Item 1.01. Entry into a Material Definitive Agreement.

The information about the mutual release of claims and the amendments to the stock award agreements set forth under Item 5.02 of this Current Report on Form 8-K is hereby incorporated by reference into this Item 1.01. Copies of these agreements or the forms thereof are filed as Exhibits 10.1, 10.2 and 10.3 to this Current Report on Form 8-K and are hereby incorporated by reference into this Item 1.01.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors;


            Appointment of Certain Officers; Compensatory Arrangements of Certain
            Officers.

As previously reported on the Current Report on Form 8-K filed by Summit Hotel Properties, Inc. (the "Company") on December 7, 2021, Daniel P. Hansen, Executive Chairman of the Company, notified the Company of his intent to retire from his position as Executive Chairman effective January 1, 2022 (the "Retirement Date"). On December 31, 2021, in connection with Mr. Hansen's planned retirement, the Company entered into a mutual release of claims with Mr. Hansen (the "Agreement"), which will become effective after a customary seven-day revocation period, ending January 7, 2022, has passed. The Agreement provides that Mr. Hansen will receive compensation in accordance with Section 10 of the Amended and Restated Employment Agreement between Mr. Hansen and the Company effective January 15, 2021 as previously reported on the Current Report on Form 8-K filed by the Company on December 22, 2020, which provides for the following: (i) accelerated vesting on the Retirement Date of all unvested service-based restricted shares of common stock previously awarded to Mr. Hansen pursuant to those three certain Stock Award Agreements (Service-Based Shares), dated March 7, 2019, March 7, 2020, and March 8, 2021 between the Company and Mr. Hansen; (ii) the opportunity to earn unvested performance-based restricted shares of common stock in 2022 and 2023 based on the Company's total shareholder return in accordance with the previously reported performance awards; (iii) One Million and No/100 dollars ($1,000,000.00) paid in twelve (12) equal or nearly equal monthly installments following the Retirement Date; (iv) reimbursement for COBRA premiums paid by Mr. Hansen for twelve (12) months following the Retirement Date; and (v) a release by each party of all claims against the other party.

In addition, on December 31, 2021, the Company and Mr. Hansen entered into amendments to those two certain Stock Award Agreements (Performance-Based Shares), dated March 7, 2019 and March 7, 2020, respectively, between the Company and Mr. Hansen (collectively the "Performance Awards"), the forms of which amendments are attached as Exhibits 10.2 and 10.3 to this Current Report on Form 8-K (the "Amendments"), to remove the requirement that Mr. Hansen remain employed by the Company to remain eligible to receive any shares that may vest.

This summary of the Agreement and the Amendments is qualified in its entirety by reference to the copies of such agreements filed as Exhibit 10.1 (Agreement), Exhibit 10.2 (amendment to Performance Award dated March 7, 2019) and Exhibit 10.3 (amendment to Performance Award dated March 7, 2020) to this Current Report on Form 8-K, respectively, which are hereby incorporated by reference into this Item 5.02.

This Current Report on Form 8-K contains statements that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. These forward-looking statements relate to entering into the Agreement and the Amendments. Forward-looking statements are based on certain assumptions which can include future expectations, future plans and strategies, financial and operating projections or other forward-looking information.

These forward-looking statements are subject to various risks and uncertainties, not all of which are known to the Company and many of which are beyond the Company's control, which could cause actual results to differ materially from such statements. These risks and uncertainties include, but are not limited to, the state of the U.S. economy, supply and demand in the hotel industry and other factors as are described in greater detail in the Company's filings with the Securities and Exchange Commission, including, without limitation, the Company's Annual Report on Form 10-K for the year ended December 31, 2020. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Item 9.01. Financial Statements and Exhibits.






  (d)      Exhibits

    10.1     Mutual Release of Claims dated December 31, 2021 between Summit Hotel
           Properties, Inc. and Daniel P. Hansen.

    10.2     Form of First Amendment to Stock Award Agreement (Performance-Based
           Shares) between Summit Hotel Properties, Inc. and Daniel P. Hansen.

    10.3     Form of First Amendment to Stock Award Agreement (Performance-Based
           Shares) between Summit Hotel Properties, Inc. and Daniel P. Hansen.

  104      Cover Page Interactive Data File (embedded within the Inline XBRL
           document)

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