Document:

EXHIBIT 10.1

 EXHIBIT 10.1 
 TRANSITION SERVICES AGREEMENT 
 This Transition Services
Agreement (“Agreement”) dated this 27th day of
January, 2012 between Choice Hotels International, Inc. (“Employer”), a Delaware corporation with principal offices at 10750 Columbia Pike, Silver Spring, Maryland 20901, and Bruce N. Haase (“Employee”), and sets forth the terms
and conditions governing the employment relationship between Employee and Employer. 
 1. Employment. Employer will
continue to employ Employee as its Executive Vice President, Global Brands, Marketing & Operations (“EVP”) through January 31, 2012 (the “Transition Date”). Thereafter through the Termination Date (as hereinafter
defined), Employee shall remain an employee of Employer and certain subsidiaries in order to provide Employer transition assistance (the “Transition”), but not serve as an officer of Employer or otherwise make any policy making decisions
on behalf of Employer. During the Transition, Employee shall serve on a reduced work schedule; however, the parties anticipate that the level of services performed by Employee during the Transition will not permit such reduced work schedule to
constitute a constructive “separation from service” as defined under Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder, in particular Treas. Reg.
Section 1.409A-1(h)(1)(ii) (collectively, “Section 409A”). As such, no benefits otherwise payable under any program maintained by the Employer which are subject to Section 409A and which are triggered by a “separation from
service” will commence prior to the expiration of the Transition. 
 2. Duties. During the Transition, Employee
agrees to perform such duties as may be from time to time be assigned by Employer’s Chief Executive Officer. 
 3. Term;
Termination of Employment. 
 (a) The term of this Agreement (the “Term”) shall begin on February 1, 2012
(the “Effective Date”) and shall terminate on May 31, 2012 (the “Termination Date”). 
 (b)
Employee’s employment will terminate on the Termination Date and Employee will be deemed to have incurred a Separation from Service for purposes of Section 409A as of the Termination Date. Employee will return to Employer, no later than
the close of business on the Termination Date, any Choice property, including original and copied computer hardware or software, credit cards, long distance telephone cards, and keys or passcards to Choice buildings. On the next regular payday
following the Termination Date, Employer will pay Employee for earned but unpaid salary and all hours earned and unused vacation as of the Termination Date, less customary withholding for federal, state, and local taxes. 

(c) The parties acknowledge that Employer’s termination of Employee’s employment will constitute a without cause
“involuntary separation from service”, as described in Treas. Reg. Section 1.409A-1(n), and as such will trigger certain benefits to Employee under the Non-Competition, Non-Solicitation and Severance Benefit Agreement dated
January 25, 2008 between Employer and Employee (as amended on January 27, 2012). 
 4. Compensation. Through
the Termination Date, Employee shall continue to receive the equivalent compensation that he was receiving on the Effective Date and shall continue to participate in all Employer employee benefit plans, employee welfare plans (including, but not
limited to, medical, dental vision), life insurance, disability and all fringe benefits, including vacation, to the extent provided to other senior executive officers of the Employer; except that Employee shall not be entitled to any future equity
grants. 
 5. Assignment. The rights and obligations of Employer under this Agreement shall inure to the benefit of and
shall be binding upon the successors and assigns of Employer. The obligations of Employee hereunder may not be assigned or delegated. 
 6. Entire Agreement. This instrument contains the entire agreement of the parties. It may be changed only by an agreement in writing signed by the party against whom enforcement of any waiver,
change, modification, extension or discharge is sought. This Agreement supersedes all previous agreements between the parties with respect to the matters contained herein. This Agreement shall

 
be governed by the laws of the State of Maryland, and any disputes arising out of or relating to this Agreement shall be brought and heard in any court of competent jurisdiction in the State of
Maryland. Each party agrees to enter into an amendment to this Agreement to the extent such amendment is reasonably required under Section 409 with the understanding that any such amendment shall not, to the extent possible, reduce or change in
any way the economic terms set forth herein. 
 7. Severability. Any invalidity, in whole or in part, of any provision of
this Agreement shall not affect the validity of any other of its provisions. 
 IN WITNESS WHEREOF, the parties have executed
this Agreement on the date first set forth above. 
  

			
	 Employer:
 CHOICE
HOTELS INTERNATIONAL, INC.

		
	By:	 	/s/ Patrick Cimerola        
		 	 Patrick Cimerola
 Senior
Vice President

  

			
	Employee:
		
		 	/s/ Bruce Haase
		 	Bruce N. Haase

  
 2EXHIBIT 10.2

 EXHIBIT 10.2 
 AMENDMENT TO 
 NON-COMPETITION, NON-SOLICITATION AND SEVERANCE BENEFIT
AGREEMENT 
 This Amendment (“Amendment”) is made as of January 27, 2012 by and between Bruce Haase
(“Employee”) and Choice Hotels International, Inc. (“Choice”), and amends that certain Non-Competition, Non-Solicitation and Severance Benefit Agreement dated January 25, 2008 between the parties (“Agreement”).

 NOW, THEREFORE, in consideration of the promises contained in this Amendment, and other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the parties agree to the following terms: 
 1. Severance
Benefits. With respect to the Severance Benefits set forth in Section 5 of the Agreement, the parties acknowledge for purposes of clarity: 
 (i) the target bonus referred to in Section 5(b) is 55% of Employee’s base salary; and 
 (ii) a schedule of the stock options and stock awards referred to in Section 5(c) is set forth as Exhibit A hereto. 
 2. Additional Severance Benefits. The following provisions are added to the end of Section 5 of the Agreement: 

(f) for a period of seven months from the Termination Date, Employee shall continue to participate in Choice’s
Flexible Perquisite program at the same level that Employee was participating at the Termination Date. 
 (g)
Choice will provide Employee long-term disability coverage during the Severance Benefit Period substantially equivalent to Employee’s coverage during employment. 

(h) With respect to converted basic and option life insurance, Choice will pay Employee’s premiums during the
Severance Benefit Period. 
 (i) Choice will provide Employee with Supplemental Executive Life Insurance through
July 2014. 
 (j) During the Severance Benefit Period, Choice shall reimburse Employee for monthly cell phone
charges, up to $250 per month. 
 (k) During the Severance Benefit Period, Employee shall continue to participate
in the Executive Stay At Choice program up to a total reimbursement of $5,000. 
 3. Outplacement Services.
Section 5(d) of the Agreement is amended by adding the following to the end thereof: 
 The outplacement services will be at
the level Choice provides for its other NEO’s and Employee may choose the outplacement provider(s). 
 4. Offset.
Section 6 of the Agreement is amended by adding the following to the end thereof: 
 Notwithstanding the foregoing, Employee
shall be permitted to provide independent consulting services to third parties during the Severance Benefit Period without offset to the payments under Sections 5(a) and (b) so long as: (i) such services do not exceed $5,000 per month, and
(ii) such services are not provided to any person or entity who competes with Choice. 

 5. Miscellaneous. 

(a) All other provisions of the Agreement not modified by this Amendment remain in full force and effect. 

(b) The Agreement and this Amendment contains the entire agreement of the parties, and supersedes all other agreements, discussions or
understandings concerning the subject matter. The Agreement may be changed only by an agreement in writing signed by both parties. 
  

					
	 Choice Hotels International, Inc.
	 		 	Employee:
			
	 By:/s/ Patrick Cimerola
	 		 	/s/ Bruce Haase
		 		 	Bruce Haase

  
 2 

 Exhibit A 
 Stock Options and Stock Awards Outstanding as of January 27, 2012 

Restricted 

Stock 
  

																							
	 Award Date
	  	Award Type	  	Awarded	 	  	Target	 	  	Vested	 	  	Unvested	 	  	Cancelled	 
	 21-Mar-2008
	  	RSS	  	 	30,553.0000	  	  	 	NA	  	  	 	10,185.0000	  	  	 	20,368.0000	  	  	 	0.0000	  
	 08-Feb-2009
	  	RSS	  	 	4,185.0000	  	  	 	NA	  	  	 	2,092.0000	  	  	 	2,093.0000	  	  	 	0.0000	  
	 14-Feb-2010
	  	RSS	  	 	3,834.0000	  	  	 	NA	  	  	 	958.0000	  	  	 	2,876.0000	  	  	 	0.0000	  
	 14-Feb-2010
	  	RSS	  	 	12,270.0000	  	  	 	NA	  	  	 	0.0000	  	  	 	12,270.0000	  	  	 	0.0000	  
	 14-Feb-2010
	  	PSU	  	 	3,758.0000	  	  	 	3,758.0000	  	  	 	0.0000	  	  	 	3,758.0000	  	  	 	0.0000	  
	 20-Feb-2011
	  	PSU	  	 	3,334.0000	  	  	 	3,334.0000	  	  	 	0.0000	  	  	 	3,334.0000	  	  	 	0.0000	  
	 20-Feb-2011
	  	RSS	  	 	3,334.0000	  	  	 	NA	  	  	 	0.0000	  	  	 	3,334.0000	  	  	 	0.0000	  
		  		  	  
	  
	 	  				  	  
	  
	 	  	  
	  
	 	  			
	 Total
	  		  	 	88,540.0000	  	  				  	 	37,377.0000	  	  	 	48,033.0000	  	  			
		  		  	  
	  
	 	  				  	  
	  
	 	  	  
	  
	 	  			

 Stock Options 
  

																															
	 Grant Date
	  	Grant
Type	  	Expiration Date	 	  	Granted	 	  	Exercised	 	  	Cancelled	 	  	Expired	 	  	Exercisable	 	  	Outstanding	 
	 14-Feb-2005
	  	ISO	  	 	14-Feb-2015	  	  	 	5,800.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	5,800.0000	  	  	 	5,800.0000	  
	 12-Feb-2006
	  	ISO	  	 	12-Feb-2013	  	  	 	2,570.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	2,570.0000	  	  	 	2,570.0000	  
	 11-Feb-2007
	  	ISO	  	 	11-Feb-2014	  	  	 	3,136.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	3,136.0000	  	  	 	3,136.0000	  
	 25-May-2007
	  	ISO	  	 	25-May-2014	  	  	 	903.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	903.0000	  	  	 	903.0000	  
	 10-Feb-2008
	  	ISO	  	 	10-Feb-2015	  	  	 	3,022.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	3,022.0000	  
	 08-Feb-2009
	  	ISO	  	 	08-Feb-2016	  	  	 	2,880.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	2,880.0000	  
	 14-Feb-2010
	  	ISO	  	 	14-Feb-2017	  	  	 	2,260.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	2,260.0000	  
	 20-Feb-2011
	  	ISO	  	 	20-Feb-2018	  	  	 	3,609.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	3,609.0000	  
	 14-Feb-2005
	  	NQ	  	 	14-Feb-2015	  	  	 	17,400.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	17,400.0000	  	  	 	17,400.0000	  
	 12-Feb-2006
	  	NQ	  	 	12-Feb-2013	  	  	 	7,712.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	7,712.0000	  	  	 	7,712.0000	  
	 11-Feb-2007
	  	NQ	  	 	11-Feb-2014	  	  	 	9,408.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	9,408.0000	  	  	 	9,408.0000	  
	 25-May-2007
	  	NQ	  	 	25-May-2014	  	  	 	24,097.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	24,097.0000	  	  	 	24,097.0000	  
	 10-Feb-2008
	  	NQ	  	 	10-Feb-2015	  	  	 	21,660.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	18,511.0000	  	  	 	21,660.0000	  
	 08-Feb-2009
	  	NQ	  	 	08-Feb-2016	  	  	 	43,183.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	23,031.0000	  	  	 	43,183.0000	  
	 14-Feb-2010
	  	NQ	  	 	14-Feb-2017	  	  	 	4,005.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	1,566.0000	  	  	 	4,005.0000	  
	 14-Feb-2010
	  	NQ	  	 	14-Feb-2017	  	  	 	18,795.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	4,698.0000	  	  	 	18,795.0000	  
	 20-Feb-2011
	  	NQ	  	 	20-Feb-2018	  	  	 	18,537.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	18,537.0000	  
		  		  				  	  
	  
	 	  				  				  				  	  
	  
	 	  	  
	  
	 
	 Total
	  		  				  	 	349,977.0000	  	  				  				  				  	 	118,832.0000	  	  	 	188,977.0000

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00198-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00198-of-00352.parquet"}]]