Document:

Letter Agreement for Mark Abrams, dated July 12, 2012

 Exhibit 10.3 
 July 12, 2012 
 Mark Abrams 
 c/o Presidential Life Insurance Company 
 69 Lydecker Street 

Nyack, NY 10960 
 Letter
Agreement 
 Dear Mark: 
 Reference is made to that certain Employment Agreement, dated as of March 1, 2010 (the “Employment Agreement”), made by and among you, Presidential Life Insurance Company
(“PLIC”) and Presidential Life Corp. (“PLC”, and together with PLIC, the “Company”). Unless otherwise defined, capitalized terms used herein shall have the meaning set forth in the Employment
Agreement. 
 For good and valuable consideration, the sufficiency of which the parties acknowledge, the parties agree to amend
the Employment Agreement as follows: 
  

	 	1.	 In addition to the payments due you pursuant to Section 6(g)(i) of the Employment Agreement, you shall receive an additional payment of either
$41,913 if a Change in Control occurs in 2012 or $123,090 if a Change in Control occurs in 2013 (but not both forms of payment), with such amount and the Section 6(g)(i) payment to be paid to you in a lump sum on the 60th day following the date of termination of your employment.

  

	 	2.	 If during the term of employment, you are terminated by the Company other than for Death, Cause or Disability, or if you resign for Good Reason, or if
your initial term of employment ends as a result of the Company providing a timely notice of non-renewal in accordance with Section 1(b) of the Employment Agreement, in each such case (i) within nine months prior to the consummation of the
Change in Control otherwise covered by subclause (ii), (ii) at the time of such termination an offer to purchase the Company has been announced for the Company or material discussions have occurred between the Company and a third-party with
respect to a transaction that in either case results in a Change in Control and (iii) such termination (x) was at the request of a third party who assumes, or is part of a group that assumes, control of the Company as a result of the
Change in Control or (y) is by you for Good Reason, which Good Reason event arose in connection with, or as a result of, the Change in Control, you shall be entitled to payment of the incremental amounts provided for in Section 6(g) of the
Employment Agreement (as amended by this letter agreement as set forth in Paragraph 1 hereof) over what you may otherwise be entitled to receive under Section 6(d) of the Employment Agreement in connection with such termination, with any such
cash payments payable in a lump sum upon the later of (i) the Change in Control or (ii) the 60th day following your termination. References in this Paragraph 2 to “Change in Control” shall mean such term as defined under the Employment Agreement solely to the extent such event is also a
“change of control event” within the meaning of Section 409A of the Internal Revenue Code (as amended) and related regulations. 

  
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	 	3.	In addition to the amounts otherwise payable to you pursuant to Section 6(g) of the Employment Agreement or Paragraph 2 of this letter agreement, if your
employment is terminated in 2012 or 2013 you shall also be entitled to receive an additional payment of $170,280, with such payment payable to you in monthly installments of $31,516.66 (or portions thereof with respect to the final installment),
commencing on the first payroll period following termination; provided that you shall repay to the Company all such payments in the event that a Change in Control does not occur within 18 months following your termination and the Company
shall be entitled to cover its reasonable legal fees and expenses incurred in recovering such amount from you. 

  

	 	4.	No payments or benefits otherwise due you under the Employment Agreement, this letter agreement or other arrangement with the Company and that are otherwise
“contingent upon a change in control” and deemed to be “parachute payments” (in each case as defined in Code Section 280G and the regulations thereunder) shall in the aggregate exceed 299% of your “base amount” for
the applicable year of termination, as such term is defined under Code Section 280G(b)(3), and Section 6(g)(viii) of the Employment Agreement shall be interpreted accordingly. The parties acknowledge that it is their intention and
understanding that the aggregate value of all payments provided to you under the Employment Agreement and this letter agreement as a result of your termination of employment in connection with a Change in Control shall not exceed 299% of your
applicable base amount and that the cut-back provisions of Section 6(g)(viii) of the Employment Agreement shall be relied upon only in the event such understanding is in error. 

 

	 	5.	 Notwithstanding anything in the Employment Agreement or this letter agreement to the contrary, as a condition to the receipt of the payments provided
to you under Section 6(g) of the Employment Agreement and under this letter agreement, you shall execute and return to the Company a general release of claims, that is no longer subject to revocation under applicable law, substantially in the
form attached hereto as Exhibit A (the “General Release”) within sixty (60) days following the date of termination of your employment; provided that the first payment of any such payments shall be made on
the sixtieth (60th) day after the date of termination
(or in the case of the payment under Paragraph 2 hereof, on the date of the Change in Control, if later), and shall include any amounts due prior thereto. You acknowledge and agree that except as otherwise provided for in Section 6(g) of the
Employment Agreement and this letter agreement, you shall not be entitled to any other payment, benefit or compensation of any kind in connection with your termination of employment. 

 

	 	6.	Section 8(b) of the Employment Agreement shall be amended by deleting the reference to “for a period of twelve (12) months after his employment ends for
whatever reason” and Section 8(c) of the Employment Agreement shall be amended by deleting the first three sentences of such section which previously provided for the payment to you of monthly amounts conditioned on your compliance with
non-compete obligations that have been deleted hereunder. 

  

	 	7.	All payments and benefits discussed in this letter agreement shall be subject to Section 9(h) of the Employment Agreement. 

  
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 Any payment that is considered nonqualified deferred compensation under Section 409A of
the Internal Revenue Code of 1986, as amended (the “Code”), shall be subject to Sections 6(i) through (k) and 9(i) of the Employment Agreement. In no event whatsoever shall the Company or Acquirer be liable for any additional
tax, interest or penalty that may be imposed on you by Code Section 409A or any damages for failing to comply with Code Section 409A. 
 In no event may you, directly or indirectly, designate the calendar year of any payment to be made under this letter agreement that is considered nonqualified deferred compensation. In no event shall the
timing of the execution of the General Release, directly or indirectly, result in you designating the calendar year of payment, and if a payment that is subject to execution of the General Release could be made in more than one taxable year, payment
shall be made in the later taxable year. 
 With regard to any provision herein that provides for reimbursement of costs and
expenses or in-kind benefits, except as permitted by Code Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, (ii) the amount of expenses eligible for
reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided that the foregoing clause (ii) shall not be
violated with regard to expenses reimbursed under any arrangement covered by Internal Revenue Code Section 105(b) solely because such expenses are subject to a limit related to the period the arrangement is in effect and (iii) such
payments shall be made on or before the last day of your taxable year following the taxable year in which the expense occurred. 
  

	 	8.	Except as provided for herein, the Employment Agreement shall remain unchanged and in full force and effect. This letter agreement may be executed (including by
facsimile transmission) with counterpart signature pages or in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument. 

 

			
	Very truly yours,
	
	PRESIDENTIAL LIFE INSURANCE COMPANY
		
	By:	 	/s/    William M. Trust

 
			
	Name:	 	William M. Trust
	Title:	 	Chairman, Compensation Committee

  
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	PRESIDENTIAL LIFE CORP.
		
	By:	 	/s/    William M. Trust

 
			
	Name:	 	William M. Trust
	Title:	 	Chairman, Compensation Committee

  
 ACKNOWLEDGED & AGREED 

on this 12th day of July, 2012: 

	
	
	/s/    Mark Abrams
	Mark Abrams

  
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 EXHIBIT A 
 GENERAL RELEASE 
 Presidential Life Insurance Company (the
“Company”), Presidential Life Corp. (the “Parent”) and [name] (“Employee”), agree to the terms and conditions set forth in this General Release (this “Release”). 

1. Termination. Employee’s employment with the Company terminated on [month] __, 20        
(the “Termination Date”). 
 2. Severance Benefit. In exchange for the general release in Paragraph 4 below and
other promises contained herein, and in accordance with the terms of Employee’s employment agreement with the Company, dated             , 2010 (the “Employment
Agreement”), Employee will receive the applicable severance benefits described in the letter agreement between Employee, the Company and the Parent, dated July __, 2012 (the “Letter Agreement”) (the “Severance
Benefits”). Subject to Employee’s execution and non-revocation of this Release, Employee acknowledges and agrees that payment of the Severance Benefits shall be made in accordance with the terms of the Letter Agreement. 

3. Acknowledgment. Employee hereby agrees and acknowledges that the Severance Benefit exceed any payment, benefit or other thing of value to which
Employee might otherwise be entitled under any policy, plan or procedure of collectively, the Company, the Parent and any of the Company’s affiliated companies or businesses (the “Presidential Life Group”). 

4. Release. 
 (a) In
exchange for the Severance Benefit and other valuable consideration, Employee and for Employee’s heirs, executors, administrators and assigns (referred to collectively as the “RELEASORS”), forever and fully release and
discharge the Company and its parent companies (including, without limitation, the Parent), subsidiaries, affiliates and divisions and each of their respective officers, directors, trustees, employees, shareholders, principals, members,
predecessors, successors, assigns, insurance carriers and attorneys (all together and collectively, the “RELEASEES”), from any actions, causes of action, suits, debts, dues, sums of money, accounts, reckonings, bonds, bills,
specialties, covenants, contracts, controversies, agreements, promises, variances, trespasses, damages, judgments, extents, executions, claims, and demands whatsoever, in law, admiralty or equity, whether known or unknown, which the RELEASORS ever
had, now have or may have against the RELEASEES by reason of any actual or alleged act, omission, transaction, practice, conduct, occurrence or other matter up to and including the date Employee signs this Release. 

(b) Without limiting the generality of the foregoing, this Release is intended to and shall release the RELEASEES from any and all
claims, whether known or unknown, that RELEASORS ever had, now have or may have against RELEASEES arising out of Employee’s employment with the Company or any of the RELEASEES, the terms and conditions of such employment and/or the termination
of such employment, including but not limited to: (i) any claims, demands, and causes of action arising under express or implied contract, tort, or any tortious conduct, whether intentional or negligent; (ii) any claims, demands and causes
of action alleging violations of public policy, or of any federal, state or local law, statute, regulation, executive order, or ordinance, including, but not limited to, Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000e et seq., the
Civil Rights Act of 1866, 42 U.S.C. § 1981, the Family and Medical Leave Act (“FMLA”), 29 U.S.C. § 2601 et. seq., the Americans With Disabilities Act (“ADA”), 42 U.S.C. § 12101 et seq., the Fair Labor
Standards Act, 29 U.S.C. § 201 et seq. (“FLSA”), the Age Discrimination in Employment Act (“ADEA”), 29 U.S.C. § 621 et seq., including the Older Workers Benefit Protection Act (“OWBPA”),
the Employee Retirement Income Security Act (“ERISA”), 29 U.S.C. § 1001 et. seq., the Equal Pay Act, the Worker Adjustment and 

 
Retraining Notification Act, the National Labor Relations Act, The Fair Labor Standards Act, the Sarbanes-Oxley Act of 2002, the New York State Human Rights Law, N.Y. Exec. Law § 296 and 297
et seq., the Civil Rights Law of the City of New York (Title 8 of the New York City Administrative Code), as each such act has been amended, claims pursuant to federal, state or local law regarding discrimination based on age, race, sex, religion,
national origin, disability, marital status, sexual orientation or preference, or retaliation or of any duties or other obligations of any kind or description arising in law or in equity under federal, state or local law, regulation, ordinance, or
public policy having any bearing whatsoever on the terms and conditions of the RELEASOR’s employment or any association or transaction with, of, or by any RELEASEE, or the termination of the RELEASOR’s employment, and the right to receive
any award, damages or recovery of any kind in connection therewith; (iii) each and every state or local variation of the aforementioned laws including without limitation, and any and all other applicable federal, state, and local fair
employment practices laws, individual or constitutional rights, and wage or discrimination laws; and (iv) any claims, demands, and causes of action for monetary or equitable relief, including but not limited to wages, back pay, bonus, severance
pay, benefits, incentives, compensation of any sort, compensatory damages, exemplary or punitive damages, fines, liquidated damages, injunctive relief, or attorneys’ fees and costs, and the RELEASORS expressly agree not to sue thereon and
expressly waives any right to receive any award, damages or recovery of any kind in connection with the aforementioned claims, demands, and causes of action that are released herein. 

(c) Employee agrees that Employee shall not accept any award or settlement from any source or proceeding with respect to any claim or
right waived in this Paragraph 4. Thus, while Employee has not waived Employee’s right to file a charge with or participate in any investigation or proceeding conducted by the U.S. Equal Employment Opportunity Commission or other
government agency, even if Employee files a charge or participate in such an investigation or proceeding, Employee shall not be able to recover damages of any kind from any RELEASEE. 

(d) Notwithstanding anything herein to the contrary, this Paragraph 4 does not apply to: (i) claims to the Severance Benefit;
(ii) claims arising after the date Employee signs this Release; (iii) claims relating to any rights of indemnification and directors and officers insurance coverage in accordance with the terms of the Employment Agreement; (iv) claims
relating to any outstanding stock options or other equity-based awards on the Termination Date; or (v) claims to vested accrued benefits under the Presidential Life Group’s tax qualified retirement plans or nonqualified retirement plans in
accordance with, and subject to, the terms and conditions of such plans and applicable law. 
 5. Non-Disclosure. Except as required to
be disclosed by applicable law or regulation, the terms and conditions of this Release shall remain strictly confidential, and Employee agrees not to disclose the terms and conditions hereof to any person or entity, other than immediate family
members, legal advisors or personal tax or financial advisors. 
 6. Representation. Employee represents that the RELEASORS have not
filed against the RELEASEES, individually or collectively, any lawsuits and Employee covenants and agrees that Employee shall not do so at any time hereafter with respect to claims released pursuant to this Release. Employee further represents and
warrants that Employee has not assigned or otherwise transferred any interest in any claim that Employee may have had against the RELEASEES. 

7. ADEA Provisions. Employee acknowledges that Employee: (a) has carefully read this Release in its entirety; (b) has had an opportunity
to consider the terms of this Release for at least [twenty-one (21)] [forty-five (45)] days; (c) is hereby advised by the Company in writing to consult with an attorney of Employee’s choice in connection with this Release; (d) fully
understands the significance of all of the terms and conditions of this Release and has discussed them with an attorney of Employee’s choice, or has had a reasonable opportunity to do so; and (e) is signing this Release voluntarily and of
Employee’s own free will and agrees to abide by all the terms and conditions contained herein. 

  
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 8. Revocation/ Effective Date. Employee may accept this Release by signing it
before a notary public and delivering it to [Name and Address] on or before the [twenty-first (21st)] [forty-fifth (45th)] day after Employee receives this Release. Notwithstanding the foregoing, Employee may not sign this Release before Employee’s last day of employment and this Release will not be accepted or
effective if signed before the Termination Date. After signing this Release, Employee shall have seven (7) days (the “Revocation Period”) to revoke Employee’s decision by indicating Employee’s desire to do so in
writing delivered to [Name] at the above address by no later than the last day of the Revocation Period. If the last day of the Revocation Period falls on a Saturday, Sunday or holiday, the last day of the Revocation Period will be deemed to
be the next business day. Provided Employee does not revoke this Release during the Revocation Period, the Effective Date of this Release shall be the later of the eighth (8th) day after Employee signs this Release or the day after the last day of the Revocation Period (the
“Effective Date”). 
 9. Severability. If any provision of this Release is held to be illegal, void, or unenforceable,
such provision shall be of no force or effect. However, the illegality or unenforceability of such provision shall have no effect upon, and shall not impair the enforceability of, any other provision of this Release. Further, to the extent any
provision of this Release is deemed to be overbroad or unenforceable as written, such provision shall be given the maximum effect permissible under law. 
 10. Employment Agreement. Employee acknowledges and agrees that the obligations and provisions contained in Sections 6(g)(viii) and 8 of the Employment Agreement (as amended by the Letter
Agreement) shall survive the termination of Employee’s employment with the Company and shall be fully enforceable thereafter. 
 11.
Section 409A. Payment of the Severance Benefit shall continue to be subject to Section 6(i) and 6(j) of the Employment Agreement. In no event shall the timing of the execution of this Release, directly or indirectly, result in
Employee designating the calendar year of payment of any payment that is considered nonqualified deferred compensation, and if a payment or benefit that is subject to execution of the Release could be made in more than one taxable year, such payment
and/or benefit shall be made in the later taxable year. 
 12. Entire Agreement. This Release represents the entire understanding between
the parties hereto with respect to the subject matter hereof, and may not be changed or modified except by a written agreement signed by both of the parties hereto after the Effective Date. This Release is binding upon, and shall inure to the
benefit of, the parties and their respective heirs, administrators, successors and assigns. 
 (SIGNATURE PAGE TO FOLLOW)

  
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	 Dated:
                                
	  		  	  

		  		  	[Employee]

 STATE OF NEW YORK         ) 

            ) ss.: 
 COUNTY OF ROCKLAND) 
 On the
         day of                         , 20__, before me personally came
                 to me known and known to me to be the individual described in, and who executed the foregoing Release, and duly acknowledged to me that he
executed the same. 

	
	
	  
	Notary Public

 Agreed and Accepted: 
 PRESIDENTIAL LIFE INSURANCE COMPANY 

											
					
	Accepted by:	  	 	  		  	Dated: 	  	 
		 		  		  		  		  	
	Name:	 	 	  		  		  	

 Agreed and Accepted: 
 PRESIDENTIAL LIFE CORP. 

											
					
	Accepted by:	  	 	  		  	Dated: 	  	 
		 		  		  		  		  	
	Name:	 	 	  		  		  	

  
 4Amendment No. 2

 Exhibit 4.4 
 Execution Version 
 AMENDMENT NO. 2 TO WARRANT 

To Purchase Common Stock of 
 MHI Hospitality Corporation 
 THIS AMENDMENT NO. 2 (this
“Amendment”) to the Warrant dated as of April 18, 2011 (as further defined below, the “Warrant”), issued by MHI Hospitality Corporation, a Maryland corporation (the “Company”), to Essex
Illiquid, LLC and Richmond Hill Capital Partners, LP as the Initial Holders identified on Schedule 1 to the Warrant, as amended by an Amendment to Warrant dated as of December 21, 2011, is made and entered into by the Company, and agreed and
acknowledged by such Initial Holders, as of July 10, 2012 (the “Amendment Date”). Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Warrant. 

WHEREAS, certain Affiliates of the Initial Holders, in their capacity as holders of the Company’s Series A Cumulative Redeemable
Preferred Stock, and the Company have entered into that certain Agreement, Waiver and Consent by Preferred Stockholders dated as of June 15, 2012 (the “Preferred Stock Agreement”); 

WHEREAS, as contemplated by the Preferred Stock Agreement, by resolution dated June 28, 2012, the board of directors of the Company
has authorized the Initial Holders, with effect from the Amendment Date and subject to the terms and conditions of this Amendment, to acquire, in addition to the Warrant Shares, up to an aggregate of the lesser of (i) 500,000 shares of Common
Stock and (ii) 5% of the issued and outstanding shares of Common Stock as of the Amendment Date (excluding Common Stock held in treasury by the Company, if any), in each case subject to adjustment as set forth below (such aggregate number of
shares of Common Stock so authorized for acquisition, the “Authorized Additional Shares”); and 
 WHEREAS, the
Company and the Initial Holders desire, for their mutual convenience and benefit, to amend the Warrant as set forth in this Amendment. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereby agree as follows: 
 1. Article I of the Warrant is hereby amended by: 

(a) Adding thereto in proper alphabetical order the defined term “Ownership Certificate” to read as follows: 

“‘Ownership Certificate’ means a certificate, in form and substance reasonably acceptable to the Company, duly
executed by or on behalf of the holder by a duly authorized Person, confirming, representing and warranting to the Company that upon the issuance to the holder of the Warrant Shares specified in the Notice of Exercise, beneficial ownership of more
than 9.9% of the equity interests in the Company will not be held (i) if the holder is a partnership or 

 
limited partnership, by any direct or indirect partner or limited partner (or group of partners or limited partners who are Affiliates of one another) of the holder, (ii) if the holder is a
limited liability company treated as a partnership or as a disregarded entity for U.S. federal income tax purposes, by any direct or indirect member (or group of members who are Affiliates of one another) of the holder, or (iii) if otherwise,
by the holder.” 
 (b) Restating the definition of “Warrant” therein in its entirety, as follows: 

“‘Warrant’ means the warrant dated as of the Closing Date issued to the Initial Holders, as amended as of
December 21, 2011 and as of July 10, 2012, and as further amended or restated from time to time, and all warrants issued upon the partial exercise, transfer or division of or in substitution for any Warrant.” 

2. Section 2.2 of the Warrant is hereby amended by restating the initial paragraph thereof in its entirety, as follows: 

“To exercise this Warrant, a holder hereof shall deliver to the Company (i) a Notice of Exercise in the form of
Exhibit 2.2 hereto duly executed by such holder hereof specifying the number of shares of Common Stock to be purchased, (ii) an amount equal to the aggregate Exercise Price for all shares of Common Stock as to which this Warrant is
then being exercised, (iii) at any time when such holder directly holds shares of Common Stock other than Issued Warrant Shares, an Ownership Certificate, and (iv) this Warrant. At the option of each holder hereof, payment of the Exercise
Price shall be made by (a) wire transfer of funds to an account in a bank located in the United States designated by the Company for such purpose, (b) certified or official bank check payable to the order of the Company, (c) deducting
from the number of shares delivered upon exercise of the Warrant a number of shares which has an aggregate Current Market Price on the date of exercise equal to the aggregate Exercise Price for all shares as to which the Warrant is then being
exercised or (d) any combination of such methods.” 
 3. The Initial Holders hereby undertake and irrevocably agree,
at any time when any action is to be taken by holders of Common Stock (whether at a meeting, by written consent in lieu thereof or otherwise), that the Initial Holders will cast votes or give consents in respect of shares of Common Stock then held
by them excluding Issued Warrant Shares (but including any shares of Common Stock acquired pursuant to the Participation Right described in Section 4.2 of the Warrant) in the same proportions as the votes cast or consents given (but excluding
abstentions) with respect to all shares of Common Stock other than (i) those held by the Initial Holders or by entities owned, controlled or managed by the Initial Holders or their respective investment managers and (ii) those which are
not eligible, in respect of the matter in question, to be voted or to consent or to have their votes or consents counted. For the avoidance of doubt, this undertaking will also apply in respect of any voting rights or securities obtained by the
Initial Holders on the basis or by virtue of their ownership of Common Stock other than Issued Warrant Shares. This paragraph will be effective at any time when the Initial Holders hold any Common Stock other than Issued Warrant Shares and shall
survive the expiration of the Exercise Period and the termination of the Warrant. 

  
 2 

 4. If the number of shares of Common Stock outstanding changes after the Amendment Date due
to the occurrence of an event specified in clauses (i) through (iii) of Section 4.2(a) of the Warrant, the number of Authorized Additional Shares shall be adjusted to become the number obtained by multiplying the number of Authorized
Additional Shares in effect immediately prior to such event by a fraction the numerator of which shall be the number of shares of Common Stock outstanding immediately following such event and the denominator of which shall be the number of shares of
Common Stock outstanding immediately prior to such event (treating as outstanding, to the extent so provided in such Section 4.2(a), shares of Common Stock issuable upon conversions or exchanges of Convertible Securities and exercises of Stock
Purchase Rights). 
 5. The Initial Holders acknowledge that they have received and reviewed the Insider Trading Policy of the
Company, as amended from time to time (the “Policy”), and agree that it and the procedures and processes implemented by the Company related thereto shall be binding upon any individuals that are Affiliates of the Initial Holders and
who are or become Insiders (within the meaning of the Policy), including, without limitation, in connection with any acquisition or other trading activity of Common Stock by the Initial Holders. 

6. This Amendment shall be deemed to be incorporated into the Warrant and made a part thereof. All references to the Warrant in any other
document shall be deemed to be references to the Warrant as modified by this Amendment. Except as specifically amended or modified herein, the Warrant shall continue in full force and effect and shall be enforceable in accordance with each of the
terms thereof. To the extent that the terms of this Amendment conflict with the terms of the Warrant, the terms of this Amendment shall be deemed to govern. 
 7. This Amendment may be executed simultaneously in one or more counterparts, and by different parties hereto in separate counterparts, each of which when executed will be deemed an original, but all of
which taken together will constitute one and the same instrument. 
 8. This Amendment will be governed by, and construed in
accordance with, the laws of the state of New York applicable to contracts executed in and to be performed entirely within such jurisdiction, without reference to conflicts of laws provisions. 

9. This Amendment may not be amended, modified or waived except by an instrument in writing signed on behalf of each of the parties
hereto. 
 [Signature page follows.] 

  
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 IN WITNESS WHEREOF, the Company, intending to be legally bound, has executed this Amendment
effective as of the Amendment Date. 
  

					
	MHI HOSPITALITY CORPORATION
		
	By:	 	 /s/ David R. Folsom

		 	Name:	 	David R. Folsom
		 	Title:	 	President and Chief Operating Officer

  

	
	Attest:
	
	 /s/ Rhonda Smith

	Name: Rhonda Smith
	Title: Executive Assistant

 AGREED AND ACKNOWLEDGED 

BY THE INITIAL HOLDERS 

 

					
	ESSEX ILLIQUID, LLC
		
	By:	 	Richmond Hill Investments, LLC,
		 	its Investment Manager
		
	By:	 	 /s/ Ryan P. Taylor

		 	Name:	 	Ryan P. Taylor
		 	Title:	 	Managing Director and Authorized Signatory
	
	RICHMOND HILL CAPITAL PARTNERS, LP
		
	By:	 	Richmond Hill Investment Co., LP,
		 	its Investment Manager
		
	By:	 	 /s/ Ryan P. Taylor

		 	Name:	 	Ryan P. Taylor
		 	Title:	 	Authorized Signatory

  
 4

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