SEC Contract Filing

Filing Date: 2015-09-17

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d73971dex101.htm
<DESCRIPTION>EX-10.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-10.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>SEPARATION AND RELEASE AGREEMENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Separation and Release Agreement (this&nbsp;&#147;<U>Agreement</U>&#148;), dated effective as of September&nbsp;15, 2015
(the&nbsp;&#147;<U>Termination Date</U>&#148;), confirms the following understandings and agreements between La Quinta Holdings Inc., LQ Management L.L.C., and LQ Services L.L.C. (collectively, the&nbsp;&#147;<U>Company</U>&#148;) and Wayne Goldberg
(hereinafter referred to as &#147;<U>you</U>&#148; or &#147;<U>your</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, you executed that certain Amended and
Restated Employment Agreement, dated as of September&nbsp;30, 2003, as amended by that certain First Amendment to Amended and Restated Employment Agreement, dated November&nbsp;9, 2005 and that certain Second Amendment to Amended and Restated
Employment Agreement, dated January&nbsp;25, 2006 (the &#147;<U>Employment Agreement</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, among other positions,
you are currently serving as the Chief Executive Officer of La Quinta Holdings Inc.; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, you and the Company have
mutually agreed that your employment with the Company and/or its direct and indirect parent(s), subsidiaries, and affiliates will terminate effective as of the Termination Date.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW, THEREFORE</B>, in consideration of the promises set forth herein, you and the Company agree as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">1. <U>Employment Status and Separation Payments</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(a) You acknowledge your separation from employment and all directorships with the Company and its direct and indirect parent(s) and
subsidiaries and affiliates (excluding shareholders of the Company) (collectively, with the Company, the&nbsp;&#147;<U>Company Group</U>&#148;) effective as of the Termination Date, and after the Termination Date you will not represent yourself as
being an employee, officer, director, agent or representative of the Company or any other member of the Company Group. The Company agrees that, after the Termination Date, the Company Group will make all reasonable efforts to immediately cease using
your name or likeness in connection with the Company Group (other than as it relates to historical depictions) and holding you out as being a current employee, officer, director, agent or representative of the Company Group. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(b) The Company agrees that it will: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) provide you with the payments and benefits described on <U>Exhibit A</U>, attached hereto; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) treat, for purposes of your participation in the La Quinta Holdings Inc. 2014 Omnibus Incentive Plan (the &#147;<U>2014
Plan</U>&#148;), your termination of employment as described herein as if you are being terminated by the Company without &#147;Cause&#148; or by you for &#147;Good Reason&#148; (a &#147;<U>Good Leaver Termination Event</U>&#148;). Consistent
therewith, <U>Exhibit B</U>, attached hereto, summarizes the acceleration applicable to your equity awards as a result of such Good Leaver Termination Event ((i) and (ii)&nbsp;together, the &#147;<U>Severance Benefits</U>&#148;). All of the
Severance Benefits referenced in <U>Exhibit&nbsp;B</U>, </P>

<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">
attached hereto, will fully vest and be owned by you on the Termination Date, and all legends and restrictions on your already-vested shares, equity awards, and the Severance Benefits referenced
in <U>Exhibit B</U>, attached hereto, will be removed upon delivery of a customary opinion to the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(c) The Company will also
reimburse you for reasonable and customary business expenses incurred prior to the Termination Date pursuant to the terms of the Company&#146;s business expense policy; <U>provided</U> that you submit a completed expense reimbursement form and
supporting documentation no later than thirty (30)&nbsp;days following the Termination Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(d) The Company will continue to indemnify
you in accordance with Article VI of the Employment Agreement and paragraph 4(e) of the 2014 Plan, with these provisions of which are incorporated by reference and made a part hereof. The Company warrants and represents that, t