Document:

Exhibit

WPT LLC                             EXHIBIT 10.20
(“Westlake” or “Party”)
        

EXCHANGE AGREEMENT (the “Agreement”)

Exchange Counterparty:             Westlake Chemical OpCo LP (hereinafter “Counterparty” or “Party”)
Address                             2801 Post Oak Blvd, Houston TX 77056
 
		
	Exchange Period/Term:
	August 1, 2014 through August 1, 2015 and continuing year to year thereafter, unless otherwise terminated by either Party by giving written notice of termination to the other Party at least three (3) months in advance of the date of termination specified in such notice (“Term”).

Westlake Delivers:   

	
					
	Delivery Point(s)
	Product
	Quantity
	 
	Differential Fees Payable by Counterparty

	Williams Storage Hub in Mt Belvieu TX
Or other mutually agreeable locations from time to time
	Ethylene
(meeting specifications of Delivery Points)
	Ratably, Up to 200 MM lbs. per year, or mutually agreeable
	 
	0.6 cents per pound, to be revised annually upon mutual consent by the Parties; provided that the Differential Fees shall never be lower than 0.6 cents per pound.

Exchange Counterparty Delivers:   

	
					
	Delivery Point(s)
	Product
	Quantity
	 
	Differential Fees Payable by Westlake

	The applicable Delivery Points as set forth in that certain ethylene sales agreement among Westlake, Counterparty and several other affiliates of Westlake (the “Ethylene Sales Agreement”) 
Or other mutually agreeable locations from time to time
	Ethylene
(meeting specifications in the Ethylene Sales Agreement)
	Ratably, Up to 200 MM lbs. per year, or mutually agreeable
	 
	none

		
	Special Provisions:
	(1) Not less than  five (5) days prior to the beginning of each month, Counterparty shall nominate Westlake of the quantity of Product to be exchanged that Westlake shall deliver during such month to Counterparty at the applicable Delivery Point(s).  Westlake shall accept all such nominations pursuant to the terms and conditions of this Agreement. 

(2) The IMBALANCE on exchange in any given month will not exceed 1 million pounds unless otherwise agreed upon by the Parties or as set forth below.  Any IMBALANCE at the end of the Term (including any non-delivery of agreed-upon exchange) will be settled by invoice at a price equal to the weighted average ethylene spot price for Mt. Belvieu as reported by IHS for the months the imbalance has been in place, unless otherwise agreed.  For the avoidance of doubt, (X) a complete failure to conduct any delivery or (Y) a delivery of insufficient quantity in excess of 1 million pounds in each exchange, in either case following mutual agreement on quantity as set forth in (1) above shall also constitute an IMBALANCE to be settled at the end of the Term, unless the Party failing to deliver any such quantity has earlier remedied such failure pursuant to “Limitations of Claims” as set forth in the General Terms and Conditions.

		
	Other Terms and Conditions:
	Additional terms and conditions will apply per attached General Terms and Conditions as well as Confirms for each exchange, incorporated by reference for all purposes.

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WPT LLC 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement effective as of August 1, 2014.

WPT LLC    Westlake Chemical OpCo LP
By: Westlake Chemical Investments, Inc., its manager    By: Westlake Chemical OpCo GP LLC, its general partner

By:        /s/ Amy E. Moore        By:        /s/ Lawrence Teel            

Printed        Printed
Name:    Amy E. Moore        Name:    LE (Skip) Teel            

    
Title:    Product Manager, Olefins        Title:    Principal Operation Officer        

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WPT LLC 

GENERAL TERMS & CONDITIONS

TAXES
Any tax, excise, or other governmental charge imposed upon the production, sale, or transportation of any material delivered hereunder which delivering Party may be required to pay, shall be paid by receiving Party to delivering Party.

DELIVERIES
 Deliveries are FOB the applicable Delivery Points. Delivery by Westlake shall be made by book transfer.   

EXCHANGE STATEMENTS AND INVOICES
On or before the 20th Day of each Month, Westlake shall provide to Counterparty a statement for each of the Delivery Points setting forth Westlake’s calculation of the total amount payable by Counterparty for the prior Month for deliveries made to each Delivery Point, including quantity, current and cumulative imbalances (each, a “Monthly Statement”).  Counterparty shall pay the amount of each Monthly Statement no later than the 5th day following receipt by Counterparty of such Monthly Statement.  Each Party has the right to set off against any amounts due to the other Party hereunder any and all amounts that the other Party owes to the first Party under this Agreement or the Ethylene Sales Agreement, and other transaction agreements entered into on or about the date hereof.

MEASUREMENT
Measurement and metering of Product to be physically delivered hereunder (a) by Counterparty shall be governed by the terms and conditions of the Ethylene Sales Agreement, and (b) by Westlake shall be agreed upon by the Parties in accordance with the Williams exchange agreement entered into between Counterparty and Williams Olefins, L.L.C. on or about the date hereof.  
 

Both Parties shall have the right to witness the calibration and/or proving of meters, which are operated and maintained by the other Party or its designee; and, which are involved in the transfers covered under this Agreement.

TITLE/RISK OF LOSS
 Unless otherwise agreed by Counterparty and Westlake in writing, title to, and all risk of loss or damage of, a Product delivered shall pass from the delivering Party to the receiving Party at the (1) “in-well” or via book transfer at the Williams Storage Hub, or (2) the Delivery Points as set forth in the Ethylene Sales Agreement.

COMPLIANCE WITH LAWS
It is specifically understood that Westlake is an Equal Opportunity Employer and each Party warrants that it complies with the Fair Labor Standards Act of 1938, as amended. Each Party agrees that if this Agreement is construed to be a subcontract within the meaning of the Rules and Regulations approved by the United States Secretary of Labor pursuant to Executive Order 11246, as amended, the Vietnam Era Veterans Readjustment Act of 1974, as amended, or the Rehabilitation Act of 1973, as amended, or of the regulations issued pursuant to Executive Order 11625, the provisions of the applicable regulations as well as the Equal Opportunity and Nondiscrimination provision of Section 202 of Executive Order 11246 shall be incorporated herein by reference and shall be binding upon each Party as part of this Agreement.

SAMPLING AND TESTING
Receiving Party shall make an examination and test of any Product delivered hereunder immediately upon receipt at receiving Party's Delivery Point(s), and failure of receiving Party to give notice of any claim within thirty (30) days after the receipt of such Product at such Delivery Point(s) shall be an unqualified acceptance of said product.

WARRANTIES
Delivering Party warrants that Product delivered by it hereunder meets delivery location’s specifications for such Product hereunder.  NO WARRANTIES, INCLUDING BUT NOT LIMITED TO WARRANTY OF MERCHANTABILITY AND WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE, SHALL BE IMPLIED.

LIMITATIONS OF CLAIMS
Defective or nonconforming Product shall be replaced promptly by delivering Party with conforming Product without any charge.  In the case of delivery of insufficient quantity of Product(unless otherwise agreed upon pursuant to the Special Provisions), delivery of the correct quantity of Product shall be promptly required.  Delivering Party shall not be liable for any special, incidental, indirect lost profits or consequential damages whether or not caused by or resulting from the negligence of such Party.

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Any course of dealing between the parties to the contrary notwithstanding, any claim by receiving Party shall be deemed waived unless presented in writing to delivering Party no more than ninety (90) days from date of receipt of the product to which such claim relates.

Unless otherwise stated, receiving Party assumes all risk and liability for loss, damage, or injury to the person or property of receiving Party or other arising out of use or possession of any product received hereunder.

INDEMNIFICATION
THE RECEIVING PARTY WILL INDEMNIFY, DEFEND, AND SAVE HARMLESS THE DELIVERING PARTY, ITS AFFILIATES, AND ITS AND THEIR OFFICERS, EMPLOYEES, AND AGENTS FROM AND AGAINST ALL SUITS, ACTIONS, LOSSES, 

LIABILITIES, DAMAGES, AND CLAIMS, BROUGHT BY THIRD PARTIES, OF ANY CHARACTER, TYPE, OR DESCRIPTION, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, ALL REASONABLE EXPENSES OF LITIGATION, 
COURT COSTS, AND REASONABLE ATTORNEYS’ FEES (WHETHER FOR PERSONAL INJURY, DEATH, DISEASE, PROPERTY DAMAGE, INCLUDING, BUT NOT LIMITED TO, ENVIRONMENTAL CONTAMINATION, OR OTHERWISE), ARISING OUT OF, OR OCCASIONED BY, THE LOADING, TRANSPORTATION, UNLOADING, STORAGE, HANDLING, OR USE, EITHER SINGLY OR IN COMBINATION WITH OTHER SUBSTANCES, OF PRODUCT AFTER TITLE AND RISK OF LOSS TRANSFERS TO THE RECEIVING PARTY.

THE DELIVERING PARTY WILL INDEMNIFY, DEFEND, AND SAVE HARMLESS THE RECEIVING PARTY, ITS AFFILIATES, AND ITS AND THEIR OFFICERS, EMPLOYEES, AND AGENTS FROM AND AGAINST ALL SUITS, ACTIONS, LOSSES, LIABILITIES, DAMAGES, AND CLAIMS OF ANY CHARACTER, TYPE, OR DESCRIPTION, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, ALL EXPENSES OF LITIGATION, COURT COSTS, AND ATTORNEYS’ FEES (WHETHER FOR PERSONAL INJURY, DEATH, DISEASE, PROPERTY DAMAGE, INCLUDING, BUT NOT LIMITED TO, ENVIRONMENTAL CONTAMINATION, OR OTHERWISE), ARISING OUT OF, OR OCCASIONED BY, THE LOADING, TRANSPORTATION, UNLOADING, STORAGE, HANDLING, OR USE, EITHER SINGLY OR IN COMBINATION WITH OTHER SUBSTANCES, OF PRODUCT PRIOR TO TITLE AND RISK OF LOSS TRANSFERS TO THE RECEIVING PARTY.

IN INSTANCES WHERE BOTH PARTIES ARE TO SOME DEGREE RESPONSIBLE FOR A CLAIM(S) DESCRIBED IN THIS SECTION, THE PARTIES WILL INDEMNIFY EACH OTHER TO THE EXTENT OF THEIR PROPORTIONATE RESPONSIBILITY FOR SUCH CLAIM(S).

DEFAULT
Either Party may defer shipments or terminate this Exchange Agreement if the other Party fails to deliver Product or pay any invoice in accordance with the terms of this  Agreement, after providing notice to the other Party.  No Party’s obligation to perform will be limited by any previous waiver by a Party.  

FORCE MAJEURE
Neither Party shall be in breach of this Agreement or otherwise be liable to the other Party for its failure to fulfill any term of this Agreement, other than the obligation to pay any sum when due, if and to the extent that such fulfillment has been delayed, hindered, curtailed or prevented by a “Force Majeure Event”, meaning any circumstance or event outside the Party’s reasonable control or any of the following: (a) any act of God, fire, explosion, landslide or earthquake; or (b) any storm, hurricane, flood, tidal wave or other adverse weather condition; or (c) any war (whether declared or not), revolution, act of civil or military authority, riot, blockade, embargo, trade sanction, terrorism, sabotage, or civil commotion; or (d) any epidemic or quarantine restriction; or (e) any strike, lock-out or labor dispute from whatever cause (whether or not receiving Party, receiving Party’s supplier, delivering Party or delivering Party’s supplier, as the case may be, is a 

Party thereto or might be able to influence or procure the settlement thereof); or (f) any compliance with any law, regulation or ordinance or with any order, demand or request of any international, national, local or other port, transportation or governmental authority or agency or any body or person purporting to be or to act for such authority or agency or any corporation directly or indirectly controlled by any of them; or 
(g) any unavailability of or interference with the usual means of transporting Product; or (h) any unplanned shutdown or shutdown in anticipation of a breakdown or malfunction affecting the plant; or (i) any Party’s inability to acquire from its usual supply source(s) for this Agreement or on terms it deems reasonable Product or any material, labor, service, utility or facility necessary for manufacturing the Product.  If, because of such circumstances, there should be a shortage of Product from any of the excused Party’s sources, the excused Party will not be obligated to purchase Product in order to perform this Agreement and if the excused Party is the delivering Party it may apportion its available Product among all its customers and its own internal uses in such manner as the excused Party finds fair and reasonable; provided, however, that it will not be obligated to apportion or otherwise make available to the receiving Party Product which the excused Party obtains by purchase or exchange for their own internal uses. Any quantity of Product consequently not delivered will be deducted from any applicable remaining quantity obligation under this Agreement unless the Parties agree otherwise in writing. It is agreed that upon the affected Party giving notice and full particulars of such excuse by telephone (confirmed in writing), facsimile, or other writing to the other Party as soon as possible after the occurrence of the cause relied upon, then the obligations of the Party claiming excuse shall be suspended to the extent that such Party is rendered unable to perform (other than the obligation to pay all amounts due as of the date of such excuse), and shall remain suspended during the continuance of any inability so caused; however, the other Party may (i) suspend its delivery of Product during such period of suspension(s) and (ii) terminate this Agreement if the period of suspension(s) lasts more than three (3) months in the aggregate. Upon any such termination, the Parties are required to balance the Product quantities by delivery of 

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Product or payment of an agreed price within a reasonable period of time.   No Force Majeure Event shall have the effect of extending the period of the Agreement or of terminating the Agreement unless agreed by the Parties in writing.

If deliveries are temporarily suspended and are resumed after the force majeure ends, any imbalances will then be adjusted, unless otherwise agreed, with additional deliveries by the Party prevented from delivering by force majeure until the total deliveries by each Party are approximately equal in quantity.  If force majeure continues through the specified life of the exchange and deliveries are never resumed, the Party prevented from delivering by force majeure will pay the other party for the quantity over delivered pursuant to the terms of this Agreement contained in the Imbalance section.

GOVERNING LAW
THIS AGREEMENT WILL BE INTERPRETED AND THE RIGHTS, OBLIGATIONS, AND LIABILITIES OF THE PARTIES DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS WITHOUT GIVING ANY EFFECT TO CONFLICTS OF LAW PRINCIPLES.  The rights and obligations of the Parties arising from the Agreement will not be governed by the provisions of the United Nations Convention on Contracts for the International Sale of Goods, application of which is hereby expressly excluded.  STATE AND FEDERAL COURTS IN HARRIS COUNTY, TEXAS, SHALL HAVE EXCLUSIVE JURISDICTION OVER ALL DISPUTES, CLAIMS, OR CAUSES OF ACTION ARISING OUT OF OR RELATING TO THE AGREEMENT.  BOTH PARTIES HEREBY VOLUNTARILY AND IRREVOCABLY WAIVE TRIAL BY JURY IN ANY PROCEEDING ARISING OUT OF OR RELATING TO THE AGREEMENT.

SAFETY AND HEALTH COMMUNICATIONS
Delivering Party will furnish to receiving Party Material Safety Data Sheets which include health, safety and other hazard communication information on Product consistent with the Occupational Safety and Health Administration's Hazard Communications Standard.  Delivering Party will also furnish other health or safety information as required by law.  Receiving Party will disseminate appropriate health and safety information to all persons receiving Party foresees may be exposed to Product (including but not limited to receiving Party's employees, contractors, and customers).  If Product is further processed, mixed or incorporated into another product, receiving Party will likewise disseminate appropriate health and safety information to all persons receiving Party foresees may be exposed.

RELATIONSHIP OF THE PARTIES
Each Party assumes all its duties under the Agreement as an independent contractor and nothing contained in the Agreement will be construed as inconsistent with such independent contractor relationship; neither Party is an employee or agent of the other Party and as such, neither Party will have the power or authority, express or implied, to pledge credit, to enter into any agreement, or to give any representation, warranty, or guarantee on behalf of the other Party.

The Agreement is not intended to create or constitute a joint venture, pooling arrangement, partnership, agency, master-servant, or a business entity, organization, or combination of any type, whatsoever.

The Agreement is intended solely for the benefit of the Parties and their permitted assigns and will not impart rights enforceable by any other person or entity, except as expressly provided in the Agreement.

COUNTERPARTS
The Agreement may be executed and delivered in one or more counterparts, and by the different Parties in separate counterparts, each 
of which when executed and delivered will be deemed an original, but all of which taken together will constitute one and the same agreement.

CONSPICUOUSNESS
The Parties acknowledge all provisions of the Agreement comply with any and all requirements of conspicuousness under the laws of the State of Texas.

HEADINGS
The titles and headings set forth in the Agreement have been included solely for ease of reference and will not be considered in the interpretation or construction of the Agreement.

CONSTRUCTION OF AGREEMENT
Any ambiguities or uncertainties in the wording of any provision of this Agreement shall not be construed or interpreted for or against any Party because that Party drafted or caused its legal representative to draft the provision.  Unless expressly stated otherwise in this Agreement, words used in the singular include the plural, the plural includes the singular, and the neuter gender includes the masculine and the feminine.

SEVERABILITY
The invalidity or unenforceability of any particular provision of the Agreement will not affect the other provisions hereof, and the Agreement will be construed in all respects as if such invalid or unenforceable provision were omitted.

MISCELLANEOUS
This Agreement shall not be assigned in whole or in part by either Party without the written consent of the other Party; provided, that either Party may assign this Agreement to any of its affiliates in whole or in part.

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No waiver by either Party of any breach of any of the terms and conditions herein contained shall be construed as a waiver of any other breach of the same or any other term and condition.  The entire agreement is contained herein and there are no oral understandings, representations, or warranties affecting it.  No modification of this agreement shall be of any force or effect unless such modification is in writing and signed by the Party to be bound thereby, and no modification shall be effected by the acknowledgment or acceptance of purchase order forms containing terms or conditions at variance with those set forth herein.

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WPT LLC                             EXHIBIT 10.20
(“Westlake” or “Party”)
        

Page 7 of 7EX-10.1

 EXHIBIT 10.1 

Execution Version 

SHARE REPURCHASE AGREEMENT 

THIS SHARE REPURCHASE AGREEMENT (this “Agreement”) is made and entered into as of March 1, 2017, by and among
Extended Stay America, Inc., a Delaware corporation (the “Corporation”), ESH Hospitality, Inc., a Delaware corporation (“ESH REIT” and, together with the Corporation, the
“Companies”), and each of the entities identified on Schedule 1 hereto that sells Secondary Shares (as defined below) in the Secondary Offering (as defined below) (each such entity, a
“Seller,” and collectively, the “Sellers”). 
 WHEREAS, the Sellers own shares of paired
common stock, each comprised of one share of common stock, par value $0.01 per share, of the Corporation (the “Corporation Common Stock”) and one share of Class B common stock,
par value $0.01 per share, of ESH REIT (the “Class B Common Stock”), which are attached and trade together. These paired shares are collectively referred to
as the “Shares” in this Agreement; 
 WHEREAS, the Companies and the Sellers propose to enter into a transaction
(the “Repurchase Transaction”) whereby the Sellers shall sell to the Companies and the Companies shall purchase from the Sellers a number of Shares (the “Repurchase
Shares”) at the Per Share Purchase Price (as defined below) as shall be equal to the lesser of (i) 2.5% of the total number of Shares to be sold in the Secondary Offering (as defined below) and (ii) 1,000,000 Shares (rounded
down to the nearest whole Share), as set forth in this Agreement; 
 WHEREAS, the Corporation will purchase shares of Corporation Common
Stock (its portion of the Repurchase Shares) and pay its portion (the “Corporation Proportion”) of the Per Share Purchase Price, with such portion being determined by reference to the proportionate amount
of the aggregate valuation of the Shares that was attributable to the Corporation Common Stock in connection with the most recent third party valuation of the fair market value of the Shares performed before or in connection with the Secondary
Offering; 
 WHEREAS, ESH REIT will purchase shares of Class B Common Stock (its portion of the Repurchase Shares) and pay its portion
(the “ESH REIT Proportion”) of the Per Share Purchase Price, with such portion being determined by reference to the proportionate amount of the aggregate valuation of the Shares that
was attributable to the Class B Common Stock in connection with the most recent third party valuation of the fair market value of the Shares performed before or in connection with the Secondary Offering; 

WHEREAS, the Sellers propose to sell through an underwritten public offering (the “Secondary
Offering”) registered with the Securities and Exchange Commission (the “SEC”) certain other Shares owned by the Sellers (the “Secondary Shares”); 

NOW, THEREFORE, in consideration of the foregoing, of the mutual promises herein set forth, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, it is hereby agreed as follows: 

 ARTICLE I 

REPURCHASE 

Section 1.1 Repurchase of Shares. The Companies shall purchase from the Sellers the Repurchase Shares, under the terms and
subject to the conditions hereof and in reliance upon the representations, warranties and agreements contained herein, at the Closing (as defined below), and each Seller, severally and not jointly, shall sell to the Companies a number of Shares
equal to such Seller’s pro rata portion of the total number of Repurchase Shares, at the per share price at which the Secondary Shares are sold to the underwriter(s) in the Secondary Offering (the “Per
Share Purchase Price”); provided that, the number of Shares to be sold by each Seller shall be equitably adjusted to avoid fractional shares. 

Section 1.2 Closing. 

(a) The closing (the “Closing”) of the Repurchase Transaction shall be held at the offices of Fried, Frank, Harris,
Shriver & Jacobson LLP, One New York Plaza, New York, New York, immediately subsequent to the satisfaction or waiver of the conditions set forth in Article IV herein (with the date upon which such satisfaction or waiver occurs being
referred to here as the “Closing Date”) or at such other time, date or place as the Sellers and the Companies may agree in writing. 

(b) At the Closing, each Seller shall deliver the number of Repurchase Shares sold by such Seller to the Companies or as instructed by the
Companies duly executed stock powers relating to the Repurchase Shares sold by such Seller, as applicable, and the Corporation and ESH REIT agree to deliver to such Seller a dollar amount equal to the Corporation Proportion and ESH REIT Proportion,
respectively, of the product of the Per Share Purchase Price and the number of Repurchase Shares sold by such Seller by wire transfer of immediately available funds. 

ARTICLE II 

REPRESENTATIONS AND WARRANTIES OF THE SELLERS 

Each of the Sellers severally and not jointly represents and warrants to the Companies as follows: 

Section 2.1 Title to Repurchase Shares. Such Seller has good and valid title to the Repurchase Shares to be sold at the Closing
Date by such Seller hereunder, free and clear of all liens, encumbrances, equities or adverse claims; such Seller will have, immediately prior to the Closing Date, good and valid title to the Repurchase Shares to be sold at the Closing Date by such
Seller, free and clear of all liens, encumbrances, equities or adverse claims; and, upon delivery of such Repurchase Shares and payment therefor pursuant hereto, good and valid title to such Repurchase Shares, free and clear of all liens,
encumbrances, equities or adverse claims, will pass to the Companies. 
 Section 2.2 Required Consents; Authority. All consents,
approvals, authorizations and orders necessary for the execution and delivery by such Seller of this 

  
 2 

 
Agreement, and for the sale and delivery of the Repurchase Shares to be sold by such Seller hereunder, have been obtained; and such Seller has full right, power and authority to enter into this
Agreement and to sell, assign, transfer and deliver the Repurchase Shares to be sold by such Seller hereunder; this Agreement have each been duly authorized, executed and delivered by or on behalf of such Seller. 

Section 2.3 Receipt of Information. Such Seller has received all the information it considers necessary or appropriate for
deciding whether to consummate the Repurchase Transaction. Such Seller has had an opportunity to ask questions and receive answers from the Companies. Such Seller has had the opportunity to discuss with its tax advisors the consequences of the
Repurchase Transaction. Such Seller has not received, nor is it relying on, any representations or warranties from the Companies other than as provided herein, and each Company hereby disclaims any other express or implied representations or
warranties with respect to itself. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF THE COMPANIES 

Each of the Companies severally and not jointly represents and warrants to the Sellers as follows: 

Section 3.1 Authority Relative to this Agreement. Each of the Companies has the power and authority to execute and deliver this
Agreement and to perform its obligations hereunder; and all action required to be taken for the due and proper authorization, execution and delivery by it of this Agreement and the consummation by it of the transactions contemplated hereby has been
duly and validly taken. 
 Section 3.2 Approvals. No consent, approval, authorization, order, license, registration or
qualification of or with any court or arbitrator or governmental or regulatory authority is required for the execution, delivery and performance by the Companies of this Agreement and the consummation of the transactions contemplated by this
Agreement. 
 ARTICLE IV 

CONDITIONS TO CLOSING 

Section 4.1 Completion of Secondary Offering. The obligations of the Companies to purchase the Repurchase Shares at the Closing
are subject to the fulfillment on or prior to the Closing of the condition that the Secondary Offering shall have been consummated in accordance with the terms and conditions of any underwriting or purchase agreement entered into in connection
therewith. 

  
 3 

 ARTICLE V 

MISCELLANEOUS 

Section 5.1 Termination. This Agreement may be terminated at any time by the mutual written consent of each of the parties hereto.
Furthermore, unless such date is extended by the mutual written consent of each of the parties hereto, this Agreement shall automatically terminate and be of no further force and effect in the event that (a) the commencement of the Secondary
Offering has not been publicly announced within four (4) business days after the date hereof or (b) the conditions in Section 4.1 of this Agreement have not been satisfied within ten (10) business days after the date hereof. 

Section 5.2 Savings Clause. No provision of this Agreement shall be construed to require any party or its affiliates to take any
action that would violate any applicable law (whether statutory or common), rule or regulation. 
 Section 5.3 Amendment and
Waiver. This Agreement may not be amended except by an instrument in writing signed on behalf of each of the parties hereto. Any party may waive in whole or in part any benefit or right provided to it under this Agreement, such waiver being
effective only if contained in a writing executed by such party (and by the Companies, in the case of any waiver by any Seller). The failure of any party to enforce any of the provisions of this Agreement shall in no way be construed as a waiver of
such provisions and shall not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms. 

Section 5.4 Severability. If any provision of this Agreement shall be declared by any court of competent jurisdiction to be
illegal, void or unenforceable, all other provisions of this Agreement shall not be affected and shall remain in full force and effect. 

Section 5.5 Entire Agreement. Except as otherwise expressly set forth herein, this Agreement, together with the several agreements
and other documents and instruments referred to herein or therein or annexed hereto and executed contemporaneously herewith, embody the complete agreement and understanding among the parties hereto with respect to the subject matter hereof and
supersede and preempt any prior understandings, agreements or representations by or among the parties, written or oral, that may have related to the subject matter hereof in any way. 

Section 5.6 Successors and Assigns. Neither this Agreement nor any of the rights or obligations of any party under this Agreement
shall be assigned, in whole or in part by any party without the prior written consent of the other parties. 
 Section 5.7 No Third
Party Beneficiaries. No Person other than the parties hereto shall have any rights or benefits under this Agreement, and nothing in this Agreement is intended to, or will, confer on any Person other than the parties hereto any rights, benefits
or remedies. 

  
 4 

 Section 5.8 Counterparts. This Agreement may be executed in separate counterparts
each of which shall be an original and all of which taken together shall constitute one and the same agreement. 
 Section 5.9
Notices. All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if mailed or transmitted and confirmed by any standard form of telecommunication. Notices to the Companies shall be given
to them at Extended Stay America, Inc., 11525 N. Community House Road, Suite 100, Charlotte, North Carolina 28277, fax: (980) 335-3089; Attention: General Counsel and Corporate Secretary with a copy to Fried,
Frank, Harris, Shriver & Jacobson LLP, One New York Plaza, New York, New York 10004, Attention: Stuart Gelfond, Esq. Notices to the Sellers shall be given to Centerbridge Partners, L.P. at 375 Park Ave., New York, NY 10152, Attention:
Office of the General Counsel, with copies to: legalnotices@centerbridge.com; to Paulson & Co. Inc. at 1251 Avenue of the Americas, 50th Floor, New York, New York 10020, Attention: General Counsel, (fax: (212)
977-9505 ); and to The Blackstone Group, L.P. at 345 Park Avenue, New York, New York 10154, Attention: General Counsel, (fax: (646) 253-8983). 

Section 5.10 Governing Law; Consent to Jurisdiction. This Agreement and any claim, controversy or dispute arising under or related
to this Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed in such state. 

Section 5.11 Interpretation. The headings contained in this Agreement are for reference purposes only and shall not affect in any
way the meaning or interpretation of this Agreement. The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any
particular provision of this Agreement, and Article and Section references are to this Agreement unless otherwise specified. The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.
Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” “Business
Day” means any day that is not a Saturday, Sunday or other day on which banks are required or authorized by law to be closed in New York, New York. “Exchange Act” means the
Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated by the Commission from time to time thereunder (or under any successor statute). “Securities Act” means the
Securities Act of 1933, as amended, and the rules and regulations promulgated by the Commission from time to time thereunder (or under any successor statute). 

[Signature Pages Follow] 

  
 5 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered as of the date first above written. 
  

					
	EXTENDED STAY AMERICA, INC.
		
	By:	 	 /s/ John R. Dent

		 	Name:	 	John R. Dent
		 	Title:	 	General Counsel
	
	ESH HOSPITALITY, INC.
		
	By:	 	 /s/ John R. Dent

		 	Name:	 	John R. Dent
		 	Title:	 	General Counsel

  
 [Signature Page to Share
Repurchase Agreement] 

 
					
	CENTERBRIDGE CREDIT PARTNERS, L.P.
	
	BY: CENTERBRIDGE CREDIT PARTNERS GENERAL PARTNER, L.P., its general partner
	
	BY: CENTERBRIDGE CREDIT CAYMAN GP LTD., its general partner
		
	By:	 	 /s/ William D. Rahm

		 	Name:	 	William D. Rahm
		 	Title:	 	Authorized Signatory

  
 [Signature Page to Share
Repurchase Agreement] 

 
					
	CENTERBRIDGE CREDIT PARTNERS TE INTERMEDIATE I, L.P.
	
	BY: CENTERBRIDGE CREDIT PARTNERS GENERAL PARTNER, L.P., its general partner
	
	BY: CENTERBRIDGE CREDIT CAYMAN GP LTD., its general partner
		
	By:	 	 /s/ William D. Rahm

		 	Name:	 	William D. Rahm
		 	Title:	 	Authorized Signatory

  
 [Signature Page to Share
Repurchase Agreement] 

 
					
	CENTERBRIDGE CREDIT PARTNERS OFFSHORE INTERMEDIATE III, L.P.
	
	BY: CENTERBRIDGE CREDIT PARTNERS OFFSHORE GENERAL PARTNER, L.P., its general partner
	
	BY: CENTERBRIDGE CREDIT CAYMAN GP LTD., its general partner
		
	By:	 	 /s/ William D. Rahm

		 	Name:	 	William D. Rahm
		 	Title:	 	Authorized Signatory

  
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	CENTERBRIDGE CAPITAL PARTNERS AIV VI-A, L.P.
	
	BY: CENTERBRIDGE ASSOCIATES, L.P., its general partner
	
	BY: CENTERBRIDGE CAYMAN GP LTD., its general partner
		
	By:	 	 /s/ William D. Rahm

		 	Name:	 	William D. Rahm
		 	Title:	 	Authorized Signatory

  
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	CENTERBRIDGE CAPITAL PARTNERS AIV VI-B, L.P.
	
	BY: CENTERBRIDGE ASSOCIATES, L.P., its general partner
	
	BY: CENTERBRIDGE CAYMAN GP LTD., its general partner
		
	By:	 	 /s/ William D. Rahm

		 	Name:	 	William D. Rahm
		 	Title:	 	Authorized Signatory

  
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	CENTERBRIDGE CAPITAL PARTNERS STRATEGIC AIV I, L.P.
	
	BY: CENTERBRIDGE ASSOCIATES, L.P., its general partner
	
	BY: CENTERBRIDGE CAYMAN GP LTD., its general partner
		
	By:	 	 /s/ William D. Rahm

		 	Name:	 	William D. Rahm
		 	Title:	 	Authorized Signatory

  
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	CENTERBRIDGE CAPITAL PARTNERS SBS, L.P.
	
	BY: CCP SBS GP, LLC, its general partner
		
	By:	 	 /s/ William D. Rahm

		 	Name:	 	William D. Rahm
		 	Title:	 	Authorized Signatory

  
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	BLACKSTONE REAL ESTATE PARTNERS VI.A-ESH L.P.
	
	BY: BLACKSTONE REAL ESTATE ASSOCIATES VI-ESH L.P., its general partner
	
	BY: BREA VI-ESH L.L.C., its general partner
		
	By:	 	 /s/ Robert G. Harper

		 	Name:	 	Robert G. Harper
		 	Title:	 	Authorized Signatory

  
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	BLACKSTONE REAL ESTATE PARTNERS VI.B-ESH L.P.
	
	BY: BLACKSTONE REAL ESTATE ASSOCIATES VI-ESH L.P., its general partner
	
	BY: BREA VI-ESH L.L.C., its general partner
		
	By:	 	 /s/ Robert G. Harper

		 	Name:	 	Robert G. Harper
		 	Title:	 	Authorized Signatory

  
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	BLACKSTONE REAL ESTATE PARTNERS VI.C-ESH L.P.
	
	BY: BLACKSTONE REAL ESTATE ASSOCIATES VI-ESH L.P., its general partner
	
	BY: BREA VI-ESH L.L.C., its general partner
		
	By:	 	 /s/ Robert G. Harper

		 	Name:	 	Robert G. Harper
		 	Title:	 	Authorized Signatory

  
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	BLACKSTONE REAL ESTATE PARTNERS VI.F-ESH L.P.
	
	BY: BLACKSTONE REAL ESTATE ASSOCIATES VI-ESH L.P., its general partner
	
	BY: BREA VI-ESH L.L.C., its general partner
		
	By:	 	 /s/ Robert G. Harper

		 	Name:	 	Robert G. Harper
		 	Title:	 	Authorized Signatory

  
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	BLACKSTONE REAL ESTATE PARTNERS VI.TE.1-ESH L.P.
	
	BY: BLACKSTONE REAL ESTATE ASSOCIATES VI-ESH L.P., its general partner
	
	BY: BREA VI-ESH L.L.C., its general partner
		
	By:	 	 /s/ Robert G. Harper

		 	Name:	 	Robert G. Harper
		 	Title:	 	Authorized Signatory

  
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	BLACKSTONE REAL ESTATE PARTNERS VI.TE.2-ESH L.P.
	
	BY: BLACKSTONE REAL ESTATE ASSOCIATES VI-ESH L.P., its general partner
	
	BY: BREA VI-ESH L.L.C., its general partner
		
	By:	 	 /s/ Robert G. Harper

		 	Name:	 	Robert G. Harper
		 	Title:	 	Authorized Signatory

  
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	BLACKSTONE REAL ESTATE HOLDINGS VI L.P.
	
	BY: BREP VI SIDE-BY-SIDE GP L.L.C., its general partner
		
	By:	 	 /s/ Robert G. Harper

		 	Name:	 	Robert G. Harper
		 	Title:	 	Authorized Signatory

  
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	BLACKSTONE REAL ESTATE PARTNERS (AIV) VI-ESH L.P.
	
	BY: BLACKSTONE REAL ESTATE ASSOCIATES VI-ESH L.P., its general partner
	
	BY: BREA VI-ESH L.L.C., its general partner
		
	By:	 	 /s/ Robert G. Harper

		 	Name:	 	Robert G. Harper
		 	Title:	 	Authorized Signatory

  
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	PAULSON SPECIAL SITUATIONS
	PEQ1 LTD.
	
	 By: PAULSON & CO. INC., its authorized

signatory

		
	By:	 	 /s/ Stuart Merzer

		 	Name:	 	Stuart Merzer
		 	Title:	 	Authorized Signatory

  
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	PAULSON ADVANTAGE LTD.
	
	 By: PAULSON & CO. INC., its authorized

signatory

		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory

  
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	ESA RECOVERY ACQUISITION, LLC
		
	By:	 	 /s/ Stuart Merzer

		 	Name:	 	Stuart Merzer
		 	Title:	 	Authorized Signatory

  
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	PCO PP LLC
		
	By:	 	 /s/ Stuart Merzer

		 	Name:	 	Stuart Merzer
		 	Title:	 	Authorized Signatory

  
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	PCO EN LLC
		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory

  
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	PAULSON SPECIAL SITUATIONS FUND LP
		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory

  
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	PAULSON PARTNERS ENHANCED, L.P.
		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory

  
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	PAULSON ENHANCED LTD.
	
	 By: PAULSON & CO. INC., its authorized

signatory

		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory

  
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	PAULSON ADVANTAGE, L.P.
		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory

  
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	PAULSON PARTNERS LP
		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory

  
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	PAULSON ADVANTAGE II L.P.
		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory

  
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	PAULSON ADVANTAGE PLUS II L.P.
		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory

  
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	PAULSON ADVANTAGE PLUS II LTD.
		
	By:	 	 PAULSON MANAGEMENT LP,
 its attorney-in-fact

		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory

  
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	PAULSON CREDIT OPPORTUNITIES, L.P.
		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory

  
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	PAULSON CREDIT OPPORTUNITIES IV L.P.
		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory

  
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	PAULSON CREDIT OPPORTUNITIES PEQ1 LTD.
	
	By: PAULSON & CO. INC., its authorized signatory
		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory

  
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	PAULSON CREDIT OPPORTUNITIES II PEQ1 LTD.
	
	By: PAULSON & CO. INC., its authorized signatory
		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory

  
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	PAULSON CREDIT OPPORTUNITIES IV LTD.
	
	By: PAULSON & CO. INC., its authorized signatory
		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory

  
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	PAULSON INTERNATIONAL LTD.
	
	By: PAULSON & CO. INC., its authorized signatory
		
	By:	 	 /s/ Stuart Merzer

	Name:	 	Stuart Merzer
	Title:	 	Authorized Signatory

  
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 Schedule 1 
  

	
	 Sellers

	 ENTITES RELATED TO CENTERBRIDGE PARTNERS, L.P.

	 CENTERBRIDGE CREDIT PARTNERS, L.P.

	 CENTERBRIDGE CREDIT PARTNERS TE INTERMEDIATE I, L.P.

	 CENTERBRIDGE CREDIT PARTNERS OFFSHORE INTERMEDIATE III, L.P.

	 CENTERBRIDGE CAPITAL PARTNERS AIV VI-A, L.P.

	 CENTERBRIDGE CAPITAL PARTNERS AIV VI-B, L.P.

	 CENTERBRIDGE CAPITAL PARTNERS STRATEGIC AIV I, L.P.

	 CENTERBRIDGE CAPITAL PARTNERS SBS, L.P.

	 ENTITIES RELATED TO THE BLACKSTONE GROUP, L.P.

	 BLACKSTONE REAL ESTATE PARTNERS VI.A-ESH
L.P.

	 BLACKSTONE REAL ESTATE PARTNERS VI.B-ESH
L.P.

	 BLACKSTONE REAL ESTATE PARTNERS VI.C-ESH
L.P.

	 BLACKSTONE REAL ESTATE PARTNERS (AIV) VI-ESH
L.P.

	 BLACKSTONE REAL ESTATE PARTNERS VI.TE.1-ESH
L.P.

	 BLACKSTONE REAL ESTATE PARTNERS VI.TE.2-ESH
L.P.

	 BLACKSTONE REAL ESTATE PARTNERS VI.F-ESH
L.P.

	 BLACKSTONE REAL ESTATE HOLDINGS VI L.P.

	 ENTITIES RELATED TO PAULSON & CO. INC.

	 PCO EN LLC

	 PCO PP LLC

	 PAULSON ADVANTAGE, L.P.

	 ESA RECOVERY ACQUISITION, LLC

	 PAULSON ENHANCED LTD.

	 PAULSON PARTNERS ENHANCED, L.P.

	 PAULSON SPECIAL SITUATIONS FUND LP

	 PAULSON ADVANTAGE PLUS II L.P.

	 PAULSON ADVANTAGE PLUS II LTD.

	 PAULSON SPECIAL SITUATIONS PEQ1 LTD.

	 PAULSON ADVANTAGE LTD.

	 PAULSON ADVANTAGE II L.P.

	 PAULSON PARTNERS LP

	 PAULSON INTERNATIONAL LTD.

	 PAULSON CREDIT OPPORTUNITIES, L.P.

	 PAULSON CREDIT OPPORTUNITIES PEQ1 LTD.

	 PAULSON CREDIT OPPORTUNITIES IV LTD.

	 PAULSON CREDIT OPPORTUNITIES IV L.P.

	 PAULSON CREDIT OPPORTUNITIES II PEQ1 LTD.

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