SEC Contract Filing

Filing Date: 2017-05-25

Document Content:
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<TYPE>EX-10.1
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<FILENAME>a17-14114_3ex10d1.htm
<DESCRIPTION>EX-10.1
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 10.1</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SUMMIT HOTEL PROPERTIES,&nbsp;INC.</font></u></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Common Stock</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">($0.01 par value per share)</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Sales Agreement</font></b></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May&nbsp;25, 2017</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[</font><font face="Symbol">&#183;</font>]</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each of Summit Hotel Properties,&nbsp;Inc., a Maryland corporation (the &#147;<b>Company</b>&#148;), and Summit Hotel OP, LP, a Delaware limited partnership (the &#147;<b>Operating Partnership</b>&#148;), confirms its respective agreement (this &#147;<b>Agreement</b>&#148;) with [</font><font face="Symbol">&#183;</font>] (the &#147;<b>Agent</b>&#148;), as follows:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Issuance and Sale of Placement Shares</u>.</p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company agrees that, from time to time during the term of this Agreement, on the terms and subject to the conditions set forth herein, it may issue and sell through the Agent, acting as agent and/or principal, shares of the Company&#146;s common stock, $0.01 par value per share (the &#147;<b>Common Stock</b>&#148;), (the &#147;<b>Placement Shares</b>&#148;) having a maximum aggregate offering price of up to $200,000,000 (the &#147;<b>Maximum Amount</b>&#148;).&#160; Notwithstanding anything to the contrary contained herein, the parties hereto agree that compliance with the limitation set forth in this Section&nbsp;1 relating to the issuance and sale of Placement Shares not in excess of the Maximum Amount pursuant to this Agreement shall be the sole responsibility of the Company, and the Agent shall have no obligation in connection with such compliance, provided that the Agent strictly follows the trading instructions provided by the Company pursuant to any Placement Notice.&#160; The issuance and sale of Placement Shares through the Agent shall be effected pursuant to the Registration Statement, although nothing in this Agreement shall be construed as requiring the Company to use the Registration Statement (as defined below) to issue and sell Placement Shares pursuant to this Agreement.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company and the Operating Partnership are entering into a sales agreement, dated May&nbsp;25, 2017, with each of [</font><font face="Symbol">&#183;</font>], [<font face="Symbol">&#183;</font>], [<font face="Symbol">&#183;</font>], [<font face="Symbol">&#183;</font>], [<font face="Symbol">&#183;</font>], [<font face="Symbol">&#183;</font>], [<font face="Symbol">&#183;</font>], [<font face="Symbol">&#183;</font>], and [<font face="Symbol">&#183;</font>] (collectively, the &#147;<b>Other Sales Agreements</b>&#148;) as additional sales agents (collectively, the &#147;<b>Alternative Agents</b>&#148;) for the issuance and sale from time to time to or through the Alternative A