Document:

Management Agreement Amendment dated as of January 1, 2006

 Exhibit 10.3.2 
 As of January 1, 2006 
 Sunstone Hotel Properties, Inc. 
 clo Interstate Hotels & Resorts, Inc. 
 4501 N. Fairfax Drive, Suite 800 
 Arlington, V A 22203 
  

	Re:	Modification of Master Agreement 

 Ladies and Gentlemen: 
 Reference is made to that certain Master Agreement dated as of October 26, 2004 (as assigned, assumed and amended, the “Master
Agreement”), by and among Sunstone Hotel Properties, Inc., a Colorado corporation (“Operator”), and each entity other than Operator which is a signatory to this letter agreement (each an “Owner” or
collectively, the “Owners”). Unless otherwise defined herein, all capitalized terms used in this letter agreement shall have the meanings ascribed to such terms in the Master Agreement. 
 For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Operator and each Owner hereby agree as follows:

 (a) Effective as of January 1, 2006, Section 7 of the Master Agreement is hereby modified to read in full as follows:

 “7. Dedicated Staff. Operator and/or its affiliates shall establish and maintain a dedicated operational staff to oversee the
operations, sales and marketing, revenue management and centralized accounting for the Portfolio Properties (the “Staff”). The Staff will initially consist of personnel filing the positions and numbers thereof set forth on
Schedule C which shall also summarize the approximate costs of such personnel, as modified by that certain letter agreement dated July 1, 2005. From and after January 1,2006, Operator may make decreases in the Overhead (as such term
is defined below) proportionately with changes in Total Revenues from the Portfolio Properties; provided, however, Owner shall have approval rights over the change in identity of any person filling the Staff positions which approval shall not be
unreasonably withheld or delayed. The Staff shall be based in Southern California in the offices maintained by Owner unless otherwise agreed to by Owner, and Operator shall bear the portion of the expenses (rent, CAM charges, utilities, IT
maintenances costs and such other matters set forth on Schedule C) that are expressly set forth on Schedule C as allocable to Operator (the portion of the expenses expressly set forth on Schedule C as allocable to Operator and
the salaries, benefits and related employment expenses of the Staff are referred to herein as the “Overhead”). 

 Commencing January 1, 2007, Operator shall have the right to reduce the Overhead that existed as of
December 31, 2006 by an aggregate amount of up to ten percent (10%) as a result of achieving synergies with the hotel operations of other hotels managed by Operator Affiliates which reduction shall be exclusive of, and in addition to, any
reductions in Overhead as a result of proportionate decreases in Total Revenues from the Portfolio Properties as described above. Operator shall have the sole discretion and control in making increases in the Staff and Overhead. Operator shall have
the sole discretion and control in the supervision of the Staff, including, but not limited to, the recruitment, dismissal and determination of wages, benefit and severance policies. Notwithstanding the foregoing, Operator shall not make any change
in the identity of the persons filling the following positions: Executive Vice Presidents of Operations or the Regional Directors of Operations, Executive and Regional Vice Presidents of Sales and Marketing, Directors of Regional Sales, Directors of
Hotel Accounting and/or certain mutually agreed upon key Revenue Management personnel overseeing the Portfolio Properties without the prior written consent of Owner, which consent shall not be unreasonably withheld or delayed. Further, no reductions
in Overhead or Staff made by Operator pursuant to this Section 7 shall be permitted to the extent such reductions (either individually or in the aggregate) adversely affect Operator’s ability to timely and efficiently discharge its duties
and obligations hereunder and under the Management Agreements.” 
 Except as modified hereby, the Master Agreement shall remain in full
force and effect. 
 IN WITNESS WHEREOF, the parties hereto have executed this letter agreement effective as of the day and year first above
written. 
  

			
	SUNSTONE HOTEL PROPERTIES, INC.
		
	By:	 	/s/ Christopher C. Bennett
	Name:	 	Christopher C. Bennett
	Title:	 	Secretary & SVP
	
	SHP LESSEE CORP.
		
	By:	 	/s/ Jon D. Kline
	Name:	 	Jon D. Kline
	Title:	 	Vice President
	
	SUNSTONE LASALLE LESSEE, INC.
		
	By:	 	/s/ Jon D. Kline
	Name:	 	Jon D. Kline
	Title:	 	Vice President

  

 2 

			
	WB SUNSTONE-HOLLYWOOD, INC.
		
	By:	 	/s/ Jon D. Kline
	Name:	 	Jon D. Kline
	Title:	 	Vice President
	
	SUNSTONE/WB MANHATTAN BEACH LESSEE, INC.
		
	By:	 	/s/ Jon D. Kline
	Name:	 	Jon D. Kline
	Title:	 	Vice President
	
	SUN NAPA MERLOT LESSEE, INC.
		
	By:	 	/s/ Jon D. Kline
	Name:	 	Jon D. Kline
	Title:	 	Vice President
	
	SUNSTONE HOLT LESSEE, INC.
		
	By:	 	/s/ Jon D. Kline
	Name:	 	Jon D. Kline
	Title:	 	Vice President
	
	WB SUNSTONE-RIVERSIDE, INC.
		
	By:	 	/s/ Jon D. Kline
	Name:	 	Jon D. Kline
	Title:	 	Vice President
	
	SHP LESSEE II CORP.
		
	By:	 	/s/ Jon D. Kline
	Name:	 	Jon D. Kline
	Title:	 	Vice President
	
	WB SUNSTONE-BOISE, INC.
		
	By:	 	/s/ Jon D. Kline
	Name:	 	Jon D. Kline
	Title:	 	Vice President
	
	WHP HOTEL LESSEE - 3, INC.
		
	By:	 	/s/ Jon D. Kline
	Name:	 	Jon D. Kline
	Title:	 	Vice President

  

 3 

			
	WB GRAND RAPIDS, INC.
		
	By:	 	/s/ Jon D. Kline
	Name:	 	Jon D. Kline
	Title:	 	Vice President
	
	ROCHESTER RIBM LESSEE, INC.
		
	By:	 	/s/ Jon D. Kline
	Name:	 	Jon D. Kline
	Title:	 	Vice President
	
	SUNSTONE SIDEWINDER LESSEE, INC.
		
	By:	 	/s/ Jon D. Kline
	Name:	 	Jon D. Kline
	Title:	 	Vice President
	
	WB SUNSTONE-LAKE OSWEGO, INC.
		
	By:	 	/s/ Jon D. Kline
	Name:	 	Jon D. Kline
	Title:	 	Vice President
	
	WB SUNSTONE-PORTLAND, INC.
		
	By:	 	/s/ Jon D. Kline
	Name:	 	Jon D. Kline
	Title:	 	Vice President
	
	SUNSTONE COWBOY LESSEE, L.P.
		
	By:	 	/s/ Jon D. Kline
	Name:	 	Jon D. Kline
	Title:	 	Vice President
	
	SHP LESSEE III CORP.
		
	By:	 	/s/ Jon D. Kline
	Name:	 	Jon D. Kline
	Title:	 	Vice President
	
	SUNSTONE DURANTE LESSEE, INC.
		
	By:	 	/s/ Jon D. Kline
	Name:	 	Jon D. Kline
	Title:	 	Vice President

  

 4 

			
	SUNSTONE KAHLER LESSEE, INC.
		
	By:	 	/s/ Jon D. Kline
	Name:	 	Jon D. Kline
	Title:	 	Vice President
	
	SUNSTONE VALLEY RIVER LESSEE, INC.
		
	By:	 	/s/ Jon D. Kline
	Name:	 	Jon D. Kline
	Title:	 	Vice President
	
	SUNSTONE BROADHOLLOW LESSEE, INC.
		
	By:	 	/s/ Jon D. Kline
	Name:	 	Jon D. Kline
	Title:	 	Vice President

  

 5Amendment to the 2004 Long-Term Incentive Plan of Sunstone Hotel Investors, Inc.

 Exhibit 10.6.1 
 AMENDMENT TO THE SUNSTONE HOTEL INVESTORS, INC. 
 2004 LONG-TERM INCENTIVE PLAN 
 THIS AMENDMENT (this “Amendment”) to the Sunstone Hotel Investors, Inc. 2004 Long-Term Incentive Plan as amended and restated effective
May 1, 2007 (the “Plan”) is made by Sunstone Hotel Investors, Inc. (the “Company”) to be effective as of December 31, 2008. 
 WHEREAS, the Company maintains the Plan for the benefit of certain participants; 
 WHEREAS, the Company
desires to amend certain provisions of the Plan in order to comply with or be exempt from Section 409A of the Internal Revenue Code of 1986, as amended; and 
 WHEREAS, the Board of Directors of the Company (the “Board”) has reserved the right to amend the Plan. 
 NOW, THEREFORE, the Plan is hereby amended as follows: 
  

	1.	The first sentence of Section 1.6(b) shall be amended to add the following proviso to the end thereof to read as follows: 

 “and, provided, further, that no such adjustment shall be required if the Committee determines that such action would cause an Award to fail to
satisfy the conditions of an applicable exception from the requirements of Section 409A of the Code (“Section 409A”) or otherwise would subject a Grantee to an additional tax imposed under Section 409A in respect of an
outstanding Award.” 
  

	2.	The fourth sentence of Section 2.9 shall be deleted and replaced in its entirety with the following: 

 “The Committee shall determine in its sole discretion whether performance shares granted in the form of share units shall be paid in cash, Common
Stock, or a combination of cash and Common Stock, provided such form of payment does not defer the inclusion of income.” 
  

	3.	The following paragraph shall be added as a new Section 3.18 of the Plan: 

 “3.18 Section 409A 
 It is the Company’s intent that the Plan comply with or be exempt
from the requirements of Section 409A. If and to the extent that any payment under the Plan is determined by the Company to constitute “non-qualified deferred compensation” subject to Section 409A and is payable to a Grantee by
reason of the Grantee’s termination of employment or service, as applicable, then (a) such payment shall be made to the Grantee only upon a “separation from service” as defined for purposes of Section 409A and (b) if
the Grantee is a “specified employee” (within the meaning of Section 409A and as determined by the Company) at the time of such termination, such payment shall not be made before the date that is six (6) months after the date of
the Grantee’s separation from service (or earlier death).” 

 IN WITNESS WHEREOF, the Board has caused this
Amendment to the Plan to be duly executed on this 22nd day of December, 2008. 
  

			
	SUNSTONE HOTEL INVESTORS, INC.
		
	By: 	 	/s/ Arthur L. Buser, Jr.
		 	 Arthur L. Buser, Jr.
 PresidentThird Letter Amendment, dated as of November 25, 2008

 Exhibit 10.11.3 
 THIRD LETTER AMENDMENT 
 Dated as of November 9, 2008 
 Citicorp North America, Inc., 
 as Administrative Agent 
 Two Penns Way, Suite 110 
 New Castle, Delaware 19720 
  

	 	Re:	Sunstone Hotel Partnership, LLC Revolving Credit Agreement 

 Ladies and Gentlemen: 
 Reference is made to that certain $200,000,000 Revolving Credit Agreement dated as of July 17, 2006
(as amended by that certain First Letter Amendment dated as of August 14, 2006 and that certain Second Letter Amendment dated as of May 23, 2007, the “Credit Agreement”) among Sunstone Hotel Partnership, LLC, as
borrower (the “Borrower”), Sunstone Hotel Investors, Inc., the Subsidiary Guarantors identified therein, the initial lenders identified therein (the “Lenders”), the Initial Issuing Bank and Swing Line
Bank identified therein, Citicorp North America, Inc., as the administrative agent (in such capacity, the “Administrative Agent”) for the Lenders Parties (as defined therein), Wachovia Capital Markets, LLC, as syndication
agent, Calyon New York Branch, as co-syndication agent, Keybank National Association, as documentation agent, and Citigroup Global Markets Inc. and Wachovia Capital Markets, LLC, as joint lead arrangers and joint book running managers. Capitalized
terms used but not otherwise defined herein shall have the meanings given to them in the Credit Agreement. 
 It is hereby agreed by you and
us as follows: 
 1. Amendment to Credit Agreement. Effective as of the Amendment Effective Date (defined below), the Credit Agreement
is hereby amended by restating in its entirety the following definition as set forth in Section 1.01 thereof: 
 “Fixed Charge Coverage Ratio” means, at any date of determination, the ratio of (a) Adjusted EBITDA (provided that when calculating Adjusted EBITDA for this purpose, EBITDA shall be deemed (i) to include,
with respect to each Joint Venture, the JV Pro Rata Share of the sum of (A) net income (or net loss) from continuing operations (excluding gains (or losses) from extraordinary and unusual items), (B) interest expense, (C) income tax
expense, (D) depreciation expense, (E) amortization expense, (F) gains (or losses) from sales of assets and (G) to the extent subtracted in computing net income of such Joint Venture, (1) impairment charges and
(2) income attributable to minority interests, in each case of such Joint Venture determined on a Consolidated basis and in accordance with GAAP for the applicable period, and (ii) to exclude any JV Fee Income) to (b) the sum of
(i) interest (including capitalized interest) payable on, and amortization of debt discount in respect of (but not including of any amortization of financing costs or prepayment penalties), all Debt for Borrowed Money (provided that to the
extent interest on Debt for Borrowed Money is assessed at a floating rate, then for purposes of this definition such interest shall be calculated based upon the actual interest that was due and payable on such Debt for Borrowed Money during the
applicable period), plus (ii) scheduled amortization of principal amounts of all Debt for Borrowed Money payable (not including maturities) plus (iii) all dividends payable on any Preferred Interests, in each case, of or by the Parent and
its Subsidiaries for the consecutive four fiscal quarters of the Parent most recently ended for which financial statements are required to be delivered to the Lender Parties pursuant to Section 5.03 (b) or (c), as the case may be.

 2. Effectiveness of Amendment. This letter amendment (this “Amendment”)
shall become effective as of the date first above written (the “Amendment Effective Date”) when, and only when, each of the following conditions precedent shall have been satisfied: 
 (a) The Administrative Agent shall have received (i) counterparts of this Amendment executed by the Borrower, the Parent, the
Administrative Agent, the Lenders or, as to any Lender, advice satisfactory to the Administrative Agent that such Lender has executed this Amendment, and (ii) the consent attached hereto executed by each of the Subsidiary Guarantors.

 (b) The representations and warranties set forth in each of the Loan Documents shall be correct in all material respects on
and as of the Amendment Effective Date, both before and on a pro forma basis after giving effect to this Amendment, as though made on and as of such date (except for any such representation and warranty that, by its terms, refers to a
specific date other than the Amendment Effective Date, in which case as of such specific date). 
 (c) No event shall have
occurred and be continuing, or shall result from the effectiveness of this Amendment, that constitutes a Default or Event of Default. 
 3.
Costs and Expenses. The Borrower agrees to pay on demand all reasonable out-of-pocket costs and expenses of the Administrative Agent in connection with the preparation, execution and delivery hereof (including, without limitation, the
reasonable fees and expenses of counsel for the Administrative Agent) in accordance with the terms of Section 9.04 of the Credit Agreement. 
 4. Certain Definitions. This Amendment shall constitute a Loan Document. Following the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”
or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement,
shall mean and be a reference to the Credit Agreement as previously amended and as amended by this Amendment. 
 5. Ratification. The
Credit Agreement (as amended by this Amendment) and each of the other Loan Documents are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed. The execution, delivery and effectiveness of this
Amendment shall not, except to the extent expressly provided herein, operate as a waiver of any right, power or remedy of any Lender Party or the Administrative Agent under the Credit Agreement or any of the other Loan Documents, nor constitute a
waiver of any provision of the Credit Agreement or any of the other Loan Documents. 
 6. Execution Instructions. If you agree to the
terms and provisions hereof, please evidence such agreement by executing and returning a counterpart of this Amendment to Malcolm K. Montgomery of Shearman & Sterling LLP by facsimile (646.848.7587), with four duplicate originals by
overnight courier. 
 7. Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment by
telecopier shall be effective as delivery of a manually executed counterpart of this Amendment. 
 [Balance of page intentionally left
blank] 
  

 2 

 This Amendment shall be governed by, and construed in accordance with, the laws of the State of
New York. 
  

					
	Very truly yours,
	
	BORROWER:
	
	SUNSTONE HOTEL PARTNERSHIP, LLC
		
	By: 	 	/s/ Kenneth E. Cruse
		 	Name:	 	Kenneth E. Cruse
		 	Title:	 	Vice President
	
	PARENT:
	
	SUNSTONE HOTEL INVESTORS, INC.
		
	By:	 	/s/ Kenneth E. Cruse
		 	Name:	 	Kenneth E. Cruse
		 	Title:	 	CFO

  

 S-1 

					
	Agreed as of the date first above written:
	
	 CITICORP NORTH AMERICA, INC., 
 as
Administrative Agent and a Lender

		
	By: 	 	/s/ Michael Chlopak
		 	Name:	 	Michael Chlopak
		 	Title:	 	Managing Director

  

 S-2 

					
	 MERRILL LYNCH CAPITAL CORPORATION,
 as a Lender

		
	By: 	 	/s/ John C. Rowland
		 	Name:	 	John C. Rowland
		 	Title:	 	Vice President

  

 S-3 

					
	WACHOVIA BANK, NATIONAL ASSOCIATION, as a Lender 
		
	By: 	 	/s/ Amit Khimji
		 	Name:	 	Amit Khimji
		 	Title:	 	Vice President

  

 S-4 

					
	 CALYON NEW YORK BRANCH,
 as a Lender

		
	By: 	 	/s/ David Bowers
		 	Name:	 	David Bowers
		 	Title:	 	Managing Director
		
	By: 	 	/s/ Linda D. Tulloch
		 	Name:	 	Linda D. Tulloch
		 	Title:	 	Director

  

 S-5 

					
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
 as a Lender 

		
	By: 	 	 
		 	Name:	 	
		 	Title:	 	
		
	By: 	 	 
		 	Name:	 	
		 	Title:	 	

  

 S-6 

					
	 UBS LOAN FINANCE LLC,
 as a Lender

		
	By: 	 	/s/ Richard L. Tavrow
		 	Name:	 	Richard L. Tavrow
		 	Title:	 	Director
		
	By: 	 	/s/ Irja R. Otsa
		 	Name:	 	Irja R. Otsa
		 	Title:	 	Associate Director

  

 S-7 

					
	 JPMORGAN CHASE BANK, N.A.,
 as a
Lender 

		
	By: 	 	/s/ Vanessa Chiu
		 	Name:	 	Vanessa Chiu
		 	Title:	 	Vice President

  

 S-8 

					
	 KEYBANK NATIONAL ASSOCIATION,
 as a
Lender

		
	By: 	 	 
		 	Name:	 	
		 	Title:	 	

  

 S-9 

					
	 BANK OF AMERICA, N.A.,
 as a Lender

		
	By: 	 	/s/ Lesa Butler
		 	Name:	 	Lesa Butler
		 	Title:	 	Senior Vice President

  

 S-10 

 CONSENT 
 Dated as of November 9, 2008 
 Each of the undersigned, as a Subsidiary Guarantor under the Guaranty set forth in Article VII
of the Credit Agreement (as defined in the Third Letter Amendment to which this Consent is attached), hereby consents to such Third Letter Amendment and hereby confirms and agrees that notwithstanding the effectiveness of such Third Letter
Amendment, the Guaranty is, and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects, except that, on and after the effectiveness of such Third Letter Amendment, each reference in the Article VII of the
Credit Agreement to the “Credit Agreement”, “thereunder”, “thereof” or words of like import shall mean and be a reference to the Credit Agreement, as amended and modified by that certain First Letter Amendment dated as
of August 14, 2006 and that certain Second Letter Amendment dated as of May 23, 2007. 
  

					
	WB SUNSTONE-PORTLAND, LLC
		
	By: 	 	/s/ Kenneth E. Cruse
		 	Name:	 	Kenneth E. Cruse
		 	Title:	 	Vice President
	
	WB SUNSTONE-RIVERSIDE, LLC
		
	By: 	 	/s/ Kenneth E. Cruse
		 	Name:	 	Kenneth E. Cruse
		 	Title:	 	Vice President
	
	SUNSTONE WINDY HILL, L.L.C.
		
	By: 	 	/s/ Kenneth E. Cruse
		 	Name:	 	Kenneth E. Cruse
		 	Title:	 	Vice President
	
	SUNSTONE NAPA, L.L.C.
		
	By: 	 	/s/ Kenneth E. Cruse
		 	Name:	 	Kenneth E. Cruse
		 	Title:	 	Vice President

  

 C-1 

					
	SUNSTONE JAMBOREE, LLC
		
	By: 	 	/s/ Kenneth E. Cruse
		 	Name:	 	Kenneth E. Cruse
		 	Title:	 	Vice President
	
	SUNSTONE MACARTHUR, LLC
		
	By: 	 	/s/ Kenneth E. Cruse
		 	Name:	 	Kenneth E. Cruse
		 	Title:	 	Vice President
	
	SUNSTONE HOTELS ROCHESTER, L.L.C.
		
	By: 	 	/s/ Kenneth E. Cruse
		 	Name:	 	Kenneth E. Cruse
		 	Title:	 	Vice President
	
	SUNSTONE CENTER COURT, LLC
		
	By: 	 	/s/ Kenneth E. Cruse
		 	Name:	 	Kenneth E. Cruse
		 	Title:	 	Vice President
	
	SUNSTONE QUINCY, L.L.C.
		
	By: 	 	/s/ Kenneth E. Cruse
		 	Name:	 	Kenneth E. Cruse
		 	Title:	 	Vice President
	
	WSRH-LAX AIRPORT, LLC
		
	By: 	 	/s/ Kenneth E. Cruse
		 	Name:	 	Kenneth E. Cruse
		 	Title:	 	Vice President

  

 C-2

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