EXHIBIT 10.26
February 4, 2005
X. Xxxxxx Xxxxxxxxxx
0000 Xxxxxxxxx Xxxxxxx
Apartment 000
Xxxxxxx, XX 00000
RE: 2004 ANNUAL PERFORMANCE BONUS
Dear Xx. Xxxxxxxxxx:
This letter will confirm that you have agreed, subject to the contingency
set forth herein, to waive your entitlement to any Annual Performance Bonus for
2004 as provided for in the Employment Agreement ("the Agreement") between you
and Lodgian, Inc. dated December 18, 2003. This waiver is contingent upon the
Board's authorization and payment of 2004 performance bonuses to certain other
executives of the company on or before March 15, 2005 in amounts as agreed upon
between you and the Board.
By signing below, you acknowledge that you are voluntarily agreeing to
forgo payment of the 2004 Annual Performance Bonus as defined in Section 4(d) of
the Agreement and that you otherwise would be entitled to payment of such bonus.
Nothing herein shall change any other term of the Agreement between you
and Lodgian, Inc., including, but not limited to, your entitlement to payment of
the signing bonus as described in Section 4(c) of the Agreement and your future
entitlement to any earned Annual Performance Bonus pursuant to Section 4(d) of
the Agreement.
Please sign below indicating your agreement with the foregoing.
Sincerely,
/s/ Xxxxxx X. Xxxxx
Xxxxxx X. Xxxxx
Senior Vice President and General Counsel
LETTER TO XX. XXXXXXXXXX
FEBRUARY 4, 2005
PAGE 2 OF 2
Agreed to and Accepted:
/s/ X. Xxxxxx Xxxxxxxxxx
-------------------------------
X. Xxxxxx Xxxxxxxxxx
President and Chief Executive Officer
Lodgian, Inc.
DEE/pew
