Document:

Exhibit 10.54

Exhibit 10.54

AMENDMENT TO

EMPLOYMENT AGREEMENT

THIS
AMENDMENT TO EMPLOYMENT AGREEMENT is made effective as of the
23rd day of September 2010, by and between CENTRA BANK, INC., a
West Virginia corporation (“Employer”), and DOUGLAS J. LEECH, JR. (“Employee”), joined in by CENTRA FINANCIAL HOLDINGS,
INC., a West Virginia corporation (“Centra Financial”).

RECITALS

A. The parties wish to amend the Employment Agreement among Employee, Employer and Centra Financial dated as of
January 17, 2008, as amended on March 17, 2008 and January 12, 2009 (“Employment Agreement”), to provide for a
declining multiplier in the event of termination following a change of control, and providing for recovery of certain
funds as an offset to payments hereunder.

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

1. Paragraph 4(d) of the Employment Agreement shall be amended to read, in its entirety, as follows:

d. Change of Control. In the event of a Change of Control (as
defined below) of Employer at any time after the date hereof, Employee may
voluntarily terminate employment with Employer up until 24 months after the Change
of Control and be entitled to receive any compensation due but not yet paid
through the date of termination and in addition, all compensation and benefits and
other transfers, including but not limited to the automobile, including gross-up
for taxes, as set forth in Section 4(a) of this Agreement for a period of five
years following such voluntary termination. In the event of a Change of Control
during the initial five-year term of this Agreement, Employee’s annual
compensation shall be 1.5 times all compensation, including the then-minimum base
salary and incentive compensation and discretionary bonus, based on the average
for the three years prior to termination for the remaining term of this Agreement.
In the event of a Change of Control for the five years succeeding the initial
five-year term of this Agreement, Employee’s annual compensation shall be
calculated as follows:

 

1

 

	 	 	 
	January 18, 2013–January 17, 2014

	 	1.4 times all compensation, as set forth
above.
	January 18, 2014–January 17, 2015

	 	1.3 times all compensation,
as set forth above.
	January 18, 2015–January 17, 2016

	 	1.2 times all compensation,
as set forth above.
	January 18, 2016–January 17, 2017

	 	1.1 times all compensation,
as set forth above.
	January 18, 2018 and Thereafter

	 	1.0 times all compensation,
as set forth above.

A “Change of Control” shall be deemed to have occurred if (i) any person or
group of persons (as defined in Section 13(d) and 14(d) of the Securities Exchange
Act of 1934) together with its affiliates, excluding employee benefit plans of
Employer, is or becomes, directly or indirectly, the “beneficial owner” (as
defined in Rule 13d-3 promulgated under the Securities Exchange Act of 1934) of
securities of Employer or Centra Financial representing 30% or more of the
combined voting power of Employer’s then outstanding securities; provided,
however, that any public or private stock issuance by Employer shall not
constitute a change of control for purposes hereunder; or (ii) during the term of
this Agreement as a result of a tender offer or exchange offer for the purchase of
securities of Employer (other than such an offer by Employer for its own
securities), or as a result of a public or private stock issuance by Employer, a
proxy contest, merger, consolidation or sale of assets, or as a result of any
combination of the foregoing, there is a change in the composition of at least
one-third of the members of Employer’s Board of Directors, except new directors
whose election or nomination for election by Employer’s shareholders is approved
by a vote of at least two-thirds of the directors still in office who were
directors at the beginning of such two-year period; or (iii) the shareholders of
Employer approve a merger or consolidation of Employer with any other corporation
or entity regardless of which entity is the survivor, other than a merger or
consolidation which would result in the voting securities of Employer outstanding
immediately prior thereto continuing to represent (either by remaining outstanding
or being converted into voting securities of the surviving entity) at least 80% of
the combined voting power of the voting securities of Employer or such surviving
entity outstanding immediately after such merger or consolidation.

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2. The Employment Agreement shall be amended by adding a Section 10, to read, in its entirety, as follows:

10. Setoff. Any payments due to Employee by Employer hereunder shall
be subject to setoff against any material amounts for which Employer establishes
that Employee willfully and wrongfully received from Employer any time during the
five-year period prior to termination hereunder but no more than the amounts
wrongfully received. There are to be no imputed or punitive damages assessed or
added beyond the amounts wrongfully received. For purposes of this Agreement, no
payment, transfer or other benefit made to, or received by Employee, including but
not limited to any payment of salary, bonus, perquisites, employee benefits,
expense reimbursement or payment any other matter which was expressly authorized
by the Board of Directors or Compensation Committee or either Employer or Centra
Financial shall be considered to be wrongfully paid or wrongfully received;
provided, however, that nothing in this Agreement shall be construed as requiring
approval of any expense reimbursement or payment by the Board of Directors or
Compensation Committee of Employer or Centra Financial. For purposes of this
Section “material” shall mean material to the consolidated, overall financial
position and results of operations of Centra Financial.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first written above.

	 	 	 	 	 
	 	Centra Bank, Inc.
	 
	 	By	 
	 	 	 
	 
	 	   Its	 
	 	 	 
	 
	 	Compensation Committee Members of

    Centra Financial Holdings, Inc. and

    Centra Bank, Inc.
	 
	 	By	 	/s/ Mark R. Nesselroad
	 	 	 
	 	 	Mark R. Nesselroad
	 
	 	By	 	/s/ Bernard G. Westfall
	 	 	 
	 	 	Bernard G. Westfall

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	 	By	 	/s/ James W. Dailey, II
	 	 	 
	 	 	James W. Dailey, II
	 
	 	By	 	/s/ C. Christopher Cluss
	 	 	 
	 	 	C. Christopher Cluss
	 
	 	Centra Financial Holdings, Inc.
	 
	 	By	 
	 	 	 
	 
	 	   Its	 
	 	 	 
	 
	 	Employee:
	 
	 	By	 	/s/ Douglas J. Leech, Jr.
	 	 	 
	 	 	Douglas J. Leech, Jr.

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4exv10w1

Exhibit 10.1

AMENDMENT NO. 5

TO

THIRD AMENDED AND RESTATED

AGREEMENT OF LIMITED PARTNERSHIP

OF

ASHFORD HOSPITALITY LIMITED PARTNERSHIP

September 22, 2010

     This Amendment No. 5 to the Third Amended and Restated Agreement of Limited Partnership of
Ashford Hospitality Limited Partnership (this “Amendment”) is made as of September 22, 2010, by
Ashford OP General Partner, LLC, a Delaware limited liability company, as general partner (the
“General Partner”) of Ashford Hospitality Limited Partnership, a Delaware limited partnership (the
“Partnership”), pursuant to the authority granted to the General Partner in the Third Amended and
Restated Agreement of Limited Partnership of Ashford Hospitality Limited Partnership, dated as of
May 7, 2007, as amended by Amendment No. 1 to the Third Amended and Restated Agreement of Limited
Partnership of Ashford Hospitality Limited Partnership, dated as of July 18, 2007, Amendment No. 2
to the Third Amended and Restated Agreement of Limited Partnership, dated as of February 6, 2008,
Amendment No. 3 to the Third Amended and Restated Agreement of Limited Partnership, dated as of
March 21, 2008, and Amendment No. 4 to the Third Amended and Restated Agreement of Limited
Partnership, effective as of May 18, 2010 (as so amended, the “Partnership Agreement”), for the
purpose of issuing additional Partnership Units in the form of Preferred Partnership Units.
Capitalized terms used and not defined herein shall have the meanings set forth in the Partnership
Agreement.

     WHEREAS, the Board of Directors (the “Board”) of Ashford Hospitality Trust, Inc. (the
“Company”), adopted resolutions on June 2, 2007 classifying and designating 8,000,000 shares of
Preferred Stock (as defined in the Articles of Amendment and Restatement of the Company (the
“Charter”)) as Series D Preferred Stock;

     WHEREAS, the Board filed Articles Supplementary to the Charter with the State Department of
Assessments and Taxation of Maryland (the “Department”) on July 17, 2007, establishing the Series D
Preferred Stock, with such preferences, rights, powers, restrictions, limitations as to
distributions, qualifications and terms and conditions of redemption as described in the Series D
Articles Supplementary (as defined below);

     WHEREAS, on July 18, 2007, the Company issued 8,000,000 shares of the Series D Preferred
Stock;

     WHEREAS, during 2008 and 2009, the Company repurchased 2,333,203 shares of the Series D
Preferred Stock and upon redemption by the Company, such shares reverted to authorized but unissued
preferred stock, without designation as to class or series, leaving only 5,666,797 shares of
authorized and issued shares of Series D Preferred Stock;

     WHEREAS, on September 15, 2010, the Board adopted resolutions classifying and designating
3,300,000 additional shares of Series D Preferred Stock, establishing the additional

 

 

shares of Series D Preferred Stock, with the same preferences, rights, powers, restrictions,
limitations as to dividends, distributions, qualifications and terms and conditions of redemption
as described in the Series D Articles Supplementary;

     WHEREAS, on September 20, 2010, the Board filed Articles Supplementary (together with the
Articles Supplementary to the Charter filed with the Department on July 17, 2007 establishing the
Series D Preferred Stock, the “Series D Articles Supplementary”) to the Charter with the
Department, classifying 3,300,000 additional shares of the Company’s authorized preferred stock as
Series D Preferred Stock, with such preferences, rights, powers, restrictions, limitations as to
distributions, qualifications and terms and conditions of redemption as described in the Series D
Articles Supplementary;

     WHEREAS, on September 22, 2010, the Company issued 3,300,000 additional shares of the Series D
Preferred Stock; and

     WHEREAS, the General Partner has determined that, in connection with the issuance of the
additional shares of Series D Preferred Stock, it is necessary and desirable to amend the
Partnership Agreement to clarify that all shares of Series D Preferred Partnership Units shall have
designations, preferences and other rights which are substantially the same as the economic rights
of the Series D Preferred Stock issued pursuant to the Series D Articles Supplementary, as amended.

     NOW, THEREFORE, in consideration of the mutual covenants between the parties hereto and for
other good and valuable consideration, the receipt and sufficiency of which hereby are
acknowledged, the General Partner hereby amends the Partnership Agreement as follows:

     1. Article 1 of the Partnership Agreement is hereby amended to amend and restate the following
definition in its entirety:

     “Series D Articles Supplementary” shall mean the Articles Supplementary Establishing and
Fixing the Rights and Preferences of a Series of Preferred Stock, designating the rights and
preferences of the 8.45% Series D Cumulative Preferred Stock, filed as part of the Company’s
charter with the State Department of Assessments and Taxation of Maryland, on July 17, 2007, as
amended by the Articles of Amendment to Articles Supplementary Establishing and Fixing the Rights
and Preferences of a Series of Preferred Stock, filed as part of the Company’s charter with the
State Department of Assessments and Taxation of Maryland, on September 20, 2010.

     2. The Partnership Agreement is hereby amended to replace Exhibit L and
Exhibit A with revised Exhibit L and Exhibit A, respectively, to reflect
the issuance of the additional Series D Preferred Partnership Units authorized under the Series D
Articles Supplementary.

     3. Except as modified herein, all terms and conditions of the Partnership Agreement shall
remain in full force and effect, which terms and conditions the General Partner hereby ratifies and
confirms.

     4. This Amendment shall be construed and enforced in accordance with and governed by the laws
of the State of Delaware, without regard to conflicts of law.

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     5. If any provision of this Amendment is or becomes invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions contained herein
shall not be affected thereby.

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IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date first set forth
above.

	 	 	 	 	 
	 	ASHFORD OP GENERAL PARTNER, LLC, a

Delaware limited liability company, as General 

Partner of Ashford Hospitality Limited Partnership

 	 
	 	By:  	/s/ David A. Brooks
 	 
	 	 	David A. Brooks, Vice President 	 
	 	 	 	 

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EXHIBIT L

DESIGNATION OF TERMS AND CONDITIONS OF SERIES D

PREFERRED PARTNERSHIP UNITS

     A. Designation and Number. A series of Preferred Partnership Units, designated as
Series D Preferred Partnership Units, is hereby established. The number of Series D Preferred
Partnership Units shall be 8,966,797.

     B. Rank. The Series D Preferred Partnership Units, with respect to rights to
distributions and payments to Partners, the distribution of assets upon the liquidation,
dissolution or winding up of the Partnership, rank (a) prior or senior to the Common Partnership
Units and all Partnership Units issued by the Partnership (“Junior Units”) the terms of which
specifically provide that such Partnership Units rank junior to the Series D Preferred Partnership
Units; (b) on a parity with the Series A Preferred Partnership Units, Series B-1 Preferred
Partnership Units, Series C Preferred Partnership Units and all other Partnership Units issued in
the future by the Partnership (“Parity Units”) the terms of which specifically provide that such
Partnership Units rank on a parity with the Series D Preferred Partnership Units; (c) junior to all
Partnership Units issued by the Partnership the terms of which specifically provide that such
Partnership Units rank senior to the Series D Preferred Partnership Units; and (d) junior to all of
the Partnership’s existing and future indebtedness.

     C. Distributions.

     (i) Pursuant to Section 8.1 of the Partnership Agreement but subject to the rights of
holders of any Preferred Partnership Units ranking senior to the Series D Preferred
Partnership Units as to the payment of distributions, Ashford OP Limited Partner, LLC, in
its capacity as the holder of the then outstanding Series D Preferred Partnership Units,
shall be entitled to receive, when, as and if authorized by the General Partner, from the
Cash Flow, cumulative quarterly preferential cash distributions in an amount per Series D
Preferred Partnership Unit equal to 8.45% of the $25.00 liquidation preference per annum
(equivalent to a fixed annual amount of $2.1125 per Series D Preferred Partnership Unit);
provided, however, that during any period of time that both (i) the Series D Preferred Stock
is not listed on the NYSE, AMEX or NASDAQ, and (ii) the Company is not subject to the
reporting requirements of the Exchange Act, and any shares of Series D Preferred Stock are
outstanding, in lieu of the distribution described above, the Partnership will increase the
cumulative quarterly preferential cash distributions to an amount per Series D Preferred
Partnership Unit equal to 9.45% of the $25.00 liquidation preference per annum (equivalent
to a fixed annual amount of $2.3625 per Series D Preferred Partnership Unit). Distributions
of Preferred Return on the Series D Preferred Partnership Units shall be cumulative from the
Deemed Original Issuance Date (as defined below), whether or not in any distribution period
or periods (i) such distributions shall be authorized by the General Partner, (ii) there
shall be funds legally available for the payment of such distributions or (iii) any
agreement prohibits the Partnership’s payment of such distributions, and such distributions
shall be payable quarterly the 15th day of January, April, July and October of each year
(or, if not a Business Day, the next succeeding Business Day), commencing October 15, 2007
for the

Exhibit L - Page 1

 

Series D Preferred Partnership Units that were issued on July 18, 2007 and remain
outstanding or October 15, 2010 for the Series D Preferred Partnership Units that were
issued on September 22, 2010. Any distribution of Preferred Return payable on the Series D
Preferred Partnership Units for any partial distribution period will be computed on the
basis of twelve 30-day months and a 360-day year. Distributions of Preferred Return will be
payable in arrears to holders of record as they appear on the records of the Partnership at
the close of business on the last day of each of March, June, September and December, as the
case may be, immediately preceding the applicable distribution payment date, which dates
shall be the Partnership Record Dates for the Series D Preferred Partnership Units. Except
for distributions in liquidation or redemption as provided in Sections D and E,
respectively, holders of Series D Preferred Partnership Units will not be entitled to
receive any distributions in excess of cumulative Preferred Returns accrued on the Series D
Preferred Partnership Units at the rate specified in this paragraph. No interest will be
paid in respect of any distribution payment or payments on the Series D Preferred
Partnership Units that may be in arrears. The 9.45% distribution on the Series D Preferred
Units, if applicable, shall cease to accrue and the distribution rate shall revert to 8.45%
on the first date following the earlier of (i) the listing of the Series D Preferred Stock
on the NYSE, AMEX or NASDAQ or (ii) the Company becoming subject to the reporting
requirements of the Exchange Act. As used herein, “Deemed Original Issuance Date” means (i)
for the Series D Preferred Partnership Units that were issued on July 18, 2007 and remain
outstanding, July 18, 2007; or (ii) for the Series D Preferred Partnership Units that were
issued on September 22, 2010, July 1, 2010.

     (ii) When distributions of Preferred Return are not paid in full upon the Series D
Preferred Partnership Units or any other series of Parity Units, or a sum sufficient for
such payment is not set apart, all distributions of Preferred Return authorized by the
General Partner upon the Series D Preferred Partnership Units and any other series of Parity
Units shall be authorized by the General Partner ratably in proportion to the respective
amounts of such distributions accumulated, accrued and unpaid on the Series D Preferred
Partnership Units and accumulated, accrued and unpaid on such Parity Units. Except as set
forth in the preceding sentence, unless distributions on the Series D Preferred Partnership
Units equal to the full amount of accumulated, accrued and unpaid distributions of Preferred
Return have been or contemporaneously are authorized by the General Partner and paid, or
authorized by the General Partner and a sum sufficient for the payment thereof set apart for
such payment for all past distribution periods, no distributions (other than distributions
paid in Junior Units or options, warrants or rights to subscribe for or purchase Junior
Units) shall be authorized by the General Partner or paid or set aside for payment by the
Partnership with respect to any class or series of Parity Units. Unless full cumulative
distributions of Preferred Return on the Series D Preferred Partnership Units have been paid
or authorized by the General Partner and set apart for payment for all past distribution
periods, no distributions (other than distributions paid in Junior Units or options,
warrants or rights to subscribe for or purchase Junior Units) shall be authorized by the
General Partner or paid or set apart for payment by the Partnership with respect to any
Junior Units, nor shall any Junior Units or Parity Units be redeemed, purchased or otherwise
acquired for any consideration, or any monies be paid to or made available for a sinking
fund for the redemption of any Junior

Exhibit L - 2

 

Units or Parity Units (except by conversion or exchange for Junior Units, or options,
warrants or rights to subscribe for or purchase Junior Units), nor shall any other cash or
property be paid or distributed to or for the benefit of holders of Junior Units or Parity
Units. Notwithstanding the foregoing, the General Partner shall not be prohibited from
(i) authorizing or paying or setting apart for payment any Preferred Return or distribution
on any Parity Units or (ii) redeeming, purchasing or otherwise acquiring any Junior Units or
Parity Units, in each case, if such authorization, payment, redemption, purchase or other
acquisition is necessary to maintain the Company’s qualification as a REIT.

     (iii) No distribution of Preferred Return on the Series D Preferred Partnership Units
shall be authorized by the General Partner or paid or set apart for payment at such time as
the terms and provisions of any agreement of the Partnership, including any agreement of the
Partnership relating to the Partnership’s indebtedness, prohibits such authorization,
payment or setting apart for payment or provides that such authorization, payment or setting
apart for payment would constitute a breach thereof, or a default thereunder, or if such
authorization, payment or setting apart for payment shall be restricted or prohibited by
law.

     (iv) In determining whether a distribution (other than upon voluntary or involuntary
liquidation, dissolution or winding up of the Partnership) of Preferred Return or in
redemption or otherwise, is permitted, amounts that would be needed, if the Partnership were
to be dissolved at the time of the distribution, to satisfy the liquidation preference of
the Series D Preferred Partnership Units (as provided in Section D below) will not be added
to the Partnership’s total liabilities.

     D. Liquidation Preference.

     (i) Upon any voluntary or involuntary liquidation, dissolution or winding up of the
Partnership, before any payment or distribution shall be made to or set apart for the
holders of any Junior Units, Ashford OP Limited Partner, LLC, in its capacity as holder of
the Series D Preferred Partnership Units, shall be entitled to receive a liquidation
preference distribution of $25.00 per Series D Preferred Partnership Unit, plus an amount
equal to all accumulated, accrued and unpaid Preferred Return to the date of final
distribution, but Ashford OP Limited Partner, LLC shall not be entitled to any further
payment with respect thereto. If upon any liquidation, dissolution or winding up of the
Partnership, its assets, or proceeds thereof, distributable among Ashford OP Limited
Partner, LLC, in its capacity as the holder of the Series D Preferred Partnership Units,
shall be insufficient to pay in full the above described preferential distribution and
liquidating distributions on any other series of Parity Units, then such assets, or the
proceeds thereof, shall be distributed among Ashford OP Limited Partner, LLC, in its
capacity as the holder of the Series D Preferred Partnership Units, and the holders of any
such other Parity Units ratably in the same proportion as the respective amounts that would
be payable on such Series D Preferred Partnership Units and any such other Parity Units if
all amounts payable thereon were paid in full.

     (ii) Upon any liquidation, dissolution or winding up of the Partnership, after payment
shall have been made in full to Ashford OP Limited Partner, LLC, in its

Exhibit L - 3

 

capacity as the holder of the Series D Preferred Partnership Units, holders of the
Series D Preferred Partnership Units shall have no right or claim to any of the remaining
assets of the Partnership.

     (iii) None of a consolidation or merger of the Partnership with or into another entity,
a merger of another entity with or into the Partnership, a statutory unit exchange by the
Partnership or a sale, lease or conveyance of all or substantially all of the Partnership’s
property or business shall be considered a liquidation, dissolution or winding up of the
affairs of the Partnership.

     E. Redemption. In connection with the redemption by the Company of any shares of
Series D Preferred Stock in accordance with the provisions of the Series D Articles Supplementary,
the Partnership shall provide cash to Ashford OP Limited Partner, LLC for such purpose which shall
be equal to the redemption price (as set forth in the Series D Articles Supplementary), plus all
distributions of Preferred Return accumulated and unpaid to the Redemption Date (as defined in the
Series D Articles Supplementary), and one Series D Preferred Partnership Unit shall be concurrently
redeemed with respect to each share of Series D Preferred Stock so redeemed by the Company. From
and after the applicable Redemption Date, the Series D Preferred Partnership Units so redeemed
shall no longer be outstanding and all rights hereunder, to distributions or otherwise, with
respect to such Series D Preferred Partnership Units shall cease. Any Series D Preferred
Partnership Units so redeemed may be reissued to Ashford OP Limited Partner, LLC at such time as
the Company reissues a corresponding number of shares of Series D Preferred Stock so redeemed or
repurchased, in exchange for the contribution by the Company, through the Ashford OP Limited
Partner, LLC, to the Partnership of the proceeds from such reissuance.

     F. Voting Rights. Except as required by applicable law, the holder of the Series D
Preferred Partnership Units, as such, shall have no voting rights.

     G. Conversion. The Series D Preferred Partnership Units are not convertible into or
exchangeable for any other property or securities of the Partnership.

     H. Restriction on Ownership. The Series D Preferred Partnership Units shall be owned
and held solely by Ashford OP Limited Partner, LLC.

     I. Allocations. Allocations of the Partnership’s items of income, gain, loss and
deduction shall be allocated pro rata among holders of Series D Preferred Partnership Units in
accordance with Article V of the Partnership Agreement.

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Exhibit L - 4

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