Exhibit 10.1
A MENDMENT N O .
1 TO
E MPLOYMENT A GREEMENT
This A MENDMENT N O .
1 TO
E MPLOYMENT A GREEMENT ( THIS “A MENDMENT N O .
1 ”), is executed
as of January 22, 2009, by and among Sunstone Hotel Investors,
Inc., a Maryland corporation (“ Sunstone ”),
Sunstone Hotel Partnership, LLC, a Delaware limited liability
company (the “ Operating Partnership ”) and
Arthur L. Buser, Jr. (the “ Executive
”).
W HEREAS , Sunstone, the Operating Partnership and the
Executive are parties to an Employment Agreement (the “
Employment Agreement ”), effective as of the Effective
Date (as defined in the Employment Agreement);
W HEREAS , the Employment Agreement provides that
Executive is entitled to a bonus for 2008 performance (the “
2008 Bonus ”);
W HEREAS , Sunstone, the Operating Partnership and the
Executive desire to amend the Employment Agreement to reflect
Executive’s decision to forgo the 2008 Bonus;
N OW ,
T HEREFORE
, for good and valuable
consideration, the receipt and sufficiency of which are
acknowledged, the parties agree as follows:
1. Bonus . The last two
sentences of Section 2(b)(ii) are deleted and replaced with
the following:
“Notwithstanding anything
herein to the contrary, for the period from the Effective Date
through December 31, 2008, Executive will not be paid a bonus.
For all other purposes under this Agreement, the “2008
Bonus” means zero dollars.”
2. Equity Award . The last
sentence of Section 2(b)(iii)(A) is deleted and replaced with
the
