the time period for the performance of any covenant or obligation, satisfaction of any condition or delivery of any notice or
item required under this Agreement shall expire on a day other than a Business Day, such time period shall be extended automatically to the next Business Day. 

Section 15.3 Assignment. Purchaser shall not assign this Agreement or any interest therein to any Person, without the prior
written consent of Seller, which consent may be withheld in Seller’s sole discretion. Notwithstanding the foregoing, Purchaser may assign this agreement to any Affiliate without Seller’s consent, provided that none of the other constituent
members, partners, shareholders of such entity is [(i) engaged, directly or indirectly, as a substantial part of its business, in the management, licensing or operation (as opposed to the mere ownership) of hotels]; (ii) would in any way
jeopardize the Hotel’s Liquor License; or (iii) who fails or refuses to execute the assumption document referred to in the next succeeding sentence. In the event of any assignment of this Agreement, the assignee thereof shall assume in
writing all of the obligations of Purchaser hereunder and such assignment and assumption shall not relieve Purchaser of its obligations hereunder. 

Section 15.4 Successors and Assigns; Third Party Beneficiaries. This Agreement shall be binding upon and inure to the benefit
of Seller and Purchaser, and their respective successors and permitted assigns pursuant to Sections 3.5 and 15.3. Except for any Indemnitee to the extent such Indemnitee is expressly granted certain rights of defense and indemnification in this
Agreement and for any successors and permitted assignee pursuant to Sections 3.5 and 15.3, this Agreement shall not confer any rights or remedies upon any third party. 

Section 15.5 Prevailing Party. If any litigation or other court action, arbitration or similar adjudicatory proceeding is
sought, taken, instituted or brought by Seller or Purchaser to enforce its rights under this Agreement, all fees, costs and expenses, including, without limitation, reasonable attorneys fees and court costs, of the prevailing Party in such action,
suit or proceeding shall be borne by the Party against whose interest the judgment or decision is rendered; provided, that if a Party to such litigation, court action, arbitration or similar 

 
adjudicatory proceeding prevails in part, and loses in part, the court, arbitrator or other adjudicator presiding over such litigation, court action, arbitration or similar adjudicatory
proceeding shall award a reimbursement of the fees, costs and expenses incurred by such Party on an equitable basis. This Section 15.5 shall survive the termination of this Agreement and the Closing. 

Section 15.6 No Recordation. Neither this Agreement, nor any memorandum or other notice of this Agreement, shall be recorded
without Seller’s prior written consent, which consent may be withheld in Seller’s sole discretion. 

Section 15.7 Rules of Construction. The following rules shall apply to the construction and interpretation of this Agreement:

 (a) Singular words shall connote the plural as well as the singular, and plural words shall connote the singular as well as
the plural, and the masculine shall include the feminine and the neuter. 
 (b) All references in this Agreement to particular
articles, sections, subsections or clauses (whether in upper or lower case) are references to articles, sections, subsections or clauses of this Agreement. All references in this Agreement to particular exhibits or schedules (whether in upper or
lower case) are references to the exhibits and schedules attached to this Agreement, unless otherwise expressly stated or clearly apparent from the context of such reference 

(c) The headings contained herein are solely for convenience of reference and shall not constitute a part of this Agreement nor shall
they affect its meaning, construction or effect. 
 (d) Each Party hereto and its counsel have reviewed and revised (or
requested revisions of) this Agreement and have participated in the preparation of this Agreement, and therefore any usual rules of construction requiring that ambiguities are to be resolved against a particular Party shall not be applicable in the
construction and interpretation of this Agreement or any exhibits hereto. 
 (e) The terms “hereby,”
“hereof,” “hereto,” “herein,” “hereunder” and any similar terms shall refer to this Agreement, and not solely to the provision in which such term is used. 

(f) The terms “include,” “including” and similar terms shall be construed as if followed by the phrase “without
limitation.” 
 Section 15.8 Governing Law; Severability; Venue; Waiver Of Jury Trial. This Agreement shall be
governed by the laws of the State of Massachusetts without regard to principles of choice of law or conflicts of law. If any term or provision of this Agreement is held to be or rendered invalid or unenforceable at any time in any jurisdiction, such
term or provision shall not affect the validity or enforceability of any other terms or provisions of this Agreement, or the validity or enforceability of such affected terms or provisions at any other time or in any other jurisdiction. so long as
this Agreement as so modified continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the deletion of such portion of this Agreement will not substantially impair the respective

 
expectations of the parties or the practical realization of the benefits that would otherwise be enforced upon the parties. The parties will endeavor in good faith negotiations to replace the
prohibited or unenforceable provision with a valid provision, the economic effect of which comes as close as possible to that of the prohibited or unenforceable provision. 

For purposes of any suit, action or proceeding involving this Agreement, Purchaser and Seller hereby expressly submit to the jurisdiction
of all federal and state courts sitting in the Commonwealth of Massachusetts and consent that any order, process, notice of motion or application to or by any such court or a judge thereof may be served within or without such court’s
jurisdiction by registered mail or by personal service, provided that a reasonable time for appearance is allowed, and the parties agree that such courts shall have exclusive jurisdiction over any such suit, action or proceeding commenced by either
or both of said parties. In furtherance of such agreement, the parties agree upon the request of the other to discontinue (or agree to the discontinuance of) any such suit, action or proceeding pending in any other jurisdiction. Each party hereby
irrevocably waives any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement brought in any federal or state court sitting in the Commonwealth of
Massachusetts, and hereby further irrevocably waives any claim that such suit, action or proceeding brought in any such court has been brought in an inconvenient form. 

In recognition of the benefits of having any disputes with respect to this Agreement resolved by an experienced and expert person, Buyer
and Seller hereby agree that any suit, action or proceeding, whether claim or counterclaim, brought or instituted by any party hereto on or with respect to this Agreement or which in any way relates, directly or indirectly, to this Agreement or any
event, transaction, or occurrence arising out of or in any way connected with this Agreement or the Property, or the dealings of the parties with respect thereto, shall be tried only by a court and not by a jury. EACH PARTY HEREBY KNOWINGLY,
VOLUNTARILY, EXPRESSLY AND INTENTIONALLY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY SUCH SUIT, ACTION, OR PROCEEDING. 

Section 15.9 Recitals, Exhibits and Schedules. The recitals to this Agreement, and all exhibits and schedules (as amended and
supplemented from time to time pursuant to Section 5.3) referred to in this Agreement are incorporated herein by such reference and made a part of this Agreement. Any matter disclosed in any schedule to this Agreement shall be deemed to be
incorporated in all other schedules to this Agreement. 
 Section 15.10 Entire Agreement; Amendments to Agreement.
This Agreement sets forth the entire understanding and agreement of the Parties hereto, and shall supersede any other agreements and understandings (written or oral) between Seller and Purchaser on or prior to the date of this Agreement with respect
to the transaction contemplated in this Agreement. No amendment or modification to any terms of this Agreement (other than amendments and supplements to the schedules made by Seller pursuant to Section 5.3), or cancellation of this Agreement,
shall be valid unless in writing and executed and delivered by Seller and Purchaser. 
 Section 15.11 Facsimile or
Email; Counterparts. Seller and Purchaser may deliver executed signature pages to this Agreement by facsimile transmission or by emailed “pdf” document to the other Party, which facsimile copy shall be deemed to be an original executed

 
signature page; provided, however, that such Party shall deliver an original signature page to the other Party promptly thereafter. This Agreement may be executed in any number of counterparts,
each of which shall be deemed an original and all of which counterparts together shall constitute one agreement with the same effect as if the Parties had signed the same signature page. 

Section 15.12 Right to Audit. Subject to the confidentiality provisions of Section 7.1, Purchaser may, at its sole cost
and expense, engage a third-party certified public accountant to perform audits of Seller’s books and records which relate exclusively to the Property, including the historical financial statements of the Property, which audits shall include
all disclosures required by generally accepted accounting principles and the Securities and Exchange Commission regulations, specifically in accordance with Section 3.05 of Regulation S-X and all related rules and regulations thereof; provided,
however, that (i) the completion of such audit shall not be a condition precedent to Purchaser’s obligation to close the transactions described in this Agreement, and (ii) Purchaser shall promptly reimburse Seller for any reasonable
out-of-pocket expenses incurred by Seller or any of its Affiliates in connection with such audit. Seller shall cooperate in connection with the performance of such audits and shall provide all information reasonably requested by the accountants
performing such audits with respect to the Property, at no cost or expense to Seller. In connection with such audits, Seller shall provide the accountants performing such audits with representation letters reasonably acceptable to Seller and such
accountants, at no cost or expense to the Seller. The covenants of Seller set forth in this Section 15.12 with respect to such audits shall survive Closing for a period of one (1) year. 

Section 15.13 Processing of Certain Future Payments. As disclosed to Purchaser prior to the execution hereof, with respect to
certain former housekeeping employees (“Former Employees”), Seller and/or Manager have agreed to make certain payments as more particularly specified on Schedule 15.13. Purchaser agrees that the controller at the Hotel may continue to make
and process such payments on behalf of Seller and/or Manager and invoice Manager for all such payments. Manager shall promptly reimburse the Hotel upon receipt of such invoices. Seller shall save, protect, defend, indemnify and hold the Purchaser
Indemnitees harmless from any and all additional costs, liabilities or expenses (i) with respect to the payments to be made pursuant to Schedule 15.13 and (ii) with respect to the wages and hours inquiry initiated by the Massachusetts
Attorney General’s Office by letter dated March 1, 2010, with respect to the period prior to March 18, 2010 and such indemnification shall not be subject to the limitation of Section 14.3(b) of this Agreement (any costs,
liabilities or expenses that may arise on or after March 18, 2010, such as, without limitation, revisions as to how employees or contractors are classified, are the sole responsibility of the Purchaser and are not subject to this
indemnification). 
 [Remainder of page intentionally left blank; 

Signatures on following pages] 

 IN WITNESS WHEREOF, Seller and Purchaser have caused this Agreement to be executed in their
names by their respective duly authorized officers or representatives. 
  

			
	SELLER:
	
	 BOSTON HOTEL COMPANY, L.L.C.,

a Delaware limited liability company

		
	By:	 	 /s/ Steve Sokal

		 	Name: Steve Sokal
		 	Title: V.P.
	
	PURCHASER:
	
	CHESAPEAKE LODGING, L.P.
	
	By: CHESAPEAKE LODGING TRUST, its General Partner
		
	By:	 	 /s/ D. Rick Adams

		
		 	Name: D. Rick Adams
		
		 	Its: SVP and Chief Investment Officer

Sch. 15.13

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