Item 5.02Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 30, 2021, Sunstone Hotel Investors, Inc. ("Sunstone") and Sunstone
Hotel Partnership, LLC (together with Sunstone, the "Company") entered into
letter agreements (the "Letters") with each of the following named executive
officers of the Company: Bryan A. Giglia, Executive Vice President and Chief
Financial Officer; Robert C. Springer, Executive Vice President and Chief
Investment Officer; and David Klein, Executive Vice President and General
Counsel (collectively, the "Executives"). The Letters amend the Executives'
employment agreements (the "Employment Agreements") such that the Employment
Period (as defined in the Employment Agreements) will not terminate on March 31,
2022 and renew automatically for successive one-year periods, but instead will
continue indefinitely until earlier terminated by the Executive or the Company
in accordance with the terms of the Employment Agreement. The Letters clarify
that the Employment Agreements no longer provide for severance payable upon a
non-renewal of the Employment Period.
The foregoing description of the Letters is not complete and is subject to and
qualified in its entirety by reference to the form of Letter, a copy of which is
filed as Exhibit 10.1 to this Current Report on Form 8-K and which is
incorporated herein by reference.
Item 9.01Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
10.1 Form of Letter.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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