Document:

EX-4.5

 Exhibit 4.5 

Juniper Pharmaceuticals, Inc. 

2015 Long-Term Incentive Plan 
  

	1.	Purpose. The Juniper Pharmaceuticals, Inc. 2015 Long-Term Incentive Plan (the “Plan”) is intended to provide incentives which will attract, retain and motivate highly competent persons as
non-employee directors, officers, employees, and certain consultants and advisors of Juniper Pharmaceuticals, Inc., a Delaware corporation (the “Company “), and its subsidiaries and affiliates, by providing them with a
proprietary interest in the long-term success of the Company, aligning their individual interests with those of the Company’s stockholders, and to reward the performance of individuals in fulfilling their personal responsibilities for
achievement of the Company’s objectives. Awards under the Plan may be granted in any one or a combination of (a) Stock Options, (b) Stock Appreciation Rights, (c) Restricted Stock Awards and (d) Stock Units (each as
described below, and collectively referred to herein as the “Awards”). 

  

	2.	Administration. 

  

	 	(a)	Committee. The Plan will be administered by a committee (the “Committee”) appointed by the Board of Directors of the Company (the “Board”) from among its members
and shall be comprised, unless otherwise determined by the Board, solely of two (2) or more members who each shall be (i) a “non-employee director” within the meaning of Rule 16b-3(b)(3) (or any successor rule) promulgated under
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), (ii) an “outside director” for purposes of Section 162(m) of the Internal Revenue Code of 1986, as amended (the
“Code”), and (iii) an “independent director” under the rules of any securities exchange or automated quotation system on which the shares of Common Stock, par value $0.01 per share, of the Company (the
“Shares”, or “Common Stock”) are listed, quoted or traded; provided, that any action taken by the Committee shall be valid and effective, whether or not members of the Committee at the time of
such action are later determined not to have satisfied the requirements for membership set forth in this Section 2 or otherwise provided in any charter of the Committee. Notwithstanding the foregoing, the full Board, acting by a majority of its
members in office, shall conduct the general administration of the Plan with respect to all awards granted hereunder to members of the Board, and for purposes of such awards the term “Committee” as used in this Plan shall be deemed to
refer to the Board. In addition, the full Board, acting by majority of its members in office, shall conduct the general administration of the Plan to the extent required by applicable law, exchange rule or regulation. With reference to the duties of
the Committee under the Plan which have been delegated to one or more persons pursuant to Section 2(c), or which the Board has assumed, the term “Committee” shall refer to such person(s) unless the Committee or the Board has revoked
such delegation or the Board has terminated the assumption of such duties. 

  

	 	(b)	 Authority. It shall be the duty of the Committee to conduct the general administration of the Plan in accordance with its provisions. The
Committee is authorized, subject to the provisions of the Plan, to make and administer grants under the Plan (including to designate eligible individuals to receive Awards; determine the type, terms and conditions of Awards granted and to waive
conditions initially established for Awards, including to accelerate vesting and to extend the exercisability of Awards, except as specifically restricted by this Plan; to determine the forms of Award Agreement and manner of acceptance of an Award)
and to establish such rules and regulations as it deems necessary for the proper administration of the Plan, including to make such determinations and interpretations and to take such action in connection with the Plan and

	 	
any Awards granted hereunder as it deems necessary or advisable to carry out its purposes (including the correction of defects, the supplying of omissions, or the reconciliation of
inconsistencies such that the Plan or Award Agreement complies with applicable law, regulations and listing requirements and to avoid unanticipated consequences or address unanticipated events deemed to be inconsistence with the purposes of the Plan
or any Award Agreement, provided that no such action shall be taken to the extent that shareholder approval is deemed necessary or is required pursuant to Section 22 below). All determinations and interpretations made by the Committee shall be
final, binding and conclusive on all parties. Any grant or Award made under the Plan, or interpretation or determination of terms and conditions for any Award, need not be the same with respect to each Participant (as defined below). Any such
interpretations and rules with respect to a Stock Option that is intended to qualify as an incentive stock option and that conforms to the applicable provisions of Section 422 of the Code (“Incentive Stock Option”) shall
be consistent with the provisions of Section 422 of the Code. In its sole discretion, the Board may at any time and from time to time exercise any and all rights and duties of the Committee under the Plan except with respect to matters which
under Rule 16b-3 under the Exchange Act or any successor rule, or Section 162(m) of the Code, or any regulations or rules issued thereunder, or the rules of any securities exchange or automated quotation
system on which the Shares are listed, quoted or traded are required to be determined in the sole discretion of the Committee. 

  

	 	(c)	Action by the Committee. Unless otherwise established by the Board or in any charter of the Committee, a majority of the Committee shall constitute a quorum and the acts of a majority of the members present at
any meeting at which a quorum is present, and acts approved in writing by all members of the Committee in lieu of a meeting, shall be deemed the acts of the Committee. Each member of the Committee is entitled to, in good faith, rely or act upon any
report or other information furnished to that member by any officer or other employee of the Company, the Company’s independent certified public accountants, or any executive compensation consultant or other professional retained by the Company
to assist in the administration of the Plan. 

  

	 	(d)	 Delegation and Advisers. To the extent permitted by applicable law or the rules of any securities exchange or automated quotation system on
which the Shares are listed, quoted or traded, the Board or Committee may from time to time delegate to a committee of one or more members of the Board or one or more officers of the Company the authority to grant or amend Awards or to take other
administrative actions pursuant to this Section 2; provided, however, that in no event shall an officer of the Company be delegated the authority to grant Awards to, or amend Awards held by, the following individuals:
(a) individuals who are subject to Section 16 of the Exchange Act, (b) any employee of the Company who is, or could be, a “covered employee” within the meaning of Section 162(m) of the Code (“Covered
Employee”), or (c) officers of the Company (or members of the Board) to whom authority to grant or amend Awards has been delegated hereunder; provided further, that any delegation of administrative authority shall only be permitted
to the extent it is permissible under Section 162(m) of the Code and applicable securities laws or the rules of any securities exchange or automated quotation system on which the Shares are listed, quoted or traded. Any delegation hereunder
shall be subject to the restrictions and limits that the Board or Committee specifies at the time of such delegation, and the Board may at any time rescind the authority so delegated or appoint a new delegate. At all times, the delegate appointed
under this Section 2(d) shall serve in such capacity at the pleasure of the Board and the Committee. In addition, the Committee may employ such legal or other counsel, consultants and agents as it may deem desirable

  
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for the administration of the Plan and may rely upon any opinion or computation received from any such counsel, consultant or agent. Expenses incurred by the Committee in the engagement of such
counsel, consultant or agent, shall be paid by the Company, or the subsidiary or affiliate whose employees have benefited from the Plan, as determined by the Committee. 

 

	 	(e)	Limitation of Liability and Indemnification. No member of the Committee and no officer or employee of the Company shall be liable for any act or failure to act hereunder, except in circumstances involving his or
her bad faith or willful misconduct, or for any act or failure to act hereunder by any other member or officer or employee or by any agent to whom duties in connection with the administration of this Plan have been delegated. The Company shall
indemnify members of the Committee and any officer of the Company or any employee of the Company, a subsidiary or an affiliate designated to act on behalf of the Company or the Committee with regard to the Plan, and may indemnify any counsel or
advisors appointed by the Company to assist it in carrying out its responsibilities hereunder, against any and all liabilities or expenses to which they may be subjected by reason of any act or failure to act in connection with the Plan to the same
extent and on the same terms and conditions as indemnity is provided to officers of the Company in accordance with the Company’s Bylaws (except that indemnity to counsel and advisors is not mandatory), including advancing costs and expenses
incurred by them in the defense of claims relating thereto; provided, that he or she gives the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own
behalf. 

  

	3.	Granting of Awards. 

  

	 	(a)	Participation. The Committee may from time to time select from among all Eligible Individuals (as defined below) those to whom an Award shall be granted and shall determine the nature and amount of each Award,
which shall not be inconsistent with the requirements of the Plan. For purposes of this Plan, “Participant” means an Eligible Individual who has been granted an Award by the Committee. “Eligible
Individual” shall mean an individual who is (i) an officer or other employee (as determined in accordance with Section 3401(c) of the Code and the regulations thereunder) of the Company or a Subsidiary of the Company
(“Employee”), (ii) a consultant, advisor, or other independent service provider to the Company or any Subsidiary who qualifies as a “consultant” under the applicable rules of the Securities and Exchange
Commission for registration of shares on a Form S-8 Registration Statement (“Advisor”), or (iii) a member of the Board of Directors of the Company (“Director”).
“Subsidiary” means any entity (other than the Company), whether domestic or foreign, in an unbroken chain of entities beginning with the Company if each of the entities other than the last entity in the unbroken chain
beneficially owns, at the time of the determination, securities or interests representing more than fifty percent (50%) of the total combined voting power of all classes of securities or interests in one of the other entities in such chain.
Designation of a Participant in any year shall not require the Committee to designate such person to receive an Award in any other year or, once designated, to receive the same type or amount of Award as granted to the Participant in any other year.
The Committee shall consider such factors as it deems pertinent in selecting Participants and in determining the type and amount of their respective Awards. 

  

	 	(b)	 Award Agreement. Each Award shall be evidenced by a written agreement entered into between the Company and a Participant setting forth the
terms and provisions applicable 

  
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to an Award or Awards granted to the Participant which may be, in the Company’s discretion, transmitted to the Participant electronically (“Award Agreement”). Award
Agreements evidencing compensation that is intended to qualify as “performance-based compensation” as described in Section 162(m)(4)(C) of the Code (“Performance-Based Compensation”) shall contain terms and
conditions as necessary to meet the requirements of Code Section 162(m). Award Agreements evidencing Incentive Stock Options shall contain such terms and conditions as may be necessary to meet the requirements of Section 422 of the Code.

  

	 	(c)	Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan, the Plan, and any Award granted or awarded to any individual who is then subject to Section 16 of the
Exchange Act, shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including Rule 16b-3 of the Exchange Act and any amendments
thereto) that are requirements for the application of such exemptive rule. To the extent permitted by applicable law, the Plan and Awards granted or awarded hereunder shall be deemed amended to the extent necessary to conform to such applicable
exemptive rule. 

  

	4.	Types of Awards. Awards under the Plan may be granted in any one or a combination of (a) Stock Options, (b) Stock Appreciation Rights, (c) Restricted Stock Awards and (d) Stock Units.
Any Award may, as determined by the Committee in its discretion, constitute Performance-Based Compensation. Nothing contained herein shall prevent the Company from making cash bonus payments or providing other awards pursuant to any employment
agreement, bonus plan or arrangement or other compensation or benefit plan or program. 

  

	5.	Common Stock Available Under the Plan. 

  

	 	(a)	Basic Limitations. Subject to adjustments in accordance with Section 14 hereof and Sections 5(b) and 5(c) hereof, the aggregate number of Shares of the Company that may be issued or transferred pursuant to
Awards granted under this Plan shall be (i) One Million (1,000,000), plus (ii) any Shares which are available for grant under the Juniper Pharmaceuticals, Inc. Amended and Restated 2008 Long-Term Incentive Plan (“Prior
Plan”) on the Effective Date (as defined in Section 30 below) or are subject to awards under the Prior Plan which after the Effective Date are forfeited or lapse unexercised or are settled in cash and are not issued under the Prior
Plan. No further awards may be granted under the Prior Plan as of the Effective Date. Any Shares distributed pursuant to an Award may be authorized and unissued shares, treasury shares, may be purchased on the open market or acquired by private
purchase. Subject to adjustments made in accordance with Section 14 hereof, (i) no more than Two Hundred Thousand (200,000) Shares may be delivered upon the exercise of Incentive Stock Options, (ii) the maximum number of Shares
that may be issued pursuant to full-value awards shall be Two Hundred Thousand (200,000), and (iii) the maximum number of Shares with respect to which Awards may be granted to or measured with respect to any Participant in any one calendar year
shall not exceed Two Hundred Thousand (200,000). 

  

	 	(b)	 Available Shares. The issuance of Shares shall reduce the total number of Shares available under the Plan. If a Stock Option Award or Stock
Appreciation Right Award is cancelled or terminated without having been exercised, including due to expiration or forfeiture, or if a Restricted Stock Award or Stock Unit Award is cancelled, terminated or forfeited, or if the Shares underlying all
or a portion of an Award are not delivered because the Award is settled in cash in lieu of Shares, then the Shares subject to such 

  
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Awards shall in each case again be available for Awards under the Plan (with shares subject to such Restricted Stock Awards or Stock Units again available for those types of Awards). The
following Shares shall not again become available for issuance under the Plan: (i) Shares tendered by Participants, or withheld by the Company, as full or partial payment to the Company upon the exercise of Stock Options or Stock Appreciation
Rights granted under the Plan; (ii) upon exercise of a Stock Appreciation Right settled in Shares, the gross number of Shares covered by the portion of the Award so exercised; (iii) Shares 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 Stock Units, or the exercise of Stock Options or Stock Appreciation Rights granted under the Plan; and (iv) Shares repurchased by
the Company with cash received from a Participant as payment for the exercise price of an Option or Stock Appreciation Right. The preceding sentences of this Section shall apply only for purposes of determining the aggregate number of Shares subject
to Awards delivered in connection with Awards, or generally available for Awards, but shall not apply for purposes of determining the maximum number of Shares with respect to which Awards may be granted to any Participant in any calendar year under
the Plan. 

  

	 	(c)	Business Acquisition Grants. In connection with the acquisition of any business by the Company or any of its subsidiaries or affiliates, any then-outstanding options or other similar rights or other equity awards
pertaining to such business may be assumed or replaced by Awards under the Plan upon such terms and conditions as the Committee determines in its sole discretion and, to the extent any shares of Common Stock are to be delivered as Awards under the
Plan in replacement for any such grants, awards, options or rights of another business, such Shares shall be in addition to those available for the grant of Awards as provided by Sections 5(a) and 5(b). “Substitute Award”
means an Award granted under the Plan upon the assumption of, or in substitution for, outstanding equity awards previously granted by a company or other entity, in connection with a corporate transaction, such as a merger, combination, consolidation
or acquisition of property or stock; provided, however, that in no event shall the term “Substitute Award” be construed to refer to an Award made in connection with the cancellation and repricing of a Stock Option or a Stock
Appreciation Rights Award. 

  

	6.	Stock Options. 

  

	 	(a)	Generally. The Committee may grant to Eligible Individuals the right to purchase Shares at a specified exercise price, from time to time, in its sole discretion, on such terms and conditions as it may determine
that are not inconsistent with the Plan (a “Stock Option”). Stock Options may be Incentive Stock Options, or Stock Options which do not constitute Incentive Stock Options (“Nonqualified Stock
Options”). The Committee will have the authority to grant to any Participant one or more Incentive Stock Options (subject to Sections 6(e) and (f) below), Nonqualified Stock Options, or both types of Stock Options (in each case
with or without Stock Appreciation Rights). 

  

	 	(b)	Exercise Price. Each Nonqualified Stock Option granted hereunder shall have a per-share exercise price as the Committee may determine on the date of grant, but not less than 100% of the Fair Market Value (as
defined in Section 17 below) of a share at the date of grant. 

  

	 	(c)	 Payment of Exercise Price. A vested Stock Option may be exercised in whole or in part. However, a Stock Option shall not be exercisable with
respect to fractional shares and the 

  
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Committee may require by the terms of the Stock Option that a partial exercise must be with respect to at least a minimum number of Shares. The Stock Option exercise price may be paid in cash or,
in the discretion of the Committee, by the delivery of Shares then owned by the Participant, or, in the case of Nonqualified Stock Options, in the discretion of the Committee, by directing the Company to withhold Shares otherwise deliverable upon
exercise to satisfy the exercise price. In the discretion of the Committee, payment may also be made by delivering a properly executed exercise notice to the Company together with a copy of irrevocable instructions to a broker to deliver promptly to
the Company the amount of sale or loan proceeds to pay the exercise price as long as such transaction does not constitute an impermissible loan to an executive officer under Section 13(k) of the Exchange Act (Section 402 of the Sarbanes-Oxley
Act of 2002). To facilitate the foregoing, the Company may enter into agreements for coordinated procedures with one or more brokerage firms. The Committee may prescribe any other method of paying the exercise price that it determines to be
consistent with applicable law and the purpose of the Plan, including, without limitation, in lieu of the exercise of a Stock Option by delivery of Shares then owned by a Participant, providing the Company with a notarized statement attesting to the
number of Shares owned, where upon verification by the Company, the Company would issue to the Participant only the number of incremental Shares to which the Participant is entitled upon exercise of the Stock Option. 

 

	 	(d)	Stock Option Term. The term of each Stock Option shall be set by the Committee in its sole discretion; provided, however, that the term shall not be more than ten (10) years from the date the Stock
Option is granted. The Committee shall determine the time period, including the time period following a Termination of Service (as defined in Section 12(a)), during which the Participant has the right to exercise the vested Stock Options, which
time period may not extend beyond the expiration of the Stock Option term. Except as limited by Sections 409A or 422 of the Code, the Committee may extend the term of any outstanding Stock Option, and may extend the time period during which vested
Stock Options may be exercised in connection with any Termination of Service of the Participant, and may amend any other term or condition of such Option relating to such a Termination of Service. 

 

	 	(e)	Limitations on Incentive Stock Options. Incentive Stock Options may be granted only to Participants who are employees of the Company or of a “parent corporation” or “subsidiary corporation”
(as such terms are defined in Sections 424(e) and (f) of the Code, respectively) on the date of grant. The aggregate Fair Market Value (determined as of the time the Stock Option is granted) of the Common Stock with respect to which Incentive
Stock Options are exercisable for the first time by a Participant during any calendar year (under all option plans of the Company and of any “parent corporation” or “subsidiary corporation”) shall not exceed one hundred thousand
dollars ($100,000); provided, however, that if such $100,000 limit is exceeded, the excess Incentive Stock Options shall be treated as Nonqualified Stock Options. For purposes of the preceding sentence, Incentive Stock Options will be taken
into account in the order in which they are granted. The per-share exercise price of an Incentive Stock Option shall not be less than one hundred percent (100%) of the Fair Market Value of the Common Stock on the date of grant, and no Incentive
Stock Option may be exercised later than ten (10) years after the date it is granted. In addition, a Participant shall give the Company prompt written or electronic notice of any disposition of owned Shares acquired by exercise of an Incentive
Stock Option which occurs within (a) two years after the date of grant (including the date the Stock Option is modified, extended or renewed for purposes of Section 424(h) of the Code), or (b) one year after the transfer of such
Shares to such Participant. 

  
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	 	(f)	Additional Limitations on Incentive Stock Options for Ten Percent Stockholders. Incentive Stock Options may not be granted to any Participant who, at the time of grant, owns stock possessing (after the
application of the attribution rules of Section 424(d) of the Code) more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any subsidiary corporation (as defined in Section 424(f) of
the Code) or parent corporation thereof (as defined in Section 424(e) of the Code), unless the exercise price of the Stock Option is fixed at not less than one hundred ten percent (110%) of the Fair Market Value of the Common Stock on the
date of grant and the exercise of such Stock Option is prohibited by its terms after the expiration of five (5) years from the date of grant. 

  

	 	(g)	Substitute Awards. Notwithstanding the foregoing provisions of this Section 6, in the case of a Stock Option that is a Substitute Award, the exercise price per share of the Shares subject to such Stock
Option may be less than the Fair Market Value per share on the date of grant, provided, that the excess of: (a) the aggregate Fair Market Value (as of the date such Substitute Award is granted) of the shares subject to the Substitute
Award, over (b) the aggregate exercise price thereof does not exceed the excess of: (x) the aggregate fair market value (as of the time immediately preceding the transaction giving rise to the Substitute Award, such fair market value to be
determined by the Committee) of the shares of the predecessor entity that were subject to the grant assumed or substituted for by the Company, over (y) the aggregate exercise price of such shares. 

 

	7.	Stock Appreciation Rights. 

  

	 	(a)	Generally. The Committee may, in its discretion, grant Stock Appreciation Rights, including a concurrent grant of Stock Appreciation Rights in tandem with any Stock Option grant. A “Stock Appreciation
Right” means a right to receive a payment in cash, Common Stock or a combination thereof, as determined by the Committee, in an amount equal to the excess of (i) the Fair Market Value, or other specified valuation (which may not
exceed Fair Market Value), of a specified number of shares of Common Stock on the date the right is exercised over (ii) the Fair Market Value of such shares of Common Stock on the date the right is granted, or other specified amount (which may
not be less than Fair Market Value), all as determined by the Committee; provided, however, that if a Stock Appreciation Right is granted in tandem with or in substitution for a Stock Option, the designated Fair Market Value in the Award Agreement
shall reflect the Fair Market Value on the date such Stock Option was granted. Each Stock Appreciation Right shall be subject to such terms and conditions including vesting, as the Committee shall impose or determine from time to time; provided,
however, that if a Stock Appreciation Right is granted in connection with a Stock Option, the Stock Appreciation Right shall become exercisable and shall expire according to the same vesting and expiration rules as the corresponding Stock
Option, unless otherwise determined by the Committee. 

  

	 	(b)	 Stock Appreciation Rights Term. Stock Appreciation Rights granted under the Plan shall be exercisable, in whole or in part, at such time or
times and subject to such terms and conditions, including vesting, as shall be determined by the Committee; provided, however, that no Stock Appreciation Rights shall be exercisable later than ten (10) years after the date it is granted.
All Stock Appreciation Rights shall terminate at such earlier 

  
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times and upon such conditions or circumstances as the Committee shall in its discretion set forth in the Award Agreement at the date of grant. No portion of a Stock Appreciation Right which is
unexercisable at Termination of Service shall thereafter become exercisable, except as may be otherwise provided by the Committee either in the Award Agreement or by action of the Committee following the grant of the Stock Appreciation Right.

  

	 	(c)	Substitute Stock Appreciation Rights. Notwithstanding the foregoing provisions of Section 7, in the case of a Stock Appreciation Right that is a Substitute Award, the price per share of the shares subject to
such Stock Appreciation Right may be less than 100% of the Fair Market Value per share on the date of grant; provided, that the excess of: (i) the aggregate Fair Market Value (as of the date such Substitute Award is granted) of the shares
subject to the Substitute Award, over (ii) the aggregate exercise price thereof does not exceed the excess of: (x) the aggregate fair market value (as of the time immediately preceding the transaction giving rise to the Substitute Award,
such fair market value to be determined by the Committee) of the shares of the predecessor entity that were subject to the grant assumed or substituted for by the Company, over (y) the aggregate exercise price of such shares. 

 

	8.	Restricted Stock Awards. 

  

	 	(a)	Generally. The Committee may, in its discretion, grant Restricted Stock Awards consisting of Common Stock issued or transferred to Participants with or without cash or other payment therefor, in whole or in part.
Each Participant granted a Restricted Stock Award shall execute and deliver to the Company an Award Agreement with respect to the Restricted Stock setting forth the restrictions applicable to such Restricted Stock, as determined by the Committee in
its discretion. 

  

	 	(b)	Payment of the Purchase Price. If the Restricted Stock Award requires payment therefor, the purchase price of any Shares subject to a Restricted Stock Award may be paid in any manner authorized by the Committee,
which may include any manner authorized under the Plan for the payment of the exercise price of a Stock Option. Restricted Stock Awards may also be made solely in consideration of services rendered to the Company or its subsidiaries or affiliates.
This may include treating services between the grant date and the date of issuance as payment of lawful consideration equal to the par value of the Restricted Stock Award. In all cases, legal consideration shall be required for each issuance of
Restricted Stock. 

  

	 	(c)	Additional Terms. Restricted Stock Awards may be subject to such terms and conditions including vesting, as the Committee determines appropriate, including, without limitation, (i) restrictions on the sale
or other disposition of such Shares, (ii) the right of the Company to reacquire such Shares for no consideration upon Termination of Service within specified periods, the Participant’s competition with the Company, or the
Participant’s breach of other obligations to the Company, and (iii) restrictions based upon the achievement of specific corporate or individual Performance Goals. Restricted Stock Awards not subject to a vesting requirement are authorized
hereunder. Restricted Stock Awards may constitute Performance-Based Awards, as described in Section 10 hereof. The Committee may require the Participant to deliver a duly signed stock power, endorsed in blank, relating to the Common Stock
covered by such an Award. The Committee may also require that any stock certificates evidencing such shares be held in custody or bear restrictive legends until the restrictions thereon shall have lapsed. 

  
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	 	(d)	Rights as a Stockholder. The Participant shall have, with respect to the shares of Common Stock subject to a Restricted Stock Award, all of the rights of a holder of shares of Common Stock of the Company,
including the right to vote the Shares, except as may be otherwise provided in a Restricted Stock Award Agreement as determined by the Committee. At the discretion of the Committee and as set forth in the Award Agreement, cash dividends and stock
dividends with respect to the Restricted Stock may be either currently paid to the Participant or withheld by the Company for the Participant’s account, and interest may be credited on the amount of cash dividends withheld at a rate and subject
to such terms as determined by the Committee. Unless otherwise specified in an Award Agreement, the cash dividends or stock dividends so withheld by the Committee and attributable to any particular Share of Restricted Stock (and earnings thereon, if
applicable) shall be distributed to the Participant upon the release of restrictions on such Shares and, if such Share is forfeited, the Participant shall have no right to such cash dividends or stock dividends. 

 

	 	(e)	Repurchase or Forfeiture of Restricted Stock. If no price was paid by the Participant for the Restricted Stock, upon a Termination of Service, the Participant’s rights in unvested Restricted Stock then
subject to restrictions shall lapse, and such Restricted Stock shall be surrendered to the Company and cancelled without consideration. If a price was paid by the Participant for the Restricted Stock, upon a Termination of Service, the Company shall
have the right to repurchase from the Participant the unvested Restricted Stock then subject to restrictions at a cash price per share equal to the price paid by the Participant for such Restricted Stock or such other amount specified in the Award
Agreement. The Committee in its sole discretion may provide that in the event of certain events, including a Change of Control (as defined in Section 13(e)), the Participant’s death, retirement or disability or any other specified
Termination of Service or any other event, the Participant’s rights in unvested Restricted Stock shall not lapse and such Restricted Stock shall vest. 

  

	 	(f)	Certificates for Restricted Stock. Restricted Stock granted pursuant to the Plan may be evidenced in such manner as the Committee determines. Certificates or book entries evidencing shares of Restricted Stock
must include an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock, and the Company may, in its sole discretion, retain physical possession of any stock certificate until such time as all
applicable restrictions lapse. 

  

	 	(g)	Section 83(b) Election. If a Participant makes an election under Section 83(b) of the Code to be taxed with respect to the Restricted Stock as of the date of transfer of the Restricted Stock rather than
as of the date or dates upon which the Participant would otherwise be taxable under Section 83(a) of the Code, the Participant shall be required to deliver a copy of such election to the Company promptly after filing such election with the
Internal Revenue Service. 

  

	9.	Stock Units. 

  

	 	(a)	 Generally. The Committee may, in its discretion, grant Stock Units (as defined in Section 9(c) below) to Participants hereunder. Stock
Units may be subject to such terms and conditions including vesting, as the Committee determines appropriate. The Committee shall specify the date or dates on which the Stock Units shall become fully vested and nonforfeitable, and may specify such
conditions to vesting as it deems appropriate, including conditions based on one or more Business Criteria (as defined in 

  
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Section 10(b) below) or other specific criteria, including service, in each case on a specified date or dates or over any period or periods, as the Committee determines. A Stock Unit granted
by the Committee shall provide payment in Shares at such time as the Award Agreement shall specify. The Committee may include elective deferral features for Stock Units in its discretion in compliance with applicable law. Shares of Common Stock
issued pursuant to this Section 9 may be issued with or without other payments therefor as may be required by applicable law or such other consideration as may be determined by the Committee. The Committee shall determine whether a Participant
granted a Stock Unit shall be entitled to a Dividend Equivalent Right (as defined in Section 9(c) below). 

  

	 	(b)	Settlement of Stock Units. Shares representing the Stock Units shall be distributed to the Participant unless the Committee provides for the payment of the Stock Units in cash equal to the value of the Shares
which would otherwise be distributed to the Participant or partly in cash and partly in Shares. 

  

	 	(c)	Definitions. A “Stock Unit” means a notional account representing a Participant’s conditional right to receive at a future date one (1) Share. A “Dividend Equivalent
Right” means the right to receive an amount equal to any dividend paid on the share of Common Stock underlying a Stock Unit, which shall be payable in cash or in the form of additional Stock Units, and subject to a risk of forfeiture
and other terms as specified by the Committee. 

  

	10.	Performance-Based Awards. 

  

	 	(a)	Generally. Any Awards granted under the Plan may be granted in a manner such that the Awards qualify for the performance-based compensation exemption of Section 162(m) of the Code
(“Performance-Based Awards”). As determined by the Committee in its sole discretion, either the granting or vesting of such Performance-Based Awards shall be based on achievement of performance objectives that are based on
one or more of the Business Criteria described below that apply to the individual Participant, one or more divisions or business units, or the Company as a whole, in each case on a specified date or dates or over any period or periods determined by
the Committee (the “Performance Goals”). Without limiting the foregoing, the Committee may grant also Performance-Based Awards to any Eligible Individual in the form of a cash bonus payable upon the attainment of Performance
Goals which are established by the Committee, in each case on a specified date or dates or over any period or periods determined by the Committee. Any such bonuses paid to a Participant which are intended to be Performance-Based Compensation shall
be based upon objectively determinable bonus formulas established in accordance with Section 10(c) below. 

  

	 	(b)	 Business Criteria. The business criteria (and adjustments) that the Committee selects for an Award for purposes of establishing the Performance
Goal(s) for a performance period shall be as follows, individually or in combination: (i) net earnings; (ii) earnings per share; (iii) revenues; (iv) sales; (v) operating income; (vi) earnings before interest and taxes
(EBIT); (vii) earnings before interest, taxes, depreciation and amortization (EBITDA); (viii) segment profit, as defined in the Company’s financial statements; (ix) working capital targets; (x) return on equity;
(xi) return on capital or return on assets; (xii) expenses or expense ratios; (xiii) cash flow, free cash flow, cash flow return on investment, net cash provided by operations, or economic profit created; (xiv) market price per
share; (xv) total return to stockholders, and (xvi) specific strategic or 

  
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operational business criteria, including market penetration, geographic expansion, new concept development goals, new products, new projects, or new ventures, customer satisfaction, staffing,
training and development goals, goals relating to acquisitions, divestitures, affiliates and joint ventures. Business criteria may be measured on a consolidated basis, by department, group or business unit, or for specified subsidiaries or
affiliates of the Company (collectively, the “Business Criteria”). The targeted level or levels of performance with respect to the 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 ratio, 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.

  

	 	(c)	Establishment of Performance Goals. With respect to Performance-Based Awards, the Committee shall establish in writing (i) the Performance Goals applicable to a specified performance period, and such
Performance Goals shall state, in terms of an objective formula or standard, the method for computing the amount of compensation payable to the Participant if such Performance Goals are obtained and (ii) the individual Employees or class of
Employees to which such Performance Goals apply; provided, however, that such Performance Goals shall be established in writing no later than ninety (90) days after the commencement of the applicable performance period (but in no event
after twenty-five percent (25%) of such performance period has elapsed). Performance periods may be of any length, as specified by the Committee. The Committee may, in its sole discretion, provide that one or more objectively determinable
adjustments shall be made to one or more of the Performance Goals. Such adjustments may include one or more of the following: (i) items related to a change in accounting principle; (ii) items relating to financing activities;
(iii) expenses for restructuring or productivity initiatives; (iv) other non-operating items; (v) items related to acquisitions; (vi) items attributable to the business operations of any entity acquired by the Company during the
performance period; (vii) items related to the disposal of a business or segment of a business; (viii) items related to discontinued operations that do not qualify as a segment of a business under applicable accounting standards;
(ix) items attributable to any stock dividend, stock split, combination or exchange of stock occurring during the performance period; or (x) any other items of significant income or expense which are determined to be appropriate
adjustments; (xi) items relating to unusual or extraordinary corporate transactions, events or developments, (xii) items related to amortization of acquired intangible assets; (xiii) items that are outside the scope of the
Company’s core, on-going business activities; or (xiv) items relating to any other unusual or nonrecurring events or changes in applicable laws, accounting principles or business conditions. For all Performance-Based Awards, such
determinations shall be made within the time prescribed by, and otherwise in compliance with, Section 162(m) of the Code. 

  

	 	(d)	Certification of Performance. No Performance-Based Awards shall be payable to or vest with respect to, as the case may be, any Participant for a given performance period until there has been certified in writing
by or on behalf of the Committee that the Performance Goals (and any other material terms) applicable to such performance period have been satisfied. 

  

	 	(e)	 Modification of Performance-Based Awards. With respect to any Awards intended to qualify as Performance-Based Compensation, after establishment
of a Performance Goal, the Committee shall not revise such Performance Goal or increase the amount of compensation payable thereunder (as determined in accordance with Section 162(m) of

  
 - 11 - 

	 	
the Code) upon the attainment of such Performance Goal. Notwithstanding the preceding sentence, the Committee may reduce or eliminate the number of shares of Common Stock or cash granted, vested
or payable upon the attainment of such Performance Goal. 

  

	11.	Foreign Laws. The Committee may grant Awards to individual Participants who are subject to the tax and other laws of nations other than the United States, which Awards may have terms and conditions
as determined by the Committee as necessary to comply with applicable foreign laws and local compensation customs and practices, and that may differ from those applicable to other Participants, and may establish subplans and modify exercise
procedures and other terms and procedures, to the extent such actions may be necessary or advisable (any such subplans and/or modifications shall be attached to the Plan as appendices); provided, however, that no such subplans and/or
modifications shall increase the share limitations contained in Section 5. The Committee may take any action which it deems advisable to obtain approval of such Awards by the appropriate foreign governmental entity or comply with any necessary
local governmental regulatory exemptions or approvals or listing requirements of any such foreign securities exchange; provided, however, that no such Awards may be granted pursuant to this Section 11 and no action may be taken which would
violate the Code, the Exchange Act, the Securities Act, any other U.S. securities law or governing statute, the rules of the securities exchange or automated quotation system on which the Shares are listed, quoted or traded or any other applicable
law. 

  

	12.	Termination of Service; Forfeitures. 

  

	 	(a)	Termination of Service. For purposes of this Plan, “Termination of Service” means: 

  

	 	(i)	As to an Advisor, the time when the engagement of a Participant as an Advisor to the Company, its Subsidiaries and affiliates is terminated for any reason, with or without Cause, including, without limitation, by
resignation, discharge, death or retirement, but excluding terminations where the Advisor simultaneously commences or remains in employment or service with the Company, its Subsidiaries and affiliates or is expected to shortly resume such employment
or service. 

  

	 	(ii)	As to a non-employee Director, the time when a Participant who is a non-employee Director ceases to be a Director for any reason, including, without limitation, a termination by resignation, failure to be elected, death
or retirement, but excluding terminations where the Participant simultaneously commences or remains in employment or service with the Company, its Subsidiaries and affiliates or is expected to shortly resume such employment or service.

  

	 	(iii)	As to an Employee, the time when the employee-employer relationship between a Participant and the Company, its Subsidiaries or affiliates is terminated for any reason, including, without limitation, a termination by
resignation, discharge, death, disability or retirement, but excluding terminations where the Participant simultaneously commences or remains in employment or service with any of the Company, its Subsidiaries and affiliates or is expected to shortly
resume such employment or service. 

 The Committee, in its sole discretion, shall determine the effect of all matters and
questions relating to Terminations of Service, including, without limitation, the question of whether a Termination of Service resulted from a discharge for “Cause” (as defined in 

  
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Section 12(b)) or resignation for “good reason” and all questions of whether particular leaves of absence or other interruptions in service constitute a Termination of Service;
provided that, with respect to Incentive Stock Options, such determination shall be made consistent with the requirements of Section 422(a)(2) of the Code. For purposes of the Plan, a Participant’s employee-employer relationship or
consultancy relations shall be deemed to be terminated in the event that the Subsidiary employing or contracting with such Participant ceases to remain a Subsidiary following any merger, sale of stock or other corporate transaction or event
(including, without limitation, a spin-off). Further, if a Termination of Service constitutes a payment event with respect to any portion of an Award that provides for the deferral of compensation and is subject to Section 409A of the Code, the
Termination of Service must also constitute a “Separation from Service,” as defined in Treasury Regulation §1.409A-1(h) to the extent required by Section 409A. 

 

	 	(b)	Termination of Service Other Than for Cause. Unless the Committee or any Award Agreement shall otherwise provide, upon Termination of Service of a Participant as a result of termination by the Company or its
Subsidiary or affiliate without Cause (as defined below) or otherwise not due to Injurious Conduct, or termination by the Participant for any reason (other than by reason of the death of the Participant): 

 

	 	(i)	all unexercisable Awards held by the Participant on the date of Termination of Service shall be immediately forfeited by the Participant; and 

 

	 	(ii)	all exercisable Awards held by the Participant on the date of Termination of Service shall remain exercisable until the earlier of (a) the end of the 90-day period following the Termination of Service, or
(b) the date the Award expires. 

 Unless the Committee or any Award Agreement shall otherwise provide, in the event of a
Termination from Service due to the death of a Participant, each vested Stock Option or vested Stock Appreciation Right theretofore granted to him or her shall remain exercisable for a period of one (1) year after his or her death, and shall
only be exercisable by the executor or administrator of the estate of the deceased Participant or the person or persons to whom the deceased Participant’s rights under the Stock Option or Stock Appreciation Right shall pass by will or the laws
of descent and distribution or beneficiary designation. 
  

	 	(c)	Forfeiture of Unsettled Awards. Unless the Committee or any Award Agreement shall otherwise provide, a Participant shall forfeit without consideration therefor all Awards he or she holds at the time and which
have not been settled under this Plan (other than fully vested Restricted Stock Awards and vested Stock Units that have been deferred at the election of the Participant) if: 

 

	 	(i)	the Participant’s Termination of Service occurs due to willful, deliberate, or gross misconduct in the performance of the Participant’s duties to the Company, any Subsidiary or affiliate, as determined by the
Committee in its good faith judgment, or any other event which constitutes “cause” under an employment agreement to which such Participant is a party (or, in either case, if it is later determined by the Committee that such circumstances
existed at the time of termination) (“Cause”); or 

  

	 	(ii)	 prior to or upon the Participant’s Termination of Service or during the one (1) year period thereafter, the Participant engages in any
business or enters into any employment relationship in violation of any non-competition obligation which 

  
 - 13 - 

	 	
such Participant has to the Company, a Subsidiary or affiliate or in violation of any restriction to which the Participant is subject on, directly or indirectly, soliciting the employment of or
any business from, or employing or doing business with, any of the employees or former employees of the Company (or any Subsidiary or affiliate) or any customer or supplier to the Company (or any Subsidiary or affiliate), or any other party with
which the Company (or any Subsidiary or affiliate) has a business relationship (including any such obligation or restriction contained in any agreement pursuant to which any Award is provided or any other agreement), and the Committee in its sole
discretion has determined the results of such violation to have been injurious to the Company’s business interests. The activities described in (i) and (ii) above are hereafter referred to as “Injurious
Conduct”. 

  

	 	(d)	Effect on Settled Awards. A forfeiture of an Award upon the Committee determining that a Participant has engaged in Injurious Conduct during the course of his or her service or during the one (1) year period
following his or her Termination of Service shall not relieve the Participant of any liability he or she may have to the Company or any Subsidiary or affiliate as a result of engaging in the Injurious Conduct. In addition, the Committee may provide,
in any Award Agreement, for a forfeiture of gains previously realized upon exercise, lapse of restrictions or settlement of an Award (commonly referred to as a “clawback”) in the event of Injurious Conduct by a Participant during service
or a specified period following Termination of Service. 

  

	 	(e)	Timing. The Committee shall exercise the right of forfeiture provided to the Company in Section 12(c) or (d) within ninety (90) days after the discovery of the activities giving rise to the
Company’s right of forfeiture, which activities must have occurred no later than twelve (12) months after the Participant’s Termination of Service. 

 

	 	(f)	Determination from the Committee. A Participant may make a request to the Committee in writing for a determination regarding whether any proposed business or activity would constitute Injurious Conduct. Such
request shall fully describe the proposed business or activity. The Committee shall respond to the Participant in writing and the Committee’s determination shall be limited to the specific business or activity so described. 

 

	 	(g)	Condition Precedent. Unless the Committee or any agreement relating to Awards under this Plan shall otherwise provide, all Awards shall be considered awarded under this Plan subject to the applicability of this
Section 12. 

  

	 	(h)	Enforceability. A purpose of this Section 12 is to protect the Company (and any subsidiary or affiliate) from Injurious Conduct. To the extent that this Section 12 is not fully enforceable as written,
the unenforceable provisions shall be modified so as to provide the Company with the fullest protection permitted by law. 

  

	13.	Change of Control. Notwithstanding any other provision of the Plan, upon a Change of Control, outstanding Awards shall become immediately and fully exercisable or payable according to the following terms:

  

	 	(a)	Any outstanding and unexercised Stock Option Award shall become immediately and fully exercisable, and shall remain exercisable until it would otherwise expire or be forfeited. 

  
 - 14 - 

	 	(b)	The Committee, in its discretion, may determine that, upon the occurrence of a Change of Control of the Company, each Stock Option Award and Stock Appreciation Right Award outstanding hereunder shall terminate within a
specified number of days after notice to the holder, and such holder shall receive, with respect to each share of Common Stock subject to such Stock Option or Stock Appreciation Right, an amount equal to the excess of the Fair Market Value of such
shares of Common Stock immediately prior to the occurrence of such Change of Control over the exercise price per share of such Stock Option or Stock Appreciation Right; such amount to be payable in cash, in one or more kinds of property (including
the property, if any, payable in the transaction) or in a combination thereof, as the Committee, in its discretion, shall determine. The provisions contained in the preceding sentence shall be inapplicable to a Stock Option or Stock Appreciation
Right granted within six months before the occurrence of a Change of Control if the holder of such Stock Option or Stock Appreciation Right is a director or executive officer of the Company. 

 

	 	(c)	Any outstanding and unexercised Stock Appreciation Rights shall become immediately and fully exercisable. 

  

	 	(d)	Any Restricted Stock or Stock Unit shall become immediately and fully vested. 

  

	 	(e)	To the extent not exercised, settled or terminated, the Committee may in its discretion determine that any Awards outstanding at the time of a Change of Control will be assumed or substituted by a successor entity or
affiliate of a successor entity, in a manner that complies with the requirements of Sections 409A and 422 of the Code, as applicable. 

  

	 	(f)	“Change of Control” means: 

  

	 	(i)	The acquisition by any “Person” (as such term is defined in Section 3(a) (9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof, including a “group” as defined
in Section 13(d) thereof) of “Beneficial Ownership” (within the meaning of Rule 13d-3 under the Exchange Act) of more than 50% of either (A) the then-outstanding Shares (“Outstanding Company Common
Stock”) or (B) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”);
provided, however, that, the following acquisitions shall not constitute a Change in Control: (1) any acquisition by the Company, (2) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company,
(3) any acquisition by any entity controlled by the Company, or (4) any acquisition by any entity pursuant to a transaction that complies with Section 13(f)(ii)(A), (B) or (C); 

 

	 	(ii)	 Consummation of a reorganization, merger, statutory share exchange or consolidation or similar corporate transaction involving the Company and/or any
entity controlled by the Company, or a sale or other disposition of all or substantially all of the assets of the Company, or the acquisition of assets or stock of another entity by the Company or any entity controlled by the Company (each, a
“Business Combination”), in each case, provided, however, that, for purposes of this Section 13(f)(ii), a Business Combination shall not constitute a Change in Control if following such Business Combination: (A) all
or substantially all of the individuals and entities that were the Beneficial Owners of the Outstanding Company Common Stock and Outstanding Company Voting Securities 

  
 - 15 - 

	 	
immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock and the combined voting power of the
then-outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, an entity that, as a result of such
transaction, owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination of
the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be; and (B) no Person (excluding any entity resulting from such Business Combination or any employee benefit plan (or related trust) of the Company
or such entity resulting from such Business Combination) beneficially owns, directly or indirectly, 50% or more of, respectively, the then-outstanding shares of common stock of the corporation resulting from such Business Combination or the combined
voting power of the then-outstanding voting securities of such corporation, except to the extent that such ownership existed prior to the Business Combination; and (C) at least a majority of the members of the board of directors of the entity
resulting from such Business Combination were members of the Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination (but excluding any member of the Board whose initial
assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of Directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the
Board; or 

  

	 	(iii)	Approval by the shareholders of the Company of a complete liquidation or dissolution of the Company. 

  

	14.	 Adjustment Provisions. Awards granted under the Plan and any Award Agreements, the maximum number of shares of Common Stock deliverable under
all Awards stated in Section 5(a), the maximum number of shares of Common Stock available for Incentive Stock Options, and for Restricted Stock Awards and Stock Units under Section 5(a), and the maximum number of shares of Common Stock
with respect to which Awards may be granted to or measured with respect to any one person during any period stated in Section 5(a), shall be subject to adjustment or substitution to prevent dilution or enlargement of the benefits or potential
benefits of the Awards, as determined by the Committee in its sole discretion, as to the number, price or kind of a share of Common Stock or other consideration subject to such Awards or as otherwise determined by the Committee to be equitable:
(a) in the event of changes in the outstanding Common Stock or in the capital structure of the Company by reason of stock or extraordinary cash dividends, stock splits, reverse stock splits, recapitalizations, reorganizations, mergers,
consolidations, combinations, exchanges, spin-offs, dividends in kind, or other relevant changes in capitalization, or (b) in the event of any change in applicable laws or any change in circumstances which results in or would result in any
substantial dilution or enlargement of the rights granted to, or available for, Participants, or which otherwise warrants equitable adjustment because it interferes with the intended operation of the Plan. Any adjustment in Incentive Stock Options
under this Section 14 shall be made only to the extent not constituting a “modification” within the meaning of Section 424(h)(3) of the Code, and any adjustments under this Section 14 shall be made in a manner which does not
adversely affect the exemption provided pursuant to Rule 16b-3 under the Exchange Act and which otherwise is permissible under Code Section 409A. Further, with respect to Awards intended to qualify as Performance-Based Compensation,

  
 - 16 - 

	 	
such adjustments or substitutions shall be made only to the extent that the Committee determines that such adjustments or substitutions may be made without causing the Company to be denied a tax
deduction on account of Section 162(m) of the Code. The Company shall give each Participant notice of an adjustment hereunder and, upon notice, such adjustment shall be conclusive and binding for all purposes. 

 

	15.	Nontransferability. Each Award granted under the Plan to a Participant (other than unrestricted stock Awards and vested Restricted Stock Awards) shall not be transferable otherwise than by will or the laws of
descent and distribution, and shall be exercisable, during the Participant’s lifetime, only by the Participant. Notwithstanding the foregoing, at the discretion of the Committee, a grant of an Award other than an Incentive Stock Option may
permit the transferability of an Award by a Participant solely to the Participant’s spouse, siblings, parents, children and grandchildren or trusts for the benefit of such persons or partnerships, corporations, limited liability companies or
other entities owned solely by such persons, including trusts for such persons, subject to any restriction included in the grant of the Award. 

  

	16.	Other Provisions; Clawback Policy. The grant of any Award under the Plan may also be subject to such other provisions (whether or not applicable to the Award granted to any other Participant) as the Committee
determines appropriate, including, without limitation, provisions for the forfeiture of, or restrictions on resale or other disposition of, Common Stock acquired under any form of Award, provisions for the acceleration of exercisability or vesting
of Awards (subject to Section 20(a)), performance conditions other than those imposed under Section 10, or provisions to comply with federal and state securities laws, or understandings or conditions as to the Participant’s employment
in addition to those specifically provided for under the Plan. In addition, any Award issued under this Plan will be subject to any clawback policy developed by the Board or the Committee that is consistent with applicable law. 

 

	17.	Fair Market Value. For purposes of this Plan and any Awards awarded hereunder, Fair Market Value means the value of a Share determined as follows: (a) if the Common Stock is listed on any
(i) established securities exchange (such as the New York Stock Exchange, the NASDAQ Global Market or the NASDAQ Global Select Market), (ii) national market system or (iii) automated quotation system on which the Shares are listed,
quoted or traded, its Fair Market Value shall be the closing price for a share of Common Stock as quoted on such exchange or system for such date or, if there were no sales of Common Stock on the date in question, the last preceding date for which
such quotation exists, as reported in The Wall Street Journal or such other source as the Committee deems reliable; (b) if the Common Stock is not listed on an established securities exchange, national market system or automated
quotation system, but the Common Stock is regularly quoted by a recognized securities dealer, Fair Market Value shall be the last reported bid price for such date or, if there were no bid price for a share of Common Stock on such date, the last
preceding date for which such information exists, as reported in The Wall Street Journal or such other source as the Committee deems reliable; or (c) if the Common Stock is neither listed on an established securities exchange, national
market system or automated quotation system nor regularly quoted by a recognized securities dealer, Fair Market Value shall be established by the Committee in good faith based on the reasonable application of a reasonable valuation method not
inconsistent with the requirements of Section 409A of the Code. 

  

	18.	 Withholding. The Company has the authority and the right to deduct or withhold from amounts due under this Plan or other compensation payable,
or require a Participant to remit to the Company, an amount sufficient to satisfy federal, state, local and foreign taxes (including FICA or employment tax obligation) required by law to be withheld with respect to any taxable event concerning a
Participant arising as a result of the Plan. If the Company proposes or is required to 

  
 - 17 - 

	 	
distribute Common Stock pursuant to the Plan, it may require the recipient to remit to it or to the business entity that employs such recipient an amount sufficient to satisfy such tax
withholding requirements prior to the delivery of any certificates for such Common Stock. In lieu thereof, the Company or the employing entity shall have the right to withhold the amount of such taxes from any other sums due or to become due from
such entity to the recipient as the Committee shall prescribe. The Committee may, in its discretion and subject to such rules as it may adopt (including any as may be required to satisfy applicable tax and/or non-tax regulatory requirements),
require, or permit an election by, a Participant or other right holder to pay all or a portion of the federal, state and local withholding taxes arising in connection with any Award consisting of shares of Common Stock by having the Company withhold
shares of Common Stock having a Fair Market Value equal to the amount of tax to be withheld or through the delivery of irrevocable instructions to a broker to deliver promptly to the Company an amount equal to the amount required to be withheld.
However, in no event will the amount of Shares withheld exceed the amount necessary to satisfy the required minimum statutory withholding. 

  

	19.	Employment Rights; Award Rights; Excluded Compensation. Neither the Plan nor any action taken hereunder shall be construed as giving any Participant the right to be retained in the employ or service of the
Company or any of its Subsidiaries or affiliates and shall not lessen or affect the Company’s or its Subsidiary’s or affiliate’s right to terminate the employment of or make any other employment-related decisions regarding such
Participant. No Participant or other individual shall have any claim to be granted any Award, and there is no obligation for uniformity of treatment of Participants or holders or beneficiaries of Awards. The terms and conditions of Awards and the
Committee’s determinations and interpretations with respect thereto need not be the same with respect to each Participant (whether or not such Participants are similarly situated). No award under the Plan shall be taken into account in
determining a Participant’s compensation for purposes of any welfare benefit, retirement benefit, incentive compensation or other employee benefit or compensation plan of the Corporation, unless otherwise expressly provided in the terms
thereof. 

  

	20.	Compliance with Laws 

  

	 	(a)	Certain Limitations on Awards to Ensure Compliance with Section 409A. It is intended that any Award under this Plan shall either be exempt from Code Section 409A or shall comply, in form and operation,
with Code Section 409A. For this purposes, each payment shall be considered a separate and distinct payment. Although the Committee retains authority under the Plan to grant Options, Stock Appreciation Rights and Restricted Stock on terms that
will subject those Awards to the requirements of Code Section 409A, Options, Stock Appreciation Rights, and Restricted Stock are intended to be exempt from Section Code 409A unless otherwise expressly specified by the Committee. Any Awards that
are subject to Code Section 409A shall be interpreted in a manner that complies with such Code section. 

  

	 	(b)	Specified Employees. If a Participant is a “specified employee” as defined under Code Section 409A and the Participant’s Award is to be settled on account of the Participant’s separation
from service (for reasons other than death) and such Award constitutes “deferred compensation” as defined under Code Section 409A, then any portion of the Participant’s Award that would otherwise be settled during the six-month
period commencing on the Participant’s separation from service shall be settled as soon as practicable following the conclusion of the six-month period (or following the Participant’s death if it occurs during such six-month period).

  
 - 18 - 

	 	(c)	Unfunded Plan. Participants shall have no right, title, or interest whatsoever in or to any investments which the Company may make to aid it in meeting its obligations under the Plan. Nothing contained in the
Plan, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind, or a fiduciary relationship between the Company and any Participant, beneficiary, legal representative or any other person. To the
extent that any person acquires a right to receive payments from the Company under the Plan (excluding Restricted Stock), such right shall be no greater than the right of an unsecured general creditor of the Company. All payments to be made
hereunder shall be paid from the general funds of the Company and no special or separate fund shall be established and no segregation of assets shall be made to assure payment of such amounts except as expressly set forth in the Plan. The Plan is
not intended to be subject to the Employee Retirement Income Security Act of 1974, as amended. 

  

	 	(d)	Compliance with Other Applicable Law, Regulations and Requirements. This Plan, the grant and exercise of Awards hereunder, and the obligation of the Company to sell, issue or deliver Shares under such Awards,
shall be subject to all applicable federal, state and local laws, rules and regulations and to such approvals by any governmental or regulatory agency as may be required. The Company shall not be required to register in a Participant’s name or
deliver any Shares prior to the completion of any registration or qualification of such Shares under any federal, state or local law or any ruling or regulation of any government body which the Committee shall determine to be necessary or advisable.
To the extent the Company is unable to or the Committee deems it infeasible to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary or advisable for the lawful
issuance and sale of any Shares hereunder, the Company shall be relieved of any liability with respect to the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained. No Stock Option or Stock
Appreciation Rights shall be exercisable and no Shares shall be issued and/or transferable under any other Award unless a registration statement with respect to the Shares underlying such Award is effective and current or the Company has determined
that such registration is unnecessary. In the event that the Committee determines in its discretion that the listing or qualification of the Shares available for issuance under the Plan on any securities exchange or quotation or trading system or
under any applicable law or governmental regulation is necessary as a condition to the issuance of such Shares, a Stock Option or Stock Appreciation Right may not be exercised in whole or in part and a Restricted Stock or Stock Unit Award shall not
vest or be settled unless such listing, qualification, consent or approval has been unconditionally obtained. 

  

	 	(e)	Limitation of Liability. The Company shall not be liable to a Participant or other persons as to: (i) the non-issuance or sale of Shares as to which the Company has been unable to obtain from any regulatory
body having jurisdiction the authority deemed by Company counsel to be necessary to the lawful issuance and sale of any Shares hereunder; and (ii) any tax consequence expected, but not realized, by any Participant or other person due to the
receipt, exercise or settlement of any Award granted hereunder. 

  

	21.	No Fractional Shares. No fractional shares of Common Stock shall be issued or delivered pursuant to the Plan or any Award. The Committee shall determine whether cash, or Awards, or other property shall be issued
or paid in lieu of fractional shares or whether such fractional shares or any rights thereto shall be forfeited or otherwise eliminated. 

  
 - 19 - 

	22.	Duration; Amendment and Termination. 

  

	 	(a)	Duration. No Award shall be initially granted more than ten (10) years after the latest date upon which the Plan (including any amendment and restatement of the Plan) has been approved by stockholders, but
Awards outstanding at that time shall remain outstanding and governed by the terms of the Plan. 

  

	 	(b)	Amendment and Termination. The Board or the Committee may amend, suspend or terminate the Plan and any outstanding Award Agreement at any time, subject to Sections 22(c) and (d) below. 

 

	 	(c)	Shareholder Approval. No amendment of the Plan may be made without approval of the Company shareholders, if the amendment will: (i) increase the aggregate number of shares of Common Stock that may be
delivered through Awards under the Plan; (ii) increase the maximum number of Shares or cash that may be awarded to any Participant under Section 5 hereof; (iii) change the types of Business Criteria on which Performance-Based Awards
are to be based under the Plan; (iv) modify the Plan so as to materially broaden eligibility for participation in the Plan; or (v) reduce the exercise price of any outstanding Stock Option or Stock Appreciation Rights Award; provided,
however, that adjustments authorized under Section 14 are not subject to stockholder approval under this Section 22. In addition, no amendment of this Plan shall be made without shareholder approval if shareholder approval is required
pursuant to rules promulgated by any stock exchange or quotation system on which Shares are listed or quoted or by applicable state or federal laws or regulations and the applicable laws of any foreign country or jurisdiction where Awards are, or
will be, granted under the Plan. 

  

	 	(d)	Outstanding Awards. Notwithstanding any provision of this Plan to the contrary other than Sections 3(c), 14 and 22(e), no amendment or termination of the Plan or an Award Agreement shall adversely affect in any
material way any Award previously granted under the Plan without the written consent of the Participant affected. 

  

	 	(e)	Amendments for Legal Compliance. Notwithstanding any other provision of this Plan to the contrary, the Board or Committee may amend the Plan or an Award Agreement, to take effect retroactively or otherwise, as
deemed necessary or advisable for the purpose of conforming the Plan or an Award Agreement to any applicable law or regulation. By accepting an Award under this Plan, a Participant agrees to any amendment made pursuant to this Section 22(e)
without further consideration or action. 

  

	23.	Prohibition Against Repricing. Unless the approval of the Company stockholders has been obtained, the Committee will not amend or replace previously granted Stock Options or Stock Appreciation Rights or otherwise
take any action that constitutes a “repricing” of any Stock Option or Stock Appreciation Rights Award under the Plan. For this purpose, a “repricing” means: (a) amending the terms of a Stock Option or Stock Appreciation
Right Award in a manner that has the effect of reducing its exercise price; (b) any other action that is treated as a repricing under generally accepted accounting principles or the rules of the securities exchange or automated quotation system
on which the Shares are listed, quoted or traded; or (c) canceling a Stock Option or Stock Appreciation Rights Award at a time when its exercise price is equal to or greater than the Fair Market Value of the underlying Common Stock, in exchange
for another Award or other equity or cash, unless the cancellation and exchange occurs in connection with a Change of Control as described in Section 13. Notwithstanding the foregoing, adjustments to Awards under Section 14 will not be
deemed “repricings”. 

  
 - 20 - 

	24.	Third-Party Administrator. In connection with a Participant’s participation in the Plan, the Company may use the services of a third party administrator, including a brokerage firm administrator, and the
Company may provide this administrator with personal information about a Participant, including a Participant’s name, social security number and address, as well as the details of each Award, and this administrator may provide information to
the Company concerning the exercise of a Participant’s rights and account data as it relates to Awards under the Plan. 

  

	25.	Uncertificated Shares. To the extent that this Plan provides for issuance of certificates to reflect the transfer of Shares, the transfer of such Shares may be effected on a non-certificated basis, to the extent
not prohibited by applicable law or the rules of any stock exchange or quotation system on which Shares are listed or quoted. 

  

	26.	Governing Law. This Plan, Awards granted hereunder and actions taken in connection herewith shall be governed and construed in accordance with the laws of the State of Delaware (regardless of the law that might
otherwise govern under applicable Delaware principles of conflict of laws). 

  

	27.	Successors and Assigns. The Plan shall be binding on all successors and assigns of the Company and a Participant, including, without limitation, the estate of such Participant and the executor, administrator or
trustee of such estate, or any receiver or trustee in bankruptcy or representative of the Participant’s creditors. 

  

	28.	The Delivery and Execution of Electronic Documents. To the extent permitted by applicable law, the Company may (a) deliver by email or other electronic means (including posting on a website maintained by the
Company or by a third party under contract with the Company) all documents relating to the Plan or any Award (including without limitation, prospectuses required by the Commission) and all other documents that the Company is required to deliver to
its shareholders (including without limitation, annual reports and proxy statements) and (b) permit Participants to electronically execute applicable Plan documents (including, but not limited to, Award Agreements) in a manner prescribed by the
Committee. 

  

	29.	No Representations or Warranties Regarding Tax Effect. Notwithstanding any provision of the Plan to the contrary or any action taken by the Company, Subsidiaries, Company affiliates, or the Board with respect to
any income tax, social insurance, payroll tax, or other tax, the acceptance of an Award under the Plan represents the Participant’s acknowledgement that the ultimate liability for any such tax owed by the Participant is and remains the
Participant’s responsibility, and that the Company makes no representations or warranties about the tax treatment of any Award, and does not commit to structure any aspect of the Award to reduce or eliminate a Participant’s tax liability,
including without limitation, Code Sections 409A and 457A. 

  

	30.	Effective Date. This Plan has been adopted by the Board of Directors of the Company and shall be effective as of the date of approval by the Company’s stockholders at the 2015 Annual Meeting of Stockholders,
by the affirmative vote of a majority of the voting power present in person or by proxy and entitled to vote generally in the election of directors and entitled to vote on the matter of approval of this Plan. Such stockholder approval shall be a
condition to the right of each Participant to receive any Award hereunder. Any Award granted under the Plan prior to such stockholder approval shall be effective as of the date of grant (unless, with respect to any Award, the Committee specifies
otherwise at the time of grant), but no such Award may be exercised or settled and no restrictions relating to any Award may lapse prior to such stockholder approval and, if such stockholder approval is not obtained as provided hereunder, any such
Award shall be canceled. 

  
 - 21 -EXHIBIT 10.34

 

AGREEMENT FOR SALE AND PURCHASE

 

By
and between

 

WS CINCINNATI, LLC, a Delaware limited
liability company,

 

WS COLLEGE STATION JV, LLC, a Delaware
limited liability company

 

WS-CNO JV, LLC, a Delaware limited
liability company,

 

WS-FNO, LLC, a Delaware limited liability
company, and

 

WS SPHERICAL STONE, LLC, a Delaware
limited liability company,

 

and

 

AMERICAN REALTY CAPITAL HOSPITALITY
PORTFOLIO WSC, LLC

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	ARTICLE I	 	 
	 	DEFINITIONS AND REFERENCES	2
	1.01	Definitions	2
	1.02	References	16
	 	 	 
	ARTICLE II	 	 
	 	SALE AND PURCHASE; “AS-IS,” “WHERE-IS” SALE; ASSUMPTION OF PIP WORK	16
	2.01	Sale and Purchase	16
	2.02	As-is, Where-is	17
	 	 	 
	ARTICLE III	 	 
	 	PURCHASE PRICE	19
	3.01	Purchase Price	19
	3.02	Earnest Money Escrow Agreement	20
	3.03	Allocation of Purchase Price	20
	3.04	Independent Consideration	21
	 	 	 
	ARTICLE IV	 	 
	 	INSPECTIONS	21
	4.01	Property Documents	21
	4.02	Inspections	21
	4.03	Review and Inspection	22
	4.04	Testing	23
	4.05	Confidentiality	23
	4.06	Indemnification; Insurance	24
	4.07	Title and Survey	24
	4.08	Conveyance of Title	25
	4.09	Pre-Closing Title Defects	25
	4.10	Release of Liens	26
	4.11	Franchise Consent Documents	27
	4.12	Property Improvement Plans	27
	 	 	 
	ARTICLE V	 	 
	 	REPRESENTATIONS AND WARRANTIES	28
	5.01	Representations and Warranties of Seller	28
	5.02	Representations and Warranties of Purchaser	35
	 	 	 
	ARTICLE VI	 	 
	 	CLOSING AND CLOSING DELIVERIES	37
	6.01	Closing and Escrow	37
	6.02	Seller’s Deliveries	37
	6.03	Purchaser’s Deliveries	39

 

    	-i-

    	 

    

 

	6.04	Expenses	40
	6.05	Reserved	41
	6.06	Possession	42
	 	 	 
	ARTICLE VII	 	 
	 	ADJUSTMENTS AND PRORATIONS-CLOSING STATEMENTS	42
	7.01	Adjustments and Prorations	42
	7.02	Adjustment and Proration Procedures	43
	7.03	Other	45
	7.04	Payment	45
	7.05	Cash and Accounts	45
	7.06	Closing Statements	45
	7.07	Survival	46
	 	 	 
	ARTICLE VIII	 	 
	 	CONDITIONS TO SELLER’S OBLIGATIONS	46
	8.01	Conditions	46
	8.02	Failure of Conditions	47
	 	 	 
	ARTICLE IX	 	 
	 	CONDITIONS TO PURCHASER’S OBLIGATIONS	47
	9.01	Conditions	47
	9.02	Failure of Conditions	48
	 	 	 
	ARTICLE X	 	 
	 	ACTIONS AND OPERATIONS PENDING CLOSING	48
	10.01	Actions and Operations Pending Closing	48
	 	 	 
	ARTICLE XI	 	 
	 	CASUALTIES AND TAKINGS	51
	11.01	Casualties	51
	11.02	Takings	52
	 	 	 
	ARTICLE XII	 	 
	 	EMPLOYEES	53
	12.01	Employees	53
	12.02	WARN Act	54
	12.03	Claims	54
	12.04	No Plan Amendment	54
	12.05	Survival	54
	 	 	 
	ARTICLE XIII	 	 
	 	NOTICES	54
	13.01	Notices	55
	 	 	 
	ARTICLE XIV	 	 
	 	ADDITIONAL COVENANTS	56
	14.01	Additional Covenants	56

 

    	-ii-

    	 

    

 

	ARTICLE XV	 	 
	 	DISTRIBUTION OF FUNDS AND DOCUMENTS	61
	15.01	Delivery of Purchase Price	61
	15.02	Other Monetary Disbursements	61
	15.03	Recorded Documents	61
	15.04	Documents to Seller	61
	15.05	Documents to Purchaser	62
	 	 	 
	ARTICLE XVI	 	 
	 	ESCROW COMPANY DUTIES AND DISPUTES	62
	16.01	Escrow Company	62
	16.02	Escrow Funds	62
	16.03	Termination of Escrow	62
	16.04	No Third Party Rights	62
	16.05	Disputes and Attorneys’ Fees	63
	16.06	Further Instruments	63
	16.07	Records and Reports	63
	16.08	Liability of Escrow Company	63
	16.09	Resignation by Escrow Company	63
	16.10	Disbursement of Funds.  Escrow Company hereby agrees to hold the Earnest Money until:	63
	 	 	 
	ARTICLE XVII	 	 
	 	DEFAULTS AND REMEDIES	64
	17.01	Seller’s Remedies	64
	17.02	Purchaser’s Remedies	65
	17.03	Surviving Obligations	65
	17.04	Duration and Claims Procedures and Limitations for Seller’s Representations	66
	17.05	Attorneys’ Fees	66
	17.06	Survival	66

  

    	-iii-

    	 

    

 

LIST OF EXHIBITS

 

	Exhibit A-1:	WS CINCINNATI LAND
	 	 
	Exhibit A-2:	WS COLLEGE STATION LAND
	 	 
	Exhibit A-3:	WS-CNO JV LAND
	 	 
	Exhibit A-4:	WS-FNO LAND
	 	 
	Exhibit A-5:	WS SPHERICAL LAND
	 	 
	Exhibit B:	EXCLUDED ASSETS
	 	 
	Exhibit C:	HOTEL CONTRACTS
	 	 
	Exhibit D:	LITIGATION & PROCEEDINGS
	 	 
	Exhibit E:	FORM OF DEED
	 	 
	Exhibit F:	form of BILL OF SALE
	 	 
	Exhibit G:	form of GENERAL ASSIGNMENT
	 	 
	Exhibit H:	form of CERTIFICATION OF NON-FOREIGN STATUS
	 	 
	Exhibit I:	Initial Property Documents to be Delivered to Purchaser
	 	 
	Exhibit J:	SELLER’S BRING-DOWN CERTIFICATE
	 	 
	Exhibit K:	PURCHASER’S BRING-DOWN CERTIFICATE
	 	 
	EXHIBIT L:	INTENTIONALLY DELETED
	 	 
	EXHIBIT M:	INTENTIONALLY DELETED
	 	 
	eXHIBIT N:	INSURANCE POLICIES
	 	 
	EXHIBIT O:	FRANCHISE AGREEMENTS
	 	 
	EXHIBIT P:	EXISTING MANAGEMENT AGREEMENTS
	 	 
	EXHIBIT Q:	INTENTIONALLY DELETED
	 	 
	EXHIBIT R:	INTENTIONALLY DELETED
	 	 
	EXHIBIT S	INTENTIONALLY DELETED

 

    	-iv-

    	 

    

 

	EXHIBIT T:	BUDGETS
	 	 
	EXHIBIT U:	FORM OF CHANGE OF OWNERSHIP NOTICE 
	 	 
	EXHIBIT V:	FORM OF INTERIM BEVERAGE SERVICES AGREEMENT
	 	 
	EXHIBIT W:	PIP VERIFICATION INSPECTION LETTERS
	 	 
	EXHIBIT X:	LIQUOR CONCESSION AGREEMENTS
	 	 
	Schedule 1:	Voluntary Liens 
	 	 
	Schedule 3.01:	Allocated Purchase Price
	 	 
	Schedule 5.01(j)	Notices
	 	 
	Schedule 5.01(o)	Environmental Reports
	 	 
	Schedule 5.01(s)	Taxes and Assessments
	 	 
	Schedule 5.01(t)	Insurance
	 	 
	Schedule 5.01(u)	Liquor Licenses and Permits

 

    	-v-

    	 

    

 

AGREEMENT
FOR SALE AND PURCHASE

 

THIS AGREEMENT FOR
SALE AND PURCHASE (this “Agreement”) is made as of June 2, 2015 (the “Effective Date”)
by and between WS CINCINNATI, LLC, a Delaware limited liability company (“WS Cincinnati”), WS COLLEGE STATION
JV, LLC, a Delaware limited liability company (“WS College Station”), WS-CNO JV, LLC, a Delaware limited liability
company (“WS-CNO JV”), WS-FNO, LLC, a Delaware limited liability company (“WS-FNO”), and
WS SPHERICAL STONE, LLC, a Delaware limited liability company (“WS Spherical”; and together with WS Cincinnati,
WS College Station, WS-CNO JV and WS-FNO, collectively, “Seller”), and AMERICAN REALTY CAPITAL HOSPITALITY PORTFOLIO
WSC, LLC, a Delaware limited liability company (“Purchaser”). References in this Agreement to Seller shall be
deemed to include Operating Tenants and a reference to Seller taking an action under this Agreement shall refer, where applicable,
to Seller causing an Operating Tenant to take such action.

 

RECITALS:

 

A.           WS
Cincinnati is the owner of the fee interest in the WS Cincinnati Land (as hereinafter defined), the improvements and buildings
on the WS Cincinnati Land and related amenities, commonly referred to as the Springhill Suites Cincinnati North/Forest Park (the
“WS Cincinnati Hotel”).

 

B.           WS
College Station is the owner of the fee interest in the WS College Station Land (as hereinafter defined), the improvements and
buildings on the WS College Station Land and related amenities, commonly referred to as the Courtyard College Station (the “WS
College Station Hotel”).

 

C.           WS-CNO
JV is the owner of the fee interest in the WS-CNO JV Land (as hereinafter defined), the improvements and buildings on the WS-CNO
JV Land and related amenities, commonly referred to as the Courtyard Nashville at Opryland (the “WS-CNO JV Hotel”).

 

D.           WS-FNO
is the owner of the fee interest in the WS-FNO Land (as hereinafter defined), the improvements and buildings on the WS-FNO Land
and related amenities, commonly referred to as the Fairfield Inn & Suites Nashville at Opryland (the “WS-FNO Hotel”).

 

E.           WS
Spherical is the owner of the fee interest in the WS Spherical Land (as hereinafter defined), the improvements and buildings on
the WS Spherical Land and related amenities, commonly referred to as the Courtyard Austin Round Rock (the “WS Spherical
Hotel”; together with the WS Cincinnati Hotel, WS College Station Hotel, WS-CNO JV Hotel, and the WS-FNO Hotel, each,
individually, a “Hotel” and together, the “Hotels”).

 

F.           In
connection with its ownership of the Hotels, Seller also is the owner of the Fixtures and Tangible Personal Property, Operating
Equipment and Supplies, and Consumables and has rights and interests in and title to various of the Miscellaneous Hotel Assets
(each as hereinafter defined).

 

    	-1-

    	 

    

 

G.           Seller
desires to sell, and Purchaser desires to purchase, the Properties (as hereinafter defined) in each case upon and subject to the
terms and conditions hereinafter set forth.

 

AGREEMENTS:

 

NOW, THEREFORE,
in consideration of the representations, warranties, agreements, covenants, and conditions contained in this Agreement, and other
good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, Seller and Purchaser agree as follows:

 

Article
I

DEFINITIONS AND REFERENCES

 

1.01         Definitions.
As used in this Agreement, the following terms shall have the meanings indicated below:

 

Accountant:
Shall have the meaning given such term in Section 7.06(b).

 

Account Cash:
The balances of all cash and securities and other instruments held by Seller or by Manager for the benefit of Seller or the Properties
(including but not limited to any sums held in reserve by Seller's lenders) and deposited, held, or contained in any account, bank,
or vault, except for Cash-On-Hand and Deposits.

 

Accounts Payable:
All accounts payable with regard to the Hotels prior to the Cut-off Time.

 

Accounts Receivable:
All accounts receivable with regard to the Hotels as of the Cut-off Time whether or not a bill or statement has been presented
to the person owing such amount and specifically excluding accounts receivable accruing after the Cut-off Time.

 

Additional Earnest
Money: Shall have the meaning given to it in Section 3.01(b).

 

Affiliate: With
respect to a specific Person, any Person which, directly or indirectly, controls or is under common control with the subject Person,
and with respect to any specific Person, any Person which is controlled by the subject Person. For purposes hereof, the term “control”
shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies
of any such Person, whether through the ownership of voting securities, by contract, or otherwise.

 

Agreement: This
Agreement for Sale and Purchase, including the Exhibits and schedules and other documents referred to herein which are attached
hereto and made a part hereof.

 

Allocated Earnest
Money: Shall have the meaning given to it in Section 3.01(c).

 

Allocated Purchase
Price: Shall have the meaning given to it in Section 3.01.

 

    	-2-

    	 

    

 

Bookings: Contracts
or reservations for the use or occupancy of guest rooms and meeting and banquet facilities of the Hotels.

 

Business Day or
Business Days: Any day which is not a Saturday, Sunday or a day observed by the Federal government or by the State of New York
government as a legal holiday.

 

Cash-On-Hand:
Any and all till money and house banks, and any and all money in vending machines, postage meters, pay phones, laundry machines
and other cash-operated equipment and all checks, travelers’ checks, and bank drafts paid by guests of the Hotels and located
at the Properties, specifically excluding, however, all Account Cash and Deposits.

 

Claims Notice:
Shall have the meaning given to it in Section 17.04.

 

Closing: The
consummation of the transactions contemplated by this Agreement.

 

Closing Date:
The earlier of: (i) the date that is thirty (30) days after Purchaser provides written notice to Seller that Purchaser is prepared
to close on the acquisition of the Properties as contemplated by this Agreement; or (ii) December 1, 2015, subject to extension
as provided in this Agreement or as mutually agreed by Seller and Purchaser.

 

Closing Documents:
Shall have the meaning given to it in Section 5.01(b).

 

Code: The Internal
Revenue Code of 1986, as amended.

 

Compensation:
The salaries and wages, incentive compensation, vacation pay, sick pay, personal days, severance pay paid to, or accrued for the
benefit of, any current or former Employee (whether or not vested), employer’s contributions under F.I.C.A., unemployment
compensation, workmen’s compensation or other employment Taxes, payments payable or accrued with respect to Employee Benefit
Plans, fringe benefits, COBRA rights, or other benefits owing or accrued to any current or former Employee pursuant to Employment
Contracts or otherwise.

 

Consumables:
All unopened food and beverages (alcoholic, to the extent transferable under applicable law, and non-alcoholic); engineering, maintenance,
and housekeeping supplies, including soap, cleaning materials and matches; stationery and printing; and other supplies of all kinds,
in each case whether partially used, unused, or held in reserve storage for future use in connection with the maintenance and operation
of the Hotels, which are on hand on the date of this Agreement subject to such depletion and restocking as shall occur and be made
in the normal course of business but in accordance with present standards, excluding, however, (i) Operating Equipment, Inventory,
and Fixtures and Tangible Personal Property; (ii) all items of personal property owned by guests or tenants; (iii) Excluded Assets;
and (iv) unless otherwise allowed by Manager or Franchisor, any items that bear the name or logo of Manager or Franchisor, it being
understood that Purchaser is not purchasing any items that bear the name or logo of Manager that cannot be removed.

 

Cooperating Party:
Shall have the meaning given to it in Section 14.01(o).

 

Cut-off Time:
11:59 P.M. at each of the Hotels on the date prior to the Closing Date.

 

    	-3-

    	 

    

 

Deed: Shall
have the meaning given to it in Section 6.02(a).

 

Default Notice:
 Shall have the meaning given to it in Section 17.02(a)(i).

 

Demand: Shall
have the meaning given to it in Section 16.10(c).

 

Deposits: All
deposits under or with respect to Bookings, whether in cash or otherwise.

 

Documents: All
plans, specifications, drawings, blueprints, surveys (including, if available, “as-builts”), environmental reports,
and other documents in Seller's possession or control that relate to the design, construction, management, use, leasing, maintenance,
service or operation of the Properties, including the Initial Property Documents and all accounting, financial, Tax and other books
and records and profiles, contact information, histories, preferences, and other information obtained in the ordinary course of
business from guests of any Hotel, but excluding the Existing Management Agreements and all Excluded Documents.

 

Due Diligence:
Shall have the meaning given to it in Section 4.02(a).

 

Earnest Money:
Shall have the meaning given to it in Section 3.01(b).

 

Earnest Money Escrow
Account: Shall have the meaning given to it in Section 16.02.

 

Effective Date:
Shall have the meaning given to it in the first paragraph of this Agreement.

 

Electing Party:
Shall have the meaning given to it in Section 14.01(o).

 

Employee(s):
All persons employed by Manager or an Affiliate of Manager pursuant to Employment Contracts or otherwise including, without limitation,
contract labor, and providing services to one or more Hotels.

 

Employee Benefit
Plans: All benefit and/or compensation plans, contracts, policies, agreements or arrangements (and any amendments thereto)
including, but not limited to, “employee benefit plans” within the meaning of Section 3(3) of ERISA (whether or not
subject to ERISA), and any and all other deferred compensation, severance, equity compensation, stock option, stock purchase, stock
appreciation rights, stock unit, stock based, phantom equity, performance award, incentive, change in control, bonus, health or
medical insurance, disability insurance, vacation, paid time off, fringe benefits, welfare plan, profit sharing and pension plans,
whether or not any such Employee Benefit Plan is, or is intended to be, arrived at through collective bargaining or otherwise,
funded or unfunded, covered or qualified under the Code, ERISA or other applicable Legal Requirement, set forth in an employment
agreement or consulting agreement or written or oral.

 

Employment Contract(s):
Those contracts and agreements, “at will,” or written, with all or any of the executives, staff, and employees of Manager
or an Affiliate of Manager for work in or in connection with one or more Hotels including, but not limited to, individual employment
agreements, employee handbooks, and the like.

 

    	-4-

    	 

    

 

Environmental Condition:
Any actual, contingent, alleged, threatened or pending violation of, or liability or obligation under, any Environmental Law, including,
without limitation, related to or resulting from the presence or release into the environment, processing, use, generation, discharge,
dumping, on or off-site disposal, transportation, storage, treatment, processing or other handling of any Hazardous Substance.

 

Environmental Laws:
All Legal Requirements relating to the injury to, or the pollution or protection of human health and safety or the environment.

 

ERISA: The Employee
Retirement Income Security Act of 1974, as amended.

 

ERISA Affiliate
of Seller: With respect to any entity, any predecessors to the entity or any of the entity’s subsidiaries and all employers
(whether or not incorporated) that would be treated together with the entity as a single employer (1) within the meaning of Section
414 of the Code, or (2) as a result of the entity being or having been a general partner of any such employer), since September
2, 1974.

 

Escrow: The
escrow, if any, created for the purpose of facilitating the transactions contemplated by this Agreement pursuant to the Escrow
Instructions.

 

Escrow Company:
Chicago Title Insurance Company, 1515 Market Street, Suite 1325, Philadelphia, PA 19102-1930, Attention: Edwin G. Ditlow; Telephone:
215-875-4184; Telecopy: 215-732-1203; Email: ditlowe@ctt.com.

 

Escrow Instructions:
The escrow instructions, if any, to be executed and delivered by the parties (or their respective attorneys who are hereby authorized
by the parties to execute same) and the Escrow Company, as escrowee in connection with the Escrow.

 

Excluded
Assets: Those assets, if any, listed on  Exhibit B to this Agreement, and
Seller’s rights to the Account Cash as of the Closing Date owned and to be retained by Seller or Affiliates of Seller.

 

Excluded Documents:
(a) any document or correspondence which would be subject to the attorney-client privilege or work product doctrine; (b) any document
or item which Seller is contractually bound to keep confidential; (c) any documents pertaining to the marketing of the Properties
for sale to prospective purchasers; (d) any internal memoranda, reports or assessments relating to the Properties; (e) appraisals
of the Properties, whether prepared internally by Seller, Seller’s Affiliates or externally; and (f) documents evidencing
any existing financing with respect to the Properties (other than publicly available recorded or filed documents) that will not
affect any of the Properties from and after the Closing.

 

Excluded Permits:
Those permits and licenses required for the ownership and operation of the Hotels which, under applicable law, are nontransferable.

 

    	-5-

    	 

    

 

Existing Management
Agreements: Shall mean, collectively, the following: (i) that certain Management Agreement dated as of July 1, 2013 by and
between WS Cincinnati Operator and Manager, (ii) that certain Management Agreement dated as of July 1, 2013 by and between WS College
Station Operator and Manager, (iii) that certain Management Agreement dated as of July 1, 2013 by and between WS COT Operator and
Manager, (iv) that certain Management Agreement dated as of July 1, 2013 by and between WS FOT Operator and Manager; and (v) that
certain Management Agreement dated as of July 1, 2013 by and between WS Spherical and Manager.

 

Existing Surveys:
Those certain ALTA/ACSM Land Title Surveys for the Real Properties: (i) with respect to the WS Cincinnati Hotel, dated March
27, 2013 and last revised June 24, 2013, prepared by Ben E. Bledsoe, Registration No. S8540, under Job No. 13-03-06-08006; (ii) with
respect to the WS College Station Hotel, dated March 20, 2013 and last revised June 28, 2013, prepared by Bradley G. Wells, Registration
No. 5499, under Job No. 13-03-06-08003; (iii) with respect to the WS-CNO JV Hotel, dated March 20, 2013 and last revised June
27, 2013, prepared by Christopher S. Denham, Registration No. 2000, under Job No. 13-03-06-08002; (iv) with respect to the WS-FNO
Hotel, dated March 20, 2013 and last revised June 25, 2013, prepared by Christopher S. Denham, Registration No. 2000, under
Job No. 13-03-06-08005; and (v) with respect to the WS Spherical Hotel, dated March 25, 2013 and last revised June 26, 2013, prepared
by Bradley G. Wells, Registration No. 5499, under Job No. 13-03-06-08007.

 

Extension Earnest
Money: Shall have the meaning given to it in Section 6.01.

 

Feasibility Period:
The period commencing on the Effective Date and continuing through 5:00 p.m. Eastern Time on July 13, 2015.

 

Final Closing Statement:
The Final Closing Statement required under Section 7.06.

 

Financial Statements:
Shall have the meaning given to it in Section 5.01(cc).

 

Fixtures and Tangible
Personal Property: All fixtures, furniture, furnishings, fittings, equipment, cars, trucks, machinery, apparatus, signage,
appliances, draperies, art work, carpeting, keys, computer hardware and equipment, and IT hardware systems, reservations terminals
(to the extent not licensed to Seller or Manager), building materials, telephones and other communication equipment, copiers, facsimile
machines, postal machines, televisions, signs, vacuum cleaners, video equipment and other similar articles of tangible personal
property and other articles of tangible personal property now located on the Real Property or used or usable in connection with
any part of the Hotels, subject to such depletions, resupplies, substitutions, and replacements as shall occur and be made, in
each case, in the normal course of business but in accordance with present standards excluding, however: (i) Consumables; (ii)
Operating Equipment and Supplies; (iii) equipment and property leased pursuant to Hotel Contracts; (iv) property owned by guest(s)
or tenants; (v) Excluded Assets; (vi) Improvements; (vii) Inventory; (viii) items bearing the name or logo of Manager or Franchisor
that cannot be removed, unless otherwise allowed by Manager or Franchisor; and (ix) Liquor Inventory and Liquor Personalty.

 

Form Tenant Estoppel:
Shall have the meaning given to it in Section 14.01(u).

 

    	-6-

    	 

    

 

Franchise Agreements:
Shall mean, collectively, the following: (i) that certain Relicensing Franchise Agreement dated as of July 1, 2013 by and between
WS Cincinnati Operator and Franchisor; (ii) that certain Relicensing Franchise Agreement dated as of July 1, 2013 by and between
WS College Station Operator and Franchisor (iii) that certain Relicensing Franchise Agreement dated as of July 1, 2013 by and between
WS COT Operator and Franchisor (iv) that certain Relicensing Franchise Agreement dated as of July 1, 2013 by and between WS FOT
Operator and Franchisor; and (v) that certain Relicensing Franchise Agreement dated as of July 1, 2013 by and between WS Spherical
and Franchisor.

 

Franchise Consent
Documents: Documents executed by (A) Franchisor and Purchaser (or its permitted assignee in accordance with Section 14.01(g)),
in form and substance reasonably satisfactory to Purchaser (provided that it shall be unreasonable for Purchaser to object to the
form and substance of the Franchise Consent Documents if they are offered to Purchaser on substantially the same terms as other
Courtyard, Fairfield or SpringHill Suites franchise documents entered into between Purchaser or its Affiliates and Franchisor respecting
other hotels owned by Purchaser or its Affiliates), evidencing (i) the entry by Franchisor and Purchaser into new Franchise Agreements
for the Hotels, including a minimum franchise term of twelve (12) years from the Closing Date and subject to implementation of
the PIP as set forth in Section 4.12, and (ii) Franchisor’s approval of Purchaser or its designee as manager of each of the
Hotels, and (B) Franchisor and Seller, in form and substance reasonably satisfactory to Seller (provided that it shall be unreasonable
for Seller to object to the form and substance of the termination agreements if they are offered to Seller on substantially the
same terms as other Courtyard, Fairfield or SpringHill Suites franchise termination documents entered into between Seller or its
Affiliates and Franchisor respecting other hotels owned by Seller or its Affiliates), terminating the Franchise Agreements for
the Hotels and any related guarantee agreements.

 

Franchisor:
Marriott International, Inc., a Delaware corporation.

 

General Assignment:
Shall have the meaning given to it in Section 6.02(c).

 

Guest Ledger Account:
The balance (less any contested charges) of an open and unpaid account for each person who is a guest at a Hotel.

 

Hazardous Substances:
Any materials, substances, constituents, chemicals, pollutants, contaminants or wastes subject to or regulated under any applicable
Environmental Law, including, but not limited to, petroleum, petroleum products, petroleum-derived substances, waste oil, lead-based
paint, asbestos, asbestos-containing materials, lead in water, radon, polychlorinated biphenyls (PCBs), urea formaldehyde, and
mold.

 

Hotel/Hotels:
Shall have the meaning given to it in Recital E.

 

Hotel
Contracts: Those service contracts, maintenance contracts, purchase orders, leases and all other contracts or agreements, including
equipment leases capitalized for accounting purposes, vehicle leases and agreements, vending agreements, royalty or music licensing
agreements, television and telecommunications agreements, and any amendments or modifications thereto, with respect to the ownership,
maintenance, operation, provisioning, or equipping of the Hotels, or any of the Properties, as well as written warranties and guaranties
relating thereto, if any, including those listed on  Exhibit C, but exclusive,
however, of (i) insurance policies, (ii) the Bookings, (iii) the Existing Management Agreements, (iv) the Employment Contracts,
(v) the Employee Benefit Plans, (vi) the Franchise Agreements, (vii) Material Property Agreements, (viii) Space Leases, and (ix)
Liquor Concession Agreements. 

 

    	-7-

    	 

    

 

Improvements:
The buildings, structures (surface and sub-surface), and other improvements, including such fixtures as shall constitute real property,
located on the Land.

 

Indemnitees:
A party’s partners, trustees, officers, directors, employees, beneficiaries, shareholders, members, managers, advisors, and
other agents and their respective partners, trustees, beneficiaries, employees, officers, directors, and shareholders.

 

Independent Consideration:
Shall have the meaning given to it in Section 3.04.

 

Initial Earnest
Money: Shall have the meaning given to it in Section 3.01(a).

 

Initial Property
Documents: Shall have the meaning given to it in Section 4.01.

 

Insurance Policy:
Shall have the meaning given to it in Section 5.01(t).

 

Interim Beverage
Services Agreement: Shall have the meaning given to it in Section 6.02(o).

 

Inventory: All
articles of personal property now located on the Real Property for resale, subject to such depletions, resupplies, substitutions
and replacements as shall occur and be made in the normal course of business, but in accordance with present standards excluding,
however: (i) Fixtures and Tangible Personal Property; (ii) Consumables; (iii) Operating Equipment and Supplies; (iv) equipment
and property leased pursuant to Hotel Contracts; (v) property owned by guests, Employees, or other Persons; (vi) Excluded Assets;
and (vii) Improvements.

 

IRS: The Internal
Revenue Service.

 

Land: The WS
Cincinnati Land, the WS College Station Land, the WS-CNO JV Land, the WS-FNO Land and the WS Spherical Land.

 

Legal Requirements:
All laws (including common law), statutes, codes, acts, ordinances, orders, judgments, decrees, injunctions, writs, rules, regulations,
permits, licenses, authorizations, directions, and requirements of all governments and governmental authorities having jurisdiction
over, as applicable, Purchaser, Seller, the Hotels (including, for purposes of this Agreement, any local Board of Fire Underwriters),
or the operation of the Hotels, including the rules and regulations of the Securities and Exchange Commission.

 

Liabilities:
All liabilities, demands, liens, interest, claims, actions or causes of action, assessments, losses, fines, penalties, costs (including
response and/or remedial costs), damages and expenses including those asserted by any Federal, state or local governmental or quasi-governmental
agency, third party, or former or present Employees, including attorneys’, consultants’ and expert witness fees and
expenses.

 

Liability Cap:
Shall have the meaning given to it in Section 17.04.

 

    	-8-

    	 

    

 

Lien: Any mortgage,
security interest, deed of trust or other consensual lien, mechanic’s or any materialman’s lien, judgment lien, lien
for delinquent real property Taxes or assessments, other Tax and statutory liens that affect Seller’s title to the Properties
and other encumbrances other than (i) voluntary liens on Fixtures and Tangible Personal Property listed on Schedule 1, if
any, which will be assumed by Purchaser and (ii) any lien created by Purchaser or arising out of Purchaser’s actions or activities
after the Effective Date (including any mechanics liens arising out of work performed by or on behalf of Purchaser).

 

Liquor Assets:
The Liquor Licenses, Liquor Inventory, and Liquor Personalty, collectively.

 

Liquor Concession
Agreements: Shall mean those certain Liquor Concession Agreements set forth on Exhibit X.

 

Liquor Entities:
Shall mean, collectively (i) Manager, which holds the Liquor Licenses for the WS-CNO JV Hotel, the WS-FNO Hotel and the WS
Cincinnati Hotel; (ii) Lone Rock Bar Inc., which holds the Liquor Licenses for the WS Spherical Hotel; and (iii) University Bar
Inc., which holds the Liquor Licenses for the WS College Station Hotel.

 

Liquor Inventory:
All alcoholic beverages on hand at the Hotels on the Effective Date, whether issued to the food and beverage department or held
in reserve storage, subject to such depletion and resupply as shall occur and be made in the normal course of business and consistent
with past practices.

 

Liquor Licenses:
Any and all licenses and permits required by any governmental entities, bodies or authorities having jurisdiction over the
Hotels in connection with the sale and/or consumption of alcoholic beverages at the Hotels.

 

Liquor Personalty:
All fixtures, furnishings, equipment, glassware and other expendable items, and other personal property used in the sale of alcoholic
beverages on hand at the Hotels on the Effective Date, whether issued to the food and beverage department or held in reserve storage,
subject to such depletion and resupplies as shall occur and be made in the normal course of business, exclusive, however, of the
Liquor Inventory.

 

Manager: Gateway
Lodging Co., Inc., a Kentucky corporation.

 

Marks: Any trademark,
trade name, service mark, logo or other proprietary name, mark or design which is owned by Seller and used exclusively or primarily
in connection with one or more Hotels or the Properties, together with all the good will associated with the use of such name,
mark or design in connection with one or more Hotels or the Properties.

 

Material Property
Agreements: Shall mean all reciprocal easement agreements, operation and easement agreements, development agreements, tax increment
financing agreements, and payment in lieu of tax agreements, in each case relating to a Property.

 

Material Property
Agreement Estoppel: Shall have the meaning given to it in Section 14.01(v).

 

    	-9-

    	 

    

 

Material Property
Agreement Party: Shall have the meaning given to it in Section 14.01(v).

 

Miscellaneous Hotel
Assets: All contract rights, leases, concessions, Marks, logos, copyrights, goodwill, telephone numbers, assignable warranties,
computer software and other items of intangible personal property to the extent owned by Seller and relating to the ownership or
operation of Hotels used in connection with the Hotels, including specifically, without limitation, credit records, promotional
literature, packaging materials, sales brochures, video tapes, sales manuals, customer lists, sales files and the information contained
in any automated sales system maintained by Seller or Manager, but such term shall not include (i) Bookings; (ii) Hotel Contracts;
(iii) the Existing Management Agreements; (iv) Permits; (v) the Liquor Assets; (vi) Cash-On-Hand or Account Cash as of the Closing
Date; (vii) Deposits; (viii) Accounts Receivable; (ix) books and records (except as provided in Section 14.01(d)); (x) refunds,
rebates, or other claims, or any interest thereon, for periods or events occurring prior to the Cut-off Time; (xi) Excluded Assets;
(xii) prepaid insurance or other prepaid items; (xiii) prepaid license and permit fees; (xiv) the Liquor Concession Agreements;
(xv) the Space Leases or (xvi) the “Marriott”, “Fairfield Inn by Marriott”, “Fairfield Inn &
Suites by Marriott”, “SpringHill Suites by Marriott”, or “Courtyard by Marriott” names, logos or
trademarks; except to the extent that Seller receives a credit on the Closing Statement for any such item or matter.

 

NLRB: Shall
have the meaning given to it in Section 5.01(j)(iii).

 

Notice and Notices:
Shall have the meanings given to them in Section 13.01.

 

Obligations:
All payments required to be made and all representations, warranties, covenants, agreements, and commitments required to be performed
under the provisions of this Agreement by Seller or Purchaser, as applicable.

 

OFAC: Shall
have the meaning given to it in Section 5.01(l)(i).

 

Operating Equipment
and Supplies: All china, glassware, linens, silverware, and uniforms, engineering, maintenance, and housekeeping supplies,
including soap, cleaning materials and matches; stationery and printing; and other supplies of all kinds, whether in use or held
in reserve storage for future use, in connection with the operation of the Hotels, which are on hand on the date of this Agreement
subject to such depletion and restocking as shall be made in the normal course of business but in accordance with present standards.

 

Operating Leases:
Shall mean, collectively: (i) that certain Lease Agreement dated as of July 1, 2013 by and between WS Cincinnati and WS Cincinnati
Operator; (ii) that certain Lease Agreement dated as of July 1, 2013 by and between WS College Station and WS College Station Operator;
(iii) that certain Lease Agreement dated as of July 1, 2013 by and between WS-CNO JV and WS COT Operator; and (iv) that certain
Lease Agreement dated as of July 1, 2013 by and between WS-FNO and WS FOT Operator.

 

Operating Tenants:
Shall mean, collectively, WS Cincinnati Operator, WS College Station Operator, WS COT Operator and WS FOT Operator.

 

    	-10-

    	 

    

 

Organizational Documents:
Means with respect to (i) a corporation, its charter or certificate of incorporation and bylaws, (ii) with respect to a limited
partnership, its certificate of limited partnership and limited partnership agreement, (iii) with respect to a limited liability
company, its certificate of formation and limited liability company agreement, and (iv) with respect to a general partnership,
its partnership agreement, including, in each case, all amendments or modifications to such documents.

 

Owner’s Affidavit:
Shall have the meaning given to it in Section 4.08.

 

Permits: All
licenses, franchises, and permits, certificates of occupancy, authorizations, and approvals required by Legal Requirements for
the ownership, occupancy, or operation of any part of the Properties, including those necessary for the sale and on-premises consumption
of food; provided, however, the Permits shall not include the Liquor Licenses.

 

Permitted Encumbrances:
Shall have the meaning given to it in Section 4.09(g).

 

Person: Any
natural person, or any firm, corporation, limited liability company, partnership, association, trust or other entity.

 

Personal Property:
All of the Properties other than the Real Property.

 

PIP: Shall have
the meaning given to it in Section 4.12.

 

PIP Threshold: Shall
have the meaning given to it in Section 4.12.

 

Preliminary Closing
Statement: The Preliminary Closing Statement required by Section 7.06(a).

 

Project Management
Firm: Shall have the meaning given to it in Section 4.12.

 

Property/Properties:
(i) The Real Property; (ii) the Fixtures and Tangible Personal Property; (iii) the Operating Equipment and Supplies; (iv) the Consumables;
(v) the Hotel Contracts (except to the extent such Hotel Contracts are expressly not assignable and consent to such assignment
is not obtained); (vi) the Documents; (vii) the Miscellaneous Hotel Assets; (viii) the Accounts Receivable (as provided in and
subject to Section 7.02(g)); (ix) the Permits (other than Excluded Permits); (x) the Inventory; (xi) the Bookings; (xii)
the Deposits; (xiii) the Space Leases; and (xiv) the Material Property Agreements; provided, however, that Property shall not include
the Excluded Assets. The term Property shall refer to all of the foregoing with respect to a single Hotel, and Properties shall
refer collectively to all of the foregoing with respect to all of the Hotels.

 

Property Material
Adverse Effect: Shall mean, with respect to any individual Property, any one or more events or conditions with respect to such
Property, the cumulative effect of which, in the aggregate when combined with all other such events or conditions with respect
to such Property, results in an adverse effect on the value, use, business, condition (financial or otherwise), prospects or results
of operations of such Property (including claims that Purchaser would suffer or incur if it were to acquire such Property at its
Allocated Purchase Price) or is reasonably likely to result in a claim or claims, taken as a whole, which in each case exceeds
ten percent (10%) of the Allocated Purchase Price for such Property.

 

    	-11-

    	 

    

 

Property Taxes:
Shall have the meaning given to it in Section 7.02(b).

 

Purchase Price:
Shall have the meaning given to it in Section 3.01.

 

Purchase Price Allocation:
Shall have the meaning given to it in Section 3.03

 

Purchaser: Shall
have the meaning given to it in the introductory paragraph.

 

Purchaser’s
Bring-Down Certificate: A certificate executed by Purchaser in the form attached hereto as  Exhibit
K.

 

Purchaser’s
Knowledge: Shall have the meaning given to it in Section 5.02(g).

 

Purchaser’s
Objections: Shall have the meaning given to it in Section 4.09(a).

 

Purchaser’s
Representations: Shall have the meaning given to it in Section  17.04.

 

Real Property:
The Land together with the Improvements located on the Land.

 

Required Cure Matters:
Shall have the meaning given to it in Section 4.10.

 

Seller: Shall
have the meaning given to it in the introductory paragraph.

 

Seller’s
Bring-Down Certificate: A certificate executed by Seller in the form attached hereto as  Exhibit
J. 

 

Seller’s Knowledge:
Shall have the meaning given to it in Section 5.01(ee).

 

Seller’s Representations:
Shall have the meaning given to it in Section 17.04.

 

Seller’s Response:
Shall have the meaning given to it in Section 4.09(b).

 

Seller’s Response
Period: Shall have the meaning given to it in Section 4.09(b).

 

Space Leases:
Shall mean all leases, licenses and other occupancy agreements for all or any portion of the Properties, in each case, to which
Seller is a party or by which Seller is bound, but excluding in all cases Bookings and Liquor Concession Agreements.

 

Survival Period:
Shall have the meaning given to it in Section 17.04.

 

Tax or Taxes: 
Any and all federal, state, or local income, gross receipts, license, excise, severance, stamp, occupation, premium, windfall profits,
environmental, customs duties, capital stock, franchise, profits, withholding, real property, personal property, sales, use, transfer,
registration, value added, alternative or add-on minimum, or estimated tax, including any interest, penalty, or addition thereto,
whether disputed or not.

 

    	-12-

    	 

    

 

Tenant Estoppel:
Shall have the meaning given to it in Section 14.01(u).

 

Title Commitments:
A standard form preliminary title insurance commitment for each of the WS Cincinnati Land, WS College Station Land, WS-CNO
JV Land, WS-FNO Land and WS Spherical Land, together with copies of all documents constituting exceptions thereto, issued by the
Title Company.

 

Title
Commitment Update: Shall mean an update, supplement or amendment to any Title Commitment or Title Commitment Update issued
by the Title Company.

 

Title Company:
Chicago Title Insurance Company, 1515 Market Street, Suite 1325, Philadelphia, PA 19102-1930, Attention: Edwin G. Ditlow;
Telephone: 215-875-4184; Telecopy: 215-732-1203; Email: ditlowe@ctt.com.

 

Title Policy/Policies:
An ALTA (or TLTA, as applicable) Owner’s Title Insurance Policy for each of the Hotels issued by the Title Company pursuant
to each of the Title Commitments, as updated under Section 4.09, in favor of Purchaser and in the amount of the applicable
portion of the Purchase Price, as shown on the Purchase Price Allocation, showing fee simple title in the Real Property to be vested
in Purchaser, subject only to the Permitted Encumbrances, together with such endorsements, if any, as Seller has agreed to obtain
pursuant to this Agreement in Seller’s Response pursuant to Section 4.09 hereof and such endorsements, if any, as
Purchaser shall have requested from the Title Company and the Title Company has agreed to issue. Any and all endorsements to the
Title Policies, other than those which Seller has expressly agreed to obtain pursuant to the Seller’s Response, shall be
at the sole expense of Purchaser and Seller shall have no obligation with respect thereto nor shall Purchaser have any right to
terminate this Agreement based on the failure of the Title Company to issue any such endorsements other than in accordance with
the terms of Section 4.09.

 

Transfer: Shall
have the meaning given to it in Section 14.01(g).

 

Updated Surveys:
Shall have the meaning given to it in Section 4.07.

 

Vouchers: All
outstanding, unused, unexpired gift certificates, coupons or other writings issued by Seller as of the applicable Closing Date
that entitle the holder or bearer thereof to a credit (whether in a specified dollar amount or for a specified item, such as room
night or meals) to be applied against the usual charge for rooms, meals and/or goods and services at any one or more of the Hotels.

 

WARN Act: Shall
mean the Worker Adjustment and Retraining Notification Act, Public Law 100-379 (29 U.S.C. 2101, et. seq.) (or similar local or
state laws or regulations).

 

Wheelock: Shall
have the meaning given to it in the Joinder attached to this Agreement.

 

WS Cincinnati:
Shall have the meaning given to it in the introductory paragraph.

 

WS Cincinnati
Hotel: Shall have the meaning given to it in Recital A.

 

    	-13-

    	 

    

 

WS
Cincinnati Land: That certain tract or parcel of land situated in Hamilton County, Ohio, as more particularly described
on  Exhibit A-1 attached hereto and made a part hereof, together with all and
singular the Seller’s interest in all transferable rights and appurtenances pertaining to such property, including (i) easements
and rights of way; (ii) licenses and other privileges; (iii) rights in and to land underlying adjacent highways, streets and other
public rights of way and rights of access thereto; (iv) rights in and to strips and gores of land within or adjoining any such
tract or parcel; (v) air rights, excess floor area rights and other transferable development rights belonging to or useable with
respect to any such parcel; (vi) rights to utility connections and hook ups; (vii) water rights; (viii) riparian rights; (ix) subject
to the limitations herein, all right, title and interest of Seller in and to any unpaid award or payment which may now or hereafter
be payable in respect of any taking by condemnation and all right, title and interest of Seller in and to any unpaid award for
damage to the land or any part thereof by reason of change of grade of any street, road, highway or avenue adjacent to such land
and all strips and gores adjoining and adjacent to such land; and (x) any other transferable rights which Seller may have in or
with respect to land adjoining any such tract or parcel (including adjacent streets, alleys and rights of way and any land which
is separated from any such tract or parcel only by public alley, street, or other right of way).

 

WS Cincinnati Operator:
Cincinnati Tenant, LLC, a Delaware limited liability company.

 

WS College Station:
Shall have the meaning given to it in the introductory paragraph.

 

WS College Station
Hotel: Shall have the meaning given to it in Recital B.

 

WS
College Station Land: That certain tract or parcel of land situated in Brazos County, Texas, as more particularly described
on  Exhibit A-2 attached hereto and made a part hereof, together with all and
singular the Seller’s interest in all transferable rights and appurtenances pertaining to such property, including (i) easements
and rights of way; (ii) licenses and other privileges; (iii) rights in and to land underlying adjacent highways, streets and other
public rights of way and rights of access thereto; (iv) rights in and to strips and gores of land within or adjoining any such
tract or parcel; (v) air rights, excess floor area rights and other transferable development rights belonging to or useable with
respect to any such parcel; (vi) rights to utility connections and hook ups; (vii) water rights; (viii) riparian rights; (ix) subject
to the limitations herein, all right, title and interest of Seller in and to any unpaid award or payment which may now or hereafter
be payable in respect of any taking by condemnation and all right, title and interest of Seller in and to any unpaid award for
damage to the land or any part thereof by reason of change of grade of any street, road, highway or avenue adjacent to such land
and all strips and gores adjoining and adjacent to such land; and (x) any other transferable rights which Seller may have in or
with respect to land adjoining any such tract or parcel (including adjacent streets, alleys and rights of way and any land which
is separated from any such tract or parcel only by public alley, street, or other right of way).

 

WS College Station
Operator: College Station Tenant, LLC, a Delaware limited liability company.

 

WS-CNO JV: Shall
have the meaning given to it in the introductory paragraph.

 

    	-14-

    	 

    

 

WS-CNO JV Hotel:
Shall have the meaning given to it in Recital C.

 

WS-CNO
JV Land: That certain tract or parcel of land situated in Davidson County, Tennessee, as more particularly described
on  Exhibit A-3 attached hereto and made a part hereof, together with all and
singular the Seller’s interest in all transferable rights and appurtenances pertaining to such property, including (i) easements
and rights of way; (ii) licenses and other privileges; (iii) rights in and to land underlying adjacent highways, streets and other
public rights of way and rights of access thereto; (iv) rights in and to strips and gores of land within or adjoining any such
tract or parcel; (v) air rights, excess floor area rights and other transferable development rights belonging to or useable with
respect to any such parcel; (vi) rights to utility connections and hook ups; (vii) water rights; (viii) riparian rights; (ix) subject
to the limitations herein, all right, title and interest of Seller in and to any unpaid award or payment which may now or hereafter
be payable in respect of any taking by condemnation and all right, title and interest of Seller in and to any unpaid award for
damage to the land or any part thereof by reason of change of grade of any street, road, highway or avenue adjacent to such land
and all strips and gores adjoining and adjacent to such land; and (x) any other transferable rights which Seller may have in or
with respect to land adjoining any such tract or parcel (including adjacent streets, alleys and rights of way and any land which
is separated from any such tract or parcel only by public alley, street, or other right of way).

 

WS COT Operator:
COT, LLC, a Delaware limited liability company.

 

WS-FNO: Shall
have the meaning given to it in the introductory paragraph.

 

WS-FNO Hotel: Shall
have the meaning given to it in Recital D.

 

WS-FNO
Land: That certain tract or parcel of land situated in Davidson County, Tennessee, as more particularly described on 
Exhibit A-4 attached hereto and made a part hereof, together with all and singular
the Seller’s interest in all transferable rights and appurtenances pertaining to such property, including (i) easements and
rights of way; (ii) licenses and other privileges; (iii) rights in and to land underlying adjacent highways, streets and other
public rights of way and rights of access thereto; (iv) rights in and to strips and gores of land within or adjoining any such
tract or parcel; (v) air rights, excess floor area rights and other transferable development rights belonging to or useable with
respect to any such parcel; (vi) rights to utility connections and hook ups; (vii) water rights; (viii) riparian rights; (ix) subject
to the limitations herein, all right, title and interest of Seller in and to any unpaid award or payment which may now or hereafter
be payable in respect of any taking by condemnation and all right, title and interest of Seller in and to any unpaid award for
damage to the land or any part thereof by reason of change of grade of any street, road, highway or avenue adjacent to such land
and all strips and gores adjoining and adjacent to such land; and (x) any other transferable rights which Seller may have in or
with respect to land adjoining any such tract or parcel (including adjacent streets, alleys and rights of way and any land which
is separated from any such tract or parcel only by public alley, street, or other right of way).

 

WS FOT Operator:
FOT, LLC, a Delaware limited liability company.

 

WS Spherical:
Shall have the meaning given to it in the introductory paragraph.

 

    	-15-

    	 

    

 

WS Spherical Hotel:
Shall have the meaning given to it in Recital E.

 

WS
Spherical Land:  That certain tract or parcel of land situated in Williamson County, Texas, as more particularly described
on  Exhibit A-5 attached hereto and made a part hereof, together with all and
singular the Seller’s interest in all transferable rights and appurtenances pertaining to such property, including (i) easements
and rights of way; (ii) licenses and other privileges; (iii) rights in and to land underlying adjacent highways, streets and other
public rights of way and rights of access thereto; (iv) rights in and to strips and gores of land within or adjoining any such
tract or parcel; (v) air rights, excess floor area rights and other transferable development rights belonging to or useable with
respect to any such parcel; (vi) rights to utility connections and hook ups; (vii) water rights; (viii) riparian rights; (ix) subject
to the limitations herein, all right, title and interest of Seller in and to any unpaid award or payment which may now or hereafter
be payable in respect of any taking by condemnation and all right, title and interest of Seller in and to any unpaid award for
damage to the land or any part thereof by reason of change of grade of any street, road, highway or avenue adjacent to such land
and all strips and gores adjoining and adjacent to such land; and (x) any other transferable rights which Seller may have in or
with respect to land adjoining any such tract or parcel (including adjacent streets, alleys and rights of way and any land which
is separated from any such tract or parcel only by public alley, street, or other right of way).

 

1.02         References.
Except as otherwise specifically indicated, all references to Section and Subsection numbers refer to Sections and Subsections
of this Agreement, and all references to Exhibits refer to the Exhibits attached to this Agreement. The words “hereby,”
“hereof,” “herein,” “hereto,” “hereunder,” “hereinafter,” and words
of similar import refer to this Agreement as a whole and not to any particular section or subsection of this Agreement unless
otherwise indicated. Captions are for convenience only and shall not be used to construe the meaning of any part of this Agreement.
Whenever the words “including,” “include” or “includes” are used in this Agreement, they shall
be interpreted in a non-exclusive manner.

 

Article
II

SALE AND PURCHASE; “AS-IS,” “WHERE-IS” SALE; ASSUMPTION OF PIP WORK

 

2.01         Sale
and Purchase. Seller hereby agrees to sell to Purchaser, and Purchaser hereby agrees to purchase from Seller, the Properties,
in each case on the terms and subject to the conditions of this Agreement.

 

    	-16-

    	 

    

 

2.02         As-is,
Where-is.

 

(a)          Purchaser
represents that by reason of its business and financial experience and the business and financial experience of those persons retained
by Purchaser to advise it with respect to its investment in the Properties, Purchaser has sufficient knowledge, sophistication,
and experience in business and financial matters to evaluate the merits and risks of the prospective investment. Upon expiration
of the Feasibility Period, Purchaser will have had an adequate opportunity and time to review and analyze the risks attendant to
the transactions contemplated in this Agreement with the assistance and guidance of competent professionals. Purchaser represents,
warrants, and agrees that, except for the representations and warranties expressly set forth in Section 5.01 hereof or in
any document or certificate executed by Seller pursuant to the terms of this Agreement, Purchaser is relying on its own inspections,
examinations, and investigations in making the decision to purchase the Properties. PURCHASER ACKNOWLEDGES FOR PURCHASER AND PURCHASER’S
SUCCESSORS, HEIRS AND ASSIGNEES, (I) PURCHASER HAS BEEN OR WILL PRIOR TO CLOSING BE GIVEN A REASONABLE OPPORTUNITY TO INSPECT AND
INVESTIGATE THE PROPERTIES, ALL IMPROVEMENTS THEREON AND ALL ASPECTS RELATING THERETO, INCLUDING ALL DOCUMENTS, EITHER INDEPENDENTLY
OR THROUGH AGENTS AND EXPERTS OF PURCHASER’S CHOOSING, AND (II) THAT PURCHASER IS ACQUIRING THE PROPERTIES BASED UPON PURCHASER’S
OWN INVESTIGATION AND INSPECTION THEREOF.

 

(b)          Except
for the representations and warranties, indemnities and guaranties expressly set forth in Sections 5.01, 12.01 and
14.01(a) hereof or in any document or certificate executed by Seller pursuant to the terms of this Agreement, Purchaser
is not relying and has not relied on Seller or any of Seller’s Indemnitees as to (i) the quality, nature, adequacy, or physical
condition of the Properties, including the structural elements, foundations, roofs, appurtenances, access, landscaping, parking
facilities, electrical, mechanical, HVAC, plumbing, sewage or utility systems, facilities, or appliances at the Properties or any
portion of the Properties, (ii) the quality, nature, adequacy, or physical condition of soils or the existence of ground water
which comprise a part of the Real Properties, (iii) the existence, quality, nature, adequacy, or physical condition of any utility
serving the Real Property, (iv) the ad valorem Taxes now or hereafter payable on the Properties or the valuation of the Properties
for ad valorem Tax purposes, (v) the development potential of the Real Property or the habitability, merchantability or fitness,
suitability, or adequacy of the Properties or any portion thereof for any particular use or purpose, (vi) the zoning or other legal
status of any portion of the Properties, (vii) the compliance by the Properties, or any portion of the Properties, or the operations
conducted on or at the Properties, with any Environmental Laws or any other Legal Requirements or other covenants, conditions,
or restrictions, (viii) the quality of any labor or materials relating in any manner to the Properties, or (ix) except as otherwise
expressly provided in this Agreement, the condition of title to the Properties or the nature, status, and extent of any right-of-way,
lease, right of redemption, possession, lien, encumbrance, license, reservation, covenant, condition, restriction, or any other
matter affecting title to the Properties.

 

    	-17-

    	 

    

 

(c)          EXCEPT
FOR THE REPRESENTATIONS AND WARRANTIES, INDEMNITIES AND GUARANTIES EXPRESSLY SET FORTH IN SECTIONS 5.01, 12.01 AND
14.01(a) HEREOF OR IN ANY DOCUMENT OR CERTIFICATE EXECUTED BY SELLER PURSUANT TO THE TERMS OF THIS AGREEMENT, THE SALE AND
CONVEYANCE BY SELLER TO PURCHASER OF ALL RIGHT, TITLE, AND INTEREST OF SELLER IN AND TO THE PROPERTIES WILL BE MADE WITHOUT ANY
WARRANTY OR RECOURSE WHATSOEVER, IT BEING UNDERSTOOD THAT PURCHASER WILL TAKE THE PROPERTIES “AS IS” AND “WHERE
IS.” WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES, INDEMNITIES
AND GUARANTIES EXPRESSLY SET FORTH IN SECTIONS 5.01, 12.01 AND 14.01(a) HEREOF OR IN ANY DOCUMENT OR CERTIFICATE
EXECUTED BY SELLER PURSUANT TO THE TERMS OF THIS AGREEMENT, PURCHASER ACKNOWLEDGES THAT SELLER HAS MADE NO REPRESENTATIONS OR WARRANTIES
OF ANY KIND OR CHARACTER, EXPRESS OR IMPLIED, WITH RESPECT TO THE PROPERTIES INCLUDING, WITHOUT LIMITATION, ANY WARRANTIES OR REPRESENTATIONS
AS TO TITLE, ABSENCE OF VICES OR DEFECTS (WHETHER APPARENT OR LATENT, KNOWN OR UNKNOWN, EASILY DISCOVERABLE OR HIDDEN), HABITABILITY,
MERCHANTABILITY, FITNESS FOR ANY ORDINARY USE, FITNESS FOR ANY INTENDED USE OR PARTICULAR PURPOSE, ZONING, TAX CONSEQUENCES, PHYSICAL
CONDITION, UTILITIES, OPERATING HISTORY OR PROJECTIONS, VALUATION, GOVERNMENTAL APPROVALS, THE COMPLIANCE OF THE PROPERTIES WITH
LEGAL REQUIREMENTS, INCLUDING WITHOUT LIMITATION THE AMERICANS WITH DISABILITIES ACT OF 1990, 42 U.S.C. 12101, ET SEQ., THE TRUTH,
ACCURACY, OR COMPLETENESS OF ANY MATERIALS, DATA, OR INFORMATION PROVIDED BY OR ON BEHALF OF SELLER TO PURCHASER, OR THE MANNER
OR QUALITY OF THE CONSTRUCTION OR MATERIALS INCORPORATED INTO THE PROPERTIES OR THE MANNER OF REPAIR, QUALITY, STATE OF REPAIR
OR LACK OF REPAIR OF THE PROPERTIES OR ANY PORTION THEREOF. UNLESS EXPRESSLY SET FORTH IN THIS AGREEMENT OR IN ANY OTHER DOCUMENT
OR CERTIFICATE EXECUTED AND DELIVERED BY SELLER PURSUANT TO THE TERMS OF THIS AGREEMENT, ALL SUCH WARRANTIES WITH RESPECT TO THE
PROPERTIES ARE HEREBY DISCLAIMED BY SELLER AND EXPRESSLY WAIVED BY PURCHASER. EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES, INDEMNITIES
AND GUARANTIES EXPRESSLY SET FORTH IN SECTIONS 5.01, 12.01 AND 14.01(a) HEREOF OR IN ANY DOCUMENT OR CERTIFICATE
EXECUTED BY SELLER PURSUANT TO THE TERMS OF THIS AGREEMENT, PURCHASER HAS NOT RELIED AND WILL NOT RELY ON, AND SELLER IS NOT LIABLE
FOR OR BOUND BY, ANY EXPRESS OR IMPLIED WARRANTIES, GUARANTIES, STATEMENTS, REPRESENTATIONS, OR INFORMATION PERTAINING OR RELATING
TO THE PROPERTIES MADE OR FURNISHED BY SELLER, ANY PARTY ACTING OR PURPORTING TO ACT FOR SELLER, OR ANY REAL ESTATE BROKER OR AGENT
REPRESENTING OR PURPORTING TO REPRESENT SELLER, TO WHOMEVER MADE OR GIVEN, DIRECTLY OR INDIRECTLY, VERBALLY OR IN WRITING. PURCHASER
FURTHER HAS NOT RELIED ON SELLER’S SKILL OR JUDGMENT IN SELECTING THE PROPERTIES.

 

(d)          NEITHER
PURCHASER NOR SELLER SHALL BE LIABLE FOR ANY SPECULATIVE PROFITS, OR SPECIAL, PUNITIVE, EXEMPLARY OR CONSEQUENTIAL DAMAGES, WHETHER
BASED UPON CONTRACT, TORT, OR NEGLIGENCE OR IN ANY OTHER MANNER ARISING FROM THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY
THIS AGREEMENT, EXCEPT IN THE EVENT OF FRAUD OR AS SET FORTH IN SECTION 17.02(b). THE PROVISIONS OF THIS SECTION 2.02(d)
SHALL NOT LIMIT OR AFFECT THE RIGHTS OF EITHER PARTY UNDER ARTICLE XVII OR ANY EXPRESS INDEMNITY PROVISIONS OF THIS AGREEMENT,
OR THE RIGHT TO SPECIFIC PERFORMANCE OR LIQUIDATED DAMAGES WHERE SUCH A REMEDY IS SPECIFICALLY PERMITTED HEREUNDER.

 

    	-18-

    	 

    

 

(e)          PURCHASER
HEREBY RELEASES SELLER FROM ALL CLAIMS, LOSSES, DAMAGES, LIABILITIES, COSTS AND EXPENSES WHICH PURCHASER HAS OR MAY HAVE ARISING
FROM OR RELATED TO ANY MATTER OR THING RELATED TO THE PHYSICAL CONDITION OF THE PROPERTIES, ANY CONSTRUCTION DEFECTS, ANY ERRORS
OR OMISSIONS IN THE DESIGN OR CONSTRUCTION OF THE PROPERTIES AND ANY ENVIRONMENTAL CONDITIONS AT, IN OR UNDER THE PROPERTIES, AND
PURCHASER WILL NOT LOOK TO SELLER OR ANY SELLER INDEMNITEE IN CONNECTION WITH THE FOREGOING
FOR ANY REDRESS OR RELIEF.

 

(f)          PURCHASER
AND SELLER FURTHER DECLARE AND ACKNOWLEDGE THAT THE FOREGOING WAIVERS HAVE BEEN BROUGHT TO THE ATTENTION OF PURCHASER AND SELLER,
AND EXPLAINED IN DETAIL, AND THAT PURCHASER AND SELLER HAVE VOLUNTARILY AND KNOWINGLY CONSENTED TO THE FOREGOING WAIVERS. PURCHASER
AND SELLER FURTHER DECLARE AND ACKNOWLEDGE THAT THE FOREGOING RELEASES WILL BE GIVEN FULL FORCE AND EFFECT ACCORDING TO EACH OF
THEIR EXPRESS TERMS AND PROVISIONS, INCLUDING THOSE RELATING TO UNKNOWN AND UNSUSPECTED CLAIMS, DAMAGES AND CAUSES OF ACTION AND
STRICT LIABILITY CLAIMS.

 

	Seller’s Initials:	 	Purchasers Initials:
	 	 	 
	/s/ LS	 	/s/ JM

 

(g)          The
provisions of this Section 2.02 shall survive the Closing or termination of this Agreement.

 

Article
III

PURCHASE PRICE

 

3.01         Purchase
Price. The total purchase price (“Purchase Price”) to be paid by Purchaser to Seller at the Closing
shall be NINETY-TWO MILLION FIVE HUNDRED THOUSAND DOLLARS ($92,500,000), plus or minus prorations and adjustments as provided
in this Agreement (and subject to increase as provided in Section 6.01). Within five (5) Business Days after the Effective Date,
Purchaser and Seller shall work collectively and in good faith to agree upon the Purchase Price to be allocated to each Hotel
(the “Allocated Purchase Price”). Once determined by the parties in accordance with this Section 3.01, the
Allocated Purchase Price for each Hotel shall be set forth on Schedule 3.01.

 

The Purchase Price
shall be payable by Purchaser as follows:

 

(a)          Within
three (3) Business Days after the Effective Date, Purchaser shall deposit with the Escrow Company, as escrow agent, the amount
of THREE MILLION DOLLARS ($3,000,000), by wire transfer of immediately available United States of America funds, as an initial
earnest money deposit (together with interest earned thereon, the “Initial Earnest Money”).

 

    	-19-

    	 

    

 

(b)          Unless
Purchaser timely elects to terminate this Agreement prior to expiration of the Feasibility Period pursuant to Section 4.02(b),
no later than two (2) Business Days after the expiration of the Feasibility Period, Purchaser shall deposit with the Escrow Company,
as escrow agent, the additional amount of FIVE MILLION DOLLARS ($5,000,000), by wire transfer of immediately available United States
of America funds, as a further earnest money deposit (together with interest earned thereon, the “Additional Earnest Money,”
and together with the Initial Earnest Money and the Extension Earnest Money, if any, deposited pursuant to Section 6.01,
the “Earnest Money”). In the event Purchaser does not timely elect to terminate this Agreement prior to expiration
of the Feasibility Period pursuant to Section 4.02(b), except (i) in the event of the failure, through no default of Purchaser,
of Purchaser’s conditions as set forth in Section 9.01, (ii) as set forth in Section 4.12, or (iii) in the
event of an uncured default by Seller as described in Section 17.02, the Earnest Money shall be NON-REFUNDABLE to Purchaser.
In the event Purchaser timely elects to terminate this Agreement pursuant to Section 4.02(b), the Initial Earnest Money
shall be released by Escrow Company to Purchaser by the next Business Day after such termination by Purchaser.

 

(c)          On
or before 1:00 p.m. Eastern Time on the Closing Date, Purchaser shall deliver to the Escrow Company the balance of the Purchase
Price, subject to the prorations and adjustments provided for in this Agreement, by wire transfer of immediately available United
States of America funds, which shall be held and disbursed by the Escrow Company, as escrow agent, in accordance with the terms
and conditions of this Agreement. Purchaser shall be responsible for any income Taxes payable with respect to any interest earned
with respect to the Earnest Money unless, pursuant to the terms of this Agreement, the Earnest Money is paid to Seller, in which
event Seller shall be responsible for any income Taxes payable with respect to any interest earned with respect to the Earnest
Money. For those purposes, Purchaser and Seller shall provide their respective federal Tax identification numbers to Escrow Company.
The Earnest Money shall be allocated among each Hotel pro rata in proportion to the relative Allocated Purchase Prices of the Hotels
(the “Allocated Earnest Money”).

 

3.02         Earnest
Money Escrow Agreement. The Earnest Money shall be held and disbursed by the Escrow Company acting as escrow agent pursuant
to the terms of this Agreement. The Earnest Money shall be invested in a federally issued or insured interest bearing instrument
and shall be paid to the party to which the Earnest Money is required to be paid pursuant to the provisions of this Agreement.
If the sale of the Properties is consummated in accordance with the terms of this Agreement, the Earnest Money shall be applied
to the Purchase Price to be paid by Purchaser at the Closing. In the event of a default under this Agreement by Purchaser or Seller
or the termination of this Agreement in accordance with its terms, the Earnest Money shall be disbursed as provided in this Agreement.

 

3.03         Allocation
of Purchase Price. Seller and Purchaser agree that the Purchase Price shall be allocated for federal, state and local
Tax purposes among the Properties as set forth in Section 3.01. Within five (5) Business Days after the Effective Date, Seller
and Purchaser shall negotiate in good faith the allocation of the Allocated Purchase Price in respect of each Hotel as between
the Real Property and Personal Property located at each such Hotel in accordance with Section 1060 of the Code (the “Purchase
Price Allocation”). Purchaser and Seller shall (A) cooperate in the filing of any forms (including Form 8594 under Section
1060 of the Code) with respect to the agreed Purchase Price Allocation, including any amendments to such forms required pursuant
to this Agreement with respect to any adjustment to the Purchase Price, and (B) file all federal, state and local Tax returns
and related Tax documents consistent with the agreed Purchase Price Allocation, as the same may be adjusted pursuant to any provisions
of this Agreement, unless otherwise required pursuant to a “determination” within the meaning of Section 1313(a) of
the Code.

 

    	-20-

    	 

    

 

3.04         Independent
Consideration. A portion of the Initial Earnest Money deposited by Purchaser, in the amount of One Hundred Dollars ($100)
(the “Independent Consideration”) shall be earned by Seller upon execution and delivery of this Agreement by
Seller and Purchaser. Seller and Purchaser hereby mutually acknowledge and agree that the Independent Consideration represents
adequate bargained for consideration for Seller’s execution and delivery of this Agreement and Purchaser’s right to
inspect the Properties pursuant to the terms of this Agreement. The Independent Consideration is nonrefundable in all events.
Upon the Closing or earlier termination of this Agreement, the Independent Consideration shall be paid to Seller, and all references
herein to any return of the Earnest Money to Purchaser shall be deemed to mean a return of the Earnest Money less the Independent
Consideration.

 

Article
IV

INSPECTIONS

 

4.01        Property
Documents. To the extent not already delivered to Purchaser prior to the Effective Date, within five (5) Business Days
after the Effective Date, Seller shall deliver to Purchaser all documents listed on Exhibit I attached hereto to the extent
in Seller’s possession (collectively, the “Initial Property Documents”), and thereafter Seller shall
promptly provide Purchaser access to any other Documents requested in writing by Purchaser that Seller has in its possession or
control concerning the Properties which are not Excluded Documents.

 

4.02        Inspections.

 

(a)          Purchaser
shall have the right, until 5:00 p.m. Eastern Time on the last day of the Feasibility Period, and thereafter if this Agreement
is not terminated, pursuant to the following provisions:

 

(i)          to
make inquiries with respect to the Properties and to enter upon the Real Property upon reasonable prior written notice to Seller
and in accordance with the access requirements set forth in Section 4.03 below,

 

(ii)         to
perform, at Purchaser’s sole cost and expense, such economic, surveying, engineering, topographic, environmental, marketing
and other tests, studies, inspections and investigations as Purchaser may deem appropriate, and

 

(iii)        to
review the Documents

 

(collectively referred to as, “Due
Diligence”).

 

(b)          Purchaser
shall, prior to the expiration of the Feasibility Period, have the right to terminate this Agreement for any or no reason whatsoever
by providing written notice to Seller and, upon such termination, the Earnest Money shall be delivered to Purchaser, and Purchaser
and Seller shall be released from all further liability or obligation hereunder except those which expressly survive a termination
of this Agreement.

 

    	-21-

    	 

    

 

(c)          Purchaser
shall be conclusively deemed to have not exercised such right of termination unless by 5:00 p.m. Eastern Time on the last day of
the Feasibility Period Purchaser has delivered to Seller written notice that Purchaser is exercising the right to terminate this
Agreement under this Section 4.02.

 

(d)          After
the Feasibility Period, if this Agreement is not terminated pursuant to the preceding provisions, the Earnest Money shall be non-refundable
except as specified herein.

 

4.03        Review
and Inspection.

 

(a)          During
the Feasibility Period (and thereafter if this Agreement is not terminated), Purchaser shall have the right to enter upon the Properties
for the purpose of conducting its Due Diligence provided that in each such instance:

 

(i)          Purchaser
provides reasonable prior notice to Seller in writing of its intent to enter the Properties to conduct its Due Diligence as set
forth below in Section 4.03(c);

 

(ii)         Purchaser’s
Due Diligence shall be conducted so as not to interfere in any material respect with, and shall take into consideration, the use
and operation of the Properties by Manager; and,

 

(iii)        Purchaser
is in full compliance with the insurance requirements set forth in Section 4.06.

 

(b)          At
Seller’s election, a representative of Seller may be present during any entry by Purchaser or its representatives upon the
Properties for Due Diligence, provided Manager and/or Seller (as the case may be) is available promptly after Purchaser’s
reasonable prior notice as described in Section 4.03(a)(i).

 

(c)          Purchaser
shall ensure that neither it nor any of its representatives unreasonably interfere in any material respect with the guests of the
Hotels or ongoing operations occurring at the Properties. Purchaser shall notify Seller in writing not less than one (1) Business
Day in advance of undertaking any Due Diligence at the Properties, which notification shall describe the nature of the review work
to be undertaken, the estimated time and duration of the review and shall identify the parties making the review.

 

(d)          Purchaser
shall not cause or permit any mechanics’ liens, materialmen’s liens, or other liens to be filed against the Properties
as a result of its Due Diligence.

 

(e)          Any
meetings or interviews with any Employees prior to the Closing Date must be scheduled through representatives of Seller and/or
Manager and such representatives shall be permitted to attend any such meeting or interview.

 

    	-22-

    	 

    

 

(f)          Any
Due Diligence performed at the Properties shall be done at Purchaser’s sole cost and expense by employees, agents, consultants
or contractors hired by Purchaser.

 

(g)          Promptly,
upon written request from Seller to Purchaser, Purchaser shall use commercially reasonable efforts (subject to applicable
confidentiality restrictions applicable to Purchaser) to furnish to Seller, at no cost or expense to Seller, copies of all surveys,
soil test results, engineering, asbestos and other environmental studies regarding the Properties obtained by Purchaser during
Purchaser’s Due Diligence; provided, however, Purchaser will not be required to deliver or disclose any proprietary information
prepared for Purchaser (e.g., internal models, budgets and projections and renovation plans), provided further, however, Seller
will keep all such studies confidential, will not disclose to any third party the existence or content of such studies and promptly
upon request of Purchaser, will destroy (and certify to Purchaser such destruction) all such studies (and any copies thereof) promptly
following termination of this Agreement.

 

4.04         Testing.
During the Feasibility Period and prior to Closing, Purchaser shall have the right to
conduct, at its sole cost and expense, any inspections, studies or tests that Purchaser deems appropriate in determining the condition
of the Properties; provided, however, Purchaser is not permitted to perform any sampling, boring, drilling or other physically
intrusive or invasive testing into the structures or ground comprising the Properties, including a Phase II environmental assessment,
without: (a) submitting to Seller the scope and inspections for such testing; and (b) obtaining the prior written consent
of Seller for such testing, which consent may be withheld in Seller’s sole discretion.

 

4.05         Confidentiality.
Prior to Closing, Purchaser agrees and covenants with Seller not to disclose to any third party (other than lenders, potential
lenders, employees, accountants, attorneys, other professionals and consultants, and potential investment sources in connection
with the transaction contemplated in this Agreement), without Seller’s prior written consent unless Purchaser is obligated
by Legal Requirements to make such disclosure, any of the reports or any other documentation or information obtained by Purchaser
which relates to the Properties or Seller in any way, all of which shall be used by Purchaser and its agents solely in connection
with the transaction contemplated by this Agreement. Notwithstanding the foregoing, Purchaser shall be entitled to make any such
disclosure which is otherwise publicly known or available other than as a result of the breach of this Section 4.05 or the confidentiality
agreement (if any) previously executed by the parties, was or becomes available to Purchaser on a non-confidential basis from
a source other than Seller, or was or is developed by Purchaser or its Affiliates without using or relying on any information
or documents otherwise covered by the provisions of this Section 4.05. If this Agreement is terminated, Purchaser agrees that
all such information will continue to be held in strict confidence for a period of one (1) year unless Purchaser is obligated
by Legal Requirements to make such disclosure and, to the extent possible, any Documents provided by Seller to Purchaser shall,
upon Seller’s request, be returned to Seller at Purchaser’s sole cost and expense or destroyed. The last sentence
of this Section 4.05 shall survive the termination of this Agreement.

 

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4.06         Indemnification;
Insurance.

 

(a)          Except
for (i) discovery or identification of existing Liabilities or conditions (and except for any disclosure thereof required of Purchaser
under applicable Legal Requirements), and (ii) any acts or omissions of Seller or any of Seller’s Indemnitees, Purchaser
agrees to indemnify, protect, defend, and hold Seller and Seller’s Indemnitees harmless from and against any and all Liabilities
suffered or incurred by Seller or any of Seller’s Indemnitees as a result of or in connection with Purchaser’s inspection
of the Properties (including activities of any of Purchaser’s employees, consultants, contractors, or other agents relating
to the Properties), including mechanics’ liens, damage to the Properties, or injury to persons or property resulting from
such activities; provided, however, before seeking recourse against Purchaser in respect of the indemnity set forth in this Section
4.06(a) Seller will first seek recovery of any such Liabilities from the insurance policies referenced in clause (c) below.

 

(b)          If
any Property is disturbed or altered in any way as a result of such activities, Purchaser shall promptly restore such Property
to its condition existing prior to the commencement of such activities which disturb or alter such Property.

 

(c)          Prior
to Closing, Purchaser agrees to maintain and have in effect policies of commercial general liability insurance, containing a waiver
of subrogation reasonably acceptable to Seller and with limits of at least Two Million Dollars ($2,000,000.00), for bodily or personal
injury or death covering any accident arising in connection with the presence of Purchaser, its contractors, agents and representatives
at each of the Hotels. Such insurance shall:

 

(i)          name
as additional insureds thereunder Seller and such other parties holding insurable interests as Seller may designate,

 

(ii)         be
written by a reputable insurance company having a rating of at least “A-VIII” by Best’s Rating Guide (or a comparable
rating by a successor rating service), and

 

(iii)        otherwise
be subject to Seller’s prior approval, which shall not be unreasonably withheld, delayed or conditioned.

 

(d)          If
Purchaser accesses any of the Properties under this Article IV, then Purchaser shall deliver to Seller a copy of the certificate
of insurance effectuating the insurance required under Section 4.06(c) upon Seller’s request.

 

(e)          The
provisions of this Section 4.06 shall survive the Closing or termination of this Agreement.

 

4.07         Title
and Survey. To the extent not already delivered to Purchaser prior to the Effective Date, within three (3) Business Days
after the Effective Date, Seller shall deliver to Purchaser copies of the Existing Surveys. Purchaser shall have the right to
obtain at Purchaser’s sole cost and expense updates to the Existing Surveys (or new surveys
for the Real Properties (in either case, the “Updated Surveys”). Within five (5) Business Days after
the Effective Date, Purchaser shall order the Title Commitments and the Updated Surveys.
Prior to Closing, Purchaser shall have the right to obtain, at Purchaser’s sole cost and expense, any desired endorsements
to the Title Policies which are available; provided, however, Seller shall pay for any curative endorsements which Seller agrees
to obtain as described in Section 6.04 below.

 

    	-24-

    	 

    

 

4.08        Conveyance
of Title. At the Closing, if requested by the Title Company, each entity comprising Seller, solely with respect to such
entity and that Property owned by such entity, shall execute a form of owner’s affidavit reasonably acceptable to the Title
Company (the “Owner’s Affidavit”), and Seller and/or Purchaser (as applicable) shall execute any other
documents, undertakings and agreements reasonably required by the Title Company to issue to Purchaser the Title Policy covering
the Property in the full amount of the applicable portion of the Purchase Price, as shown on the Purchase Price Allocation, without
exceptions other than the Permitted Encumbrances, except that in no event shall such Seller entity have any obligation to execute
any documents, undertakings and agreements necessary for issuance of any endorsements requested by Purchaser other than those
endorsements, if any, which such Seller entity expressly agrees to obtain as set forth in Seller’s Response.

 

4.09        Pre-Closing
Title Defects.

 

(a)          Notwithstanding
anything to the contrary in this Agreement, if any Title Commitment, any Title Commitment
Update, any Existing Survey, or any Updated Survey
discloses any matter as to which Purchaser objects, then, no later than ten (10) Business Days after Purchaser’s receipt
of such Title Commitment, Title Commitment Update,
Existing Survey, or Updated Survey,
Purchaser shall have the right to notify Seller in writing of such matter (collectively, “Purchaser’s Objections”)
(it being understood that from and after the Feasibility Period, Purchaser shall not have the right to give to Seller Purchaser’s
Objections in respect of matters disclosed in (w) the Title Commitments, (x) the Existing Surveys, (y) any Title Commitment Update
received by Purchaser more than ten (10) Business Days prior to the end of the Feasibility Period or (z) any Updated Surveys received
by Purchaser more than ten (10) Business Days prior to the end of the Feasibility Period).
Purchaser shall diligently pursue resolution of all title and survey matters with the Title Company and surveyor prior to expiration
of the Feasibility Period.

 

(b)          Subject
to Section 4.10, Seller may notify Purchaser within five (5) Business Days after receipt of notice of any
Purchaser’s Objections but in any event at least two (2) Business Days prior
to the Closing Date (“Seller’s Response Period”) whether Seller, in its sole discretion, agrees to attempt
to cure any of such Purchaser’s Objections (“Seller’s Response”).

 

(c)          Subject
to Section 4.10, if
Seller does not provide Seller’s Response to Purchaser within Seller’s Response Period, Seller shall be deemed to have
elected not to attempt to cure such Purchaser’s
Objections.

 

(d)          If
Seller elects in Seller’s Response not to attempt to cure all or any number of Purchaser’s Objections or if Seller
is deemed to have elected not to attempt to cure all or any number of Purchaser’s Objections pursuant to the provisions
of Section 4.09(c), then by no later than 5:00 p.m. Eastern Time on the date that is ten (10) Business Days after the last
day of Seller’s Response Period, but in any event prior to the Closing Date, Purchaser shall elect by written Notice to Seller
either to:

 

(i)          waive
any Purchaser’s Objections which Seller has elected or is deemed to have elected not to attempt to cure, or

 

    	-25-

    	 

    

 

(ii)         terminate
this Agreement, in which case the Earnest Money shall be promptly delivered to
Purchaser and the parties hereto shall
have no further rights or obligations
hereunder, except those which expressly
survive a termination of this Agreement.

 

(e)          If
Seller elects to cure such Purchaser’s Objections and if Seller fails to cure Purchaser’s Objections by the Closing
Date (provided, that, notwithstanding anything to the contrary herein, Seller may, at its option, extend the Closing Date for the
period required to effect such cure, but not in excess of thirty (30) days), then Purchaser’s sole remedy, exercisable no
later than the Closing Date (as it may be extended as provided herein) shall be to (i) proceed to the Closing (subject to the terms
of this Agreement) subject to such matters, which shall, in such case, be Permitted Encumbrances,
without any abatement of the Purchase Price, or (ii) terminate this Agreement, in which
case the Earnest Money shall be promptly delivered to Purchaser
and the parties hereto shall have no
further rights or obligations hereunder, except those
which expressly survive a termination
of this Agreement. In the event Purchaser does not provide to Seller notice of Purchaser’s election under the provisions
of Section 4.09(d) by no later than 5:00 p.m. Eastern Time on the last day of such ten (10) Business Day period, but in
any event prior to the Closing Date, Purchaser shall be deemed to have elected to waive any Purchaser’s Objections which
Seller has elected or is deemed to have elected not to attempt to cure. Nothing contained in this Section 4.09(e) shall
derogate from Seller’s obligations in Section 4.10.

 

(f)          Reserved.

 

(g)          Other
than any Required Cure Matters, any title matters revealed by any Title Commitment, any Title Commitment
Update, any Existing Survey, or any Updated Survey
which are not objected to by Purchaser as provided in this Section 4.09, or which are waived or deemed waived by
Purchaser as provided above, shall all be deemed “Permitted Encumbrances”.

 

4.10         Release
of Liens. Subject to
the terms of this Section 4.10, Seller shall obtain at or prior to the Closing Date the full reconveyance, release
or other discharge, of record, and convey the Properties free and clear, of each and every (i) Lien placed on the Properties by
Seller and (ii) all other monetary Liens on the Real Property (or any portion thereof), in each case, of an ascertainable amount
and which is curable by the payment or escrow of a liquidated sum of money up to one hundred thousand dollars ($100,000) per Real
Property (the items described in clauses (i) and (ii) of this Section 4.10 being collectively referred to herein as “Required
Cure Matters”). For avoidance of doubt, if Seller does not cure any Required Cure Matter
on or before the Closing Date, then Seller shall be deemed to have failed to perform its obligations under this Agreement in a
material respect giving rise to Purchaser exercising its remedies as set forth in Section 17.02(a). Prior to Closing,
Escrow Company shall obtain, in timely fashion, payoff letters from the record holder of each Lien (or otherwise identified to
Escrow Company by Seller or Purchaser). If Seller fails to obtain the reconveyance, release or other discharge of any Lien placed
on the Properties by Seller, Purchaser shall have the right (but not the obligation) to direct Escrow Company to withhold from
the Purchase Price otherwise disbursable to Seller the amount specified in the applicable payoff letter for such reconveyance,
release or discharge and to use the amount(s) so withheld to obtain the same, for Purchaser’s benefit.

 

    	-26-

    	 

    

 

4.11         Franchise
Consent Documents. Purchaser acknowledges that the Hotels are currently subject to the Franchise Agreements. At its sole
cost and expense Purchaser shall, within five (5) Business Days after the expiration of the Feasibility Period, apply to Franchisor
for the Franchise Consent Documents. Purchaser shall use commercially reasonable efforts to pursue the Franchise Consent Documents
and to promptly provide Franchisor with all documentation necessary for the Franchise Consent Documents and satisfactory to Purchaser
in its reasonable discretion. Seller, at no expense to Seller, shall cooperate as reasonably necessary in connection with obtaining
the Franchise Consent Documents. Purchaser shall notify Seller upon its receipt of Franchisor’s approval of the Franchise
Consent Documents. From time to time following the expiration of the Feasibility Period and prior to the Closing, Purchaser shall,
following written request from Seller (which requests will not be made more frequently than bi-monthly except during the thirty
(30) day period prior to the Closing Date), use commercially reasonable efforts to provide Seller with updates on the status of
its negotiations with the Franchisor. Purchaser agrees to deliver the Purchaser execution counterparts to the Franchise Consent
Documents to the Franchisor at or prior to the Closing.

 

4.12         Property
Improvement Plans. Immediately after the Effective Date, Seller and Purchaser, at Purchaser's expense, shall work together
to negotiate with Franchisor the property improvement plan (the “PIP”) for each Hotel. After determining the
scope of the PIP, the parties shall cooperate and coordinate with each other to arrange with either (i) McKibbon Hotel Group,
Inc., or (ii) an independent nationally recognized third party project management firm mutually approved by Seller and Purchaser
(in either case, the “Project Management Firm”), for the completion, at Purchaser's expense (except that Seller
shall pay for all initial PIP application, processing and similar fees and charges due or payable to Franchisor) of a property
condition inspection and report for each of the Hotels, which report shall include a final PIP pricing estimate for each of the
Hotels. If, in the aggregate, the final PIP pricing estimate prepared by the Project Management Firm for all of the Hotels is
less than or equal to Five Million Four Hundred Thousand Dollars ($5,400,000) (the “PIP Threshold”), there
shall be no adjustment to the Purchase Price on account of PIP. However, if the final PIP pricing estimate prepared by the Project
Management Firm is greater than the PIP Threshold, Purchaser shall be entitled to a reduction of the Purchase Price equal to fifty
percent (50%) of the amount that the PIP pricing estimate exceeds the PIP Threshold, up to a maximum Purchase Price reduction
of Five Hundred Thousand Dollars ($500,000) (i.e., a maximum PIP pricing estimate of $6,400,000). If the PIP pricing estimate
exceeds Six Million Four Hundred Thousand Dollars ($6,400,000), then Purchaser may, by written notice to the other party delivered
within ten (10) days after receipt of the PIP pricing estimate, terminate this Agreement by written notice to the other party;
provided, however, should Purchaser timely elect in writing to terminate this Agreement as provided in this section, Seller shall
have a period of five (5) days after receipt of Purchaser's termination notice in which to elect to reduce the Purchase Price
in an amount equal to the amount by which the PIP pricing estimate exceeds Six Million Four Hundred Thousand Dollars ($6,400,000),
in which case Purchaser's termination notice shall no longer be effective and the parties shall proceed to Closing as otherwise
provided herein.

 

    	-27-

    	 

    

 

Article
V

REPRESENTATIONS AND WARRANTIES

 

5.01         Representations
and Warranties of Seller. Each entity comprising Seller, but solely with respect to such entity and the respective Hotel
and Property owned by such entity, hereby represents and warrants to Purchaser that as of (i) the Effective Date and (ii) the
Closing Date:

 

(a)          Due
Organization. Seller is a limited liability company duly organized, validly existing and in good standing under the laws
of the State of Delaware and is in good standing and qualified to do business in the state in which the applicable Hotel owned
by such Seller entity is located.

 

(b)          Power
and Authority. Seller has full right, power and authority to (i) execute and deliver this Agreement and any
agreement, certificate, instrument or other document delivered in connection herewith
(the “Closing Documents”), (ii) perform its obligations hereunder and thereunder and (iii) consummate the transactions
contemplated hereby and thereby.

 

(c)          Authorization.
The execution, delivery and performance of this Agreement and the Closing Documents, and the consummation of the transactions
contemplated hereby and thereby, have been duly and properly authorized by proper limited liability company action in accordance
with Legal Requirements and the Organizational Documents of Seller. No limited liability company proceedings on the part of Seller
are necessary to authorize this Agreement or the Closing Documents, or to consummate the purchase and sale of the Hotels or Properties
in accordance with the terms hereof. The Person(s) executing and delivering this Agreement and the Closing Documents on behalf
of Seller has been duly and validly authorized to do so. This Agreement and the Closing Documents, when executed and delivered
by Seller, will constitute the legal, valid and binding agreement of Seller, enforceable against Seller in accordance with their
respective terms.

 

(d)          No
Consents; No Conflicts. Except as included in the Documents and specifically excluding non-material consents, neither
the execution, delivery or performance of this Agreement or the Closing Documents, nor the consummation of the purchase and sale
of the Hotels or Properties, (i) requires Seller to obtain the consent, approval, order, waiver, authorization, registration
or declaration from, or give notice or make any filing with, any third party or any governmental authority, or (ii) will (x) violate,
conflict with or constitute a default under any of the Organizational Documents, (y) conflict with, breach, result in a default
(or an event which with notice and passage of time or both would reasonably be expected to constitute a default) or violate any
contract, bond, note or other instrument of indebtedness, indenture, mortgage, deed of trust, loan agreement, lease or other agreement
or instrument to which Seller and/or an Affiliate of Seller is a party or by which it, they or the Property is bound or (iii)
result in a breach or violation of any Legal Requirement.

 

(e)          Hotel
Contracts. To Seller’s Knowledge,  Exhibit C accurately identifies
each Hotel Contract in effect and:

 

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(i)          each
Hotel Contract is in full force and effect and constitutes a legal, valid and binding obligation of Seller and each other party
thereto;

 

(ii)         true,
complete and correct copies of each Hotel Contract have been delivered to Purchaser or will be delivered or made available to Purchaser
within three (3) Business Days after the Effective Date;

 

(iii)        none
of the Hotel Contracts has been amended, modified or supplemented in any way;

 

(iv)        neither
Seller nor, to Seller’s Knowledge, Manager has received or delivered notice of a breach, default or termination under any
Hotel Contract that has not been cured or retracted, as applicable, and no default or breach exists under any Hotel Contract on
the part of Seller or any other party thereto; and

 

(v)         neither
Seller nor any other party to a Hotel Contract has given notice to the other of any defenses, set-offs or claims in connection
with any of the Hotel Contracts.

 

(f)          Bookings.
To Seller’s Knowledge, other than the Bookings, the Liquor Concession Agreements and the Space Leases, there are no
leases, licenses, concessions, or other occupancy agreements or arrangements for the use or occupancy of any portion of any Property.

 

(g)          Litigation
and Other Proceedings. To Seller's Knowledge, except as described in  Exhibit
D, there is no material action, suit, litigation, hearing, governmental investigation, arbitration, unsatisfied order
or judgment or other proceeding pending against any Property, against Seller or against Manager, in each case, in respect of any
Property and where written notice has been delivered, in any court or before or by an arbitration tribunal or regulatory commission,
department or agency and, to Seller’s Knowledge, no such action, suit, litigation, hearing, governmental investigation,
arbitration, unsatisfied order or judgment or other proceeding or administrative proceeding has been threatened or contemplated.
For purposes of this Section 5.01(g) an action, suit, litigation, hearing, governmental investigation, arbitration, unsatisfied
order or judgment or other proceeding shall only be considered “material” if it involves a claim in excess of $25,000
that is not fully covered by insurance. 

 

(h)          Condemnation.
To Seller's Knowledge, neither Seller nor Manager has received written notice of any pending condemnation, eminent domain
or similar proceedings with respect to any individual Property (or any part thereof) and, to Seller’s Knowledge, there are
no threatened condemnation, eminent domain or similar proceedings with respect thereto.

 

(i)          Employees.

 

    (i)          Seller
does not employ or retain any persons (including independent contractors) with respect to any Hotel, and to Seller's Knowledge
all Employees with respect to any Hotel are employed (or retained pursuant to third party contract labor agreements), by Manager
under the applicable Existing Management Agreement;

 

    	-29-

    	 

    

 

   (ii)         Neither
Seller nor, to Seller’s Knowledge, Manager is a party to any collective bargaining agreements with any labor union with respect
to any Employees who perform services with respect to any Hotel; and

 

   (iii)        None
of Seller or any Affiliates of Seller, nor to Seller’s Knowledge, Manager, has been ordered by the National Labor Relations
Board (“NLRB”) or any court to recognize, or lost a representational election certifying, any labor union as
the exclusive representative of any Employee for purposes of collective bargaining and to Seller's Knowledge no labor union has,
in writing, claimed or demanded to represent, and to Seller's Knowledge there are no organizational campaigns in progress or anticipated
or threatened with respect to, or any NLRB representational election scheduled with respect to, any Employee, in each case relating
to any of the Hotels.

 

(j)          Notices.
Except as noted on Schedule  5.01(j), neither Seller nor,
to Seller’s Knowledge, Manager has received any written notice:

 

(i)          of
any violations or alleged violations of Legal Requirements with respect to any Property which have not been corrected to the satisfaction
of the issuer of the notice or which would have a material adverse effect on the operation of the Hotel, or;

 

(ii)         indicating
that any inquiry, complaint, proceeding or investigation (excluding routine, periodic inspections) is contemplated or pending regarding
compliance of any Property with any such Legal Requirements.

 

(k)          No
Foreign Person. Seller (or if Seller is disregarded as separate from its owner for U.S. federal income Tax purposes, Seller’s
owner for U.S. federal income Tax purposes) is neither a “foreign person” nor a “foreign corporation”
as those terms are defined in Section 1445 of the Code and the regulations promulgated thereunder.

 

(l)          Prohibited
Persons and Transactions. Neither Seller nor to Seller's Knowledge any of its Affiliates, nor to Seller's Knowledge any
of their respective partners, members, shareholders or other equity owners, employees, officers, directors, representatives or
agents is, nor will they knowingly become:

 

(i)          a
Person with whom U.S. Persons are restricted from doing business under regulations of the Office of Foreign Asset Control (“OFAC”)
of the Department of the Treasury (including those named on OFAC’s Specially Designated and Blocked Persons List) or under
any statute, executive order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions
with Persons Who Commit, Threaten to Commit, or Support Terrorism), regulation, or other governmental action, and Seller is not
and will not engage in any dealings or transactions or be otherwise associated with such Persons; or

 

    	-30-

    	 

    

 

(ii)         a
“specially designated global terrorist” or other Person listed in Appendix A to Chapter V of 31 C.F.R., as the same
has been from time to time updated and amended, or a Person either:

 

(A)         included
within the term “designated national” as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515; or

 

(B)         designated
under Sections 1(a), 1(b), 1(c) or 1(d) of Executive Order No. 13224, 66 Fed. Reg. 49079 (published September 25, 2001) or a Person
similarly designated under any related enabling legislation or any other similar executive orders.

 

(m)          Money
Laundering. Seller is not engaging in the transactions contemplated by this Agreement, directly or indirectly, in violation
of any Legal Requirements relating to drug trafficking, money laundering or predicate crimes to money laundering. None of the
funds of Seller have been or will be derived from any unlawful activity with the result that the investment of direct or indirect
equity owners in Seller is prohibited by any Legal Requirements or that this Agreement or the Closing Documents, or the transactions
contemplated hereby and thereby, is or will be in violation of any Legal Requirements. Seller has implemented and will continue
to implement procedures, and has consistently applied and will continue to consistently apply those procedures, to ensure the
foregoing representations and warranties remain true and correct at all times prior to Closing.

 

(n)          ERISA.
To Seller’s Knowledge:

 

(i)          Neither
Seller nor any ERISA Affiliates of Seller is party to, sponsors, contributes to, or has any liability arising under or out of,
or relating to, any Employee Benefit Plan relating to any current or former Employee who performs, or performed, services with
respect to any Hotel;

 

(ii)         No
Lien exists, or is anticipated, on the Hotels or the Property by operation of law or otherwise as a result of the operation or
maintenance of any Employee Benefit Plan by Seller or any ERISA Affiliates of Seller;

 

(iii)        Seller
is not an Employee Benefit Plan and none of Seller’s assets are plan assets as defined or determined under ERISA; and

 

(iv)        There
are no “multiemployer plans” (as defined in Section 3(37) of ERISA) with respect to any Hotel or any Employees who
performs services with respect to any Hotel.

 

(o)          Environmental
Matters. Except as set forth in the reports described in Schedule 5.01(o) attached hereto,
to Seller’s Knowledge, Seller has not received a written notice from a governmental authority alleging a violation of any
Environmental Law which has not been addressed and cured in accordance with Environmental Laws.

 

    	-31-

    	 

    

 

(p)          Title.
Seller owns good and marketable title to (i) the Fixtures and Tangible Personal Property, (ii) the Operating Equipment
and Supplies, (iii) the Consumables, (iv) the Inventory and (v) the Deposits. As of Closing, such items shall be free and clear
of all Liens (other than those which will be released at Closing or which are Permitted Encumbrances).

 

(q)          Bankruptcy.
Seller has not (i) made a general assignment for the benefit of its creditors, (ii) voluntarily filed, nor had filed against
it, any petition or answer seeking or acquiescing to any reorganization, arrangement, composition, readjustment, liquidation,
dissolution, protection or similar relief for Seller under any applicable federal, state or local law or regulation relating to
bankruptcy, insolvency or other relief for debtors (including, without limitation, the United States Bankruptcy Code), (iii) suffered
the appointment of a receiver to take possession of all or substantially all of its assets or (iv) suffered an attachment, execution
or other judicial seizure of any property interest.

 

(r)          Brokerage.
Seller has not had any dealings, directly or indirectly, with any broker, agent, finder, financial advisor or similar person
or entity relating to the sale of the Property or the transactions contemplated hereby in a manner which would entitle such person
or entity to any fee or commission in connection with this Agreement or the transactions contemplated hereby. Seller agrees to
indemnify and hold Purchaser and its Indemnitees harmless against and from any and all Liabilities incurred by Purchaser arising
out of or resulting from any claim for brokerage commissions, compensation or fees by any broker, agent, finder, financial adviser
or similar person or entity in connection with the sale of the Property or the transactions contemplated hereby resulting from
the acts of Seller.

 

(s)          Taxes
and Assessments. Except as noted on Schedule  5.01(s),
neither Seller nor, to Seller’s Knowledge, Manager has filed notices of protest or appeal against, or commenced proceedings
to recover, real property Tax assessments against any of the Real Property. Except as set forth on Schedule 
5.01(s), there are no currently pending appeals or abatement proceedings with respect
to the real estate Taxes assessed on the Real Property. There are no pending real estate Tax protests or real estate Tax proceedings
affecting the Real Property. Notwithstanding the foregoing, Seller shall maintain the right to commence or initiate a protest
or appeal of the real property Tax assessments levied against any of the Real Property in accordance with Section 14.01(c),
and provided that written notice of same is given to Purchaser, the commencement or initiation of such protest or appeal by Seller
shall not be a breach of this Section 5.01(s) nor shall it give Purchaser the right to cancel this Agreement.

 

(t)          Insurance.
Exhibit N, sets forth a true, correct and complete list of all insurance policies covering the Properties (each,
an “Insurance Policy”). True, complete and correct copies of each Insurance Policy (or summaries of the material
provisions thereof) have been delivered to Purchaser or will be made available to Purchaser within three (3) Business Days after
the Effective Date. Except as noted on Schedule  5.01(t), to Seller's
Knowledge, Seller has received no written notice from any insurance company or board of fire underwriters of any defects or inadequacies
in or on the Property or any part or component thereof that would reasonably be expected to materially and adversely affect the
insurability of the Property or cause, or reasonably be expected to cause, any material increase in the premiums for insurance
for the Property that have not been cured or repaired. For purposes of this Section 5.01(t), an increase in the premiums
for insurance for a Property shall only be considered “material” if the increase is, or could reasonably be expected
to be, in excess of $25,000.

 

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(u)          Liquor
Licenses and Permits. To Seller’s Knowledge, the Liquor Licenses and Permits are in full force and effect. To Seller’s
Knowledge, with respect to such Liquor Licenses and Permits, all registrations, declarations, reports, notices, forms and other
documents required to be filed with any governmental authority, and all amendments or supplements to any of the foregoing in respect
of any Liquor Licenses or Permits were timely filed, and such filings are in full force and effect and were prepared in all material
respects in accordance with all Legal Requirements, and all material fees and assessments due and payable in connection therewith
have been paid in a timely manner. To Seller's Knowledge, Seller has made available to Purchaser a true and complete copy of all
Permits and Liquor Licenses. Except as noted on Schedule  5.01(u),
to Seller’s Knowledge, 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 Permit or Liquor License that has not been cured or
dismissed, or (ii) any failure by Seller or Manager to obtain any Permits or Liquor Licenses required for the Property that has
not been cured or dismissed. 

 

(v)         Franchise
Agreements. Exhibit O sets forth (i) a true, complete and correct list of the Hotels that are subject to
a Franchise Agreement and (ii) the name and date of each Franchise Agreement (and any amendments,
modifications, guarantees and any ancillary documents and agreements related thereto). There are no outstanding or incomplete
capital expenditures or improvements planned or approved for any Hotel, but specifically excluding any capital expenditures or
improvements that are set forth in the PIP that, in each case, is required pursuant to the Franchise Agreement for such Hotel
to be completed prior to the Closing Date. Each Franchise Agreement is in full force and effect and constitutes a legal, valid
and binding obligation of such Hotel and/or Seller, as applicable, and each other party thereto. Neither Seller nor, to Seller’s
Knowledge, Manager has received or delivered notice of a breach, default or termination under any Franchise Agreement,
or a violation of Franchisor’s quality assurance or similar program, that has not been cured or retracted, as applicable,
and, to Seller’s Knowledge, no default or breach, or non-compliance with any
quality assurance or similar program, exists under any such Franchise Agreement on the part of Seller
or any Hotel. To Seller’s Knowledge, there exists no event, occurrence, condition or act (including the transactions
contemplated by this Agreement) that, with the giving of notice or the lapse of time or the happening of any further event or
condition, would reasonably be expected to give rise to a default or breach, or a violation
of any quality assurance or similar program, by Seller or any Hotel under any such Franchise Agreement. To Seller’s
Knowledge, each of the Hotels is in compliance with Franchisor’s quality assurance
or similar programs and has not been placed in Franchisor’s “Yellow Zone” or “Red Zone”. Purchaser
acknowledges receipt of the Franchisor PIP Verification Inspection Letters set forth in Exhibit W. 

 

(w)          Existing
Management Agreements. Exhibit P accurately identifies each Existing Management Agreement, including the
name and date of each (and any amendments, modifications, guarantees and any ancillary documents and agreements related thereto).
Other than as described in the Existing Management Agreements, no Person provides any management services to any Hotels. On the
Closing Date, there will be no Existing Management Agreements or other hotel management agreements in effect with any Person for
the management of any Hotel (other than agreements entered into by Purchaser) and any such Existing Management Agreement shall
be terminated, effective on or prior to Closing, by the parties thereto without any cost to Purchaser. Seller shall bear all costs
and liabilities, including, but not limited to, any termination fee associated with the termination of any Existing Management
Agreement prior to, at or in connection with the Closing.

 

    	-33-

    	 

    

 

(x)          ROFO/ROFR.
Except as set forth in Section 17.04 of the Franchise Agreements, Seller has not granted, nor is Seller subject to, any purchase
options, rights of first offer, rights of first refusal or any other similar rights in favor of any third party with respect to
any Properties.

 

(y)          Reserved.

 

(z)          Financial
Statements. To Seller’s Knowledge, Seller has provided true, correct and complete copies of the income and expense
statements for each of the Properties received from the Manager since July 2013 (the “Financial Statements”).
To Seller’s Knowledge, the Financial Statements have been prepared by Manager in accordance with the Uniform System of Accounts
for the Lodging Industry as adopted by the American Hotel and Lodging Association at the time such Financial Statements were issued.

 

(aa)         Reserved.

 

(bb)         Budgets.
Exhibit T sets forth true, correct and complete copies of the current operating and capital expenditure budgets for
each Hotel.

 

(cc)         Operating
Leases. On the Closing Date, there will be no Operating Leases or any other similar agreements in effect with any Person
for any Hotel (other than agreements entered into by Purchaser) and any such Operating Lease shall be terminated, effective on
or prior to Closing, by the parties thereto without any cost to Purchaser. Seller shall bear all costs and liabilities, including,
but not limited to, any termination fee associated with the termination of any Operating Lease prior to, at or in connection with
Closing.

 

(dd)         WS
Spherical Hotel Operating Lease. Neither WS Spherical nor the WS Spherical Hotel is party to or subject to any operating
lease or similar agreement.

 

    	-34-

    	 

    

 

(ee)         For
the purposes of this Agreement, the term to “Seller’s Knowledge” or words of similar import, shall mean
the actual, as distinguished from implied, imputed and constructive, knowledge of Keith Manning, after due inquiry of Patrick Campbell,
Timothy Hodes and each of the general manager and Manager of each Hotel and/or Property regarding Seller’s Representations,
provided that in no event shall such person(s) have any personal liability. Notwithstanding and without limiting the foregoing,
(i) if any of Seller’s Representations contained in this Agreement or in any Closing Document are materially false or inaccurate,
or Seller is in material breach or default of any of its obligations under this Agreement that survive Closing, and Purchaser nonetheless
closes the transaction hereunder and purchases the Properties, then Seller shall have no liability or obligation respecting such
false or inaccurate representations or warranties or other breach or default (and any cause of action resulting therefrom shall
terminate upon the Closing) in the event that on or prior to Closing, Purchaser shall have had actual Knowledge (as defined in
the last paragraph of Section 5.02) of the false or inaccurate representations or warranties or other breach or default,
and (ii) to the extent that (A) studies or reports obtained by Purchaser or (B) copies of the Documents or other information are
delivered in writing to Purchaser's knowledge persons identified in Section 5.02(g) (including by electronic mail and attachments
thereto) or posted on Seller’s online virtual data room and accessible to Purchaser, in each case no later than three (3)
Business Days prior to the expiration of the Feasibility Period, and which contain provisions or information which, on the face
of such Documents or other information, are clearly and unambiguously inconsistent with Seller’s Representations, Seller
shall have no liability or obligation respecting such inconsistent representations or warranties (and Purchaser shall have no cause
of action or right to terminate this Agreement with respect thereto following the end of the Feasibility Period), and such representations
and warranties shall be deemed modified to the extent necessary to eliminate such inconsistency and to conform such representations
and warranties to the Documents or other such information.

 

5.02        Representations
and Warranties of Purchaser. Purchaser hereby represents
and warrants the following to Seller:

 

(a)          Due
Organization. Purchaser is a limited liability company duly organized, validly existing and in good standing under the
laws of the State of Delaware. As of the date of Closing, Purchaser or its applicable title-taking designee or assignee shall
be in good standing and qualified to do business in the state or states, as applicable, in which the applicable Hotels are located.
Purchaser has full right, power and authority, has obtained all necessary consents, and has taken all corporate and other action
necessary to authorize Purchaser, to make, execute, deliver, and perform this Agreement subject to the terms and conditions hereof.
The person(s) executing this Agreement on behalf of Purchaser has been duly authorized to do so. This Agreement is, and all of
the documents to be delivered by Purchaser at the Closing will be, binding and legal obligations of Purchaser, enforceable against
Purchaser in accordance with their respective terms.

 

(b)          No
Conflict. The execution and delivery of this Agreement and the Closing Documents and the consummation of the transactions
contemplated hereby and thereby, except as otherwise provided herein, do not require the consent, approval or authorization of
any third party or any governmental authority (including the judicial system or any part thereof), nor shall such execution and
delivery result in a breach or violation of any Legal Requirement or conflict with, breach, result in a default (or an event which
with notice and passage of time or both will constitute a default) under, or violate any contract or agreement to which Purchaser,
or an Affiliate of Purchaser, is a party or by which it or its property is bound.

 

(c)          Prohibited
Persons and Transactions. Neither Purchaser nor to Purchaser’s Knowledge any of its Affiliates, nor to Purchaser’s
Knowledge any of their respective partners, members, shareholders or other equity owners, and to Purchaser’s Knowledge,
none of its employees, officers, directors, representatives or agents is, nor will they knowingly become:

 

    	-35-

    	 

    

 

(i)          a
Person with whom U.S. Persons are restricted from doing business under regulations of the OFAC of the Department of the Treasury
(including those named on OFAC’s Specially Designated and Blocked Persons List) or under any statute, executive order (including
the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit,
or Support Terrorism), regulation, or other governmental action, and to Purchaser’s Knowledge Purchaser is not and will not
engage in any dealings or transactions or be otherwise associated with such Persons,

 

(ii)         a
“specially designated global terrorist” or other Person listed in Appendix A to Chapter V of 31 C.F.R., as the same
has been from time to time updated and amended, or

 

(iii)        a
Person either:

 

(C)         included
within the term “designated national” as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515 or

 

(D)         designated
under Sections 1(a), 1(b), 1(c) or 1(d) of Executive Order No. 13224, 66 Fed. Reg. 49079 (published September 25, 2001) or a Person
similarly designated under any related enabling legislation or any other similar executive orders.

 

(d)          ERISA.
To Purchaser’s Knowledge, the assets of Purchaser are not "plan assets" under (and as such term is defined
in) ERISA. 

 

(e)          Brokerage.
Purchaser has not had any dealings with any broker, agent, or finder relating to the sale of the Properties or the transactions
contemplated hereby and Purchaser agrees to indemnify and hold Seller and its Indemnitees harmless against and from any and all
Liabilities incurred by Seller arising out of or resulting from any claim for brokerage commissions, compensation or fees by any
broker, agent, or finder in connection the sale of the Properties or the transactions contemplated hereby resulting from the acts
of Purchaser.

 

(f)          Litigation.
There are no actions, suits or proceedings (including, but not limited to bankruptcy) pending or, to the knowledge of Purchaser,
threatened against Purchaser or affecting Purchaser, that if determined adversely to Purchaser, would adversely affect its ability
to perform its obligations hereunder.

 

(g)          For
the purposes of this Agreement, the term to “Purchaser’s Knowledge” or words of similar import, shall
mean the actual, as distinguished from implied, imputed and constructive, knowledge of Jonathan P. Mehlman and Edward Hoganson,
in each case after reasonable inquiry regarding Purchaser’s Representations, provided that in no event shall such person(s)
have any personal liability. Notwithstanding and without limiting the foregoing, (i) if any of Purchaser’s Representations
contained in this Agreement or in any Closing Document are materially false or inaccurate, or Purchaser is in material breach or
default of any of its obligations under this Agreement that survive Closing, and Seller nonetheless closes the transaction hereunder
and sells the Properties, then Purchaser shall have no liability or obligation respecting such false or inaccurate representations
or warranties or other breach or default (and any cause of action resulting therefrom shall terminate upon Closing) in the event
that on or prior to Closing, Seller shall have had actual knowledge of the false or inaccurate representations or warranties or
other breach or default.

 

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Article
VI

CLOSING AND CLOSING DELIVERIES

 

6.01         Closing
and Escrow. The Closing shall take place on the Closing
Date at the New York, New York office of Proskauer Rose LLP (except that any documents that are required to be recorded shall
be delivered to the Title Company), or such other place as Seller and Purchaser shall agree in writing; it being agreed that,
except for documents required to be recorded, any Closing Documents may be delivered via the email exchange of PDFs, provided
that manually signed counterparts of any PDF Closing Documents are sent to the applicable counterparty via overnight courier on
the Closing Date. This Agreement shall not be merged into any Escrow Instructions, but any Escrow Instructions shall be deemed
auxiliary to this Agreement and, as between Purchaser and Seller, the provisions of this Agreement shall govern and control. Notwithstanding
anything to the contrary set forth herein, Purchaser shall have the right, in its sole and absolute discretion (and without prejudice
to any of its rights under this Agreement), to extend the Closing Date for a period of up to sixty (60) days upon thirty-five
(35) days’ prior written notice to Seller. Within three (3) Business Days after Purchaser elects to make such extension,
Purchaser shall deposit with the Escrow Company, as escrow agent, the additional amount of EIGHT MILLION DOLLARS ($8,000,000),
by wire transfer of immediately available United States of America funds, as a further earnest money deposit (together with interest
earned thereon, the “Extension Earnest Money”). The Extension Earnest Money shall form part of the Earnest
Money and the Allocated Earnest Money for all purposes of this Agreement. Notwithstanding anything herein to the contrary: (a)
if Purchaser exercises its right to extend the Closing Date as provided above, the total Purchase Price shall be increased by
FIVE HUNDRED THOUSAND DOLLARS ($500,000); and (b) upon Purchaser's payment of the Extension Earnest Money, Escrow Agent shall
disburse to Seller TEN MILLION DOLLARS ($10,000,000) of the Earnest Money to Seller as directed by Seller in writing and without
further instruction, approval or consent of Purchaser. The TEN MILLION DOLLARS ($10,000,000) disbursed to Seller by Escrow Agent
shall nonetheless remain a part of the Earnest Money, and in the case where this Agreement is terminated in accordance with its
terms and Purchaser is entitled to a refund of the Earnest Money, Seller shall be required to promptly deliver to Purchaser after
such termination the TEN MILLION DOLLARS ($10,000,000) previously disbursed to Seller.

 

6.02         Seller’s
Deliveries. One (1) Business Day prior to Closing,
except as otherwise noted, each entity comprising Seller, but solely with regard to the following documents applicable to the
Property owned by such entity, shall execute (to the extent required) and deliver, or cause to be delivered, to Purchaser or the
Escrow Company as appropriate (provided that the failure to deliver more than one counterpart of each of the following shall not
be a breach of this Agreement):

 

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(a)          a
recordable deed for the applicable Hotel from the applicable Seller entity to Purchaser or its permitted assignee under Section
14.01(g) conveying good and marketable title to the Real Property (the “Deed”) in the form attached to this
Agreement as  Exhibit E, subject to only the Permitted Encumbrances;

 

(b)          four
(4) originals of a Bill of Sale from the applicable Seller entity transferring to Purchaser the applicable Personal Property to
be transferred (other than the Excluded Assets and the Personal Property transferred by the General Assignment) in the form attached
to this Agreement as  Exhibit F;

 

(c)          four
(4) original counterparts of an assignment of all of the applicable Seller entity's right, title and interest in, to and under
the applicable Bookings, Hotel Contracts (except to the extent such Hotel Contracts are expressly not assignable and consent to
such assignment is not obtained), Space Leases, Material Property Agreements, the Documents, Deposits, Accounts Receivables, Permits
(other than Excluded Permits), and Miscellaneous Hotel Assets (“General Assignment”) in the form attached to
this Agreement as  Exhibit G;

 

(d)          four
(4) originals of the applicable state’s transfer forms;

 

(e)          four
(4) originals of an affidavit of the applicable Seller entity stating that it is not a “foreign person” within the
meaning of Section 1445 of the Code, in the form of  Exhibit H;

 

(f)          notices
to parties to Hotel Contracts (except to the extent such Hotel Contracts are expressly not assignable and consent to such assignment
is not obtained), Space Leases and Material Property Agreements of change in ownership of the Hotel, if requested by Purchaser
in writing, in the form attached to this Agreement as Exhibit U;

 

(g)          prior
to Closing, two (2) originals of the Preliminary Closing Statement;

 

(h)          an
Owner’s Affidavit and other documents, if any, to be delivered by Seller pursuant to Section 4.08 above;

 

(i)          to
the extent the Personal Property includes any vehicles owned by Seller, title to such vehicle, executed by the applicable Seller
entity in such manner as is required to convey ownership to Purchaser, and registration materials;

 

(j)          any
required real estate transfer Tax declarations or similar documentation required to evidence the payment of any Tax imposed by
any state, county or municipality together with any change of ownership statements required under Legal Requirements;

 

(k)          all
keys and combinations to locks on the Property;

 

(l)          copy
of a written agreement between Seller and Manager terminating the applicable Existing Management Agreement as of the Closing Date
with respect to the Hotel owned by such Seller entity;

 

(m)          evidence
that the Operating Leases have been terminated, effective as of the Closing Date;

 

    	-38-

    	 

    

 

(n)          four
(4) originals of the Seller’s Bring-Down Certificate;

 

(o)          if
obtained as provided in Section 14.01(r), two (2) originals of a customary interim beverage service agreement or lease in
the form attached hereto as Exhibit V (each, an “Interim Beverage Services Agreement”) (for the
avoidance of doubt, delivery of an Interim Beverage Services Agreement shall not be a condition precedent to Purchaser’s
obligation to close the transactions contemplated by this Agreement); and

 

(p)          any
other documents or items reasonably required by Title Company which are not inconsistent with this Agreement.

 

6.03         Purchaser’s
Deliveries. One (1) Business Day prior to the Closing (unless otherwise provided in this Agreement, including in Section
6.03(a)), Purchaser shall execute (to the extent required) and deliver, or cause to be delivered, to Seller or the Escrow Company
as appropriate (provided that the failure to deliver more than one counterpart of each of the following shall not be a breach
of this Agreement):

 

(a)          the
Purchase Price required to be paid on the Closing Date pursuant to Section 3.01;

 

(b)          four
(4) original counterparts of the General Assignment;

 

(c)          subject
to Franchisor’s agreement, if any, to deliver manually signed counterparts of the Franchise Consent Documents (to be held
in escrow) in advance of Closing, two (2) originals of the fully executed Franchise Consent Documents;

 

(d)          prior
to Closing, two (2) originals of the Preliminary Closing Statement;

 

(e)          copies
of such articles of organization or formation; resolutions; authorizations; certifications; or other agreements relating to Purchaser
as the Title Company shall reasonably require in connection with this transaction; provided, however, in no event shall Purchaser
(or its permitted nominees or assignees) be required to deliver to Seller a copy of its limited liability company agreement;

 

(f)          any
required real estate transfer Tax declaration and all other instruments as are customarily executed by purchasers to effectuate
the conveyance of property similar to the applicable Property imposed by any state, county or municipality, including any change
of ownership statements required under Legal Requirements;

 

(g)          four
(4) originals of the Purchaser’s Bring-Down Certificate; and

 

(h)          if
obtained as provided in Section 14.01(r), two (2) originals of the Interim Beverage Services Agreement (for the avoidance
of doubt, delivery of an Interim Beverage Services Agreement shall not be a condition precedent to Seller’s obligation to
close the transactions contemplated by this Agreement).

 

    	-39-

    	 

    

 

6.04         Expenses.

 

(a)          Seller
shall pay the following expenses, which shall be apportioned to, and deducted from the proceeds payable to, each entity comprising
Seller as follows:

 

(i)          fifty
percent (50%) of all closing escrow fees, with twenty percent (20%) of such amount being attributable to each entity comprising
Seller;

 

(ii)         Seller's
legal fees and expenses, which shall be attributable to each entity comprising Seller as determined by Seller in its sole and exclusive
discretion; and

 

(iii)        the
costs and expenses of Seller's compliance with Sections 4.09 and 4.10, which shall be attributable to each entity
comprising Seller as determined by Seller in its sole and exclusive discretion;

 

(iv)        title
premiums for the issuance of the Title Policies, as follows:

 

(A)         WS
Cincinnati shall pay fifty percent (50%) of the premium attributable to the issuance of the Title Policy for the WS Cincinnati
Land (but excluding the cost of any endorsements requested by Purchaser);

 

(B)         WS
College Station shall pay one hundred percent (100%) of the premium attributable to the issuance of the Title Policy for the WS
College Station Land (but excluding the cost of any endorsements requested by Purchaser);

 

(C)         WS-CNO
JV shall pay fifty percent (50%) of the premium attributable to the issuance of the Title Policy for the WS-CNO JV Land (but excluding
the cost of any endorsements requested by Purchaser);

 

(D)         WS-FNO
shall pay fifty percent (50%) of the premium attributable to the issuance of the Title Policy for the WS-FNO Land (but excluding
the cost of any endorsements requested by Purchaser); and

 

(E)         WS
Spherical shall pay one hundred percent (100%) of the premium attributable to the issuance of the Title Policy for the WS Spherical
Land (but excluding the cost of any endorsements requested by Purchaser);

 

(v)         WS
Cincinnati shall pay one hundred percent (100%) of any transfer or similar Taxes levied and attributable to the transfer to Purchaser
of the Property owned by WS Cincinnati; and

 

(vi)        all
liquidated damages, termination fees or Liabilities under any of the Existing Management Agreements, Operating Leases or Franchise
Agreements, including those arising from or related to any termination thereof.

 

    	-40-

    	 

    

 

(b)          Purchaser
shall pay the following expenses:

 

(i)          the
remaining portion, if any, of the premium attributable to the issuance of the Title Policy for each Property, after taking into
account Seller's payment as provided in Section 6.04(a)(iv), along with one hundred percent (100%) of any and all endorsements
(other than curative endorsements which Seller has agreed to obtain, if any) to the Title Policies, and one hundred percent (100%)
of the title premium for any lender’s Title Policies;

 

(ii)         the
costs and expenses of compliance with Purchaser’s obligations under Article IV hereof, excluding Section 4.09;

 

(iii)        fifty
percent (50%) of all closing escrow fees;

 

(iv)        the
costs to obtain the Updated Surveys;

 

(v)         all
sales taxes and transfer or similar taxes levied by any governmental entities, bodies or authorities having jurisdiction over the
Hotels attributable to transfer of the Properties; except to the extent payable by WC Cincinnati as provided in Section 6.04(a)(v).

 

(vi)        the
fee for the recording of the Deed and Purchaser’s mortgage and other loan documents, if any;

 

(vii)       all
costs and expenses incurred in connection with the transfer of (1) any transferable Permits, warranties, or licenses in connection
with the ownership or operation of the Properties, and (2) Liquor Licenses and the other Liquor Asset, as provided in Section
14.01(r);

 

(viii)      all
costs and expenses associated with Purchaser’s financing, if any;

 

(ix)         Purchaser’s
legal fees and expenses; and

 

(x)          all
costs of Purchaser associated with obtaining the Franchise Consent Documents, not including (A) the initial PIP application, processing
and similar fees and charges and (B) amounts which are the responsibility of Seller as provided in Section 6.04(a)(v);

 

(c)          All
other costs and expenses incurred in effecting the Closing of each Hotel hereunder shall be paid or shared (as applicable) by Seller
and/or Purchaser in accordance with local customs in the applicable region in which such Hotel is located.

 

(d)          The
provisions of this Section 6.04 shall survive the Closing or any termination of this Agreement.

 

    	-41-

    	 

    

 

6.05         Reserved.

 

6.06         Possession.
Possession of the Properties shall be delivered at the Closing, provided the transaction closes. Excluded Assets shall be
removed from the Hotels by Seller, at its expense, on or before the Closing Date. Seller, at its expense, shall make all repairs
necessitated by such removal but shall have no obligation to replace any Excluded Asset so removed. Seller shall cause Manager
to leave at the Hotels the applicable Permits for such Hotel other than Excluded Permits applicable to such Hotel; the applicable
Hotel Contracts for such Hotel to the extent assigned to and assumed by Purchaser pursuant to the General Assignment; applicable
books and records with respect to the Hotel, and the Bookings and reservation lists and all other assets comprising the Properties.
To the extent in Manager’s possession, Seller shall also cause Manager to leave at each of the Hotels the applicable certificates
of occupancy and, if available, “as builts” and other relevant construction documents for the Hotel and all other
Documents for the Hotel. Nothing contained in this Section 6.06 shall cause Seller to be liable for Purchaser’s failure
to obtain any permit or license necessary for Purchaser to own or operate the Hotel following the Closing.

 

Article
VII

ADJUSTMENTS AND PRORATIONS-CLOSING STATEMENTS

 

7.01         Adjustments
and Prorations. The following matters and items shall
be apportioned between the parties based on actual daily amounts or, where appropriate, credited in total to a particular party,
as of the Cut-off Time as provided below:

 

(a)          To
the extent possible, Accounts Payable (including amounts due under Hotel Contracts assigned to Purchaser) shall be identified as
of the Cut-off Time and paid in full at the Closing by Seller. Seller shall be and remain responsible for the full payment of any
and all other Accounts Payable (whether known or unknown) as of the Cut-off Time. Except to the extent a credit therefor is provided
to Purchaser hereunder at Closing, Seller shall indemnify and hold Purchaser harmless from and against any claims arising from
the failure to timely pay any Accounts Payable (including amounts due under Hotel Contracts assigned to Purchaser) with respect
to the period prior to the Cut-off Time.

 

(b)          Any
fees or amounts prepaid, accrued or due and payable under any Permits (other than Excluded Permits and other than for utilities
which proration is addressed above) transferred to Purchaser shall be prorated as of the Cut-off Time between Seller and Purchaser
(including, without limitation, any fees paid or payable in connection with transfer of Permits). Seller shall receive a credit
for all refundable deposits made by Seller under the Permits which are transferred to Purchaser or which remain on deposit for
the benefit of Purchaser.

 

(c)          Seller
shall cause to be removed 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.

 

(d)          Seller
shall receive a credit for all Consumables and Liquor Inventory which are on hand as of the Cut-off Time to the extent transferred
to Purchaser or any of its agents or designees.

 

    	-42-

    	 

    

 

(e)          Any
amounts prepaid or payable under any Hotel Contracts assigned to Purchaser shall be prorated as of the Cut-off Time. All security
deposits shall be transferred to Purchaser and all obligations with respect to such security deposits shall be assumed by Purchaser
and Purchaser shall receive a credit in the amount of such security deposits.

 

7.02         Adjustment
and Proration Procedures. Notwithstanding anything contained in the foregoing provisions:

 

(a)          The
Final Closing Statement shall provide for a credit to the account of Seller of all cash or other deposits posted with utility companies
(including, without limitation, telephone, internet, telex, heat, steam, electricity, gas and lighting) serving the Properties,
to the extent the same are transferable and provided such deposits remain on deposit for the benefit of Purchaser.

 

(b)          Real
and personal property Taxes, ad valorem Taxes, assessments, water and sewer rents, rates and charges, vault charges, canopy permit
fees, and other municipal permit fees and assessments (collectively, the “Property Taxes”) shall be prorated
as of the Cut-off Time. If Property Taxes for 2015 have not been established prior to the Closing Date, Property Taxes for 2015
shall be prorated based on an amount equal to 105% of the 2014 Property Taxes. To the extent that the actual 2015 Property Taxes
differ from the amount apportioned at Closing, the parties shall make all necessary adjustments by appropriate payments between
themselves following Closing. All necessary adjustments shall be made within fifteen (15) Business Days after the Tax bill for
the current year is received. Any Property Taxes disputed with governmental authorities shall be handled under Section 14.01(c).
Except to the extent that Purchaser has received a credit therefor, Seller shall remain responsible for all Property Taxes accrued
for periods ending on or prior to the Cut-off Time (whenever assessed or billed). Purchaser shall be responsible for all Property
Taxes accrued for periods beginning after the Cut-off Time. Each party shall indemnify and hold the other party harmless from and
against any claims arising from the failure to timely pay and discharge such Taxes and assessments as required under this Section
7.02(f). Notwithstanding the foregoing or anything else in this Agreement to the contrary, in no event shall Seller have any
liability for any supplemental or increased Property Taxes relating to periods after the Cut-off Time assessed or imposed as a
result of the transaction contemplated in this Agreement.

 

(c)          Telephone
and telex charges and charges
for the supply of heat, steam, electric power,
gas, lighting and any other utility service
shall be prorated as of the Cut-off Time. Where possible, cut-off readings will be secured for all utilities on the Closing Date.
As to gas, electricity and other utility charges, Seller may, on notice to Purchaser, elect to pay one or more of all of said items
accrued to the date hereinabove fixed for apportionment directly to the Person entitled thereto, and to the extent Seller so elects,
such item shall not be apportioned hereunder, and Seller’s obligation to pay such item directly in such case shall survive
the Closing.

 

(d)          Revenues
from the Hotels’ guest rooms and facilities occupied on the evening immediately preceding the Closing Date, including any
sales Taxes, room Taxes and other Taxes charged to guests in such rooms, all parking charges, sales from mini-bars, in-room food
and beverage, telephone, facsimile and data communications, in-room movie, laundry and other service charges allocable to such
rooms, conferences, receptions, meetings, and other functions occurring in any conference, banquet or meeting rooms in the Hotels
or in any adjacent facilities owned or operated by Seller, including usage charges and related Taxes, food and beverage sales,
valet parking charges, equipment rentals, and telecommunications charges, with respect to the evening immediately preceding the
Closing Date shall be divided equally between Seller and Purchaser.

 

    	-43-

    	 

    

 

(e)          Purchaser
shall receive a credit at Closing in an amount equal to one hundred percent (100%) of all Deposits that shall have been received
by or credited to Seller prior to the Cut-off Time on account of reservations for use or occupancy of the Properties after the
Cut-off Time. Any Deposits received by Seller after the Cut-off Time on confirmed reservations after the Cut-off Time will be delivered
by Seller to Purchaser. For all purposes hereunder, Deposits and similar items shall be deemed earned when occupancy or use occurs
or is scheduled to occur (and not when the Deposit was made).

 

(f)          The
parties acknowledge that certain Taxes and assessments accrue and are payable to the various local governments by any business
entity operating a hotel and its related facilities. Included in those Taxes and assessments may be business and occupation Taxes,
retail sales Taxes, parking Taxes, gross receipts Taxes, and other special lodging or hotel Taxes and assessments. For purposes
of this Agreement, all of such Taxes and assessments (expressly excluding Taxes and assessments covered elsewhere in this Agreement
or corporate franchise Taxes, and federal, state and local income Taxes) shall be allocated between Seller and Purchaser such that
those attributable to the period on or prior to the Cut-off Time shall be allocable to Seller and those attributable to the period
after the Cut-off Time shall be allocable to Purchaser (with the attribution of such Taxes and assessments hereunder to be done
in a manner consistent with the attribution under this Agreement of the applicable revenues on which such Taxes and assessments
may be based). Seller shall be solely responsible for payment of such Taxes and assessments with respect to the period on or prior
to the Cut-off Time, and Purchaser shall be solely responsible for payment of such Taxes and assessments with respect to the period
after the Cut-off Time. Seller agrees to promptly file all necessary Tax returns and forms with respect to such Taxes and assessments
to the extent required by applicable law. Seller shall indemnify and hold Purchaser harmless from and against any claims arising
from the failure to timely pay and discharge such Taxes and assessments with respect to the period prior to the Cut-off Time.

 

(g)          Any
Accounts Receivable accruing prior to the Cut-off Time shall not be transferred to Purchaser at Closing, but rather shall be retained
by Seller. Purchaser shall deliver to Seller all checks and other forms of payments received by Purchaser that constitute payment
of all or part of such Account Receivable. Payments received from payors owing payment both on an Account Receivable and on an
account payable for goods or services rendered on or after the Closing Date shall be applied first in accordance with the invoice
for which the payment is invoiced (including any designation included in an invoice from internet travel providers or other vendors
covering multiple transactions). Any payments from payors that owe amounts on Accounts Receivable and also owe amounts on an account
payable for goods or services rendered on or after the Closing Date to Purchaser which do not include such a designation shall
be applied first to current amounts (i.e., payments not more than sixty (60) days past due and not being disputed by the
payee on Accounts Receivable), then to Purchaser to be applied to amounts owing to Purchaser and any excess shall be applied to
any other Accounts Receivable from that payor.

 

    	-44-

    	 

    

 

 

(h)          Purchaser
shall receive a credit for all valid Vouchers.

 

(i)          None
of Seller’s insurance policies relating to the Properties will be assigned to Purchaser, and Purchaser shall be responsible
for arranging for its own insurance as of the Closing Date, and Seller shall be entitled to recover and retain from the providers
of insurance any refunds or overpayments resulting from the early termination of any coverage provided to Seller. Accordingly,
there will be no prorations for insurance.

 

7.03         Other.
Such other items as are provided for in this Agreement or as are normally prorated and adjusted in the sale of a hotel shall
be prorated as of the Cut-off Time.

 

7.04         Payment.
Any net credit due to Seller as a result of the adjustments and prorations under Section 7.01 shall be paid to Seller in cash
at the time of Closing. Any net credit due to Purchaser as a result of the adjustments and prorations under Section 7.01 shall
be credited against the Purchase Price at the time of Closing.

 

7.05         Cash
and Accounts. At the Closing, Seller shall transfer to Purchaser all Cash-On-Hand as of the Closing and Seller shall receive
a credit at the Closing for such Cash-On-Hand. All Account Cash as of the Closing is and shall remain the property of Seller and
shall either be retained by Seller at the Closing, or credited to Seller (to the extent actually acquired by Purchaser) on the
Final Closing Statement. Seller shall receive a credit for any reserve fund (including, without limitation, any FF&E reserve)
that Seller transfers to Purchaser at Closing.

 

7.06         Closing
Statements.

 

(a)          Preparation.
Each party shall cause its designated representatives to enter the Hotels only at reasonable times and without unreasonably
interfering with operations, both before and after the Closing Date, for the purpose of making such inventories, examinations,
and audits of the Hotels, and of the books and records of the Hotels, as they deem necessary to make the adjustments and prorations
required under this Article VII, or under any other provisions of this Agreement. Based upon such inventories, examinations,
and audits, at the Closing, the representatives of the parties shall jointly prepare and deliver to each party a preliminary closing
statement (the “Preliminary Closing Statement”) which shall show the net amount due either to Seller or Purchaser
as a result thereof, and such net amount will be added to or subtracted from the payment of the Purchase Price to be paid to Seller
pursuant to Section 3.01 hereof. All items of revenue and expense shall be determined in accordance with generally accepted
accounting principles and with the Eleventh Revised Edition of the Uniform Systems of Accounts for the Lodging Industry, as published
by the American Hotel and Motel Association. Within ninety (90) days following the Closing Date, Seller and Purchaser shall agree
on a final closing statement (the “Final Closing Statement”) setting forth the final determination of all items
to be included on the Final Closing Statement; provided, however, the foregoing time period shall not apply to any items which,
by their nature, cannot be finally determined within the period specified. The net amount due Seller or Purchaser, if any, by
reason of adjustments to the Preliminary Closing Statement as shown in the Final Closing Statement, shall be paid in cash by the
party obligated therefor within ten (10) days following the date of the Final Closing Statement.

 

    	-45-

    	 

    

 

(b)          Disputes.
In the event the representatives of the parties are unable to reach agreement with respect to preparation of the Preliminary
Closing Statement then, except as hereinafter provided, the disputed amount shall be held in a joint order Escrow, pending agreement
of the parties or the determination of Ernst & Young (the “Accountant”) following Closing.
Purchaser or Seller, as applicable, shall be required to deposit in the Escrow the disputed amount which it may be required to
pay. Any such dispute shall survive and be subject to later resolution pursuant to this Section 7.06. In the event the
representatives of the parties are unable to reach agreement with respect to either the Preliminary Closing Statement or the Final
Closing Statement, the parties shall submit their dispute to the Accountant. Each party hereby represents and warrants that the
Accountant does not have a direct conflict as of the date of this Agreement, although the Accountant may have performed work for
Seller and/or Purchaser (or their respective Affiliates) in the past. The costs and expenses of the Accountant shall be paid by
the party determined by the Accountant to be the non-prevailing party in such dispute.

 

(c)          Pro-Ration
True Up. Notwithstanding the foregoing, if at any time within sixty (60) days after the date that Seller and Purchaser
execute the Final Closing Statement either party discovers any proration items that pursuant to this Article VII should have been
included in the Final Closing Statement but were omitted therefrom, then such items shall be adjusted in the same manner as if
their existence had been known at the time of the preparation of the Final Closing Statement.

 

7.07         Survival.
The provisions of this Article VII shall survive the Closing until fully performed.

 

Article
VIII

CONDITIONS TO SELLER’S OBLIGATIONS

 

8.01         Conditions.
Seller’s obligation to close the transaction contemplated by this Agreement shall
be subject to the occurrence of each of the following conditions, any one or more of which may be waived by Seller in writing.

 

(a)          Purchaser’s
Compliance with Obligations. On or before the Closing Date, Purchaser shall have complied in all material respects with
all Obligations required by this Agreement to be complied with by Purchaser at or prior to Closing.

 

(b)          Truth
of Purchaser’s Representations and Warranties. The representations and warranties of Purchaser contained in this
Agreement were true in all material respects when made, and are true in all material respects on the Closing Date.

 

(c)          Franchise
Consent Documents. The Franchise Consent Documents shall have been delivered as provided in Section 6.03.

 

    	-46-

    	 

    

 

8.02         Failure
of Conditions. If any of the conditions enumerated
in Section 8.01 are not fulfilled on or prior to the Closing Date and, as a consequence thereof, Seller elects to terminate this
Agreement, such failure shall be deemed a default by Purchaser hereunder and the consequences thereof shall be governed by the
provisions of Section 17.01.

 

Article
IX

CONDITIONS TO PURCHASER’S OBLIGATIONS

 

9.01         Conditions.
Purchaser’s obligation to close the transaction contemplated by this Agreement
shall be subject to the occurrence of each of the following conditions, any one or more of which may be waived by Purchaser in
writing.

 

(a)          Seller’s
Compliance with Obligations. On or before the Closing Date, Seller shall have complied in all material respects with all
Obligations required by this Agreement to be complied with by Seller at or prior to Closing.

 

(b)          Truth
of Seller’s Representations and Warranties. The representations and warranties of Seller (i) contained in this Agreement
(other than those set forth in clause (ii) below) were true in all material respects when made, and are true and correct in all
material respects on the Closing Date and (ii) set forth in Sections 5.01(p), 5.01(r) and 5.01(x) are true
and correct in all respects, provided that this condition shall not be deemed to have failed if (a) Seller’s representations
or warranties under Section 5.01 have become untrue by reason of changed facts or circumstances which are described in
Seller’s Bring-Down Certificate and which do not have a Property Material Adverse Effect and (b) such misrepresentation
was not intentional nor resulted from a willful act which is prohibited under this Agreement which causes the representation or
warranty to become untrue.

 

(c)          Title
Policies. The Title Company shall be irrevocably committed to issue to Purchaser the Title Policies.

 

(d)          Franchise
Consent Documents. Purchaser shall have received the Franchise Consent Documents as provided in Section 4.11.

 

(e)          Closing
Documents. Purchaser shall have received all of the documents required to be delivered by Seller at or before the Closing
pursuant to Section 6.02.

 

(f)          No
Proceedings. No action, suit or other proceeding shall be pending which shall have been brought by any Person (other than
the parties hereto and their Affiliates) (i) to restrain, prohibit or change in any material respect the purchase and sale of the
applicable Hotel or Property or the consummation of any other transaction contemplated hereby or (ii) seeking material damages
with respect to such purchase and sale or any other transaction contemplated hereby; and

 

(g)          Truth
of Wheelock's Representations and Warranties. Each of Wheelock's representations and warranties contained in the Joinder
shall be true and correct.

 

    	-47-

    	 

    

 

9.02         Failure
of Conditions.

 

(a)          If
any of the conditions enumerated in Sections 9.01(a), 9.01(b) or 9.01(g) are not fulfilled prior to the Closing
Date, or any of the conditions enumerated in Section 9.01(c) or Section 9.01(e) is not fulfilled prior to the Closing
Date due to an act or omission of Seller, and, as a consequence thereof, Purchaser elects to terminate this Agreement, such failure
shall be deemed a default by Seller hereunder and the consequences thereof shall be governed by the provisions of Section 17.02.

 

(b)          If
any of the conditions enumerated in Section 9.01(d) or (other than due to an act or omission of Seller) Section 9.01(c)
or Section 9.01(e) is not fulfilled prior to the Closing Date and, as a consequence thereof, Purchaser elects to terminate
this Agreement, then the Earnest Money shall be promptly delivered to Purchaser and the parties hereto shall be released from all
further obligations hereunder, except those which expressly survive a termination of this Agreement; provided, however, that notwithstanding
anything to the contrary in this Agreement, if the condition enumerated in Section 9.01(c) is not fulfilled prior to the
Closing Date as a result of any act or omission of Purchaser, then Purchaser shall have no right to terminate this Agreement and
Purchaser shall, unless Purchaser waives such condition, be deemed to be in default hereunder and the consequences thereof shall
be governed by the provisions of Section 17.01.

 

Article
X

ACTIONS AND OPERATIONS PENDING CLOSING

 

10.01         Actions
and Operations Pending Closing. Seller agrees that at all times prior to the Closing Date but subject to limitations upon
Seller’s rights under the Existing Management Agreements (it being agreed that to the extent any of the covenants set forth
in this Section 10.01 are currently controlled by the Manager, Seller shall, to the extent permitted by the Existing Management
Agreements, use its commercially reasonable efforts to cause Manager to comply with the covenants set forth in this Section 10.01):

 

(a)          Seller
shall operate and maintain each Hotel in the ordinary course of business in substantially the same manner as currently operated
and maintained and shall comply with all approved 2015 budgets, including compliance with ongoing repairs, maintenance plans, capital
expenditures and brand standards. Upon written request from Purchaser from time to time, Seller agrees to provide updates to Purchaser
regarding operational results and capital expenditures. Seller shall not (i) sell, pledge, or otherwise transfer, change the status
of title, remove or dispose of all or any part of any Hotel (except for such items of Personal Property as become obsolete or are
consumed or disposed of and replaced in the ordinary course of business), subject to the provisions of Article XI, (ii)
enter into any Bookings or issue any Vouchers with respect to any Hotels, in each case, which are not substantially in accordance
with such Seller’s past practices at the Hotels or (iii) engage in any transaction or take any action other than in the ordinary
course of business in substantially the same manner as currently engaged in. Seller shall utilize its budgetary approval rights
under the Existing Management Agreements to limit any increase in compensation or benefits provided to Employees except in the
ordinary course of business in substantially the same manner in which the Hotels have been operated by Manager on behalf of Seller
prior to the Effective Date. Seller shall at all times keep “ordinary course levels” of both Operating Equipment and
Supplies and Consumables at each Hotel. With respect to Operating Equipment and Supplies (such as linen and terry), “ordinary
course levels” shall mean at a minimum three full turns of par levels for each room at each Hotel. With respect to Consumables,
“ordinary course levels” shall mean a minimum supply for each room at each Hotel plus supplies sufficient for an additional
seven (7) days.

 

    	-48-

    	 

    

 

(b)          Seller
will promptly notify Purchaser of any supplement, modification or termination of any Hotel Contract or entry into a new Hotel Contract
or other agreement relating to a Property. Commencing three (3) Business Days prior to the expiration of the Feasibility Period,
Seller shall not amend, supplement, modify or terminate any existing Hotel Contract or other agreement with respect to any Property
or enter into any new Hotel Contract or other agreement with respect to a Property that (i) will be binding on Purchaser following
the applicable Closing Date and (ii) will not be terminable by Purchaser without penalty upon no greater than 30 days’ notice,
in each case, unless Seller (x) promptly delivers to Purchaser written notice and a copy thereof and (y) obtains Purchaser’s
prior written consent thereto.

 

(c)          Seller
shall maintain in effect all policies of casualty and liability insurance, or similar policies of insurance, with substantially
the same limits of coverage now carried with respect to the applicable Hotel. Seller shall make its insurance brokers and consultants
available to discuss with Purchaser all insurance policies covering the Properties in order to assist Purchaser in implementing
insurance coverage effective as of the Closing Date.

 

(d)          Seller
shall promptly notify Purchaser of (i) any pending or threatened (in writing) litigation or governmental proceeding affecting Seller
or any Property (or any portion thereof) or (ii) any written notice received by Seller or Manager from any governmental authority
regarding any violation (or alleged violation) against any Property (or any portion thereof). Commencing three (3) Business Days
prior to the expiration of the Feasibility Period, Seller shall obtain the written approval of Purchaser, which written approval
shall not be unreasonably conditioned, withheld or delayed (with a response to be delivered by Purchaser within ten (10) Business
Days after the receipt of written notice), with regard to any actions to be taken in any such pending or threatened litigation
or governmental proceeding including, without limitation, the defense thereof, provided, however, Purchaser shall not have any
approval over actions relating to pending or threatened litigation that are subject to Manager or insurance company control and
any approval shall be limited to the extent of Seller’s ability to affect such actions under the applicable Existing Management
Agreement or insurance policy.

 

(e)          Reserved.

 

(f)          After
the expiration of the Feasibility Period, if any Hotel Contract, Deposit, Guest Ledger Account, security deposit, and/or
any other third party contract that Purchaser agrees to assume pursuant to this Agreement requires the consent of the counterparty
to the transfer of Seller’s rights thereunder, Seller shall cooperate with Purchaser in order for Purchaser to obtain such
consents as of the applicable Closing.

 

(g)          After
the expiration of the Feasibility Period, Seller shall in all material respects (i) comply with and perform their obligations
under any Hotel Contract and/or any other third party contract and (ii) use commercially reasonable efforts to enforce the obligations
of the applicable third parties thereunder.

 

    	-49-

    	 

    

 

(h)          Seller
shall use commercially reasonable efforts to keep in full force and effect all Permits and Liquor Licenses.

 

(i)          Seller
will promptly notify Purchaser of any material alterations made to a Property. Commencing three (3) Business Days prior to the
expiration of the Feasibility Period, Seller shall not perform any material alterations to a Property, except for ongoing improvements
and renovations in the ordinary course of business in substantially the same manner as currently performed.

 

(j)          Seller
will promptly notify Purchaser of any initiated, consented to, approved or actions otherwise taken in respect of the zoning of
any Property. After the expiration of the Feasibility Period, Seller shall not permit there to be initiated, consented to, approved
or otherwise taken, any action with respect to the zoning, presently applicable to all or any part of a Property.

 

(k)          Seller
shall not voluntarily subject the Property to any Liens, encumbrances, covenants or easements or other rights or claims which are
not otherwise Required Cure Matters.

 

(l)          Promptly
following receipt thereof, Seller shall provide Purchaser with a copy of all written notices of breach, default or termination
delivered to the principal Seller correspondent under and pursuant to any Franchise Agreement and written notices of violation
of or non-compliance with Franchisor’s quality assurance or similar program delivered to the principal Seller correspondent
under and pursuant to any Franchise Agreement.

 

(m)          Seller
shall provide to Purchaser and its agents all Documents reasonably requested by Purchaser and/or its agents which are in Seller's
possession or control and otherwise reasonably cooperate with Purchaser’s and its agents’ examinations and inspections
of such Documents and the Property (or any portion thereof).

 

(n)          Commencing
three (3) Business Days prior to the expiration of the Feasibility Period, Seller shall not engage in the commencement of any litigation,
arbitration or governmental proceedings without Purchaser’s prior written consent. In the event that any liabilities or obligations
are created in violation of this Agreement, then Purchaser may offset the amount of such liability or obligation against any amount
payable to Seller under any other provision of this Agreement.

 

(o)          Reserved.

 

(p)          Neither
Manager nor Seller shall enter into any union contracts or other agreements with any Employees at or relating to the Hotels which
would be the responsibility of Purchaser from and after Closing Date without advance notice to, and the written consent of, Purchaser.

 

(q)          Promptly
following delivery by Manager to Seller of financial and/or other reports relating to any Hotel, including without limitation,
monthly financial reports, Seller shall deliver or make available to Purchaser true, complete and correct copies of the same, provided
that except as set forth in Section 5.01(z) Seller makes no representation or warranty as to the truthfulness, completeness or
accuracy of any such reports received by Seller from Manager and delivered to Purchaser.

 

    	-50-

    	 

    

 

(r)          Seller
shall not, directly or indirectly, sell or transfer, or enter into any agreement providing for the sale or transfer, of any Hotel
or Property (other than this Agreement), in each case except for sales of Personal Property in the ordinary course of business
that will not materially impact the use and operation of any Hotel.

 

(s)          Not
less than fourteen (14) days prior to Closing, Seller will use commercially reasonable efforts to obtain from Manager an accurate
description of the titles and primary work location of all Employees, together with the base salary, bonus opportunity (if applicable),
and hire date, provided that this shall not be a condition precedent to Purchaser's obligation to close the transactions contemplated
by this Agreement provided that Seller complies with its obligations under this Section 10.01(s).

 

Article
XI

CASUALTIES AND TAKINGS

 

11.01         Casualties.
If, after the Effective Date and prior to the Closing Date, any damage to any Property by reason of fire, windstorm, earthquake,
hail, explosion or other casualty shall occur, Seller shall promptly give Purchaser written notice thereof, and the following
shall apply:

 

  (a)          If
any damage to any Hotel shall occur after the Effective Date and prior to the Closing Date by reason of fire, windstorm, earthquake,
hail, explosion or other casualty, and if the cost to repair such Hotel is greater than One Million Dollars ($1,000,000) as a result
of such casualty (as determined by an engineer or contractor selected by Seller, subject to Purchaser’s reasonable approval),
or such casualty could reasonably result in the inability of Purchaser to operate the Hotel as a “hotel” that rents
guest rooms in a manner consistent with Seller’s past practices. Purchaser may elect, within ten (10) Business Days after
receiving Seller’s written notice, by written notice to Seller, either to:

 

(i)          terminate
this Agreement in its entirety by giving written notice to Seller, whereupon the Earnest Money shall be disbursed to Purchaser
and all obligations between Seller and Purchaser under this Agreement will terminate except for those that expressly survive termination;
or

 

(ii)         receive
an assignment of all of Seller’s rights to any insurance proceeds (excluding (x) business interruption proceeds attributable
to the period prior to the Closing Date, which shall be retained by Seller, and (y) any applicable deductible) relating to such
damage and (subject to the terms of this Agreement) acquire the Hotel with the Purchase Price reduced by the sum of (A) the amount
of any applicable insurance deductible with respect to any damage due to such casualty (unless, and solely to the extent, Seller
has paid such deductible from its own funds without adjustment to the Purchase Price) which has not been paid by Seller and (B)
the amount of any uninsured costs of repair and restoration associated with such casualty.

 

    	-51-

    	 

    

 

  (b)          If
the cost to repair any Hotel is less than One Million Dollars ($1,000,000) as a result of such casualty (as determined by an engineer
or contractor selected by Seller, subject Purchaser’s reasonable approval), then:

 

(i)          the
transactions contemplated hereby shall be consummated (subject to the terms of this Agreement);

 

(ii)         Seller
shall assign to Purchaser at Closing all of Seller’s rights to receive any insurance proceeds (excluding business interruption
proceeds applicable to periods prior to the Cut-off Time and amounts already expended by Seller toward repairs approved by Purchaser
in its reasonable discretion); and

 

(iii)        the
Purchase Price shall be reduced by the sum of (i) the amount of any applicable insurance deductible with respect to any damage
due to such casualty and (ii) the amount of any uninsured costs of repair and restoration associated with such casualty.

 

11.02         Takings.
If, after the Effective Date and prior to the Closing Date, all or any portion of the
Real Property is taken by eminent domain or by an act of governmental authority, Seller shall promptly give Purchaser written
notice thereof, and the following shall apply:

 

  (a)          If
a material part of the Real Property is taken, Purchaser may, within ten (10) Business Days after receiving Seller’s written
notice, by written notice to Seller, elect to terminate this Agreement. For purposes of this Section 11.02, a “material”
part of the Real Property shall be deemed to have been taken if:

 

(i)          the
Improvements on the applicable Property must be materially reconfigured so as to affect at least fifteen percent (15%) of the guest
rooms or square footage of the applicable Hotel as a result of such taking;

 

(ii)         the
taking materially interferes with the present use and operation of at least fifteen percent (15%) of the guest rooms or square
footage of the applicable Hotel;

 

(iii)        the
taking results in the permanent elimination of the sole or any required or material means of legal ingress and/or egress from the
Real Property to public roads, with no comparable, convenient legal substitute ingress and/or egress being available;

 

(iv)        the
taking could reasonably result in the inability of the Purchaser to operate the Hotel as a “hotel” that rents guest
rooms in a manner consistent with Seller’s past practices.

 

In the event that Purchaser shall so elect,
the Earnest Money shall be disbursed to Purchaser, and all obligations between Seller and Purchaser under this Agreement will terminate
in its entirety except for those that expressly survive termination.

 

    	-52-

    	 

    

 

  (b)          If
a material part of the Real Property is taken but Purchaser does not timely elect to terminate this Agreement pursuant to Section
11.02(a) above, or if an immaterial part of the Real Property is taken by an act of governmental authority, neither party shall
have any right to thereafter terminate this Agreement under this Article XI, and the parties shall nonetheless proceed to
the Closing in accordance with this Agreement, without any abatement of the Purchase Price or any liability or obligation on the
part of Seller by reason of such taking, provided, however, that Seller shall, at the Closing:

 

(i)          assign
and turn over, and Purchaser shall be entitled to receive and keep, the proceeds of any award or other proceeds of such taking
which may have been collected by Seller as a result of such taking, less any portion thereof applied to the cost of collections
made by Seller and approved by Purchaser prior to the Closing, or

 

(ii)         if
no award or other proceeds shall have been collected, deliver to Purchaser an assignment of Seller’s right to any such award
or other proceeds which may be payable to Seller as a result of such taking, less an amount equal to the cost of any collections
made by Seller and approved by Purchaser prior to the Closing, which amount shall be deducted from such assignment.

 

If the proceeds are paid to the holder
of any mortgage or deed of trust on the Real Property and such holder refuses to release sufficient sums therefrom for the purpose
of making repairs and restorations required by reason of such condemnation, then, at the Closing, Seller (at Seller’s sole
option) shall either pay to Purchaser the amount of the proceeds or credit such amount against the Purchase Price.

 

Article
XII

EMPLOYEES

 

12.01         Employees.
Purchaser acknowledges that all Employees providing services with respect to the Hotels
are currently employed or retained, pursuant to third party contract labor agreements, as the case may be, by Manager. Seller
shall be responsible for reimbursing Manager for all Employees’ Compensation in accordance with the Existing Management
Agreements for all periods through the Cut-off Time. Seller shall indemnify and hold Purchaser harmless from and against any and
all Liabilities related to any of the foregoing items. Notwithstanding anything herein to the contrary, none of Purchaser, its
assignee(s) or their respective agents shall assume any compensation, severance, WARN Act or other obligations or liabilities
with respect to (i) any Employees providing services at or relating to the Hotels for services rendered prior to the Cut-off Time
and/or (ii) any Employees at or relating to any of the Hotels for any period who are not offered and/or who do not accept an offer
of employment or services from Purchaser, its assignee(s) or their respective agents.

 

    	-53-

    	 

    

 

12.02         WARN
Act. Purchaser will not take any action which would trigger the WARN Act (including, without limitation, terminating a
sufficient number of employees during the 90 day period following the Closing Date to trigger the WARN Act), and otherwise shall
offer, or cause to be offered, employment to at least the minimum number of Employees so as not to trigger the application of
the WARN Act. In the event that Purchaser fails to comply with any of the foregoing covenants in this Section 12.02, Purchaser
hereby agrees to indemnify, defend and hold Seller and Manager and their Affiliates harmless from and against any and all losses,
costs, damages, expenses and liabilities (including, without limitation, reasonable attorney fees) that Seller or Manager incur
under the WARN Act solely as a result of Purchaser’s failure to comply with such covenants.

 

12.03         Claims.
Seller shall be responsible for the payment of any final award or judgment rendered, or settlement reached, with respect to
any claims, demands, actions or administrative proceedings brought by any of the Employees before or after the Closing Date except
to the extent that the claims, demands, actions and administrative proceedings brought by the Employees relate to events which
occurred after the Cut-off Time. As between Purchaser and Seller, Purchaser shall be responsible for the payment of any final
award or judgment rendered, or settlement reached, with respect to any claims, demands, actions or administrative proceedings
brought by any Employees in their capacity as employees of Purchaser (or its assignee(s)) after the Closing Date to the extent
that the claims, demands, actions and administrative proceedings brought by such employees relate to events which occurred after
the Cut-off Time.

 

12.04         No
Plan Amendment. Notwithstanding anything to the contrary but without derogating Purchaser’s obligations as set forth
in Section 12.02, nothing contained herein, whether express or implied, shall be treated as an amendment or other modification
of, or shall be deemed to amend, any Employee Benefit Plan of any of the parties or their respective affiliates. Moreover, nothing
contained in the Agreement shall require Purchaser to maintain any specific Employee Benefit Plan or other compensation or employee
benefit plan, program, policy or practice following the Closing. Nothing in Section 12.01, Section 12.02 or Section 12.03, express
or implied, is intended to confer upon any current or former Employee or other service provider with respect to any Hotel, or
upon any representative of such person, any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason
of this Agreement. Nothing contained in the Agreement shall restrict the ability of Purchaser or its Affiliates to terminate the
employment of any Employee for any reason at any time after the effective date of his or her employment with Purchaser or its
Affiliates, if applicable. If (i) a party other than the parties hereto makes a claim or takes other action to enforce any provision
in this Agreement as an amendment to any Employee Benefit Plan, and (ii) such provision is deemed to be an amendment to such Employee
Benefit Plan even though not explicitly designated as such in this Agreement, then, solely with respect to the Employee Benefit
Plan at issue, such provision shall lapse retroactively and shall have no amendatory effect with respect thereto.

 

12.05         Survival.
The provisions of this Article XII shall survive the Closing until fully performed.

 

    	-54-

    	 

    

 

Article
XIII

NOTICES

 

13.01         Notices.
Except as otherwise provided in this Agreement, all notices, demands, requests, consents, approvals, and other communications
(each a “Notice”, collectively “Notices”) required or permitted to be given under this Agreement,
or which are to be given with respect to this Agreement, shall be in writing and shall be personally delivered or sent by registered
or certified mail, postage prepaid, return receipt requested, or by overnight express courier, postage prepaid, or by e-mail addressed
to the party to be so notified as follows:

 

		If to Seller. to:	c/o Wheelock Street Capital LLC

660 Steamboat Road, 3rd Floor

Greenwich, Connecticut 06830

		Attention:	Timothy Hodes

		Telephone:	(203) 413-7719

		Facsimile:	(203) 413-7720

		e-Mail:	hodes@wheelockst.com

 

		With copies to:	Dentons US LLP

2398 East Camelback Road, Suite
850

Phoenix, Arizona 85016

		Attention:	Meghan Cocci

		Telephone:	(602) 508-3903

		Facsimile:	(602) 508-3914

		e-Mail:	meghan.cocci@dentons.com

 

If to Purchaser, to: American Realty Capital Hospitality
Trust, Inc.

405 Park Avenue, 14th Floor

New York, New York 10022

		Attention:	Jonathan P. Mehlman

		Telephone:	(646) 626-8857

		Facsimile:	(212) 421-5799

		e-Mail:	jmehlman@arlcap.com

 

		With a copy to:	Proskauer Rose LLP

11 Times Square

New York, New York 10036

		Attention:	Steven L. Lichtenfeld and Jeffrey A. Horwitz

		Telephone:	(212) 969-3735; (212) 969-3229

		Facsimile:	(212) 969-2900

		e-Mail:	slichtenfeld@proskauer.com;

jhorwitz@proskauer.com

 

Notice delivered by
registered or certified mail, or personally delivered, or by overnight express courier, shall be deemed received upon acceptance
or rejection of delivery. Notice delivered by e-mail or by facsimile transmission shall be effective as of the date of automatic
confirmation of receipt thereof by the sending party, properly addressed and sent as provided above, provided that any notice by
e-mail or facsimile transmission shall be accompanied by a copy of such notice sent by overnight express courier. Either party
may at any time change the address for notice to such party by mailing a Notice as aforesaid.

 

    	-55-

    	 

    

 

Article
XIV

ADDITIONAL COVENANTS

 

14.01         Additional
Covenants. In addition, the parties agree as follows:

 

  (a)          Guest
Baggage. All baggage of guests who are still in the Hotels as of the Cut-off Time which has been checked with or left
in the care of Seller or Manager shall be inventoried, sealed, and tagged jointly by Seller and Purchaser on the Closing Date.
Purchaser hereby indemnifies Seller and its Indemnitees against any Liabilities in connection with such inventoried baggage arising
out of the acts of omissions of Purchaser or any of their respective Affiliates (or any of their employees or agents) after the
Closing. Seller hereby indemnifies Purchaser and its Indemnitees against any Liabilities in connection with such baggage arising
out of the acts or omissions of Manager, Seller or any of its Affiliates (or any of their employees or agents) prior to the Closing.
The provisions of this Section 14.01(a) shall survive the Closing.

 

  (b)          Safe
Deposits. Immediately after the Closing, Seller shall send or cause Manager to send written notice to guests or tenants
or other persons who have safe deposit boxes, advising of the sale of the applicable Hotel to Purchaser and requesting immediate
removal of the contents thereof or the removal thereof and concurrent re-deposit of such contents pursuant to new safe deposit
agreements with Purchaser. Seller shall have a representative present when the boxes are opened, in the presence of a representative
of Purchaser. Any property contained in the safe deposit boxes after such re-deposit shall be the responsibility of Purchaser,
and Purchaser agrees to indemnify and hold harmless Seller and its Indemnitees from and against any Liabilities arising out of
or with respect to such property. The provisions of this Section 14.01(b) shall survive the Closing.

 

  (c)          Tax
Appeal Proceedings. Seller shall be entitled to receive and retain the proceeds from any
Tax appeals or protests for Tax fiscal years prior to the Tax fiscal year in which the Closing Date occurs. Either Seller or Purchaser
may file a Tax appeal or protest for the fiscal year in which the Closing Date occurs, and Purchaser shall have the exclusive
right to file with respect to all periods occurring thereafter. In the event an application to reduce real estate Taxes is filed
by Purchaser for the period during which Seller was the owner of the Real Property, Seller shall be entitled to a reproration
of real estate Taxes upon receipt of and based upon the reduction, net of any costs incurred by Purchaser in obtaining such reduction,
such costs to be prorated based upon the each parties' allocation of the benefit of such reduction (by way of example only, if
Seller is entitled to 25% of the benefit of such reduction, then Purchaser shall only be permitted to deduct 25% of the costs
incurred by Purchaser). Seller shall continue to process any pending appeals or protests with respect to the Tax fiscal year in
which the Closing Date occurs, and the net proceeds from any such proceedings, after payment of attorneys’ fees and other
costs associated with such process, will be prorated between the parties, when received, as of the Closing Date. From and after
the Closing Date, Seller shall take all actions and execute and deliver all documents Purchaser reasonably requests in order to
enable Purchaser to pursue any Tax appeal at no out-of-pocket expense to Seller. Seller hereby agrees to execute
all consents, receipts, instruments and documents which may reasonably be requested in order to facilitate settling any Tax appeal
proceeding commenced by Purchaser in accordance with this Section 14.01(c) and collecting the amount of any Tax refund with respect
thereto. The apportionment obligations in this Section 14.01(c) shall survive the Closing.

 

    	-56-

    	 

    

 

  (d)          Books
and Records. The transaction contemplated hereby includes all the books and records of Seller pertaining to the business
of the Hotels. Purchaser covenants and agrees that such books and records will remain in the applicable Hotel for examination
and audit by Seller and its agents after the Closing as provided in this Section 14.01(d). Books and records not pertaining
to the business of the Hotels may be removed by Seller on or before the Closing Date. Purchaser agrees to preserve all books and
records, files and correspondence, for at least three (3) years after the Closing Date, and not to destroy or dispose of the same,
for at least three (3) years after the Closing Date. Upon reasonable advance written notice by Seller, Purchaser agrees to provide
reasonable access to Seller and its representatives (in each case at Seller’s sole cost and expense), to such books, records,
files and correspondence at all reasonable times during normal business hours and will reasonably cooperate and cause its manager
to reasonable cooperate (at Seller’s sole cost and expense) with Seller in accessing such records during such period.

 

  (e)          Survival.
To the extent required for its proper effect, and subject to Section 17.04 with respect to survival of Seller’s
Representations and Purchaser’s Representations, each covenant, obligation, representation and warranty of Seller or Purchaser
under this Agreement shall survive Closing or termination of this Agreement, regardless of whether this Agreement specifically
provides for its survival, and shall not be deemed merged into the Deed or any other instruments of conveyance, assignment or
transfer executed and delivered at Closing.

 

  (f)          Publicity.
Except for filings, prospectuses and prospectus supplements required to comply with
any Legal
Requirements applicable to Purchaser or its Affiliates prior to Closing, (i) all notices to third parties and all other
publicity concerning the transactions contemplated by this Agreement shall be jointly planned and coordinated by and between Purchaser
and Seller, and (ii) neither party shall act unilaterally in this regard without the prior written approval of the other; however,
this approval shall not be unreasonably withheld or delayed.

 

  (g)          Assignment.
Neither all nor any portion of Purchaser’s interest under this Agreement may be sold, assigned, encumbered, conveyed,
or otherwise transferred, whether directly or indirectly, voluntarily or involuntarily, or by operation of law or otherwise including
by a transfer of interest in Purchaser (collectively, a “Transfer”), without the prior written consent of Seller,
which consent may be granted or denied in Seller’s sole and absolute discretion. Any attempted Transfer without Seller’s
consent shall be null and void other than as provided herein. Any request by Purchaser for Seller’s consent to a Transfer
shall set forth in writing the details of the proposed Transfer, including the name, ownership, and financial condition of the
prospective transferee and the financial details of the proposed Transfer. Notwithstanding any provision hereof to the contrary,
Purchaser shall have the right to make a Transfer to one or more Affiliates without Seller’s consent but with not less than
three (3) Business Days’ notice prior written to Seller, which shall include copies of all fully executed Transfer documentation
and written documentation evidencing that the transferee is an Affiliate of Purchaser, certified by Purchaser to be true, correct,
and complete. No Transfer, whether with or without Seller’s consent, unless and until the consummation of this transaction
shall occur, shall operate to release Purchaser. This Agreement shall be binding upon and inure to the benefit of the parties
hereto and their permitted successors and assigns.

 

    	-57-

    	 

    

 

  (h)          Hotel
Reservations. Purchaser shall honor all reservations at the Hotels or for any related conference, banquet, or meeting
space or any recreational facilities in connection with the Hotels made by Seller in the ordinary course of business on or prior
to the Cut-off Time for periods on or after the Closing Date. The obligations of Purchaser set forth in this Section 14.01(h)
shall survive the Closing.

 

  (i)          Business
Days. If the Closing Date or any other date described in this Agreement by which one party hereto must give notice to
the other party hereto or must fulfill an obligation is not a Business Day, then such Closing Date or such other date shall be
automatically extended to the next succeeding Business Day.

 

  (j)          Headings.
Descriptive headings are for convenience only and shall not control or affect the meaning or construction of any provision
of this Agreement.

 

  (k)          Interpretation.
Whenever the context hereof shall so require, the singular shall include the plural, the male gender shall include the female
gender and neuter and vice versa. This Agreement and any related instruments shall not be construed more strictly against one
party than against the other by virtue of the fact that initial drafts were made and prepared by counsel for one of the parties,
it being recognized that this Agreement and any related instruments are the product of extensive negotiations between the parties
hereto and that both parties hereto have contributed substantially and materially to the final preparation of this Agreement and
all related instruments.

 

  (l)          Severability.
In case any one or more of the provisions contained in the Agreement shall for any reason be held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision hereof, and
this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein.

 

  (m)          Time
of Essence. Time is of the essence of each and every term, provision and covenant of this Agreement. The expiration of
any period of time prescribed in this Agreement shall occur at 11:59 p.m. Eastern Time of the last day of the period, except as
otherwise expressly set forth herein.

 

  (n)          IRS
Reporting Requirements. Seller and Purchaser acknowledge and agree that Section 6045(e) of the Code requires that notice
of the sale and purchase of the Properties described in this Agreement, be provided to the IRS by preparation of and filing with
the IRS of IRS Form 1099-B; and further, Seller and Purchaser agree to furnish and provide to the Escrow Company any and all information
that the Escrow Company may require in order for the Escrow Company to (a) comply with all instructions to the IRS Form 1099-B
in the preparation thereof, and (b) prepare and timely file with the IRS said IRS Form 1099-B with respect to this transaction.

 

    	-58-

    	 

    

 

   (o)          1031
Exchange. If either party hereto elects (the “Electing Party”) to conduct a Tax free exchange under
Section 1031 of the Code, then the other party hereto agrees to reasonably cooperate (the “Cooperating Party”)
with the Electing Party in conducting such Tax free exchange under such Section 1031 of the Code relating to this transaction.
In the event of such an election, the Electing Party agrees to indemnify, defend and hold the Cooperating Party harmless from
and against any and all claims, demands, causes of action, liabilities, costs and expenses, including, but not limited to, reasonable
attorneys’ fees, costs of litigation and any additional Taxes, including transfer Taxes, that the Cooperating Party may
suffer or incur by reason of such exchange. Purchaser and Seller expressly reserve the right to assign their rights, but not their
obligations, hereunder to a Qualified Intermediary as provided in IRC Reg. 1.1031(k)-1(g)(4) on or before the Closing Date, provided
that such party notifies the other party in writing of such assignment at or before the Closing Date. Each Cooperating Party agrees
to cooperate, but at no cost, expense or risk to said Cooperating Party, and take any actions reasonably requested by the Electing
Party, to cause such exchange to be consummated and to qualify as a like kind exchange under such Section 1031 of the Code, including,
but not limited to, (a) permitting this Agreement to be assigned to a Qualified Intermediary and (b) conveying the applicable
Property to, or at the direction of, the Qualified Intermediary. In no event, however, shall any such exchange extend, delay or
otherwise adversely affect the Closing Date and in no event shall the Cooperating Party be required to take title to any other
property in connection with such exchange. The provisions of this Section 14.01(o) shall survive the Closing. All references
in this paragraph to Tax-free exchange under Section 1031 of the Code shall include “reverse exchanges” as set forth
in Revenue Procedure 2000-37, 2000-2 C.B. 308.

 

   (p)          Counterparts.
This Agreement may be executed in counterparts, each of which so executed shall be deemed an original, irrespective of the
date of its execution and delivery and counterparts together shall constitute one and the same instrument.

 

   (q)          Governing
Law. This Agreement is executed pursuant to, and shall be construed under and governed exclusively by, the laws of the
State of New York, except where a specific provision is required by the applicable law of the state where a Property is located
to be governed by the law of such state.

 

   (r)          Liquor
Assets. Purchaser acknowledges and agrees that the Liquor Entities hold the Liquor Licenses for the applicable Hotels.
Within five (5) Business Days following the expiration of the Feasibility Period, Purchaser shall (a) notify the applicable liquor
authorities of the proposed sale of the applicable Property and proposed issuance to Purchaser (or its designee) of new Liquor
Licenses or a transfer of the Liquor Licenses at the Hotels, (b) complete an application, including all exhibits, in the form
required by the applicable liquor authorities for the issuance to Purchaser (or its designee) of the temporary or permanent Liquor
Licenses or transfer the existing Liquor Licenses, (c) deliver such completed application to Purchaser’s liquor license
counsel, to be held and filed by such counsel as soon as legally permitted, and (d) following expiration of the Feasibility Period
and following written notice from Seller to Purchaser (which notices shall not be delivered more frequently than bi-monthly except
during the thirty (30) days prior to the Closing Date), use commercially reasonable efforts to apprise Seller on the status of
the transfer of the Liquor Licenses to Purchaser or its agent or designee. Purchaser shall be responsible for all costs and expenses
in connection with the issuance of the new (temporary or permanent) Liquor Licenses or the transfer of the existing Liquor Licenses,
as applicable. Seller agrees, without cost to Seller, to cooperate (and use commercially reasonable efforts to cause the Liquor
Entities to cooperate) until and after the Closing Date with Purchaser (or its designee) in effectuating the issuance of the new
Liquor Licenses or the transfer of the existing Liquor Licenses for the Hotels. If despite the exercise of such efforts by Purchaser,
Purchaser is unable to obtain a transfer of a Liquor License or a new Liquor License on or before the Closing Date, then Seller
shall, to the extent requested by Purchaser and to the extent legally permissible, where an entity that comprises Seller is not
the sole licensee under the applicable Liquor License, (x) exercise diligent efforts to obtain from the licensee an agreement
as similar to Exhibit V as is feasible and (y) use commercially reasonable efforts (including exercise any relevant
rights under the applicable Existing Management Agreement) to cause the applicable Manager under the applicable Existing Management
Agreement to enter an agreement as similar to Exhibit V as is feasible. Notwithstanding the foregoing, neither the
issuance of new Liquor Licenses nor the delivery by any Liquor Entity of an Interim Beverage Services Agreement shall be a condition
precedent to Purchaser's obligation to close the transactions contemplated by this Agreement provided that Seller complies with
its obligations under this Section 14.01(r).

 

    	-59-

    	 

    

 

   (s)          Entire
Agreement. All understandings and agreements heretofore had between Seller and Purchaser with respect to the Properties
are merged in this Agreement, which alone fully and completely supersedes any prior written or oral agreement among the parties
concerning the subject matter hereof.

 

   (t)          No
Modification. This Agreement shall not be modified or amended except in a written document signed by Seller and Purchaser.

 

   (u)          Tenant
Estoppels. Within seven (7) Business Days following the expiration of the Feasibility Period, Seller shall request from each
tenant under a Space Lease an estoppel certificate in the form agreed upon by Purchaser and Seller during the Feasibility Period
(the “Form Tenant Estoppel”). Seller shall use commercially reasonable efforts to obtain the prompt return of an executed
tenant estoppel certificate with respect to each Space Lease in the form of the Form Tenant Estoppel or in the form or certifying
to the matters required pursuant to such Tenant’s Space Leases (each, a “Tenant Estoppel”) (without the obligation
to make any payments or grant any concessions under the Space Leases). If a Tenant returns an executed Tenant Estoppel to Seller,
Seller shall promptly deliver to Purchaser a copy of such executed Tenant Estoppel following Seller’s receipt of such Tenant
Estoppel. Notwithstanding the foregoing, Purchaser's obligation to close the transactions contemplated by this Agreement shall
not be subject to or contingent upon the delivery of a Tenant Estoppel by any tenant under a Space Lease provided that Seller
complies with its obligations under this Section 14.01(u).

 

   (v)         Material
Property Agreement Estoppels. Within seven (7) Business Days following the expiration of the Feasibility Period, Seller
shall prepare and deliver to each party to a Material Property Agreement (other than Seller) (each a “Material Property
Agreement Party”) an estoppel certificate in the form agreed upon by Seller and Purchaser during the Feasibility Period
(the “Material Property Agreement Estoppel”) with respect to each Material Property Agreement identified by
Purchaser and request each party to a Material Property Agreement Party thereto to execute and deliver the Material Property Agreement
estoppel to Seller. Seller shall use commercially reasonable efforts to obtain the prompt return of the executed Material Property
Agreement Estoppels in substantially the same form delivered to Seller by Purchaser. If a Material Property Agreement Party returns
an executed Material Property Agreement Estoppel to Seller, Seller shall promptly deliver to Purchaser a copy of such executed
Material Property Agreement Estoppel following Seller’s receipt of such Material Property Agreement Estoppel. Notwithstanding
the foregoing, Purchaser's obligation to close the transactions contemplated by this Agreement shall not be subject to or contingent
upon the delivery of a Material Property Agreement Estoppel by any Material Property Agreement Party provided that Seller complies
with its obligations under this Section 14.01(v).

 

    	-60-

    	 

    

 

Article
XV

DISTRIBUTION OF FUNDS AND DOCUMENTS

 

15.01         Delivery
of Purchase Price. At the Closing, Escrow Company shall
deliver to each entity comprising Seller that portion of the Purchase Price less prorations or other charges set forth on the
Preliminary Closing Statement.

 

15.02         Other
Monetary Disbursements. Escrow Company shall, at the Closing, arrange for wire transfer, (i) to Seller, or order, as instructed
by Seller, all sums and any proration or other credits to which Seller is entitled and less any appropriate proration, or other
charges, all as set forth on the Preliminary Closing Statement and (ii) to Purchaser, or order, any excess funds theretofore delivered
to Escrow Holder by Purchaser and all sums and any proration or other credits to which Purchaser is entitled and less any appropriate
proration or other charges, all as set forth on the Preliminary Closing Statement.

 

15.03         Recorded
Documents. Escrow Company shall at Closing cause the Deed and any other documents that Purchaser desires to record to
be recorded with the appropriate county and, after recording, returned to the grantee, beneficiary or person acquiring rights
under said document or for whose benefit said document was recorded.

 

15.04         Documents
to Seller. Escrow Company shall at the Closing deliver by overnight courier to Seller, the following:

 

   (a)          one
(1) conformed copy of each Deed;

 

   (b)          two
(2) originals of each Bill of Sale;

 

   (c)          two
(2) originals of each General Assignment;

 

   (d)          one
(1) original of the Preliminary Closing Statement;

 

   (e)          two
(2) originals of each affidavit of each entity comprising Seller stating that such entity is not a “foreign person”
within the meaning of Section 1445 of the Code;

 

   (f)          copies
of each Owner’s Affidavit and other documents required by Section 4.08;

 

   (g)          one
(1) conformed copy of Seller’s Bring-Down Certificate for each entity comprising Seller and Purchaser’s Bring-Down
Certificate; and

 

   (h)          one
(1) original set of the Franchise Consent Documents for each Hotel.

 

    	-61-

    	 

    

 

15.05         Documents
to Purchaser. Escrow Company shall at the Closing,
except with regard to the Title Policies which shall be delivered to Purchaser promptly upon receipt by Title Company, deliver
by overnight courier to Purchaser, the following:

 

   (a)          one
(1) conformed copy of each Deed;

 

   (b)          two
(2) originals of each Bill of Sale;

 

   (c)          two
(2) originals of each General Assignment;

 

   (d)          one
(1) original of the Preliminary Closing Statement;

 

   (e)          the
Title Policies;

 

   (f)          two
(2) originals of each affidavit of each entity comprising Seller stating that such entity is not a “foreign person”
within the meaning of Section 1445 of the Code;

 

   (g)          copies
of each Owner’s Affidavit and other documents required by Section 4.08;

 

   (h)          one
(1) conformed copy of Seller’s Bring-Down Certificate for each entity comprising Seller and Purchaser’s Bring-Down
Certificate; and

 

   (i)          one
(1) original set of the Franchise Consent Documents for each Hotel.

 

Article
XVI

ESCROW COMPANY DUTIES AND DISPUTES

 

16.01         Escrow
Company. Seller and Purchaser hereby retain Escrow Company, and Escrow Company agrees to be retained, to act as escrow
agent for the purposes set forth in this Agreement. Escrow Company agrees to undertake and perform the obligations and duties
provided for in this Agreement. Except for fees or costs specifically allocated to either Seller or Purchaser under the terms
of this Agreement, Purchaser and Seller shall equally split the reasonable fees charged by Escrow Company in conjunction with
its provision of services as provided herein.

 

16.02         Escrow
Funds. Escrow Company shall deposit the Earnest Money into an interest-bearing account (“Earnest Money Escrow
Account”) to be maintained by Escrow Company and Escrow Company agrees to hold, invest and disburse the Earnest Money
in accordance with the terms of this Agreement.

 

16.03         Termination
of Escrow. Interest earned on the Earnest Money under
this Agreement shall become additional Earnest Money.

 

16.04         No
Third Party Rights. No term or provision of this Article XVI is intended to benefit any Person not a party hereto, and
no such other Person shall have any right or cause of action hereunder.

 

    	-62-

    	 

    

 

16.05         Disputes
and Attorneys’ Fees. If there is any litigation proceeding commenced to enforce any provisions or rights arising
under this Agreement, the non-prevailing party in such litigation shall pay the prevailing party all reasonable costs and expenses
(including reasonable attorneys’ fees) incurred by the prevailing party, such fees to be reasonably determined by the applicable
court. In the event of arbitration, the non-prevailing party in such arbitration shall pay the prevailing party all reasonable
costs and expenses (including, but not limited to, reasonable attorneys’ fees) incurred by the prevailing party, such fees
to be determined by the applicable arbitrator.

 

16.06         Further
Instruments.  All parties, promptly upon the request
of any other, shall execute and have acknowledged and delivered to the other parties, any and all further instruments reasonably
requested or appropriate to evidence or give effect to the provisions of this Article XVI and which are consistent with the provisions
hereof.

 

16.07         Records
and Reports. Escrow Company shall maintain records that accurately reflect all draw requests and withdrawals from the
Earnest Money Escrow Account.

 

16.08         Liability
of Escrow Company. The parties agree that the duties of Escrow Company are purely administrative in nature and that Escrow
Company shall not be liable for any error of judgment, fact, or law, or any act done or omitted to be done, except for its own
gross negligence or willful misconduct. Escrow Company’s determination as to whether (a) an event or condition has occurred,
or been met or satisfied; (b) a provision of this Agreement has been complied with; or (c) sufficient evidence of the event or
condition of compliance with the provision has been furnished to it, shall not subject it to any claim, liability, or obligation
whatsoever, even if it shall be found that such determination was improper or incorrect; provided, only, that Escrow Company shall
not have been guilty of gross negligence or willful misconduct in making such determination.

 

16.09         Resignation
by Escrow Company. Escrow Company may resign at any time upon giving the parties hereto thirty (30) days’ prior
written notice. In such event, Seller and Purchaser shall mutually select a firm, person or corporation to act as the successor
escrow agent. The Escrow Company’s resignation shall not be effective until a successor agrees to act hereunder; provided,
however, if no successor is appointed and acting hereunder within thirty (30) days after such notice is given, Escrow Company
may pay and deliver the proceeds then held in escrow into a court of competent jurisdiction.

 

16.10         Disbursement
of Funds.  Escrow Company hereby agrees to hold the Earnest Money until:

 

   (a)          Prior
to the end of the Feasibility Period, Escrow Company is in receipt of an order by Purchaser to return the Earnest Money to Purchaser;

 

   (b)          After
the expiration of the Feasibility Period, Escrow Company is in receipt of a joint order by Seller and Purchaser as to the disposition
of the Earnest Money (or any portion thereof);

 

    	-63-

    	 

    

 

   (c)          Escrow
Company is in receipt of a written demand (each, a “Demand”) from either Seller or Purchaser for the payment
of the Earnest Money (or any portion thereof). Upon receipt of any Demand, Escrow Company shall notify the other party no later
than one Business Day after receipt of the Demand, enclosing a copy of the Demand. If within five Business Days after the non-demanding
party has received Escrow Company’s notice of its receipt of the Demand, Escrow Company has not received from the non-demanding
party its notice of objection to the Demand, which notice shall set forth the reasons for such objection, then Escrow Company shall
promptly disburse the Earnest Money (or the applicable portion thereof) as requested by the Demand. If within said five Business
Day-period Escrow Company receives from the non-demanding party a notice of objection to the Demand, then Escrow Company shall
notify the demanding party, enclosing a copy of the notice of objection, and shall continue to hold the Earnest Money (or the applicable
portion thereof) until Escrow Company is in receipt of a joint order as aforesaid or a final non-appealable order of a court of
competent jurisdiction with respect to the distribution of the Earnest Money (or the applicable portion thereof), but after 120
days Escrow Company may deposit the Earnest Money (or the applicable portion thereof) with a court of competent jurisdiction in
New York City; and

 

   (d)          Receipt
by Escrow Company of a final order of a court of competent jurisdiction resolving any dispute between Purchaser and Seller with
respect to the Earnest Money (or any portion thereof), after which Escrow Company shall comply with the decision of such court
with respect to the disbursement or retention of amounts in the Earnest Money Escrow Account.

 

Article
XVII

DEFAULTS AND REMEDIES

 

17.01         Seller’s
Remedies. IF PURCHASER IN BREACH OF THIS AGREEMENT FAILS TO CONSUMMATE THE PURCHASE OF THE PROPERTIES IN ACCORDANCE WITH
THE TERMS OF THIS AGREEMENT (INCLUDING, WITHOUT LIMITATION, ITS FAILURE TO TENDER THE PURCHASE PRICE THEREFOR, SUBJECT TO THE
ADJUSTMENTS AND PRORATIONS PROVIDED FOR HEREIN) FOR ANY REASON EXCEPT (A) THE FAILURE OF ANY CONDITION PRECEDENT TO PURCHASER’S
OBLIGATIONS SET FORTH IN Article IX OR (B) PURCHASER’S TERMINATION OF THIS AGREEMENT IN ACCORDANCE WITH ITS TERMS,
THEN SELLER SHALL BE ENTITLED AS ITS SOLE AND EXCLUSIVE REMEDY TO TERMINATE THIS AGREEMENT AND RECOVER THE EARNEST MONEY
AS LIQUIDATED DAMAGES AND NOT AS A PENALTY, IN FULL SATISFACTION OF ANY CLAIMS AGAINST PURCHASER. SELLER AND PURCHASER AGREE THAT
THE SELLER’S DAMAGES RESULTING FROM PURCHASER’S DEFAULT ARE DIFFICULT TO DETERMINE AND THE AMOUNT OF THE EARNEST MONEY
IS A FAIR AND REASONABLE ESTIMATE OF THOSE DAMAGES. IN PLACING THEIR INITIALS AT THE PLACES PROVIDED, EACH PARTY SPECIFICALLY
CONFIRMS THE ACCURACY OF THE STATEMENTS MADE ABOVE AND THE FACT THAT EACH PARTY WAS REPRESENTED BY COUNSEL WHO EXPLAINED THE CONSEQUENCES
OF THIS LIQUIDATED DAMAGES PROVISION AT THE TIME THIS AGREEMENT WAS MADE.

 

    	-64-

    	 

    

 

	Seller’s Initials:	 	Purchasers Initials:
	 	 	 
	/s/ LS	 	/s/ JM

 

17.02         Purchaser’s
Remedies.

 

   (a)          If
Seller fails to perform its Obligations under this Agreement in any material respect for any reason except the failure of any condition
precedent to Seller’s Obligations under this Agreement then Purchaser’s sole remedy shall be to elect one of the following:

 

(i)          to
terminate this Agreement by giving Seller written notice of such election prior to or at Closing (the “Default Notice”),
whereupon the Escrow Company shall promptly return to Purchaser the Earnest Money and Seller shall pay to Purchaser all of Purchaser’s
reasonable out-of-pocket expenses incurred in connection with this Agreement and the transactions contemplated hereby, including,
but not limited to, its reasonable legal fees and diligence costs (not to exceed Seven Hundred Fifty Thousand Dollars ($750,000),
and neither party shall have any further obligations, except as may be specifically set forth herein;

 

(ii)         to
waive the default and close (subject to the terms of this Agreement); or

 

(iii)        to
enforce specific performance of this Agreement, provided that an action for specific performance is filed by Purchaser within thirty
(30) days of the originally scheduled Closing Date.

 

  (b)          Notwithstanding
anything to the contrary contained herein, if Seller willfully breaches this Agreement and sells any Hotel to someone other than
Purchaser while this Agreement is in effect, then Purchaser shall be entitled to bring an action against Seller to recover all
of its damages and costs relating to such breach, including, but not limited to, actual, compensatory, consequential, special and
punitive damages.

 

17.03         Surviving
Obligations. If following Closing either party fails
to perform any surviving obligations under this Agreement or if there shall have been a breach of either party’s warranties
and representations as set forth herein or in any Closing Document, the non-defaulting party shall be entitled to pursue any right
and remedy to which such party is entitled to in equity and at law, subject, however, to the limitations set forth in Section
17.04 hereof.

 

    	-65-

    	 

    

 

17.04         Duration
and Claims Procedures and Limitations for Seller’s Representations. Notwithstanding any provision in this Agreement
to the contrary, all representations and warranties contained in Section 5.01 and Section 5.01(ee) of this Agreement ( as modified
pursuant to the Seller’s Bring-Down Certificate, the “Seller’s Representations”), and the Purchaser’s
Bring-Down Certificate in the case of Section 5.01(ee) (as so modified, the “Purchaser’s Representations”),
shall survive the Closing until the date that is nine (9) months after the Closing Date (the “Survival Period”)
and shall not merge into any of the closing documents. Seller shall not have any liability or obligation with respect to Seller’s
Representations and Purchaser shall not have any liability or obligation with respect to Purchaser’s Representations unless
on or prior to the last day of the Survival Period after the Closing Date, the Person seeking indemnification under Section 5.01
or Section 5.01(ee), respectively, shall have notified Seller or Purchaser, respectively, in writing setting forth specifically
the claim being made and a detailed description and supporting documentation of the claim (such notice being a “Claims
Notice”). All liabilities and obligations with respect to any breach of the Seller’s Representations or Purchaser’s
Representations shall lapse and be of no further force or effect after the last day of the Survival Period, except with respect
to any matter contained in a Claims Notice delivered on or prior to the last day of the Survival Period. Notwithstanding the foregoing,
Seller shall not have any liabilities or obligations under Section 5.01 with respect to any breach of Seller’s Representations
(other than the representations and warranties set forth in Section 5.01(p) and 5.01(r)) unless and until such damages exceed
One Hundred Thousand Dollars ($100,000) in the aggregate (at which point Seller shall be liable for the full amount of the damages,
including the $100,000), and the aggregate liability of Seller under Section 5.01 with respect to all breaches of Seller’s
Representations (other than the representations and warranties set forth in Section 5.01(p) and 5.01(r)) shall in no event exceed
Two Million Dollars ($2,000,000) (the “Liability Cap”). Absent fraud, following Closing the rights and
obligations under this Article XVII  and the warranties in the Deed are the sole and exclusive rights and remedies of the
parties relating breaches of Seller’s Representations. For the avoidance of doubt, the Liability Cap and $100,000 basket
shall not apply to any breach by Seller of the representations and warranties set forth in Section 5.01(p) and 5.01(r), any breach
by Seller of any covenant or agreement herein set forth to be performed after the Closing or any Closing adjustments or prorations
to be made pursuant to this Agreement or any indemnification obligations of Seller set forth in Sections 5.01(r), 7.01(a), 7.02(b),
and 12.01. For the avoidance of doubt, the survival periods of Seller's indemnification obligations under Sections 7.01(a) and
7.02(b) shall be limited to the time period set forth in Section 7.06(c) and Section 7.07.

 

17.05         Attorneys’
Fees. If either party shall engage the services of counsel for the purpose of enforcing any of the rights or remedies
of said party hereunder or under any Closing Document (or defend itself in any proceeding brought against it by the other party),
then, in addition to any relief to which said party shall otherwise be entitled, the prevailing party shall be entitled to reimbursement
for its reasonable attorneys’ fees, expenses and other costs of any such proceeding.

 

17.06         Survival.
The provisions of this Article XVII shall survive the Closing.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK]

 

    	-66-

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have executed or caused this Agreement to be executed, all as of the day and year first above written.

 

	 	SELLER:
	 	 
	 	WS CINCINNATI, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	WSREF REIT, LLC, its Sole Member
	 	 	 
	 	 	By:	/s/ Lawrence Settanni
	 	 	Name:	Lawrence Settanni
	 	 	Title:	Authorized Signatory
	 	 	 
	 	WS COLLEGE STATION JV, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	WS College Station, LLC, its Manager
	 	 	 
	 	 	By:	/s/ Lawrence Settanni
	 	 	Name:	Lawrence Settanni
	 	 	Title:	Authorized Signatory
	 	 	 
	 	WS-CNO JV OPRYLAND JV, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	WS-CNO, LLC, its Manager
	 	 	 
	 	By:	/s/ Lawrence Settanni
	 	 	Name: Lawrence Settanni
	 	 	Title: Authorized Signatory
	 	 	 
	 	WS-FNO, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	WSREF REIT, LLC, its Sole Member
	 	 	 
	 	 	By:	/s/ Lawrence Settanni
	 	 	Name:	Lawrence Settanni
	 	 	Title:	Authorized Signatory

 

Signature Page to Purchase and Sale Agreement

 

    	 

    	 

    

 

	 	WS SPHERICAL STONE, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	WSREF NRT, LLC, its Sole Member
	 	 	 
	 	 	By:	/s/ Lawrence Settanni
	 	 	Name:	Lawrence Settanni
	 	 	Title:	Authorized Signatory
	 	 	 
	 	PURCHASER:
	 	 
	 	AMERICAN REALTY CAPITAL HOSPITALITY PORTFOLIO WSC, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/ Jonathan P. Mehlman
	 	 	Name: Jonathan P. Mehlman
	 	 	Title: Chief Executive Officer and President

 

Signature Page to Purchase and Sale Agreement

 

    	 

    	 

    

 

JOINDER

 

From and after the
Effective Date, WHEELOCK STREET REAL ESTATE FUND, L.P., a Delaware limited partnership ("Wheelock") hereby guarantees
to Purchaser the due and punctual payment and performance of Seller’s (i) post-Closing obligations under the Agreement (ii)
the obligations of Seller, if applicable, under Section 6.01 relating to the refund of the Earnest Money to Purchaser, and
(iii) obligations under Section 17.02.

 

The terms of this Joinder
and Wheelock’s obligations hereunder are a continuing and irrevocable obligation of Wheelock and shall remain in full force
and effect until payment, performance and/or observation in full of the obligations
hereunder. Wheelock’s guaranty and
liability under this Joinder are absolute and unconditional and shall not be
affected, released, terminated, discharged or impaired, in whole or in part. Wheelock expressly waives the following: (w) notice
of acceptance of this Agreement; (x) any requirement of promptness, diligence, presentment, protest, notice of dishonor and notice
of demand; and (y) the right to trial by jury in any action or proceeding of any kind arising on, under, out of, or by reason of
or relating, in any way, to its obligations under this Joinder, or the interpretation, breach or enforcement of such obligations;
and (z) all rights of subrogation and any other claims that it may now or hereafter acquire against Seller that arise from the
existence, payment, performance or enforcement of Wheelock's obligations under this Joinder until such time as Wheelock's obligations
under this Joinder are performed and paid in full. Wheelock’s guaranty under this Joinder is a present guaranty of payment
and performance and not of collection.

 

Wheelock hereby
represents and warrants to Purchaser that:

 

(a)          Wheelock
owns a direct or indirect interest in Seller and will derive substantial benefit from the transactions contemplated by this Agreement.

 

(b)          Wheelock
has full power, right and authority to (i) execute and deliver this Joinder, (ii) perform its obligations hereunder and (iii) consummate
the transactions contemplated hereby. The execution, delivery and performance of this Joinder and the consummation of the transactions
contemplated hereby have been duly and properly authorized by proper corporate action in accordance with applicable law and with
the Organizational Documents of Wheelock. This Joinder has been duly and validly executed and delivered by Wheelock. This Joinder,
when executed and delivered by Wheelock will constitute the legal, valid and binding agreement of Wheelock, enforceable against
Wheelock in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent transfer and similar laws of general applicability relating to or affecting creditors’ rights or by
general equity principles.

 

	 	WHEELOCK STREET REAL ESTATE FUND, L.P.
	 	 
	 	By: WHEELOCK STREET FUND G.P., L.L.C., its 

General Partner
	 	 
	 	 	By:	/s/ Lawrence Settanni
	 	 	Name:	Lawrence Settanni
	 	 	Title:	Authorized Signatory

 

Joinder to Purchase and Sale Agreement

 

    	 

    	 

    

 

JOINDER

 

The
undersigned hereby joins in the execution of this Agreement, and agrees that it is jointly and severally liable, as a principal
and not as a surety, for WS Cincinnati's obligations under this Agreement. Notwithstanding the foregoing, (i) the undersigned
shall be included within the defined term of “WS Cincinnati” for purposes
of this Agreement and the closing deliverables, and (ii) to the extent that WS Cincinnati's liability is limited pursuant
to Section 17.04 or any other provision of this Agreement or the closing deliverables, the same limitations shall be
applicable to the aggregate liability of WS Cincinnati and the undersigned.

 

	 	WS CINCINNATI OPERATOR
	 	 
	 	Cincinnati Tenant, LLC, a Delaware limited liability company
	 	 
	 	By:	/s/ Lawrence Settanni
	 	Name:	Lawrence Settanni
	 	Title:	Authorized Signatory

 

Joinder to Purchase and Sale Agreement

 

    	 

    	 

    

 

JOINDER

 

The
undersigned hereby joins in the execution of this Agreement, and agrees that it is jointly and severally liable, as a principal
and not as a surety, for WS College Station's obligations under this Agreement. Notwithstanding the foregoing, (i) the undersigned
shall be included within the defined term of “WS College Station” for purposes
of this Agreement and the closing deliverables, and (ii) to the extent that WS College Station's liability is limited pursuant
to Section 17.04 or any other provision of this Agreement or the closing deliverables, the same limitations shall be
applicable to the aggregate liability of WS College Station and the undersigned.

 

	 	WS COLLEGE STATION OPERATOR
	 	 
	 	College Station Tenant, LLC, a Delaware limited liability company
	 	 
	 	By:	/s/ Lawrence Settanni
	 	Name:	Lawrence Settanni
	 	Title:	Authorized Signatory

 

Joinder to Purchase and Sale Agreement

 

    	 

    	 

    

 

JOINDER

 

The
undersigned hereby joins in the execution of this Agreement, and agrees that it is jointly and severally liable, as a principal
and not as a surety, for WS-CNO JV's obligations under this Agreement. Notwithstanding the foregoing, (i) the undersigned
shall be included within the defined term of “WS-CNO JV” for purposes of this
Agreement and the closing deliverables, and (ii) to the extent that WS-CNO JV's liability is limited pursuant to Section 17.04
or any other provision of this Agreement or the closing deliverables, the same limitations shall be applicable to the aggregate
liability of WS-CNO JV and the undersigned.

 

	 	WS COT OPERATOR
	 	 
	 	Courtyard Opryland Tenant, LLC, a Delaware limited liability company
	 	 	 
	 	By:	/s/ Lawrence Settanni
	 	Name:	Lawrence Settanni
	 	Title:	Authorized Signatory

 

Joinder to Purchase and Sale Agreement

 

    	 

    	 

    

 

JOINDER

 

The
undersigned hereby joins in the execution of this Agreement, and agrees that it is jointly and severally liable, as a principal
and not as a surety, for WS-FNO's obligations under this Agreement. Notwithstanding the foregoing, (i) the undersigned shall
be included within the defined term of “WS-FNO” for purposes of this Agreement
and the closing deliverables, and (ii) to the extent that WS-FNO's liability is limited pursuant to Section 17.04
or any other provision of this Agreement or the closing deliverables, the same limitations shall be applicable to the aggregate
liability of WS-FNO and the undersigned.

 

	 	WS FOT OPERATOR
	 	 
	 	FOT, LLC, a Delaware limited liability company
	 	 	 
	 	By:	/s/ Lawrence Settanni
	 	Name:	Lawrence Settanni
	 	Title:	Authorized Signatory

 

Joinder to Purchase and Sale Agreement

 

    	 

    	 

    

 

CONSENT AND AGREEMENT OF ESCROW
COMPANY

 

The undersigned Escrow Company hereby agrees
to (i) accept the foregoing Agreement, (ii) be Escrow Company under said Agreement, and (iii) be bound by said Agreement in the
performance of its duties under said Agreement.

 

	 	Chicago Title Insurance Company	 
	 	 	 
	 	By:	 	 	 
	 	Name:	 	 	 
	 	Title:	 	 	 
	 	Date of Execution	 	 

 

Escrow Agent Consent to Purchase and
Sale Agreement

 

    	 

    	 

    

 

Exhibit
A-1

 

WS CINCINNATI LAND

 

    	Exhibit A - 1

    	 

    

 

EXHIBIT A-2

 

WS COLLEGE STATION LAND

 

    	Exhibit A - 2

    	 

    

 

EXHIBIT A-3

 

WS-CNO JV LAND

 

    	Exhibit A - 3

    	 

    

 

EXHIBIT A-4

 

WS-FNO LAND

 

    	Exhibit A - 4

    	 

    

 

EXHIBIT A-5

 

WS SPHERICAL LAND

 

    	Exhibit A - 5

    	 

    

 

Exhibit
B

EXCLUDED ASSETS

 

The following, as they pertain to Seller:

 

		1.	Excluded Documents.

 

		2.	Any insurance proceeds received by Seller either before
or after Closing and attributable to events which occurred prior to Closing, except to the extent that all or any portion of such
proceeds are to be provided to Purchaser pursuant to Section 11.01 of the Agreement.

 

		3.	Proprietary software and intellectual property owned by
Manager or otherwise covered by the Existing Management Agreements.

 

		4.	The Liquor Licenses and the Liquor Inventory, to the extent
not transferable to Purchaser.

 

		5.	Each and every Employee Benefit Plan relating to any Employee
or independent contractors relating to any Hotel.

 

		5.	Any Hotel Contracts which Purchaser elects not to assume
by notice to Seller given on or prior to the Expiration of the Feasibility Period, which Hotel Contracts Seller shall terminate
provided it can do so without incurring any Liability.

 

    	Exhibit B

    	 

    

 

Exhibit
C

HOTEL CONTRACTS

 

    	Exhibit C

    	 

    

 

Exhibit
D

LITIGATION & PROCEEDINGS

 

NONE

 

    	Exhibit D

    	 

    

 

Exhibit
E

FORM OF DEED1

 

	PREPARED BY AND 	 
	AFTER RECORDING RETURN TO:	 
	 	 
	__________________	 
	__________________	 
	__________________	 
	Attn: _____________	 
	 	 
	MAIL FUTURE TAX BILLS TO:	 
	 	 
	__________________	 
	__________________	 
	__________________	ABOVE FOR RECORDER’S USE ONLY

 

SPECIAL WARRANTY DEED

 

The GRANTOR, [APPLICABLE
SELLER ENTITY TO BE INSERTED], a Delaware limited liability company, having an address of: [APPLICABLE
ADDRESS TO BE INSERTED], for and in consideration of the sum of TEN AND NO/100 DOLLARS ($10.00) and other good and valuable
consideration paid in hand, by these presents does GRANT, SELL, CONVEY and WARRANT unto [_________________________________________________________],
a [TYPE OF ENTITY], having an address of: [_________________________________________________________],
GRANTEE, all of Grantor’s right, title and interest in and to that that certain real property located in [APPLICABLE
COUNTY AND STATE TO BE INSERTED], as more particularly described in Exhibit A attached hereto and made a part
hereof, together with all buildings, improvements and fixtures located thereon as of the date hereof and all rights, privileges
and appurtenances pertaining thereto (collectively, the “Real Property”).

 

This conveyance is
made by Grantor and accepted by Grantee subject only to all covenants, conditions, restrictions, and other matters listed on Exhibit
B attached hereto and incorporated herein (the “Permitted Exceptions”), but only to the extent the same
do, in fact, exist and are applicable to the Real Property as of the date hereof.

 

TO HAVE AND TO HOLD
the Real Property and all and singular the rights and appurtenances thereto in anyway belonging, subject only to the Permitted
Exceptions, unto Grantee, its legal representatives, successors and assigns, and Grantor does hereby bind itself, its legal representatives,
successors and assigns, to WARRANT and FOREVER DEFEND all and singular the Real Property unto the Grantee, its legal representatives,
successors and assigns, against Grantor and every person whomsoever lawfully claiming or to claim the same or any part thereof,
by, through or under Grantor, but not otherwise, subject only to the Permitted Exceptions.

 

 

		1	NTD: To confirm with title company and/or
local counsel that this works in each state.

 

[signature appears on following page]

 

    	Exhibit E

    	 

    

 

IN WITNESS WHEREOF,
this Deed has been executed by Grantor to be effective as of the day of , 2015.

 

	 	GRANTOR:
	 	 
	 	[APPLICABLE SELLER ENTITY TO BE INSERTED], 
	 	a Delaware limited liability company
	 	 
	 	By:	[_________________], its [____________]
	 	 	 
	 	 	By:	______________________________
	 	 	Name:	______________________________
	 	 	Title:	Authorized Signatory

 

	STATE OF  ___________________	§
	 	§
	COUNTY OF  _________________	§

 

On ___________________ , 2015, before me, the undersigned,
a notary public in and for said State, personally appeared __________________________, personally known to me (or proved to me
on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged
to me that he/she/they executed the same in his/her/their authorized capacity(ies) and that, by his/her/their signature(s) on the
instrument, the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

 

_______________________, Notary Public

 

My Commission Expires:

 

______________________

[SEAL]

 

    	Exhibit E

    	 

    

 

Exhibit A to Special Warranty Deed 

 

Legal Description

 

[to be inserted]

 

    	Exhibit E

    	 

    

 

Exhibit B to Special Warranty Deed

 

Permitted Exceptions

 

[to be inserted]

 

Exhibit
A

 

    	Exhibit E

    	 

    

 

Exhibit
F

 

BILL
OF SALE

 

THIS BILL OF SALE is made and given as
of the _____ day of ____________, 2015, by [APPLICABLE SELLER ENTITY TO BE INSERTED],
a Delaware limited liability company (“Seller Entity”), to [_________________________________________________________],
a _______________ (“Purchaser”), pursuant to the provisions of
that Agreement for Sale and Purchase (the “Contract”) dated _________ ___, 2015 by and between, among other
parties, Seller Entity and Purchaser. Unless otherwise specifically provided herein, all capitalized terms in this Bill of Sale
not otherwise defined herein shall have the same meanings as in the Contract and for such purpose the Contract is incorporated
herein by this reference.

 

FOR TEN AND NO/100 DOLLARS ($10.00) and
other good and valuable consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged, Seller Entity hereby
sells, assigns, transfers, sets over and delivers unto Purchaser the following described property and all of the right, title,
and interest of Seller Entity in, to, and under the same, to have and to hold unto Purchaser, its legal representatives, successors
and assigns, forever: the Fixtures and Tangible Personal Property, Consumables, Inventory, Operating Equipment and Supplies, except
to the extent such property is Personal Property transferred by the General Assignment, such Fixtures and Tangible Personal Property,
Consumables, Inventory, Operating Equipment and Supplies, except to the extent such property is Personal Property transferred by
the General Assignment (collectively, the “Transferred Property”),2 subject in the case of any Transferred
Property that is affixed to and a part of the Real Property to all matters of record as of the date hereof, insofar as the same
are in force and applicable to the Real Property.

 

All warranties of quality, fitness and
merchantability are hereby excluded unless otherwise set forth in the Contract. In addition, and notwithstanding anything contained
in this Bill of Sale to the contrary, this Bill of Sale is subject to all disclaimers and qualifications by Seller Entity set forth
in the Contract with respect to said personal property, including those set forth in Section 2.02 of the Contract, and all such
disclaimers and qualifications are hereby incorporated in this Bill of Sale by reference and made a part of this Bill of Sale.

 

IN WITNESS WHEREOF, Seller Entity has executed
and delivered this Bill of Sale the day and year first above written.

 

[signatures appear on the next page]

 

 

		2	NTD: Liquor Inventory, Liquor Personalty and intangible personal property likely to be included.

 

    	Exhibit F

    	 

    

 

	 	SELLER ENTITY:
	 	 
	 	[APPLICABLE SELLER ENTITY TO BE INSERTED],
	 	a Delaware limited liability company
	 	 
	 	By:	[_________________], its [____________]
	 	 	 
	 	By:	 
	 	 	 
	 	 	Name:	 
	 	 	Title:	Authorized Signatory

 

 

    	Exhibit F

    	 

    

 

Exhibit
G

GENERAL ASSIGNMENT

 

ASSIGNMENT OF HOTEL CONTRACTS,
DEPOSITS

BOOKINGS, PERMITS, HOTEL NAMES, AND MISCELLANEOUS HOTEL ASSETS

 

This Assignment is made and given as of
the ____ day of _______________, 2015, by [APPLICABLE SELLER ENTITY TO BE INSERTED],
a Delaware limited liability company (“Assignor”), to [_________________________________________________________],
a _______________ (“Assignee”)3, pursuant to the provisions
of that Agreement for Sale and Purchase (the “Contract”) dated _________ ___, 2015 by and between, among other
parties, Assignor and Assignee. All capitalized terms in this Assignment not otherwise defined herein have the same meaning as
in the Contract and for such purpose the Contract is incorporated herein by this reference.

 

For Ten and No/100 Dollars ($10.00) and
other good and valuable consideration, the receipt, adequacy, and sufficiency of which are hereby acknowledged, Assignor hereby
sells, assigns, transfers, sets over and delivers unto Assignee, all of the right, title, and interest of Assignor and of any Named
Party, in, to, and under the following: Bookings, Deposits, Documents, the Hotel Contracts set forth on Schedule 1 attached
hereto, Permits (other than Excluded Permits), and Miscellaneous Hotel Assets (collectively, the “Assigned Assets”).

 

Assignee acknowledges that Assignor has
not made and does not make any representations or warranties of any kind whatsoever, oral or written, express or implied, with
respect to any of the Assigned Assets except as expressly set forth in the Contract. In addition, and notwithstanding anything
contained in this Assignment to the contrary, this Assignment is subject to all disclaimers and qualifications by Assignor set
forth in the Contract with respect to the Assigned Assets, including those set forth in Section 2.02 of the Contract, and
all such disclaimers and qualifications are hereby incorporated into this Assignment by reference and made a part of this Assignment.

 

This Assignment may be executed in several
counterparts and all counterparts so executed shall constitute one Assignment, binding on all the parties hereto and thereto, notwithstanding
that all the parties are not signatories to the same counterpart.

 

3 Assignee will be Purchaser or its permitted assignee.

 

    	Exhibit G

    	 

    

 

IN WITNESS WHEREOF, Assignor and Assignee
have executed and delivered this Assignment the day and year first above written.

 

	 	ASSIGNOR:
	 	 
	 	[APPLICABLE SELLER ENTITY TO BE INSERTED],
	 	a Delaware limited liability company
	 	 
	 	By:	[_________________], its [____________]
	 	 	 
	 	By:	 
	 	 	 
	 	 	Name:	__________________
	 	 	Title:	Authorized Signatory
	 	 	 
	 	ASSIGNEE:
	 	 	 
	 	[________________________________________], 
	 	a ____________________________
	 	 	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Its:	 

 

 

    	Exhibit P

    	 

    

 

Exhibit
H

 

CERTIFICATION
OF NON-FOREIGN STATUS

 

Section 1445 of the Internal Revenue Code
provides that a transferee of a United States real property interest must withhold the tax if the transferor is a foreign person.
To inform the transferee, _________________________________________________________.,
a _______________ (“Transferee”), that withholding of tax is not
required upon the disposition of a United States real property interest by [APPLICABLE SELLER
ENTITY TO BE INSERTED], a Delaware limited liability company (“Transferor”), and with the knowledge that
Transferee will rely upon the following statements, the undersigned hereby certifies the following on behalf of Transferor:

 

1.          Transferor
is not a foreign corporation, foreign partnership, foreign trust, foreign estate, or foreign person (as those terms are defined
in the Internal Revenue Code and Income Tax Regulations);

 

2.          Transferor’s
United States employer identification number/social security number is ______________.

 

3.          Transferor’s
office address is c/o Wheelock Street Capital LLC, 660 Steamboat Road, 3rd Floor, Greenwich, Connecticut 06830.

 

4.          Transferor
is not a disregarded entity as defined in Treasury Regulations Section 1.1445-2(b)(2)(iii).

 

Transferor understands that this certification
may be disclosed to the Internal Revenue Service by Transferee and that any false statement contained herein could be punished
by fine, imprisonment, or both.

 

Under penalties of perjury, I declare that
I have examined this Certification and to the best of my knowledge and belief it is true, correct and complete, and I further declare
that I have authority to sign this document on behalf of Transferor.

 

Dated: __________________________, 2015.

 

	 	[APPLICABLE SELLER ENTITY TO BE INSERTED],
	 	a Delaware limited liability company
	 	 
	 	By:	[_________________], its [____________]
	 	 	 
	 	By:	 
	 	 	 
	 	 	Name:	 
	 	 	Title:	Authorized Signatory

 

 

    	Exhibit H

    	 

    

 

Exhibit
I

Initial Property Documents to be Delivered to Purchaser

 

Each entity comprising
Seller, but solely with respect to the Property or Hotel owned by such entity, shall deliver the following documents to Purchaser,
but only to the extent within Seller’s possession:

 

		1.	Annual Statements of Operations, to the extent available.

 

		2.	A list of all management agreements, and a list
and copies of all franchise agreements, permits, employment contracts, service contracts, leases, and other contracts, permits,
licenses and agreements relating to the Property, including all amendments and modifications thereto, which may survive the Closing
Date.

 

		3.	The existing title policy.

 

		4.	The Existing Survey.

 

		5.	A copy of any existing physical inspection reports for
the Property, prepared by a professional engineering firm in the possession of Seller.

 

		6.	Copies of all material reports, audits, assessments, investigations
and correspondence with government authorities regarding environmental matters, including any ASTM Phase I Environmental Site
Assessments, in the possession, custody or control of Seller.

 

		7.	Copies of the most recent two property tax bills for the
Property, together with any and all assessments, and utility billings to the Property for the last 12 months.

 

		8.	Copies of all existing zoning reports, zoning opinions
or other zoning or land use analyses.

 

		9.	Matters identified in Purchaser's additional due diligence
request list [attached].

 

    	Exhibit I

    	 

    

 

Exhibit
J

 

SELLER’S
BRING-DOWN CERTIFICATE

 

[APPLICABLE
SELLER ENTITY TO BE INSERTED], a Delaware limited liability company (“Seller Entity”), hereby certifies,
represents, and warrants to ____________________________, a ____________________________
(“Purchaser”), but solely with respect to Seller Entity and the respective Hotel (as defined in the Purchase
Agreement) and Property (as defined in the Purchase Agreement) owned by Seller Entity, that (i) the Representations and Warranties
(hereinafter defined) other than those set forth in clause (ii) below, are true and correct in all material respects as of the
date hereof, except as modified as set forth herein (provided that any such misrepresentation was not intentional nor resulted
from a willful act which is prohibited under the Purchase Agreement (as defined below) which caused the representation or warranty
to become untrue and (ii) the representations and warranties set forth in Sections 5.01(p), 5.01(r) and 5.01(x)
are true and correct in all respects. As used in this Certificate, the term “Representations and Warranties” means
all representations and warranties made by Seller Entity in Section 5.01 of that certain Agreement for Sale and Purchase
between, among other parties, Purchaser and Seller Entity dated effective _________ ____, 2015 (as amended, the “Purchase
Agreement”). The limitations on the duration of, the amount of any claims, and the procedures on certain obligations
as provided in Section 17.04 of the Purchase Agreement are applicable to the certification, representations and warranties
made in this Seller’s Bring-Down Certificate.

 

Dated: _________________, ______.

 

	 	SELLER ENTITY:
	 	 
	 	[APPLICABLE SELLER ENTITY TO BE INSERTED],
	 	a Delaware limited liability company
	 	 
	 	By:	[_________________], its [____________]
	 	 	 
	 	By:	 
	 	 	 
	 	 	Name:	 
	 	 	Title:	Authorized Signatory

 

 

    	Exhibit J

    	 

    

 

Exhibit
K

 

PURCHASER’S
BRING-DOWN CERTIFICATE

 

American Realty Capital Hospitality Portfolio
WSC, LLC, a Delaware limited liability company (“Purchaser”), hereby certifies, represents and warrants to WS
Cincinnati, LLC, a Delaware limited liability company, WS College Station JV, LLC, a Delaware limited liability company, WS-CNO
JV, LLC, a Delaware limited liability company, WS-FNO, LLC, a Delaware limited liability company, and WS Spherical Stone, LLC,
a Delaware limited liability company, (collectively, “Seller”), that the Representations and Warranties (hereinafter
defined) are true and correct in all material respects as of the date hereof. As used in this Certificate, the term “Representations
and Warranties” means all representations and warranties made by Purchaser in Section 5.02 of that certain
Agreement for Sale and Purchase between Purchaser and Seller dated effective _________ ___, 2015 (as amended, the “Purchase
Agreement”).

 

Dated: _________________, 2015.

 

	 	American Realty Capital Hospitality Portfolio WSC, LLC
	 	a Delaware limited liability company
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	Exhibit K

    	 

    

 

Exhibit
L

 

INTENTIONALLY DELETED

 

    	Exhibit L

    	 

    

 

Exhibit
M

 

INTENTIONALLY
DELETED

 

    	Exhibit M

    	 

    

 

EXHIBIT N

 

INSURANCE POLICIES

 

1.          Property
Certificate of Insurance

 

2.          Liability
Certificate of Insurance

 

3.          Primary
Property Binder

 

4.          General
Liability Policy

 

5.          Liquor
Liability Policy

 

6.          Crime
Policy

 

7.          Umbrella
Policies ($100,000,000 total limit)

 

    	Exhibit N

    	 

    

 

EXHIBIT O

 

FRANCHISE AGREEMENTS

 

[TO BE INCLUDED BY SELLER]

 

    	Exhibit O

    	 

    

 

EXHIBIT P

 

EXISTING MANAGEMENT AGREEMENTS

 

[TO BE INCLUDED]

 

    	Exhibit P

    	 

    

 

EXHIBIT Q

 

INTENTIONALLY DELETED

 

    	Exhibit Q

    	 

    

 

EXHIBIT R

 

INTENTIONALLY DELETED

 

    	Exhibit R

    	 

    

 

EXHIBIT S

 

INTENTIONALLY DELETED

 

    	Exhibit S

    	 

    

 

EXHIBIT T

 

BUDGETS

 

[TO BE INCLUDED BY SELLER]

 

    	Exhibit T

    	 

    

 

EXHIBIT U

 

FORM OF CHANGE OF OWNERSHIP NOTICE

 

Re:Notice of Change of Ownership of [Insert Hotel Name]

 

Location: [Insert Hotel Location]

 

Ladies and Gentlemen:

 

You are hereby notified as follows:

 

That as of the date hereof, [__________________]
has transferred, sold, assigned, and conveyed all of their interest in and to the above-described property (the “Property”)
to ________________(the “New Owner”).

 

Future notices with respect to the Property
should be made to the New Owner in accordance with your contract terms at the following address:

 

____________________________

 

____________________________

 

____________________________

 

____________________________

 

We expect that New Owner or its property management agent will
contact you shortly with respect to other information regarding New Owner, the Property and your contract.

 

Sincerely,

 

[_______________________}

 

    	Exhibit U

    	 

    

 

EXHIBIT V

 

FORM OF INTERIM BEVERAGE SERVICES
AGREEMENT

 

INTERIM BEVERAGE SERVICES AGREEMENT

 

THIS AGREEMENT is made
and entered into as of the [ ] day of [ ], 2015 (“Effective Date”), by and between [entity],
a [jurisdiction/entity type], having an address at [address] (“Licensee”), and [entity],
a [jurisdiction/entity type], having an address at [address] (“Applicant”), with respect to [hotel
name] located at [hotel address] (the “Hotel”).

 

WHEREAS, Licensee is
the current holder of a liquor license with respect to the Hotel issued by the [applicable state liquor authority] (the
“Liquor License”);

 

WHEREAS, Applicant
has applied for the issuance of a Liquor License for Applicant but such application will not be approved and Applicant’s
new liquor license will not be issued as of the Effective Date;

 

WHEREAS, Licensee and
Applicant desire that Applicant be able to provide certain services with respect to alcoholic beverage sales and service within
the Hotel under the liquor license prior to the issuance of Applicant’s new liquor license;

 

WHEREAS, Applicant
has entered into that certain Management Agreement between Applicant and [management company name] (the “Management
Company”) dated as of the Effective Date, whereby the Management Company and not Applicant shall at all times be the
employer of employees at the Hotel and has the discretion and obligation to hire, promote, supervise, direct and train all employees
at the Hotel but recognizing that said employees while conducting business related to alcoholic beverage sales and service shall
be under the exclusive direction and control of Licensee;

 

WHEREAS, the financial
and business integrity of the Hotel requires a continuity of beverage service therein, as part of the beverage service necessary
for the operation of a first-class limited-service hotel; and

 

NOW, THEREFORE, in
consideration of the foregoing and of other good and valuable consideration, the receipt and sufficiency of which the parties acknowledge,
it is agreed as follows:

 

    	Exhibit V

    	 

    

 

1. For the consideration and for the Term
(defined below) hereinafter set forth, the Licensee shall continue to hold in good standing and maintain the Liquor License at
the Hotel. The provision of services authorized by such Liquor License, referred to herein as the “Beverage Service”,
shall be conducted by Applicant on behalf of Licensee, at the sole expense of Applicant, except it being expressly understood that
the right, obligation, and expenses related to purchasing alcoholic beverages for sale and all mixed beverage gross receipts tax,
mixed beverage sales tax, and sales and use taxes levied or charged with respect to the sales of alcoholic beverages shall remain
with Licensee, in a manner consistent with the level of services previously provided by the Licensee at the Hotel. At no time during
the Term may Hotel customers be served, furnished, or delivered alcoholic beverages outside of the licensed areas of the Hotel.
Except as set forth in Section 8 hereof, Licensee shall be entitled to receive and retain all revenues generated by the
provision of the Beverage Service at the Hotel during the Term. The Beverage Service conducted by Applicant at the Hotel shall
at all times be in compliance with all federal, state, and local laws and ordinances applicable to the Beverage Service (collectively,
“Legal Requirements”); without limiting the generality of Applicant’s responsibilities, Applicant shall
be responsible as of and following the Effective Date for violations of any applicable laws, ordinances, and/or regulations relating
in any manner to the Beverage Service, including without limitation those set forth in or promulgated under the [applicable
state liquor law], including, without limitation, those requiring the payment of any taxes due any applicable taxing authority
for sales and use, occupancy, or other applicable taxes, during the Term (collectively referred to as the “Liquor Regulations”).
Licensee acknowledges and agrees that Licensee shall be responsible for any violations of or amounts owing under the Liquor Regulations
incurred prior to the Effective Date. This Agreement shall not be construed as giving rise to a partnership or co-ownership among
the parties hereto, and no party shall be liable for the debt or obligations incurred by the other except to the extent expressly
provided herein.

 

2. [Intentionally omitted]

 

3. All personnel employed by Applicant
in the Beverage Service shall be employees of Management Company, who shall pay the salaries and associated fringe benefits of
said personnel. Licensee shall no longer have any agents or employees engaged in such services or business at the Hotel as of the
Effective Date. Management Company shall be responsible for: arranging for the hiring, discharge,
direction and supervision of all employees performing services in connection with Beverage Service, and Management Company
shall use its good faith efforts to cause all such employees to comply in all respects with applicable laws in performing
such services; the determination of all beverage service policies at the Hotel; and the entering into of such contracts for the
purchase and delivery of Alcoholic Beverage Inventory (as defined below) as Applicant shall from time to time consider appropriate.
It is expressly understood that said employees while conducting business related to alcoholic beverage sales and service shall
be under the exclusive direction and control of Licensee. Further should Licensee deem any such employee unfit for service, Applicant
shall ensure that such employee shall immediately and permanently cease from any and all activity related to the Beverage Service
during the term of this Agreement.

 

4. Nothing in this Agreement shall be deemed
to be a transfer of the Liquor License unless and until such transfer is duly approved by all applicable licensing authorities,
and the new Liquor License is issued in the name of Applicant or its designee (any such transferred license, or a newly issued
license, the “New Liquor License”). Notwithstanding the foregoing, Applicant agrees (i) to pay for all applicable
annual license fees and/or license renewal fees due to the licensing authorities as of and after the Effective Date in connection
with the maintenance of the Liquor License, plus reasonable attorneys’ fees and expenses incurred in connection therewith,
and (ii) to provide all funds necessary to maintain the Liquor License in full force and effect during the Term.

 

    	Exhibit V

    	 

    

 

5. Applicant agrees that all equipment,
facilities, and personal property necessary for the Beverage Service including, without limitation, glassware, dishwashing equipment,
dispensing equipment, barware, pouring devices, storage areas and facilities, and cash registers shall be owned by, maintained
by, and insured by Applicant.

 

6. All alcoholic beverages to be served
at the Hotel (“Alcoholic Beverage Inventory”) shall be purchased from duly licensed distributors and other suppliers
by Licensee and in accordance with the Legal Requirements and Liquor Regulations. Applicant shall accept such deliveries Alcoholic
Beverage Inventory on behalf of Licensee. It is expressly understood that the right and obligation to purchase the Alcoholic Beverage
Inventory shall remain with Licensee. All purchases shall be made in customary fashion. Applicant and Licensee shall cooperate
with each other to keep and maintain or cause to be kept and maintained at the Hotel, on a daily basis, adequate records of the
Beverage Services. All such records shall be made available for examination by each party hereto or by such party's authorized
representatives at all reasonable times during business hours. Such records shall include, but shall not be limited to, cash register
tapes, purchase records, sale records, employment records, tax records, profit and loss statements, and other records previously
maintained by the Hotel or required by the Legal Requirements and Liquor Regulations.

 

7. This Agreement shall continue in full
force and effect until the earliest of (a) the date on which the liquor licensing authority transfers the Liquor License or issues
of the New Liquor License to Applicant or Applicant’s nominee, or ***[(b) [•] days after the Effective Date (the
period between the Effective Date and such ending date, the “Term”)]***. Licensee shall reasonably cooperate
with Applicant in securing the approval of the transfer of the Liquor License or issuance of the New Liquor License, including
execution of any documents reasonably required therefor at no cost, expense or liability to Licensee. Except as otherwise provided
herein, Licensee shall not, prior to the transfer of the Liquor License or issuance of the New Liquor License, relinquish or give
up the Liquor License, or do or omit to do anything which would cause a suspension, revocation, non-renewal or termination of the
Liquor License.

 

8.            (a) All gross revenue and receipts
derived from management of the Beverage Service are the exclusive property of Licensee. However, during the Term hereof, said revenues
and receipts shall be collected and retained by Applicant to pay expenses related to Beverage Service, notwithstanding the payments
on taxes levied and charged and purchases related to the Alcoholic Beverage Inventory, both of which shall be paid by Licensee
out of its account. To the extent not so utilized during each month of the Term, Applicant shall promptly disburse all excess revenues
and receipts to Licensee.

 

(b) Applicant shall,
as a part of its services, from the revenues and receipts Applicant collects pursuant to the terms of Section 8(a), in a
timely manner pay all expenses incurred in operating the Beverage Service, including, any and all taxes associated with the Beverage
Service. Applicant shall be paid its Management Fee set forth in Section 8(c) out of Licensee’s revenues and not by
retention or offset of any funds by Applicant. Licensee shall not be responsible for any expenses arising from or relating to the
Beverage Service from and after the Effective Date, except with respect to taxes levied and charged related to the Beverage Service
and purchases related to the Alcoholic Beverage Inventory. Applicant agrees that all other expenses incurred in operating the Beverage
Service shall be paid before the Management Fee is paid. Licensee agrees to timely file any and all tax returns associated with
the Beverage Service and provide copies of any and all such tax returns to Applicant within fifteen (15) days of filing such returns.
To facilitate such filing Applicant agrees to provide to Licensee by the 2nd business day of the month a copy of the
report generated by the Hotel Computer System showing all alcoholic beverage sales for the previous month.

 

    	Exhibit V

    	 

    

 

(c) Subject to Section
8(b) hereof, Licensee shall pay to Applicant (or Applicant may retain from the revenues and receipts that it collects pursuant
to the terms of Section 8(a)) a management fee equal to twenty-five percent (25%) of gross revenues (the “Management
Fee”) Such Management Fee shall be paid at the end of each month. Said management fee may be increased or decreased from
time to time as agreed upon by Applicant and Licensee, without the necessity of a formal amendment to this Agreement.

 

9. During the Term hereof, Applicant shall
keep in full force and effect (a) commercial general liability insurance with limits of at least five million dollars ($5,000,000.00)
per occurrence for personal injury and death and property damage, which shall, among other risks, include coverage against all
claims arising out of alleged liquor law or dram shop liability, and such commercial general liability policy shall name Licensee
as additional insured for so long as Licensee holds the Liquor License pursuant to this Agreement, and (b) worker’s compensation
insurance as required by law, including employer’s liability insurance. Policies for insurance required under the provisions
of this Agreement shall be written on an occurrence basis, shall be obtained from responsible companies rated “A/VII”
or better and qualified to do business in the [jurisdiction of hotel] and in good standing therein. Simultaneously with
the execution of this Agreement, Applicant shall deliver to Licensee a certificate of such insurance and such certificate shall
provide that coverage may not be canceled or modified except upon thirty (30) days’ prior notice to Licensee.

 

10. Applicant shall indemnify, defend,
and hold Licensee and its affiliates, officers, directors, employees, partners, members, trustees, agents, beneficial owners and
any of their respective successors and assigns (collectively, the “Licensee Indemnified Parties”) harmless from
and against any citation, violation action, claim, action, suit, demand, loss, expenses, or cost, including reasonable attorneys’
fees (collectively, “Liabilities”) arising out of any breach by Applicant of the terms of this Agreement or
otherwise resulting from Licensee’s holding of the Liquor License from and after the Effective Date pursuant to this Agreement.
It is the intention of the parties that Applicant shall indemnify, defend, and hold harmless the Licensee Indemnified Parties from
and against any liability whatsoever arising as the result of the existence of this Agreement or out of the operation of the Beverage
Service or the operation of the Hotel from and after the Effective Date; provided however, that such indemnity (and the indemnity
set forth in the preceding sentence) shall not extend to any matter which relates to an event which occurred prior to the Effective
Date or to any matter arising from the gross negligence or willful misconduct of the Licensee. Licensee shall indemnify, defend,
and hold Applicant and its affiliates, officers, directors, employees, partners, members, trustees, agents, beneficial owners and
any of their respective successors and assigns (collectively, the “Applicant Indemnified Parties”) harmless
from and against any Liabilities arising out of the gross negligence or willful misconduct of Licensee relating to this Agreement.
All indemnities in this Agreement shall survive the termination of this Agreement.

 

    	Exhibit V

    	 

    

 

11. In the event that Applicant (a) violates
any condition of this Agreement and such violation remains uncured for twenty one (21) days after notice thereof to Applicant,
or (b) violates any Legal Requirement (i) after issuance of a final decision is either not appealed or is upheld on appeal, or
(ii) upon the issuance of a second citation alleging a violation of any Legal Requirement prior to a finding as per (i) hereof,
where there is a finding of the applicable authority adverse to Applicant, or its designee, Licensee shall have the right to cancel
the Liquor License (or any of them), and/or terminate this Agreement immediately after fourteen (14) days’ notice to Applicant,
provided that, if a violation of subparagraph (b)(i) above can be cured by payment of a fine or otherwise, Licensee may not cancel
the Liquor License or terminate this Agreement if Applicant cures such violation within the earlier to occur of (i) the time required
by law and (ii) ten (10) days after such decision is upheld on appeal, or if no appeal is filed, the last day permitted for filing
an appeal. In connection with Licensee’s right to cancel the Liquor License and/or terminate this Agreement pursuant to this
Section 10 (after the applicable notice and cure periods have expired and the default giving rise to such right to cancel
has not been cured), Licensee may (i) surrender a copy of the Liquor License(s), (ii) notify the governing authority that it is
surrendering the Liquor License(s) and desires that it be canceled, and/or (iii) take such other action with respect to the governing
authority as it may desire to effect and confirm the cancellation of the Liquor License(s), as if it had actually surrendered the
original Liquor License(s). Notwithstanding the foregoing, in the event of the cancellation of the Liquor License(s), Applicant
shall promptly deliver the Liquor License(s) to Licensee.

 

12. Notices and other communications required
or permitted by this Agreement shall be in writing and (a) delivered by hand against receipt, (b) transmitted by facsimile with
confirmation, or (c) sent by nationally-recognized overnight courier. All notices shall be addressed to the respective party at
the address specified in the preamble of this Agreement or to such other address and/or addressee as may be designated in writing
by a proper notice delivered by one party to the other at least five (5) days before its effective date. Any notice given by facsimile
shall also be mailed by U.S. mail. Any notice given in accordance with the provisions of this Section 11 shall be deemed
to be given and received upon receipt or, if refused, upon refusal to accept delivery by the party to be charged with notice, whichever
sooner occurs.

 

13. All parties within five (5) business
days of receipt shall provide all other parties with copies of any and all correspondence from any state or local liquor licensing
authority, including but not limited to, any written notices, claims or demands arising out of or concerning the Liquor License
or the operation of Beverage Service. In the event that any party otherwise becomes aware of any notices, claims, or demands, such
party shall provide the other parties with written notification of the same within five (5) business days. In matters of a serious
nature, which shall include, but not be limited to, any matters relating to violations or potential violations of the Legal Requirements
or Liquor Regulations, such party shall first telephone the other parties, advise them of the same and then confirm the same in
writing within the five (5) business day period as provided herein.

 

    	Exhibit V

    	 

    

 

14. This Agreement shall be binding upon
and inure to the benefit of the parties hereto and their respective successors and permitted assigns, provided that Applicant shall
not assign this Agreement.

 

15. This Agreement may be signed in multiple
counterparts, each of which shall have equal force and effect.

 

16. This Agreement shall be governed, construed
and enforced according to the laws of the State of [applicable state] (but not including the choice of law rules thereof).

 

17. Licensee’s cooperation herein
and obligation to assist and facilitate the transfer of the Liquor License shall not require Licensee to incur any financial obligation,
liability, cost or expense.

 

[SIGNATURES ON FOLLOWING PAGE]

 

    	Exhibit V

    	 

    

 

IN WITNESS WHEREOF, the parties have executed
this Agreement under seal as of the Effective Date.

 

	 	LICENSEE:
	 	 
	 	[Licensee Name]
	 	a ______________________________________
	 	 
	 	By:	                                                         
	 	Name:	 
	 	Title:	 
	 	 
	 	APPLICANT:
	 	 
	 	[Applicant Name]
	 	a ______________________________________
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

    	Exhibit V

    	 

    

 

EXHIBIT W

 

PIP VERIFICATION LETTERS

 

    	Exhibit W

    	 

    

 

EXHIBIT X

 

LIQUOR CONCESSION AGREEMENTS

 

    	Exhibit X

    	 

    

 

SCHEDULE 1

 

VOLUNTARY LIENS

 

NONE

 

    	Schedule 1

    	 

    

 

SCHEDULE 3.01

 

ALLOCATED PURCHASE PRICE

 

    	Schedule 3.01

    	 

    

 

SCHEDULE 5.01(j)

 

NOTICES

 

NONE

 

    	Schedule 5.01(j)

    	 

    

 

SCHEDULE 5.01(o)

 

ENVIRONMENTAL REPORTS

 

    	Schedule 5.01(O)

    	 

    

 

SCHEDULE 5.01(s)

 

TAXES AND ASSESSMENTS

 

    	Schedule 5.01(s)

    	 

    

 

SCHEDULE 5.01(t)

 

INSURANCE NOTICE

 

NONE

 

    	Schedule 5.01(t)

    	 

    

 

SCHEDULE 5.01(u)

 

LIQUOR LICENSES AND PERMITS NOTICES

 

NONE

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