Page 57 - Valor Presentation for Baxter Fain

SUGGESTED MANAGEMENT AGREEMENT TERMS

• Incentive Management Fee (creative and meaningful incentive structures will be considered a plus)

• Valor are open to any structures which are seen as a win-win between ownership, stakeholders and Valor themselves for
creating the value and will discuss in detail with Baxter

• Generally Valor would operate on an AGOP basis with targets set to ensure delivery and absolute performance

• Key Money Contribution

• Not applicable until new projects secured

• Definition of AGOP

• AGOP will be GOP less Management Fees

• FF&E Provisions

• All provisions brand driven

• System/Mandatory Operational Expenses

• All system fees currently being paid. As a full service company, Valor may be able to eliminate some after a line by line

review of all properties commercial performance