SEC Contract Filing

Filing Date: 2018-09-19

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>lhoex101-september182018.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<div><a name="s0ccbec25a8234360b4ca6c9017b38b82"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit 10.1</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">LaSalle Hotel Properties</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">7550 Wisconsin Avenue, 10</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">th</sup></font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#32;Floor</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Bethesda, Maryland 20814</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">September 18, 2018</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Michael D. Barnello</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">LaSalle Hotel Properties</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7550 Wisconsin Ave, 10</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">th</sup></font><font style="font-family:inherit;font-size:10pt;">&#32;Floor</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Bethesda, Maryland 20814</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dear Mike,</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We refer to those certain Performance-Based Share Award Agreements between you and LaSalle Hotel Properties (the &#8220;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Company</font><font style="font-family:inherit;font-size:10pt;">&#8221;) identified on </font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Exhibit A</font><font style="font-family:inherit;font-size:10pt;">&#32;attached to this letter (the &#8220;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Award Agreements</font><font style="font-family:inherit;font-size:10pt;">&#8221;). Capitalized terms used and not defined in this letter have the meanings ascribed by the Award Agreements.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:6px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Under the terms of the Agreement and Plan of Merger, by and among the Company, LaSalle Hotel Operating Partnership, L.P., Pebblebrook Hotel Trust (&#8220;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Parent</font><font style="font-family:inherit;font-size:10pt;">&#8221;), Pebblebrook Hotel, L.P., Ping Merger Sub, LLC and Ping Merger OP, LP, dated as of September 6, 2018, as amended on September 18, 2018 (as the same may be amended from time to time, the&#160;&#8220;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Merger Agreement</font><font style="font-family:inherit;font-size:10pt;">&#8221;), the Company and Parent agreed that the total number of Common Shares that will become earned and vested pursuant to the Award Agreements in connection with the Company Merger (as defined in the Merger Agreement) shall equal 180% of the Target Amount.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:6px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Notwithstanding anything contained in the Award Agreements to the contrary, by signing this letter you are agreeing to fix the number of Common Shares to be earned and awarded under the Award Agreements at 180% of the Target Amount, which is an aggregate of 357,140 Common Shares, which may be more or less than the number of Common Shares that would have been earned pursuant to the Award Agreements but for the amendment to the Merger Agreement and this letter agreement, in accordance with the terms of the Merger Agreement. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:6px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">This letter agreement will become effective immediately and shall a