FIRST AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF SUMMIT HOTEL OP, LP DESIGNATION OF 9.25% SERIES A CUMULATIVE REDEEMABLE PREFERRED UNITS October 26, 2011Agreement of Limited Partnership • October 28th, 2011 • Summit Hotel Properties, Inc. • Real estate investment trusts
Pursuant to Section 4.02 and Article XI of the First Amended and Restated Agreement of Limited Partnership of Summit Hotel OP, LP (the “Partnership Agreement”), the General Partner hereby amends the Partnership Agreement as follows in connection with the issuance of 2,000,000 shares of 9.25% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share (the “Series A Preferred Stock”) of Summit Hotel Properties, Inc. (“Summit REIT”) and the issuance to the General Partner of Series A Preferred Units (as defined below) in exchange for the contribution by Summit REIT of the net proceeds from the issuance and sale of the Series A Preferred Stock:
