SEC Contract Filing

Filing Date: 2016-08-02

Document Content:
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>8
<FILENAME>a6-30x2016exhibit104.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
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<div><a name="sA462C5E634B65C12102A4BEA0ACA92C8"></a></div><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">SUMMIT HOTEL PROPERTIES, INC.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Common Stock <br>($0.01 par value per share)</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">6.45% Series D Preferred Stock</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">($0.01 par value per share)</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Sales Agreement</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">August 2, 2016</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Deutsche Bank Securities Inc.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">60 Wall Street, 2nd Floor</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">New York, New York 10005&#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></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Ladies and Gentlemen:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Each of Summit Hotel Properties, Inc., a Maryland corporation (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Company</font><font style="font-family:inherit;font-size:12pt;">&#8221;), and Summit Hotel OP, LP, a Delaware limited partnership (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Operating Partnership</font><font style="font-family:inherit;font-size:12pt;">&#8221;), confirms its respective agreement (this &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Agreement</font><font style="font-family:inherit;font-size:12pt;">&#8221;) with Deutsche Bank Securities Inc. (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Agent</font><font style="font-family:inherit;font-size:12pt;">&#8221;), as follows:</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:left;text-indent:48px;"><font style="padding-bottom:16px;text-align:left;font-family:inherit;font-size:12pt;padding-right:48px;">1.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Issuance and Sale of Placement Shares</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">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, up to an aggregate value of $125,000,000 (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Maximum Amount</font><font style="font-family:inherit;font-size:12pt;">&#8221;), of shares of (a) the Company&#8217;s common stock, $0.01 par value per share (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Common Stock</font><font style="font-family:inherit;font-size:12pt;">&#8221;), and/or (b) the Company's 6.45% Series D Preferred Stock, par value $0.01 per share (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Series D</font><font style="font-family:inherit;font-size:12pt;">&#32;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Preferred Stock</font><font style="font-family:inherit;font-size:12pt;">&#8221; and, together with the Common Stock, the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Placement Shares</font><font style="font-family:inherit;font-size:12pt;">&#8221;). Notwithstanding anything to the contrary contained herein, the parties hereto agree that compliance with the limitation set forth in this Section&#160;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