Separation Agreement between Supertel Hospitality, Inc. and Kelly Walters (September 2014)

Contract Categories: Human Resources › Separation Agreements
Summary

This agreement is between Supertel Hospitality, Inc. and Kelly Walters, its outgoing President and CEO. Walters will remain on the company payroll with current salary and benefits through March 31, 2015, but will step down as an executive officer upon the hiring of a new executive or by December 31, 2014, whichever comes first. Both parties agree to release each other from any claims under Walters' prior employment agreement. The agreement also acknowledges Walters' assistance in the leadership transition.

Read More Arrow
EX-10.1 2 sppr8k_sept9letter.htm sppr8k_sept9letter.htm
 
Exhibit 10.1


 

 
September 10, 2014
 
Kelly Walters
President and Chief Executive Officer
Supertel Hospitality, Inc.
1800 West Pasewalk Avenue, Suite 200
Norfolk, Nebraska 68701
 
Dear Kelly,
 
The Board of Directors of Supertel Hospitality, Inc. appreciates your service as President and Chief Executive Officer of the company.  In connection with your resignation as President and Chief Executive Officer, we would like to offer you the following on behalf of the company:
 
·
You will remain on the company payroll through March 31, 2015 with present salary and benefits, paid in accordance with customary payroll practice.
 
·
You will no longer be an executive officer of the company following your resignation as President and Chief Executive Officer effective upon the earlier of (a) the hiring of a new executive officer of the company or (b) December 31, 2014.
 
·
Your Employment Agreement, dated as of February 1, 2012, between you and the company is no longer of force and effect and the company releases you and you release the company from any claims thereunder for the consideration provided herein.
 
We appreciate your offer to assist in the transition with the new chief executive officer.  If the foregoing is acceptable to you, please sign and date below and return a signed copy to me.
 
Supertel Hospitality, Inc.
 
/s/ James Friend
James Friend, Chairman of
the Board of Directors
 
Accepted and agreed this September 10, 2014
 
/s/ Kelly A. Walters
Kelly A. Walters