Document:

Letter Agreement

 Exhibit 10.32 
  
 AmerisourceBergen Corporation 
  
 Bergen Brunswig Corporation 
  

July 27, 2001 
  
 Steven H. Collis 
 47028 Hollow Crest Court 
 Dallas, Texas 75287 
  
 Dear Steven: 
  
 In connection with and effective upon the consummation of the transactions (the “Mergers”) contemplated by the Agreement and Plan of
Merger (the “Merger Agreement”), dated as of March 16, 2001, among, inter alia, AmerisourceBergen Corporation (the “Company”), Bergen Brunswig Corporation (“Bergen”) and AmeriSource Health
Corporation, the Company will assume your employment agreement dated September 1, 2000 with Bergen (the “Employment Agreement”) and the rights and obligations of Bergen under the Employment Agreement. The Company and Bergen
acknowledge that as a result of the change in your position upon consummation of the Mergers, you will have Good Reason (as defined in the Employment Agreement) to terminate your employment with the Company at any time, in your sole discretion,
during the three years following consummation of the Mergers. To induce you to continue your employment with the Company after consummation of the Mergers, we confirm that any decision on your part to defer exercising your right to terminate your
employment with the Company for Good Reason during the three years following consummation of the Mergers will not constitute a waiver of such right. 
  
 This letter also constitutes notice, under Section 2 of your Employment Agreement, that the term of that agreement will not be extended. Accordingly, your
Employment Agreement’s Expiration Date, as defined therein, will be the last day through which that agreement has been extended on the date the Mergers are consummated. 
  
 The Company and Bergen wish to clarify that in the event your employment is terminated by the Company without Cause (as
defined in the Employment Agreement) or by you for Good Reason, the Company will be obligated to pay you damages under section 13 of the Employment Agreement calculated in accordance with the methodology set forth on Annex A. Applying that
methodology, if your employment were terminated by, or if you terminated your employment with, the Company as of September 1, 2001, damages payable to you by the Company would equal $1,491,153. In the event that any payments under your Employment
Agreement constitute excess parachute payments under section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), the Company will pay a Gross-Up Bonus in accordance 

 with the provisions, including the procedural provisions, of your Severance Agreement dated September 1, 2000 (the
“Severance Agreement”). 
  
 In the event that the
Internal Revenue Service (“IRS”) (or any other taxing authority) alleges or claims that any amounts payable to you in connection with the Mergers constitute excess parachute payments as defined in section 280G of the Code, the
Company shall promptly indemnify you for any losses, damages, payments, fees, penalties, judgments and awards (including, without limitation, attorney’s and accountants’ fee and expenses) arising out of, relating to or in connection with
any such allegation or claim including, without limitation, any claims or rights arising out of the Gross-Up Bonus (as defined in the Severance Agreement), the tax gross-up provisions of the Bergen Fourth Amended and Restated Supplemental Retirement
Plan (the “SERP”) and payments made under the Employment. 
  
 The Company’s obligation to indemnify you is subject to the following: 
  
 1. In the event that the IRS makes a claim that, if successful, would result in a finding of an underpayment of the amounts due as a result of the
imposition of the excise tax imposed under section 4999 of the Code, you shall notify the Company of such claim. Such notification shall be given as soon as practicable, but no later than 10 business days after you receive a “30 day
letter” from the IRS and shall apprise the Company of the nature of such claim and the date on which such claim is request to be paid. 
  
 2. You shall not pay such claim prior to the expiration of the 30-day period following the date on which you give such notice to the Company (or such
shorter period ending on the date that any payment of the taxes with respect to such claim is due). If the Company notifies you in writing prior to the expiration of such period that it desires you to contest such claim you shall: 
  
 a. give the Company any information reasonably requested by
the Company relating to such claim; 
  
 b. take
such action in connection with contesting such claim as the Company shall reasonably request in writing from time to time, including, without limitation, retaining Tax Counsel reasonably acceptable to the Company and at the Company’s expense
or, if requested to do so by the Company, Tax Counsel selected by the Company, to represent you in appropriate proceedings related to such claim against you; 
  

c. cooperate with the Company in good faith in order effectively to contest such claim; and 
  
 d. keep the Company fully informed in any proceedings
relating to such claim. 
  
 3. Without limitation on the foregoing
provisions, the Company shall control all proceedings taken in connection with any such contest and, at its sole option, may direct you to pursue or forgo any and all administrative appeals, proceedings, hearings and conferences with the taxing
authority in respect of such claim and may, at its sole option, either direct you to pay the tax claimed and sue for a refund or contest the claim in any permissible manner. You 
  

 2 

 agree to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction
and in one or more appellate courts, as the Company shall determine, provided, however, that if the Company directs you to pay such claim and sue for a refund, the Company shall advance the amount of such payment to you, on an interest-free basis,
and shall indemnify and hold you harmless, on an after-tax basis, from any excise tax or income tax (including interest or penalties with respect thereto) imposed with respect to such advance or with respect to any imputed income with respected to
such advance. The Company, on an after-tax basis, will advance to you or promptly reimburse you for any expenses (including attorneys’ and accountants’ fees and expenses) incurred by you, at the request or direction of the Company, or with
the Company’s consent, in connection with any such contest or suit for refund. In no event shall you be obligated to extend the statue of limitations for any tax year in order to contest or challenge any tax claim against you unless such
extension is limited to the contested issues subject to the indemnity provided by the Company herein. Furthermore, the Company’s control of the contest shall be limited to issues with respect to which an excise tax under section 4999 of the
Code would be payable hereunder and you shall be entitled to settle or contest, as the case may be, any other issue raised by the IRS or any other taxing authority. 
  
 4. If, after the receipt of an amount paid by the Company you become entitled to receive any refund with respect to such
claim, you shall promptly pay the Company the amount of such refund (together with any interest paid or credited thereon after taxes applicable thereto). If, after your receipt of an amount advanced by the Company, a determination is made that you
shall not be entitled to any refund with respect to such claim and the Company does not notify you in writing of its intent to contest such denial of refund prior to the expiration of 30 days after such determination, then such advance shall be
forgiven and shall not be required to be repaid. 
  

	Sincerely,
	
	AmerisourceBergen Corporation
	
	/s/    R. David Yost        
	

	 R. David Yost
 President and Chief
Executive Officer

  

	Bergen Brunswig Corporation
	
	/s/    Robert E. Martini        
	

	 Robert E. Martini
 Chairman and Chief
Executive Officer

  

 3 

 Annex A 
  
 Calculation of Damages under Employment Agreement 
  
 For purposes of calculating damages under section 13 of the Employment Agreement, the compensation that you would otherwise have received for the three
years following termination of employment shall be determined as follows: (A)(1) your Base Salary in effect at the time of termination shall be deemed to continue until the next September 30 following termination and (2) Base Salary shall be deemed
to increase thereafter at a rate of 4% per annum, effective on October 1 of each year; (B) the Bonus amount shall be determined by averaging your three highest Bonus amounts payable over the five years prior to termination (the “Base Bonus
Amount”) and be deemed to increase at a rate of 4% per annum (provided that for purposes of calculating damages under section 13, in no event shall the Base Bonus Amount be less than $173,867); (C) the value of all other benefits and
perquisites shall be deemed to be $25,000 per annum. The total of all amounts in clauses (A),(B) and (C) above is referred to as the “Total Damages Amount”. You shall receive a lump-sum payment equal to the present value of the
Total Damages Amount determined by using a discount rate equal to 120% of the “Applicable Federal Rate” under section 1274(d) of the Code, compounded semiannually. Assuming your employment were terminated on September 1, 2001, your damages
would be calculated as follows. 
  
 Illustration A: Calculation
for Steven H. Collis with termination 
 effective as of September 1, 2001 
  

	 	  	 	  	 Payroll
 Periods

	  	 Annual
 Amount

	  	 Prorated
 Amount

	  	Present Value of Prorated
Amount (as of 9/1/2001)

	 Salary *
	  	Year 0	  	2	  	$300,000	  	$      23,077	  	$	23,016
	 	  	Year 1	  	26	  	$312,000	  	$    312,000	  	$	303,534
	 	  	Year 2	  	26	  	$324,480	  	$    324,480	  	$	301,662
	 	  	Year 3	  	24	  	$337,459	  	$    311,501	  	$	277,131
	 	  	Total Salary	  	 	  	 	  	$    971,058	  	$	905,443
	 	  	 	  	 	  	 	  	
	  	
	

	 Bonus **
	  	Year 1	  	 	  	$173,867	  	$    173,867	  	$	172,547
	 	  	Year 2	  	 	  	$180,822	  	$    180,822	  	$	171,426
	 	  	Year 3	  	 	  	$188,055	  	$    188,055	  	$	170,313
	 	  	Total Bonus	  	 	  	 	  	$    542,744	  	$	514,286
	 	  	 	  	 	  	 	  	
	  	
	

	 Benefits and
 Perquisites ***
	  	Year 1	  	 	  	$25,000	  	$     25,000	  	$	24,905
	 	  	Year 2	  	 	  	$25,000	  	$     25,000	  	$	23,791
	 	  	Year 3	  	 	  	$25,000	  	$     25,000	  	$	22,728
	 	  	Total Benefits	  	 	  	$75,000	  	$     75,000	  	$	71,424
	 	  	 	  	 	  	 	  	
	  	
	

	 	  	TOTAL	  	 	  	 	  	$1,588,802	  	$	1,491,153

  

 4 

	*	Current Base Salary of $300,000 would be increased by 4% to $312,000 on October 1, 2001 and to $324,480 on October 1, 2002 and $337,459 on October 1, 2003. 

 

	**	Bonus amount for Year 1 would equal the average of the three highest Bonus amounts for the previous five years. Years 2 and 3 are increased 4% per annum. Bonus payment is assumed to
occur on November 1 of Years 1, 2 and 3. 

  

	***	Payment of Benefits and Perquisites is assumed to be on October 1 of Years 1, 2, and 3. 

  

  
 Thus, assuming that the Mergers are consummated on September 1, 2001 and that your employment terminated as of September 1, 2001, you Total Damages Amount would be $1,588,802. The present value of you damages (using 120% of the applicable
federal rate compounded semiannually for August 2001 (4.68%) and assuming payment of Base Salary on a bi-weekly basis (i.e., 78 installments); payment of the Bonus on November 1 of each year, and payment of benefits and perquisites on October 1 of
each year) would be $1,491,153. 
  

  

For the purpose of example and illustration, the Illustration B hypothetical below applies the methodology by which you three years of salary, bonus
and benefits are to be calculated in the event of your termination. The following hypothetical assumes a termination date on October 1, 2003, but does not reflect your own Base Salary and Bonus entitlements. 
  
 Illustration B: Calculation for Executive 1 with termination

 effective as of October 1, 2003 
  

	 	  	Year 1

	 	 	Year 2

	  	Year 3

	  	TOTAL

	 Salary
	  	$	364,000	*	 	$	378,560	  	$	393,702.40	  	$	1,136,262.40
	 Bonus
	  	$	165,000	**	 	$	171,600	  	$	178,464     	  	$	515,246     
	 Benefits and Perquisites
	  	$	25,000	 	 	$	25,000	  	$	25,000     	  	$	75,000     
	 	  	
	
	
	 	
	
	  	
	
	  	
	

	 TOTAL
	  	$	554,000	 	 	$	575,160	  	$	597,348.40	  	$	1,726,508.40

  

	*	Assuming a Base Salary of $350,000 in respect of the year October 1, 2002 to September 30, 2003. Base Salary of $350,000 would be increased by 4% to $364,000 on October 1, 2003 and
to $378,560 on October 1, 2004 and to $393,702.40 on October 1, 2005. Thus, if Executive I were terminated on October 1, 2003. Executive 1 would receive $364,000 for the 12-month period October 1, 2003 to September 30, 2004; $378,560 for the
12-month period October 1, 2004 to September 30, 2005; and $393,702.40 for the 12-month period October 1, 2005 to September 30, 2006. 

  

	**	Bonus amount for Year 1 would equal the average of the three highest Bonus amounts for the previous five years (i.e., Bonuses in respect of fiscal year 1998 through 2002), subject
to the proviso in clause (B) above. For purposes of this example, we are assuming that the Base Bonus Amount for Year 1 equals $165,000. Years 2 and 3 are increased 4% per annum. 

  

  
 Thus, assuming that the Mergers are consummated on September 1, 2001 and that Executive 1’s employment terminated as of October 1, 2003, Executive
1’s Total Damages Amount would be $1,726,508.40. The present value of Executive 1’s damages would be calculated at the time of such termination using 120% of the applicable federal rate for October 2003 compounded semiannually, consistent
with the method described in Illustration A. 
  

 5Exhibit 4.2

 Exhibit 4.2 
  
 INNKEEPERS USA TRUST 
  
 ARTICLES SUPPLEMENTARY 
  
 8.0% SERIES C CUMULATIVE PREFERRED SHARES 
 (liquidation preference $25.00 per share) 
  
 Innkeepers USA
Trust, a Maryland real estate investment trust (the “Company”), hereby certifies to the State Department of Assessments and Taxation of Maryland that: 
  

FIRST: Under a power contained in Article VI of the Amended and Restated Declaration of Trust of the Company (the “Declaration of Trust”), the Board of
Trustees of the Company (the “Board of Trustees”), by resolution duly adopted at meetings duly called and held on December 12, 2003 and December 17, 2003 classified and designated 5,800,000 Preferred Shares (as defined in the Declaration
of Trust) as 8.0% Series C Cumulative Preferred Shares, $.01 par value per share, with the following preferences and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and
conditions of redemption, which, upon any restatement of the Declaration of Trust, shall be deemed to be part of Article VI of the Declaration of Trust with any necessary or appropriate renumbering or relettering of the sections or substitutions
hereof: 
  
 8.0% SERIES C CUMULATIVE PREFERRED SHARES

  
 A. TERMS OF THE 8.0% SERIES C CUMULATIVE PREFERRED SHARES.

  
 1. Designation and Number. A series of
Preferred Shares, designated the “8.0% Series C Cumulative Preferred Shares of Beneficial Interest” (the “Series C Preferred Shares”), is hereby established. The maximum number of authorized Series C Preferred Shares shall be
5,800,000. 
  
 2. Rank. The Series C Preferred
Shares will, with respect to dividend rights and rights upon liquidation, dissolution or winding up of the Company, rank (a) prior or senior to any class or series of Common Shares (as defined in the Declaration of Trust) of the Company and any
other class or series of equity securities of the Company, if the holders of Series C Preferred Shares shall be entitled to the receipt of dividends or of amounts distributable upon liquidation, dissolution or winding up in preference or priority to
the holders of shares of such class or series (“Junior Shares”); (b) on a parity with any class or series of equity securities of the Company if, pursuant to the specific terms of such class or series of equity securities, the holders of
such class or series of equity securities and the Series C Preferred Shares shall be entitled to the receipt of dividends and of amounts distributable upon liquidation, dissolution or winding up in proportion to their respective amounts of accrued
and unpaid dividends per share or liquidation preferences, without preference or priority one over the other (“Parity 

 Shares”); (c) junior to any class or series of equity securities of the Company if, pursuant to the
specific terms of such class or series, the holders of such class or series shall be entitled to the receipt of dividends or amounts distributable upon liquidation, dissolution or winding up in preference or priority to the holders of the Series C
Preferred Shares (“Senior Shares”); and (d) junior to all existing and future indebtedness of the Company. The term “equity securities” does not include convertible debt securities, which will rank senior to the Series C
Preferred Shares prior to conversion. 
  
 3.
Dividends. 
  
 (a) Holders of Series C
Preferred Shares shall be entitled to receive, when and as authorized by the Board of Trustees and declared by the Company, out of funds of the Company legally available for payment, cash dividends at the rate of 8.0% per annum of the $25
liquidation preference (equivalent to $2.00 per annum per share). Such dividends shall be cumulative from the date of original issue, whether or not in any dividend period or periods (i) such dividends shall be declared, (ii) there shall be funds of
the Company legally available for the payment of such dividends or (iii) any agreement of the Company prohibits payment of such dividends, and shall be payable quarterly on or before the last Tuesday of January, April, July and October of each year
(or, if not a business day, the next succeeding business day, each a “Dividend Payment Date”), commencing April 27, 2004. “Business day” shall mean any day other than a Saturday, Sunday or other day on which commercial banks in
the City of New York are authorized or required to close. The first dividend will be payable for the period beginning January 20, 2004. Any dividend payable on the Series C Preferred Shares for any partial dividend period will be computed on the
basis of twelve 30-day months and a 360-day year. Dividends will be payable in arrears to holders of record as they appear on the share records of the Company at the close of business on the last Friday of March, June, September and December
immediately preceding such Dividend Payment Date. Holders of Series C Preferred Shares shall not be entitled to receive any dividends in excess of cumulative dividends on the Series C Preferred Shares. No interest shall be paid in respect of any
dividend payment or payments on the Series C Preferred Shares that may be in arrears. 
  
 (b) When dividends are not paid in full upon the Series C Preferred Shares or any other class or series of Parity Shares, or a sum
sufficient for such payment is not set apart, all dividends declared upon the Series C Preferred Shares and any other class or series of Parity Shares shall be declared ratably in proportion to the respective amounts of dividends accumulated,
accrued and unpaid on the Series C Preferred Shares and accumulated, accrued and unpaid on such Parity Shares. Except as set forth in the preceding sentence, unless dividends on the Series C Preferred Shares equal to the full amount of accumulated,
accrued and unpaid dividends have been or contemporaneously are declared and paid, or declared and a sum sufficient for the payment thereof set apart for such payment for all past dividend periods, no dividends shall be declared or paid or set aside
for payment by the Company with respect to any class or series of Parity Shares. Unless full cumulative dividends on the Series C Preferred Shares have been paid or declared and set apart for payment for all past dividend periods, no dividends
(other than dividends paid in Junior Shares or options, warrants or rights to subscribe for or purchase 
  

 2 

 Junior Shares) shall be declared or paid or set apart for payment by the Company with respect to any
Junior Shares, nor shall any Junior Shares or Parity Shares be redeemed, purchased or otherwise acquired (except for purposes of an employee benefit plan) for any consideration, or any monies be paid to or made available for a sinking fund for the
redemption of any Junior Shares or Parity Shares (except by conversion or exchange for Junior Shares, or options, warrants or rights to subscribe for or purchase Junior Shares), nor shall any other cash or property be paid or distributed to or for
the benefit of holders of Junior Shares. Notwithstanding the above, the Company shall not be prohibited from (i) declaring or paying or setting apart for payment any dividend or distribution on any Parity Shares or (ii) redeeming, purchasing or
otherwise acquiring any Parity Shares, in each case, if such declaration, payment, redemption, purchase or other acquisition is necessary to maintain the Company’s qualification as a real estate investment trust under Sections 856 through 860
of the Internal Revenue Code of 1986, as amended (the “Code”). 
  
 (c) No dividends on Series C Preferred Shares shall be authorized by the Board of Trustees or declared or paid or set apart for payment by the Company at such time as the terms and provisions of any agreement of the
Company, including any agreement relating to its indebtedness, prohibits such declaration, payment or setting apart for payment or provides that such declaration, payment or setting apart for payment would constitute a breach thereof or a default
thereunder, or if such declaration or payment shall be restricted or prohibited by law. 
  
 (d) If, for any taxable year, the Company elects to designate as “capital gain dividends” (as defined in Section 857 of the
Code) any portion (the “Capital Gains Amount”) of the dividends (as determined for federal income tax purposes) paid or made available for the year to holders of all classes of shares (the “Total Dividends”), then the portion of
the Capital Gains Amount that shall be allocable to the holders of Series C Preferred Shares shall be the amount that the total dividends (as determined for federal income tax purposes) paid or made available to the holders of the Series C Preferred
Shares for the year bears to the Total Dividends. The Company may elect to retain and pay income tax on its net long-term capital gains. In such a case, the holders of Series C Preferred Shares would include in income their appropriate share of the
Company’s undistributed long-term capital gains, as designated by the Company. 
  
 (e) In determining whether a distribution (other than upon voluntary or involuntary liquidation, dissolution or winding up of the
Company), by dividend, redemption or otherwise, is permitted, amounts that would be needed, if the Company were to be dissolved at the time of the distribution, to satisfy the Liquidation Preference (as defined below) will not be added to the
Company’s total liabilities. 
  
 4. Liquidation
Preference. 
  
 (a) Upon any voluntary or
involuntary liquidation, dissolution or winding up of the Company, before any payment or distribution by the Company shall be made to or set apart for the holders of any Junior Shares, the holders of Series C Preferred Shares shall be entitled to
receive a liquidation preference of $25 per share (the “Liquidation Preference”), plus an amount equal to all accumulated, accrued and unpaid dividends 
  

 3 

 (whether or not earned or declared) to the date of final distribution to such holders, but such holders,
as such, shall not be entitled to any further payment. Until the holders of the Series C Preferred Shares have been paid the Liquidation Preference in full, plus an amount equal to all accumulated, accrued and unpaid dividends (whether or not earned
or declared) to the date of final distribution to such holders, no payment shall be made to any holder of Junior Shares upon the liquidation, dissolution or winding up of the Company. 
  
 (b) If upon any liquidation, dissolution or winding up of the Company, the assets of the Company, or
proceeds thereof, distributable among the holders of Series C Preferred Shares shall be insufficient to pay in full the above described preferential amount and liquidating payments on any other class or series of Parity Shares, then such assets,
or the proceeds thereof, shall be distributed among the holders of Series C Preferred Shares and any such other Parity Shares ratably in the same proportion as the respective amounts that would be payable on such Series C Preferred Shares and
any such other Parity Shares if all amounts payable thereon were paid in full. 
  
 (c) A voluntary or involuntary liquidation, dissolution or winding up of the Company shall not include a consolidation or merger of the
Company with or into one or more entities, a sale or transfer of all or substantially all of the Company’s assets, or a statutory share exchange. 
  
 (d) Upon any liquidation, dissolution or winding up of the Company, after payment shall have been made in full to the holders of Series C
Preferred Shares and any Parity Shares, any other series or class or classes of Junior Shares shall be entitled to receive any and all assets remaining to be paid or distributed, and the holders of the Series C Preferred Shares and any Parity Shares
shall not be entitled to share therein. 
  
 5.
Redemption. 
  
 (a) Series C Preferred
Shares shall not be redeemable prior to January 20, 2009. However, in order to ensure that the Company will continue to meet the requirement for qualification as a REIT, the Series C Preferred Shares will be subject to the provisions of Article VII
of the Company’s Declaration of Trust pursuant to which any series of Preferred Shares owned by a shareholder in excess of 9.8% of the number of outstanding shares of such series of Preferred Shares (the “Ownership Limit”) will
automatically be deemed “Shares-in-Trust” (as defined in such Article VII). On and after January 20, 2009, the Company may redeem Series C Preferred Shares, in whole or from time to time in part, at a cash redemption price equal to 100% of
the Liquidation Preference plus all accrued and unpaid dividends to the date fixed for redemption (the “Redemption Date”). The Redemption Date shall be selected by the Company and shall not be less than 30 days nor more than 60 days after
the date notice of redemption is sent by the Company. If full cumulative dividends on all outstanding Series C Preferred Shares have not been paid or declared and set apart for payment, no Series C Preferred Shares may be redeemed unless all
outstanding Series C Preferred Shares are simultaneously redeemed; provided, however, that the foregoing shall not prevent the purchase by the Company of Series C Preferred Shares pursuant to Article VII of the 
  

 4 

 Declaration of Trust or otherwise in order to ensure that the Company remains qualified as a REIT for
federal income tax purposes. In addition, unless full cumulative dividends on all outstanding Series C Preferred Shares have been paid or declared or set apart for payment, the Company shall not purchase or otherwise acquire directly or indirectly
for any consideration, nor shall any monies be paid to or made available for a sinking fund for the redemption of, any Series C Preferred Shares (except by conversion into or exchange for Junior Shares); provided, however, that the foregoing
shall not prevent the purchase by the Company of Series C Preferred Shares pursuant to Article VII of the Declaration of Trust or otherwise in order to ensure that the Company remains qualified as a REIT for federal income tax purposes. 

 
 (b) Notice of redemption of the Series C Preferred Shares
shall be mailed by the Company to each holder of record of the shares to be redeemed by first class mail, postage prepaid at such holder’s address as the same appears on the share records of the Company. Any notice which was mailed as described
above shall be conclusively presumed to have been duly given on the date mailed whether or not the holder receives the notice. In addition to any information required by law or by the applicable rules of exchange upon which the Series C Preferred
Shares may be listed or admitted to trading, each notice shall state: (i) the Redemption Date; (ii) the redemption price; (iii) the number of Series C Preferred Shares to be redeemed; and (iv) the place or places where certificates for such Series C
Preferred Shares are to be surrendered for cash. Any such redemption may be made conditional on such factors as may be determined by the Board of Trustees and set forth in the notice of redemption. From and after the Redemption Date, dividends on
the shares of Series C Preferred Shares to be redeemed will cease to accrue, such shares shall no longer be deemed to be outstanding and all rights of the holders thereof shall cease (except the right to receive the cash payable upon such
redemption). 
  
 (c) The Series C Preferred
Shares have no stated maturity and will not be subject to any sinking fund or mandatory redemption provisions except as provided under Article VII of the Declaration of Trust. 
  
 (d) Subject to applicable law and the limitation on purchases when dividends on the Series C Preferred
Shares are in arrears, the Company may, at any time and from time to time, purchase any Series C Preferred Shares in the open market, by tender or by private agreement. 
  
 (e) Any Series C Preferred Shares redeemed, purchased or otherwise acquired by the Company in any manner
whatsoever shall become authorized but unissued Preferred Shares of the Company and may be reissued or reclassified by the Company in accordance with the applicable provisions of the Declaration of Trust. 
  
 6. Voting Rights. 
  
 (a) Holders of the Series C Preferred Shares will not have
any voting rights, except as set forth below. 
  
  

 5 

 (b) If and whenever distributions on any Series C Preferred Shares or any series or class
of Parity Shares shall be in arrears for six or more quarterly periods (whether or not consecutive), the number of trustees then constituting the Board of Trustees shall be increased by two and the holders of such Series C Preferred Shares (voting
together as a single class with all other Parity Shares of any other class or series which is entitled to similar voting rights (the “Voting Preferred Shares”)) will be entitled to vote for the election of the two additional trustees of
the Company at any annual meeting of shareholders or at a special meeting of the holders of the Series C Preferred Shares and of the Voting Preferred Shares called for that purpose. The Company must call such special meeting upon the request of any
holder of record of Series C Preferred Shares. Whenever dividends in arrears on outstanding Series C Preferred Shares and the Voting Preferred Shares shall have been paid and dividends thereon for the current quarterly dividend period shall have
been paid or declared and set apart for payment, then the right of the holders of the Series C Preferred Shares to elect such additional two trustees shall cease and the terms of office of such trustees shall terminate and the number of trustees
constituting the Board of Trustees shall be reduced accordingly. 
  
 (c) The affirmative vote or consent of at least 66-2/3% of the votes entitled to be cast by the holders of the outstanding Series C Preferred Shares and the holders of all other
classes or series of Preferred Shares entitled to vote on such matters, voting as a single class, will be required to (i) authorize the creation of, the increase in the authorized amount of, or issuance of any shares of any class of Senior Shares or
any security convertible into shares of any class of Senior Shares or (ii) amend, alter or repeal any provision of, or add any provision to, the Declaration of Trust, including the Articles Supplementary for the Series C Preferred Shares, if such
action would materially adversely affect the voting powers, rights or preferences of the holders of the Series C Preferred Shares. The amendment of the Declaration of Trust to authorize, create, or increase the authorized amount of Junior Shares or
any class of Parity Shares, shall not be deemed to materially adversely affect the voting powers, rights or preferences of the holders of Series C Preferred Shares. No such vote of the holders of Series C Preferred Shares as described above shall be
required if provision is made to redeem all Series C Preferred Shares at or prior to the time such amendment, alteration or repeal is to take effect, or when the issuance of any such shares or convertible security is to be made, as the case may be.

  
 (d) With respect to the exercise of the above
described voting rights, each Series C Preferred Share shall have one vote per share, except that when any other class or series of Preferred Shares shall have the right to vote with the Series C Preferred Shares as a single class, then the Series C
Preferred Shares and such other class or series shall have one vote per $25 of stated Liquidation Preference. 
  
 (e) The foregoing voting provisions will not apply if, at or prior to the time when the act with respect to which such vote would
otherwise be required shall be effected, all outstanding Series C Preferred Shares shall have been redeemed or called for redemption upon proper notice and sufficient funds shall have been deposited in trust to effect such redemption. 
  
  

 6 

 7. Conversion. The Series C Preferred Shares are not convertible into or exchangeable for
any other property or securities of the Company. 
  
 B. EXCLUSION
OF OTHER RIGHTS. 
  
 Except as may otherwise be required by law, the Series C
Preferred Shares shall not have any voting powers, preferences or relative, participating, optional or other special rights, other than those specifically set forth in these Articles Supplementary (as such Articles Supplementary may be amended from
time to time) and in the Declaration of Trust. The Series C Preferred Shares shall have no preemptive or subscription rights, or rights of an objecting shareholder under Title 3, Subtitle 2 of the Maryland General Corporation Law. 
  
 C. HEADINGS OF SUBDIVISIONS. 
  
 The headings of the various subdivisions hereof are for convenience of reference only and
shall not affect the interpretation of any of the provisions hereof. 
  
 D. SEVERABILITY OF PROVISIONS. 
  
 If any voting powers, preferences or
relative, participating, optional and other special rights of the Series C Preferred Shares or qualifications, limitations or restrictions thereof set forth in these Articles Supplementary (as such Articles Supplementary may be amended from time to
time) is invalid, unlawful or incapable of being enforced by reason of any rule of law or public policy, all other voting powers, preferences and relative, participating, optional and other special rights of Series C Preferred Shares and
qualifications, limitations and restrictions thereof set forth in these Articles Supplementary (as so amended) which can be given effect without the invalid, unlawful or unenforceable voting powers, preferences or relative, participating, optional
or other special rights of Series C Preferred Shares or qualifications, limitations and restrictions thereof shall be given such effect. None of the voting powers, preferences or relative participating, optional or other special rights of the Series
C Preferred Shares or qualifications, limitations or restrictions thereof herein set forth shall be deemed dependent upon any other such voting powers, preferences or relative, participating, optional or other special right of Series C Preferred
Shares or qualifications, limitations or restrictions thereof unless so expressed herein. 
  
 SECOND: These Articles Supplementary were duly adopted by the Board of Trustees of the Company in the manner and by the vote required by law. 
  
 THIRD: The Series C Preferred Shares have been classified and designated by the Board of Trustees under the authority contained in the
Declaration of Trust. 
  
 FOURTH: These Articles Supplementary shall be effective
at the time the State Department of Assessments and Taxation of Maryland accepts these Articles Supplementary for record. 
  
 * * * * * * * * * 
  

 7 

 IN WITNESS WHEREOF, I hereby certify that I, Jeffrey H. Fisher, am the Chairman of the Board, Chief
Executive Officer and President of Innkeepers USA Trust (the “Company”) and that as such, I am authorized to execute and file with the State Department of Assessments and Taxation of Maryland these Articles Supplementary on behalf of the
Company and I further certify on behalf of the Company that these Articles Supplementary were authorized by the Board of Trustees at a meeting held by such Board of Trustees on December 12, 2003 and are still in full force and effect as of the date
hereof. The undersigned officer acknowledges these Articles Supplementary to be the true act of the Company and, as to all matters or facts required to be verified under oath, the undersigned acknowledges that, to the best of his knowledge,
information and belief, the matters and facts set forth herein are true in all material respects and that this statement is made under penalty for perjury. 
  

	INNKEEPERS USA TRUST
		
	By:	 	 
	 	

	 	 	Jeffrey H. Fisher
	 	 	 Chairman of the Board, Chief Executive
 Officer and President

  
 The undersigned, Mark A.
Murphy, the General Counsel and Secretary of the Company, hereby certifies that Jeffrey H. Fisher is the Chairman of the Board, Chief Executive Officer and President of the Company and that the signature set forth above is his genuine signature.

  
 IN WITNESS WHEREOF, the undersigned has hereunto set his hand this
             day of December, 2003. 
  

		
	 	 	 
	 	

	 	 	Mark A. Murphy
	 	 	General Counsel and Secretary

  
  

 8

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