Acknowledgment and Assumption of Employment Agreement by ESA Management, LLC and James L. Donald

Contract Categories: Business Finance › Modification Agreements
Summary

ESA Management, LLC agrees to assume the employment agreement originally made between James L. Donald and HVM L.L.C. after the closing of an asset purchase. The agreement updates references in the original employment contract to reflect ESA as the new employer and clarifies certain terms, including definitions related to company leadership and change of control. Both ESA and James L. Donald consent to these changes, which become effective upon the closing of the asset purchase transaction.

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EX-10.15.1 2 d565367dex10151.htm EX-10.15.1 EX-10.15.1

Exhibit 10.15.1

ESA Management, LLC

11525 N. Community House Road

Suite 100

Charlotte, NC 28277

October 15, 2013

ACKNOWLEDGMENT OF ASSUMPTION

ESA Management, LLC (“ESA”) hereby acknowledges and agrees that effective upon the consummation of the transactions (the “Closing”) contemplated by that certain Asset Purchase Agreement dated as of October 9, 2013 by and between ESA and HVM L.L.C. (“HVM”), ESA shall assume that certain employment agreement by and between James L. Donald and HVM entered into on February 21, 2012 (the “Employment Agreement”) in accordance with the terms of Section 2.1 of the Asset Purchase Agreement and Section 10 of the Employment Agreement.

In addition, ESA and James Donald hereby agree and acknowledge the following clarifications and amendments to the Employment Agreement in light of the assumption to be effective as of the Closing:

 

  1. All references to “HVM L.L.C.” or the “Company” shall be deemed references to “ESA Management, LLC”.

 

  2. All references to the “Board of Managers” or to the “Manager Representatives” shall be deemed references to the “Board of Directors of Extended Stay America, Inc.”

 

  3. The last sentence of Section 5.E. shall be replaced in its entirety to read as follows:

For purposes of this Agreement, a “Change of Control Transaction” shall mean a “Change in Control” as defined in the Extended Stay America, Inc. 2013 Long-Term Incentive Plan.

 

  4. All references to the “Board of Managers of ESH Hospitality Holdings LLC” shall be deemed references to the “Board of Directors of ESH Hospitality, Inc.”

IN WITNESS WHEREOF, the parties have executed this Acknowledgement as of the date set forth above.

 

ESA MANAGEMENT, LLC
By:  

/s/ Chris Daniello

Name:   Chris Daniello
Title:   Vice President and Secretary
JAMES L. DONALD
By:  

/s/ James L. Donald