Letter Agreement between John Q. Hammons and Bill Mead Regarding Residence Inn Hotel Projects (January 27, 2000)

Summary

This agreement between John Q. Hammons and Bill Mead outlines a five-year plan to jointly pursue the development of up to three Residence Inn hotel projects, with ownership split 75% to Hammons and 25% to Mead. The agreement specifies that the market and site must be suitable, and financing for required equity may be arranged. Mead will receive $65,000, paid in equal monthly installments starting April 1, 2000. The agreement will end if the contract with John Q. Hammons Hotels, Inc. is terminated.

EX-10.7C 5 dex107c.txt LETTER AGREEMENT -- WILLIAM A MEAD 1/27/2000 Exhibit 10.7c JOHN Q. HAMMONS HOTEL LETTERHEAD January 27, 2000 CONFIDENTIAL - ------------ Mr. Bill Mead Embassy Suites Greensboro 204 Centreport Drive Greensboro, NC 27409 Dear Mr. Mead: As a follow-up to our several telephone conferences, this letter will confirm our understanding relative to two phases of our agreement: A. During this five-year contractual period, John Q. Hammons and Bill Mead will attempt to select a strong market for the purpose of using the availability to build 1, 2 or 3 Residence Inn hotel projects. As we discussed, the market must be correct as well as the site location. The ownership will be 75/25 and all or any equities required can perhaps be financed also (at least a substantial portion). B. The sum of $65,000.00 we discussed will be paid at an equal amount on a monthly basis on the first of the month, starting April 1, 2000. C. This agreement is terminated if the contract with John Q. Hammons Hotels, Inc. is also terminated. The above items I believe answer the questions and discussion that we had on the telephone. Respectfully submitted, /s/ John Q. Hammons --------------------------------------------------- John Q. Hammons Witness: /s/ Lynn Harman - ------------------------ /s/ Angie Harp - ------------------------