Document:

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                                                                    Exhibit 10.2

                         PROLOGIS 2000 SHARE OPTION PLAN
                              FOR OUTSIDE TRUSTEES
          (As Amended and Restated Effective as of September 26, 2002)

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                        PROLOGIS 2000 SHARE OPTION PLAN
                              FOR OUTSIDE TRUSTEES
          (As Amended and Restated Effective as of September 26, 2002)

     1.   History and Purpose of the Plan. ProLogis (formerly known as ProLogis
Trust), a Maryland real estate investment trust (the "Trust"), established the
ProLogis 2000 Share Option Plan for Outside Trustees (the "Plan") effective as
of May 18, 2000. The Plan is intended to advance the interests of the Trust and
its shareholders by affording to the Trustees who are not officers or employees
of the Trust or its affiliates an additional opportunity to participate in the
ownership of the Trust and to benefit from any appreciation in the market value
of the Shares in order to motivate, retain and attract the highly competent
individuals upon whose judgment, initiative, leadership and continued efforts
the success of the Trust depends. The following provisions constitute an
amendment, restatement and continuation of the Plan as in effect immediately
prior to September 26, 2002 in the form of "ProLogis 2000 Share Option Plan for
Outside Trustees".

     2.   Definitions. Unless the context otherwise requires, the following
words as used herein shall have the following meanings:

     (a)  "Administrator" - The Secretary of the Trust or other person (who is
not an Outside Trustee) designated by the Board of Trustees of the Trust (the
"Board") to administer the Plan.

     (b)  "Annual Meeting" - The annual meeting of shareholders of the Trust.

     (c)  "Disability" - Disability resulting from injury or illness which, as
determined by the Administrator, renders the Optionee unable to serve as a
Trustee of the Trust.

     (d)  "Option" - An option to purchase Shares granted pursuant to the
provisions hereof.

     (e)  "Optionee" - An Outside Trustee who has been granted an Option under
this Plan.

     (f)  "Outside Trustee" - A Trustee of the Trust who is not an officer or
employee of the Trust or its affiliates.

     (g)  "Plan" - The ProLogis Trust 2000 Share Option Plan for Outside
Trustees set forth herein.

     (h)  "Retirement" - Retirement shall mean the termination of the Trustee's
position as a Trustee after providing at least five years of service as a
Trustee to the Trust and attaining age 60.

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     (i)  "Share Option Agreement" - The agreement described in Section 5
between the Trust and the Optionee pursuant to which the Optionee may purchase
Shares hereunder.

     (j)  "Shares" - The Trust's present common shares of beneficial interest
and any share or shares of beneficial interest or other securities of the Trust
hereafter issued or issuable upon, in respect of or in substitution or in
exchange therefor.

     3.   Administration of the Plan. The Plan shall be administered by the
Administrator, who shall, in accordance with the provisions hereof: (i) direct
the preparation of any appropriate documentation, including Share Option
Agreements, to document the grant of Options, (ii) process and supervise the
exercise and termination of Options, (iii) make necessary adjustments to the
Shares because of changes in capitalization of the Trust and (iv) perform such
other ministerial acts as are necessary to carry out the purposes of the Plan.

     4.   Shares Subject to Plan. There shall be reserved for use upon exercise
of Options granted under the Plan 400,000 Shares (unless such maximum shall be
increased or decreased by reason of changes in capitalization as provided in
Section 9 hereof). The Shares subject to the Plan may be authorized but unissued
Shares, or may be issued Shares which have been reacquired by the Trust. Shares
with respect to which an Option has been exercised shall not again be available
for Option hereunder, unless the Option shall expire or terminate for any reason
without having been exercised in full (including Shares which are surrendered
pursuant to Section 5(d)), in which case new Options may be granted hereunder
covering such Shares.

     5.   Options.

          (a) Option Grant and Agreement. On each date of the Annual Meeting
through and including 2010, each Outside Trustee on such date (after the
election of Trustees in the Annual Meeting) shall be granted an Option to
purchase in the aggregate 5,000 Shares for the exercise price and subject to the
other provisions described below. Each Option granted hereunder shall be
evidenced by a written Share Option Agreement dated as of the date of grant,
which Agreement shall set forth an offer to sell at the Option price, the number
of Shares subject to the offer, the period of time during which the offer shall
remain open, and such other terms and provisions that are consistent with the
Plan.

          (b) Option Price. The Option price per Share subject to each Option
shall be the greater of par value or the closing price of Shares on the New York
Stock Exchange on the date of the Annual Meeting corresponding to the Option
grant, as such price is reported in the Wall Street Journal on the business day
immediately following such date.

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          (c)  Option Period. The term of each Option shall be ten (10) years.
Each Option shall be subject to earlier termination as hereinafter provided.

          (d)  Share Appreciation Rights Under Certain Circumstances.

               (i)  In the event of the acquisition of fifty percent (50%) or
          more of the outstanding Shares as a result of any cash tender offer or
          exchange offer, other than one made by the Trust, the Trust shall give
          written notice to each Optionee promptly after the date on which the
          corporation, person or other entity making a cash tender offer or
          exchange offer acquires fifty percent (50%) or more of the outstanding
          Shares. Each Optionee shall thereafter have the right, for a period of
          thirty (30) days after the date of receipt of such notice from the
          Trust, to either (i) exercise his Option in full, or (ii) surrender
          his Option, or the unexercised portion thereof, to the Trust in
          exchange for a cash payment to be made by the Trust to the Optionee
          within ten (10) days after receipt by the Trust of the Option in an
          amount representing the difference between the Option price per Share
          under the Option and the cash price paid per Share in the tender
          offer, or in the event of an exchange offer, the value per Share of
          the securities and/or other property offered in such exchange offer.

               (ii) In the event of the dissolution or liquidation of the Trust,
          each Option granted under this Plan shall terminate as of such
          dissolution or liquidation date, provided that each Optionee shall
          have the right during the thirty (30) day period prior to such date to
          exercise his Option in full. At the end of such period, any
          unexercised Option, or any unexercised portion thereof, shall
          terminate and be of no further effect.

     6.   Non-Transferability of Options. An Option shall not be transferable
otherwise than by will or by the laws of descent and distribution, and an Option
may be exercised, during the lifetime of the Optionee, only by the Optionee or
by his guardian or legal representative. Any attempted assignment, transfer,
pledge, hypothecation or other disposition of the Option contrary to the
provisions hereof, or the levy of any execution, attachment or similar process
upon the Option shall be null and void and without effect. Notwithstanding the
foregoing provisions of this Section, the Administrator may permit Options
awarded under the Plan to be transferred to or for the benefit of the Optionee's
family (including, without limitation, to a trust or partnership for the benefit
of an Optionee's family), subject to such procedures as the Administrator may
establish.

     7.   Exercise of Options; Termination, Death, Disability or Retirement.
Each exercise of an Option, or any part thereof, shall be evidenced by a notice
in writing to the Trust. The purchase price of the Shares as to which an Option
shall be exercised shall be paid in full in cash or by check at the time of
exercise. The holder of an Option shall not have any of the rights of a
shareholder of the Trust with respect to the Shares covered by the Option except
to the extent that

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one or more certificates for such Shares shall have been delivered to him, or he
has been determined by the Trust's Transfer Agent to be a shareholder of record
upon due exercise of the Option. If the Optionee's position as a Trustee shall
be terminated for any reason other than death, Disability or Retirement, the
Optionee shall have the right, during the period ending three months after such
termination, to exercise such Option, to the extent vested, but in no event more
than the Option period described in Section 5(c). In the event of death,
Disability or Retirement, the Optionee in the event of Retirement, the Optionee
or his guardian or legal representative in the event of Disability, or his
personal representatives, heirs, legatees or distributees in the event of his
death, shall have the right, up to twelve (12) months from the date of
Disability or date of death and up to twelve (12) months from the date of
Retirement, as the case may be, to exercise the Option to the extent that the
Option is vested and is not exercised (but in any event not more than the Option
period described in Section 5(c)). Prior to the date the Shares would otherwise
be transferred pursuant to the exercise of an Option, to the extent permitted by
the Administrator, an Optionee may irrevocably elect to defer receipt of such
Shares until the last day of a later calendar year, but in no event later than
the date on which the Optionee's position as a Trustee shall terminate.

     8.   Compliance with Securities and Other Laws. In no event shall the Trust
be required to sell or issue Shares under any Option if the issuance thereof
would constitute a violation by either the Optionee or the Trust of any
provision of any law or regulation of any governmental authority or any national
securities exchange. To the extent that the Plan provides for issuance of
certificates to reflect the transfer of Shares, the transfer of such Shares may
be effected on a non-certificated basis, to the extent not prohibited by
applicable law or the rules of any stock exchange.

     9.   Adjustments Upon Changes in Capitalization. The Options shall be
adjusted from time to time as follows:

          (a) Subject to any required action by shareholders, the number of
Shares covered by each outstanding Option, and the Option price, shall be
proportionately adjusted for any increase or decrease in the number of issued
Shares resulting from a subdivision or consolidation of Shares or the payment of
a stock dividend (but only in Shares) or any other increase or decrease in the
number of Shares effected without receipt of consideration by the Trust.

          (b) Subject to any required action by shareholders, if the Trust shall
be the surviving corporation in any merger or consolidation, each outstanding
Option shall pertain to and apply to the securities to which a holder of the
number of Shares subject to the Option would have been entitled and, to the
extent determined by the Administrator, the Option price shall also be equitably
adjusted. A merger or consolidation in which the Trust is not the surviving
corporation shall cause each outstanding Option to terminate, provided that each
Optionee shall, in such event, have the right immediately prior to such merger
or consolidation in which the Trust is not the surviving corporation to exercise
his outstanding Options in full.

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               (c)  In the event of a change in the Shares as presently
constituted which is limited to a change of all of its authorized Shares with
par value into the same number of Shares with a different par value or without
par value, the Shares resulting from any such change shall be deemed to be
Shares within the meaning of this Plan.

          To the extent that the foregoing adjustments relate to Shares, such
adjustments shall be made by the Administrator, whose determination shall be
final, binding and conclusive.

          The grant of an Option pursuant to the Plan shall not affect in any
way the right or power of the Trust to make adjustments, reclassifications,
reorganizations or changes of its capital or business structure or to merge or
to consolidate or to dissolve, liquidate or sell, or transfer all or any part of
its business or assets.

          10.  Dividend Equivalent Units.

               (a)  Award of Dividend Equivalent Units. For periods on and after
September 1, 2001, "Dividend Equivalent Units" shall not be granted to any
Optionee except to the extent and on such terms and conditions as specifically
provided by the Board. With respect to "Dividend Equivalent Units" granted with
respect to any Option, the provisions of paragraphs (b) and (c) shall apply.

               (b)  Crediting of Dividend Equivalent Units. Dividend Equivalent
Units granted in connection with Options under the Plan shall be subject to the
following:

                    (i)  Annual Crediting of Dividend Equivalent Units. As of
               the last day of each calendar year, if the Option and the
               corresponding Dividend Equivalent Unit are then outstanding, the
               Optionee shall be credited with a number of Dividend Equivalent
               Units equal to (A) the Trust's annual dividend for such calendar
               year, multiplied by (B) the number of Shares underlying the
               Optionee's outstanding Options that are entitled to awards under
               this paragraph (b) during such calendar year (reduced pro rata to
               reflect Shares underlying such Options that were not outstanding
               on the record date with respect to each dividend payment date
               during such year) and divided by (C) the Trust's average Share
               price for such calendar year.

                    (ii) Additional credits to reflect dividend payments on
               Dividend Equivalent Units. As of the last day of each calendar
               year, each Optionee shall be credited with a number of additional
               Dividend Equivalent Units equal to (A) the Trust's annual
               dividend for such calendar year, multiplied by (B) the number of
               Dividend Equivalent Units outstanding during such calendar year
               (reduced pro rata to reflect Dividend Equivalent Units that were
               not outstanding on each dividend

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               payment date during such year) and divided by (C) the Trust's
               average Share price for such calendar year.

               (c)  Terms and Conditions of Dividend Equivalent Units. Dividend
Equivalent Units shall be subject to the following terms and conditions:

                    (i)   Dividend Equivalent Units shall vest in accordance
               with the vesting schedule applicable to the Option with respect
               to which the Dividend Equivalent Unit was awarded.

                    (ii)  Each vested Dividend Equivalent Unit shall entitle the
               holder thereof to a Share in which occurs the first of (A) the
               date the Optionee exercises the Option with respect to which the
               Dividend Equivalent Unit was awarded, or (B) the date such Option
               expires by its terms (whether by reason of termination of service
               or otherwise). Notwithstanding the foregoing, in the case of any
               Dividend Equivalent Units awarded prior to September 1, 2001, to
               the extent permitted by the Administrator in its sole discretion,
               an Optionee may irrevocably elect, prior to the date the Shares
               would otherwise be payable, to defer receipt of such Shares as of
               the last date of a later calendar year, but in no event later
               than as of the last day of the calendar year in which occurs the
               tenth anniversary of the grant of the underlying Option. Any such
               deferral election shall be made in such form and at such times as
               the Administrator may determine in its sole discretion. Any
               payments with respect to Dividend Equivalent Units shall be made
               as soon as practicable after the date as of which payment is to
               be made in accordance with the foregoing.

                    (iii) All Dividend Equivalent Units which are not vested
               upon the date of the termination of the Trustee's position as a
               trustee shall be forfeited.

                    (iv)  Settlement of all Dividend Equivalent Units shall be
               made in the form of whole Shares. Any fractional Shares shall be
               settled in cash. Upon settlement of a Dividend Equivalent Unit
               (or any portion thereof), neither the Optionee nor any other
               person shall have any rights to or with respect to such Dividend
               Equivalent Unit (or the portion thereof so settled).

         11.   Change in Control. In the event that (i) a Trustee's service is
terminated by the Trust or the successor to the Trust for reasons other than
Cause following a Change in Control of the Trust (as defined below) or (ii) the
Plan is terminated by the Trust or its successor following a Change in Control
without provision for the continuation of outstanding Awards hereunder, all
Options and related Awards which have not otherwise expired shall become
immediately exercisable. For purposes of the Plan, a "Change in Control" means
the happening of any of the following:

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         (a)  the consummation of a transaction, approved by the shareholders of
the Trust, to merge the Trust into or consolidate the Trust with another entity,
sell or otherwise dispose of all or substantially all of its assets or adopt a
plan of liquidation, provided, however, that a Change in Control shall not be
deemed to have occurred by reason of a transaction, or a substantially
concurrent or otherwise related series of transactions, upon the completion of
which 50% or more of the beneficial ownership of the voting power of the Trust,
the surviving corporation or corporation directly or indirectly controlling the
Trust or the surviving corporation, as the case may be, is held by the same
persons (as defined below) (although not necessarily in the same proportion) as
held the beneficial ownership of the voting power of the Trust immediately prior
to the transaction or the substantially concurrent or otherwise related series
of transactions, except that upon the completion thereof, employees or employee
benefit plans of the Trust may be a new holder of such beneficial ownership; or

         (b)  the "beneficial ownership" (as defined in Rule 13d-3 under the
Securities Exchange Act of 1934, as amended (the "Exchange Act") of securities
representing 50% or more of the combined voting power of the Trust is acquired,
other than from the Trust, by any "person" as defined in Sections 13(d) and
14(d) of the Exchange Act (other than any trustee or other fiduciary holding
securities under an employee benefit or other similar stock plan of the Trust);
or

         (c)  at any time during any period of two consecutive years,
individuals who at the beginning of such period were members of the Board cease
for any reason to constitute at least a majority thereof (unless the election,
or the nomination for election by the Trust's shareholders, of each new Trustee
was approved by a vote of at least two-thirds of the Trustees still in office at
the time of such election or nomination who were Trustees at the beginning of
such period).

         For purposes of the Plan, "Cause" shall mean, in the reasonable
judgment of the Administrator, (i) the willful and continued failure by the
Trustee to substantially perform his or her duties with the Trust after written
notification by the Trust, (ii) the willful engaging by the Trustee in conduct
which is demonstrably injurious to the Trust or any affiliate, monetarily or
otherwise, or (iii) the engaging by the Trustee in egregious misconduct
involving serious moral turpitude. For purposes hereof, no act, or failure to
act, on the Trustee's part shall be deemed "willful" unless done, or omitted to
be done, by the Trustee not in good faith and without reasonable belief that
such action was in the best interest of the Trust or the affiliate. For purposes
of this Section, a Trustee's service shall be deemed to be terminated by the
Trust or the successor to the Trust if the Trustee terminates service after (x)
a substantial adverse alteration in the nature of the Trustee's status or
responsibilities from those in effect immediately prior to the Change in
Control, or (y) a material reduction in the Trustee's annual compensation as in
effect immediately prior to the Change in Control. If, upon a Change in Control,
awards in other shares or securities are substituted for outstanding Awards
pursuant to Section 9, and immediately following the Change in Control the

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Trustee becomes trustee of the entity into which the Trust merged, or the
purchaser of substantially all of the assets of the Trust, or a successor to
such entity or purchaser, the Trustee shall not be treated as having terminated
service for purposes of this Section 11 until such time as the Trustee
terminates service with the merged entity or purchaser (or successor), as
applicable.

         12.  Amendment of the Plan. All provisions of the Plan (including the
form of Share Option Agreement) may at any time or from time to time be modified
or amended by the Board; provided, however, that no Option at any time
outstanding under the Plan may be materially adversely modified, impaired or
cancelled without the consent of the holder thereof.

         13.  Plan Termination. The Plan shall terminate on December 31, 2010
except as to Options outstanding on such date and no Option shall be granted
under this Plan after that date.

                                        8Severence Agreement between Jon E. Bortz & LaSalle

 
Exhibit
10.62 
 
CHANGE IN CONTROL SEVERANCE
AGREEMENT 
 
AGREEMENT, made and entered into
as of the 28th day of January, 2002 by and among LaSalle Hotel Properties, a Maryland real estate investment trust
(together with its successors and assigns permitted under this Agreement (the “Company”), and Jon E. Bortz (the “Executive”). 
 
W I T N E S S E T H: 
 
WHEREAS, the Company desires to enter into a severance agreement to provide benefits to the Executive in the event of certain terminations
of such employment (this “Agreement”); 
 
WHEREAS, the Executive desires to enter into this Agreement, subject to the terms and provisions set forth herein. 
 
NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good and valuable consideration, the
receipt of which is mutually acknowledged, the Company and the Executive (individually a “Party” and together the “Parties”) agree as follows: 
 
1. Definitions. 
 
        (a) “Board” shall mean the Board of Trustees of the
Company. 
 
        (b) “Cause” shall mean that the Board concludes, in good faith and after reasonable investigation, that: (i) the Executive is accused of engaging in conduct which is a felony
under the laws of the United States or any state or political subdivision thereof; (ii) the Executive engaged in conduct relating to the Company constituting material breach of fiduciary duty, willful misconduct (including acts of employment
discrimination or sexual harassment) or fraud; (iii) the Executive breached his obligations or covenants under Section 4 of this Agreement in any material respect; or (iv) the Executive materially failed to follow a proper directive of the Board
within the scope of Executive’s duties (which shall be capable of being performed by the Executive with reasonable effort) after written notice from the Board specifying the performance required and Executive’s failure to perform within 30
days after such notice. For purposes of 1(b), no act, or failure to act, on the Executive’s part shall be deemed “willful” unless done, or omitted to be done, by the Executive not in good faith or if the result thereof would be
unethical or illegal.  
 
        (c) “Change in Control” shall mean a change in control of the Company which will be deemed to have occurred after the date hereof if: 

 

	  	 (1)	  	 any “person” as such term is used in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof except that such term
shall not include (A) the Company or any of its subsidiaries, (B) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its affiliates, (C) an underwriter temporarily holding securities pursuant to
an offering of such securities, (D) any corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of the Company’s common shares, or (E) any person or group as used in
Rule 13d-1(b) under the Exchange Act, is or becomes the Beneficial Owner, as such term is defined in Rule 13d-3 under the Exchange Act, directly or indirectly, of securities of the Company representing more than 50% of the combined voting power or
common shares of the Company; 

 

	  	 (2)	  	  during any period of two consecutive years, individuals who at the beginning of such period constitute the Board, and any new Trustee (other than (A) a trustee
designated by a person who has entered into an agreement with the Company to effect a transaction described in clause (1), (3), or (4) of this Section 1(c) or (B) a trustee whose initial assumption of office is in connection with an actual or
threatened election contest, including but not limited to a consent solicitation, relating to the election of trustees of the Company) whose election by the Board or nomination for election by the Company’s shareholders was approved by a vote
of at least two-thirds ( 2 / 3 ) of the trustees then still in office who either were trustees at the beginning
of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority thereof; 

 

	  	 (3)	  	 there is consummated a merger or consolidation of the Company or any direct or indirect subsidiary of the Company with any other corporation, other than a merger or
consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any
parent thereof) in combination with the ownership of any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any subsidiary of the Company, more than 50% of the combined voting power and common shares of
the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation; or 

 

	  	 (4)	  	 the shareholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for the sale or
disposition by the Company of all or substantially all of the Company’s assets (or any transaction having a similar effect) other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity,
more than 50% of the combined voting 

 

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power and common shares of which are owned by shareholders of the Company in
substantially the same proportions as their ownership of the common shares of the Company immediately prior to such sale. 
 
        (d) “Date of Termination” shall mean the effective date of the termination of
the Executive’s employment. 
 
        (e) “Effective Date” shall mean January 1, 2002. 
 
        (f) “Good Reason” shall mean the occurrence, without Executive’s prior
written consent, of any of the following in connection with or within one year after a Change in Control: (i) any reduction of the Executive’s base salary or target bonus percentage or any material reduction in any benefits; (ii) any material
adverse change in Executive’s duties or responsibilities, including assignment of duties inconsistent with his position held prior to a Change of Control, significant adverse alteration in the nature or status of responsibilities or the
conditions of employment prior to a Change of Control or any material diminution in position, authority, title, duties or responsibilities; (iii) any material adverse change in Executive’s reporting relationship; (iv) the Company ceases to be a
reporting Company under Section 12 of the Exchange Act; or (v) the relocation of Executive’s principal place of performance outside of the Washington, D.C. metropolitan area; (vi) Company’s failure to obtain satisfactory agreement from any
successor to assume and agree to perform this agreement; and (vii) continuation or repetition, after written notice of objection from the Executive, of harassing or denigrating treatment inconsistent with his position with Company. 
 
2. Term. 
 
The Term of this Agreement shall commence on the Effective
Date and end on the third anniversary of such Effective Date and shall be automatically renewed on an annual basis unless the Board provides notice to the Executive six months prior to the date this agreement is automatically renewed;
provided, however, that (i) if a Change in Control occurs during such period, the Term shall end on the later of such third anniversary of the Effective Date or the first anniversary of such Change in Control, and (ii) the Term may be
terminated earlier as provided in Section 3 below. Notwithstanding, in the event the Executive is entitled to such benefits, such benefits shall be paid notwithstanding the subsequent expiration of the term of this agreement. 
 
3. Termination of Employment. 
 
(a) Termination of Employment by the Company for Cause.
The Company may terminate the Executive’s employment for Cause during the Term upon written notice to the Executive. If the Executive’s employment is so terminated by the Company, the Term shall end as of the Date of Termination and the
Executive shall thereupon be entitled solely to the following: 
 

	  	 (1)	  	 base salary, bonus and accrued vacation time (if any) earned but not paid prior to the Date of Termination; and 

 

3 

 

	  	 (2)	  	 such other benefits, if any, as are provided under applicable plans, programs and/or arrangements of the Company. 

 
Provided; however, that in the event the Executive is terminated as a result
of subsection (1)(b)(i) and the Executive is subsequently acquitted of the act or acts referred to therein, then Executive shall be deemed to have been terminated without Cause as of the date he was originally terminated. 
 
        (b)
Termination of Employment by the Company Without Cause. The Company may terminate the Executive’s employment without Cause during the Term upon written notice to the Executive. If the Executive’s employment is so terminated by the
Company in connection with or within one year after a Change in Control, the Executive shall thereupon be entitled to the following: 
 

	  	 (1)	  	 base salary, bonus and accrued vacation time (if any) earned but not paid prior to the Date of Termination; 

 

	  	 (2)	  	 a cash amount equal to the product of 3.0 times the sum of (x) the Executive’s base salary (based on the base salary in effect on the Date of Termination),
plus (y) the average amount of the bonuses paid to the Executive with respect to the three most recent fiscal years ending before the Date of Termination, payable immediately in a lump sum in accordance with the regular withholding practices of the
Company as in effect from time to time; and 

 

	  	 (3)	  	 such other or additional benefits, if any, as are provided under applicable plans, programs and/or arrangements of the Company. 

 

	  	 (4)	  	 if terminated without cause, but there has not been any Change of Control, the Executive is entitled to: (i) same as (1) above, (ii) sum of (x) the Executive’s
base salary (based on the base salary in effect on the Date of Termination), plus (y) one year of the average amount of the bonuses paid to the Executive with respect to the three most recent fiscal years ending before the Date of Termination,
payable immediately in a lump sum in accordance with the regular withholding practices of the Company as in effect from time to time; and (iii) same as (3) above. 

 
        (c) Termination of Employment by the Executive for Good
Reason. The Executive may terminate his employment for Good Reason during the Term upon at least 15 days prior written notice to the Company which specifically identifies the basis for such Good Reason. The Executive’s employment shall
terminate upon the date specified in his notice of termination. If the Company disputes the existence of Good Reason, the issue of whether Good Reason exists shall promptly be submitted to arbitration in accordance with Section 13. If the arbitrator
or arbitrators conclude that Good Reason does not exist, the Executive shall be treated as having terminated his employment hereunder without Good Reason on the date specified in his notice of termination. Upon the termination of the
Executive’s employment by the Executive for Good Reason, the Executive shall be entitled to the same payments and benefits as provided 
 

4 

 
in Section 3(b) above;
provided, however, that if the Executive terminates his employment for Good Reason based on a reduction in his base salary, then the base salary to be used in determining the salary payments in accordance with Section 3(b)(2) above
shall be the base salary in effect immediately prior to such reduction. 
 
(d) Voluntary Termination of Employment by the Executive Without Good Reason. If the Executive voluntarily terminates his employment without Good Reason during the Term, the Executive shall thereupon be entitled to
the same payments and benefits as provided in Section 3(a) above. A termination of the Executive’s employment under this Section 3(d) shall be effective upon 30 days prior written notice to the Company and shall not be deemed a breach of this
Agreement. 
 
(e) Stay Bonus. If a Change in
Control occurs during the Term, and if the Executive is still employed by the Company on the first anniversary of such Change in Control, the Executive shall thereupon be entitled to a cash bonus payment equal to the sum of (x) the Executive’s
base salary (based on the base salary in effect on such anniversary), plus (y) the average amount of the bonuses paid to the Executive with respect to the three most recent fiscal years ending before such anniversary, payable immediately in a lump
sum in accordance with the regular withholding practices of the Company as in effect from time to time. Notwithstanding the foregoing, the Executive shall not be entitled to receive such payment if, on or before the date of payment, the Executive is
terminated for Cause or becomes entitled to payment under Section 3(b) or 3(c) above. 
 
(f) General Release by Executive. Notwithstanding any provision of this Agreement to the contrary, the Executive acknowledges and agrees that the obligation of the Company to pay any
compensation and benefits under this Section 3 is expressly conditioned upon the Executive’s timely execution of and agreement to be bound by a general release of any and all claims arising out of or relating to the Executive’s employment
and termination of employment. Such general release shall be made in a form satisfactory to the Company and shall run to the Company, its affiliates, and their respective officers, trustees, employees, agents, successors and assigns. 
 
4. Prohibited Activity. 
 
(a) The Executive covenants and agrees that (i) during the
Term, and (ii) during the period ending on the first anniversary of his Date of Termination, he shall not at any time, without the prior written consent of the Company, directly or indirectly, whether for his own account or as a shareholder (other
than as permitted by Section 4(c) below), partner, joint venturer, employee, consultant, lender, advisor, and/or agent, of any person, firm, corporation, or other entity, solicit, recruit, hire or cause to be hired any employees of the Company or
any of its affiliates or persons who have worked for the Company or any of such affiliates, or solicit or encourage any employee (except Susan Wojciechowski) after the earlier to occur of the Company finding a suitable replacement for Ms.
Wojciechowski or 120 days of the Company or any of its affiliates to leave the employment of the Company or any of such affiliates, as applicable. 
 

5 

 
(b) The
Executive declares that the foregoing time limitations are reasonable and properly required for the adequate protection of the business and the goodwill of the Company. In the event any such time limitation is deemed to be unreasonable by any court
of competent jurisdiction, the Executive agrees to the reduction of such time limitation to such period which such court shall deem reasonable. 
 
(c) The Parties acknowledge that in the event of a breach or threatened breach of Section 4(a) or 4(b) above, the Company shall not have
an adequate remedy at law. Accordingly, in the event of any breach or threatened breach of Section 4(a) or 4(b) above, the Company shall be entitled to such equitable and injunctive relief as may be available to restrain the Executive and any
business, firm, partnership, individual, corporation or entity participating in the breach or threatened breach from the violation of the provisions of Section 4(a) or 4(b) above. Nothing in this Agreement shall be construed as prohibiting the
Company from pursuing any other remedies available at law or in equity for breach or threatened breach of Section 4(a) or 4(b) above, including the recovery of damages. 
 
5. Assignability; Binding Nature. 
 
This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors,
heirs (in the case of the Executive) and assigns. The rights or obligations of the Company under this Agreement may not be assigned or transferred by the Company, except that such rights or obligations may be assigned or transferred pursuant to a
merger, consolidation or reorganization in which the Company is not the continuing entity, or the sale or liquidation of all or substantially all of the assets of the Company; provided, however, that the assignee or transferee is the
successor to all or substantially all of the assets of the Company, and such assignee or transferee assumes the liabilities, obligations and duties of the Company as contained in this Agreement, either contractually or as a matter of law.

 
6. Representation. 
 
The Company represents and warrants that it is fully
authorized and empowered to enter into this Agreement and that the performance of its obligations under this Agreement will not violate any agreement between it and any other person, firm or organization. The Executive represents and warrants that
no agreement exists between him and any other person, firm or organization that would be violated by the performance of his obligations under this Agreement. 
 
7. Entire Agreement. 
 
This Agreement contains the entire understanding and agreement between the Parties concerning the subject matter hereof and, subject to
the occurrence of the Effective Date, supersedes all prior agreements, understandings, discussions, negotiations and undertakings, whether written or oral, between the Parties with respect thereto. 
 
8. Amendment or Waiver. 
 
No provision in this Agreement may be amended unless such
amendment is agreed to in writing and signed by the Executive and an authorized officer of the Company with 
 

6 

 
the title of Executive Vice
President or above. No waiver by any Party of any breach by another Party of any condition or provision contained in this Agreement to be performed by such other Party shall be deemed a waiver of a similar or dissimilar condition or provision at the
same or any prior or subsequent time. Any waiver must be in writing and signed by the Executive and an authorized officer of the Company with the title of Executive Vice President or above. 
 
9. Severability. 
 
In the event that any provision or portion of this Agreement
shall be determined to be invalid or unenforceable for any reason, in whole or in part, the remaining provisions of this Agreement shall be unaffected thereby and shall remain in full force and effect to the fullest extent permitted by law.

 
10. Survivorship. 
 
The respective rights and obligations of the Parties hereunder
shall survive any termination of the Executive’s employment to the extent necessary to the intended preservation of such rights and obligations. 
 
11. Beneficiaries/References. 
 
The Executive shall be entitled, to the extent permitted under any applicable law and under the terms of any applicable plan or program,
to select and change a beneficiary or beneficiaries to receive any compensation or benefit payable hereunder following the Executive’s death by giving the Company written notice thereof. In the event of the Executive’s death or a judicial
determination of his incompetence, reference in this Agreement to the Executive shall be deemed, where appropriate, to refer to his beneficiary, estate or other legal representative. 
 
12. Governing Law/Jurisdiction. 
 
This Agreement shall be governed by, construed and interpreted in accordance with the laws of the State of
Maryland without reference to principles of conflict of laws. 
 
13. Resolution of Disputes. 
 
Any disputes arising under or in connection with this Agreement shall be resolved by binding arbitration, to be held in Bethesda, Maryland, in accordance with the rules and procedures of the American Arbitration Association (the
“AAA”). The Company and the Executive will each select an arbitrator, and a third arbitrator will be selected jointly by the arbitrators selected by the Company and the Executive within 15 days after demand for arbitration is made by a
Party. If the arbitrators selected by the Company and the Executive are unable to agree on a third arbitrator within that period, then either the Company or the Executive may request that the AAA select the third arbitrator. The arbitrators will
possess substantive legal experience in the principle issues in dispute and will be independent of the Company and the Executive. Each Party shall bear its own expenses incurred in connection with arbitration and the fees and expenses of the
arbitrators shall be shared equally by the Company, on the one hand, and the Executive, on the other hand, and advanced by them from time to time as required. Except as may otherwise be agreed in writing by the Parties or as ordered by the
arbitrators upon 
 

7 

 
substantial justification
shown, the hearing for the dispute will be held within 60 days of submission of the dispute to arbitration. The arbitrators will render their final award within 30 days following conclusion of the hearing and any required post-hearing briefing or
other proceedings ordered by the arbitrators. The arbitrators will state the factual and legal basis for the award. The decision of the arbitrators will be final and binding and not subject to judicial review and final judgement may be entered upon
such an award in any court of competent jurisdiction, but entry of such judgement will not be required to make such award effective. 
 
14. Notices. 
 

	  If to the Company:
   
  LaSalle Hotel Properties
4800 Montgomery Lane M25
Bethesda, Maryland 20814
Telephone: 301-941-1500
Facsimile: 301-941-1553
	   	  All notices of termination must be in writing
and be specific as to this agreement and
rationale or
clause/section of the agreement.

	
	  If to the Executive:
   
  c/o LaSalle Hotel Properties
4800 Montgomery Lane M25
Bethesda, Maryland 20814
	   	  

 
15.
Headings. 
 
The headings of the sections
contained in this Agreement are for convenience only and shall not be deemed to control or affect the meaning or construction of any provision of this Agreement. 
 
16. Gross-up Payment. 
 
If in the opinion of tax counsel (from a major accounting firm not affiliated with the Company) selected by
the Executive and reasonably acceptable to the Company, the Executive has or will receive any compensation or recognize any income (whether or not pursuant to this Agreement or any plan or other arrangement of the Company and whether or not the Term
or the Executive’s employment with the Company has terminated) which will constitute an “excess parachute payment” within the meaning of Section 280G(b)(1) of the Internal Revenue Code (the “Code”) (or for which a tax is
otherwise payable under Section 4999 of the Code or any successor provision thereto), then the Company shall pay the Executive an additional amount (the “Additional Amount”) equal to the sum of (i) all taxes (including any applicable
interest and penalties) payable by the Executive under Section 4999 of the Code with respect to all such excess parachute payments and any such Additional Amount, plus (ii) all federal, state and local income taxes and FICA taxes (including any
applicable interest and penalties) payable by Executive with respect to any such Additional Amount. Any amounts payable pursuant to this paragraph (v) shall be paid by the Company to the Executive within 30 days of each written request therefor made
by the Executive. 
 

8 

 
17.
Mitigation. 
 
Executive shall not be
required to mitigate the amount of any payment provided for pursuant to this Agreement by seeking other employment, and shall not be required to mitigate the amount of any such payment if he does obtain other employment and there shall be no
mitigation by the Company of any such payment if he does obtain other employment. 
 
18. Counterparts. 
 
This Agreement may be executed in two or more counterparts. 
 
IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first written above. 
 

	  LaSalle Hotel Properties

	
	  By:
	  	  /s/    Hans S. Weger         

	  	  	  Name: Hans S. Weger
  Title: Executive Vice President and
Chief Financial Officer and Treasurer

 
 
Executive 
 

	
	  By:
	  	  /s/    Jon E. Bortz        

	  	  	  Name: Jon E. Bortz
  Title: Chief Executive Officer and President

 
 

	

 

9

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