Acknowledgment of Assumption and Amendment of Employment Agreement by ESA Management, LLC and Thomas Seddon

Contract Categories: Human Resources › Employment Agreements
Summary

ESA Management, LLC agrees to assume the employment agreement originally made between Thomas Seddon and HVM L.L.C. after the closing of an asset purchase. The agreement updates references in the employment contract to reflect ESA as the new employer and clarifies that the Board of Directors of Extended Stay America, Inc. will replace the previous manager representatives. It also redefines the term 'Change of Control Transaction' in line with Extended Stay America, Inc.'s 2013 Long-Term Incentive Plan. The changes take effect upon the closing of the asset purchase.

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EX-10.17.1 4 d565367dex10171.htm EX-10.17.1 EX-10.17.1

Exhibit 10.17.1

ESA Management, LLC

11525 N. Community House Road

Suite 100

Charlotte, NC 28277

October 16, 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 Thomas Seddon and HVM entered into on March 26, 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 Thomas Seddon 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 “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.

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
THOMAS SEDDON
By:  

/s/ Thomas Seddon