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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001193125-11-010152.txt : 20110119
<SEC-HEADER>0001193125-11-010152.hdr.sgml : 20110119
<ACCEPTANCE-DATETIME>20110119163639
ACCESSION NUMBER:		0001193125-11-010152
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20110117
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110119
DATE AS OF CHANGE:		20110119

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MHI Hospitality CORP
		CENTRAL INDEX KEY:			0001301236
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32379
		FILM NUMBER:		11536148

	BUSINESS ADDRESS:	
		STREET 1:		410 W. FRANCIS STREET
		CITY:			WILLIAMSBURG
		STATE:			VA
		ZIP:			23185
		BUSINESS PHONE:		757-229-5648

	MAIL ADDRESS:	
		STREET 1:		410 W. FRANCIS STREET
		CITY:			WILLIAMSBURG
		STATE:			VA
		ZIP:			23185
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
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 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:4px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>WASHINGTON, DC 20549 </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>FORM 8-K
</B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="4"><B>CURRENT REPORT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>PURSUANT TO SECTION 13 OR 15(d) OF THE </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>SECURITIES EXCHANGE ACT OF 1934
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Date of report (Date of earliest event reported): January&nbsp;17, 2011 </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="6"><B>MHI HOSPITALITY CORPORATION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>(Exact Name of Registrant as Specified in its Charter) </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Maryland</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>001-32379</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>20-1531029</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(State or Other Jurisdiction</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>of Incorporation)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Commission</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>File Number)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(IRS Employer</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>Identification No.)</B></FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>410 West Francis Street
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Williamsburg, Virginia 23185 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>(757) 229-5648 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Address, including Zip Code and Telephone Number,
including </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Area Code, of Principal Executive Offices) </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b), (c)&nbsp;and (e) </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Employment Agreements </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) On January&nbsp;17, 2011, the Board of Directors of MHI Hospitality
Corporation (the &#147;Company&#148;), as recommended by the Company&#146;s Nominating, Corporate Governance and Compensation Committee (the &#147;Compensation Committee&#148;), approved a new employment agreement, effective as of January&nbsp;1,
2011, between the Company and Mr.&nbsp;David&nbsp;R. Folsom, as President and Chief Operating Officer of the Company (the &#147;Folsom Employment Agreement&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Folsom Employment Agreement has an initial term ending on December&nbsp;31, 2015. Thereafter, the term of the Folsom Employment Agreement will be extended for an additional year, on each anniversary
of the commencement date of the Folsom Employment Agreement, unless either party gives one hundred eighty (180)&nbsp;days prior written notice that the term will not be extended. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Folsom Employment Agreement provides for annual salary and possible additional compensation in the form of a cash bonus and restricted stock awards. Specifically, as compensation, Mr.&nbsp;Folsom will
receive a salary of $218,758 for the 12-month period ending December&nbsp;31, 2011, subject to adjustment in subsequent years. In addition, pursuant to the Folsom Employment Agreement, Mr.&nbsp;Folsom is also entitled, among other things, to
receive: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1) An annual cash performance bonus in an amount between 20% and 30% of salary for that calendar year, based upon
the attainment of quantitative performance goals set forth in a performance plan established by the Compensation Committee by January&nbsp;31 of each year; and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(2) Customary benefits, including a term life insurance policy of $1 million and disability insurance in an amount so that Mr.&nbsp;Folsom will receive the same monthly payments as made under the Folsom
Employment Agreement at the time of any event causing his disability. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition, Mr.&nbsp;Folsom will be entitled to receive benefits under
the Folsom Employment Agreement if the Company terminates his employment without cause or the executive resigns with good reason or if there is a change in control of the Company during the term of the agreement. Under these scenarios,
Mr.&nbsp;Folsom is entitled to receive the following: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">any accrued but unpaid salary and bonuses; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">vesting of any previously issued stock options or restricted stock; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">payment of the executive&#146;s life, health and disability insurance coverage for a period of five (5)&nbsp;years following termination (provided,
however, that such right terminates if the executive accepts other employment that would reasonably be expected to provide such insurance); </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2 </FONT></P>


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<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">any unreimbursed expenses; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">a severance payment equal to three (3)&nbsp;times Mr.&nbsp;Folsom&#146;s combined salary and actual bonus compensation for the preceding fiscal year
will be paid within five (5)&nbsp;days of the executive officer&#146;s last day of employment. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">A copy of the Folsom
Employment Agreement is attached hereto as Exhibit 10.2A and is incorporated herein by reference as though it were fully set forth herein. The foregoing summary description of the Folsom Employment Agreement is not intended to be complete and is
qualified in its entirety by the complete text of the Folsom Employment Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) On January&nbsp;17, 2011, the Board of Directors of
the Company, as recommended by the Compensation Committee, also approved a first amendment to the employment agreement, effective as of January&nbsp;1, 2011, between the Company and Mr.&nbsp;Andrew&nbsp;M. Sims, Chief Executive Officer of the
Company (the &#147;Sims Amendment&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Sims Amendment eliminates the title of President of the Company from Mr.&nbsp;Sims&#146; job
description as stated therein and the parties agreed that such deletion does not equate to a material diminution of the executive&#146;s responsibilities, authority or title. The Sims Amendment does not include any further material revisions or
amendments, and as such, the remainder of Mr.&nbsp;Sims&#146; employment agreement dated as of January&nbsp;1, 2010, (the &#147;Sims Employment Agreement&#148;) remains in full force and effect without change, amendment, modification or waiver. The
Company filed a copy of the Sims Employment Agreement as Exhibit 10.2A to its Form 8-K, which was filed with the Securities and Exchange Commission on February&nbsp;5, 2010. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">A copy of the Sims Amendment is attached hereto as Exhibit 10.3A and is incorporated herein by reference as though it were fully set forth herein. The foregoing summary description of the Sims Amendment
is not intended to be complete and is qualified in its entirety by the complete text of the Sims Amendment. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;7.01</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Regulation FD Disclosure </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">On
January&nbsp;19, 2011, the Company issued a press release announcing the appointment of David R. Folsom to President. A copy of the press release is furnished as Exhibit 99.1 to this current report on Form 8-K. </FONT></P>
<P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;9.01</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Financial Statements and Exhibits </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(d) Exhibits </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2A</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Employment Agreement between MHI Hospitality Corporation and David R.&nbsp;Folsom</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.3A</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">First Amendment to Employment Agreement between MHI Hospitality Corporation and Andrew M. Sims</FONT></TD></TR></TABLE>
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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">3 </FONT></P>


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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">99.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Press Release by MHI Hospitality Corporation, dated January&nbsp;19, 2011</FONT></TD></TR></TABLE>
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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">4 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">SIGNATURES </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Date: January&nbsp;19, 2011 </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>MHI HOSPITALITY CORPORATION</B></FONT></TD></TR>
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">By: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Andrew M. Sims</U></FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Andrew M. Sims</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chief Executive Officer</FONT></TD></TR></TABLE></DIV>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">5 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Exhibit List </U></FONT></P>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.2A</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Employment Agreement between MHI Hospitality Corporation and David R.&nbsp;Folsom</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">10.3A</FONT></TD>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">First Amendment to Employment Agreement between MHI Hospitality Corporation and Andrew M. Sims</FONT></TD></TR>
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<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">99.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Press Release by MHI Hospitality Corporation, dated January 19, 2011</FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">6 </FONT></P>

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<TYPE>EX-10.2A
<SEQUENCE>2
<FILENAME>dex102a.htm
<DESCRIPTION>EXHIBIT 10.2A -- EMPLOYMENT AGREEMENT
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<TITLE>Exhibit 10.2A -- Employment Agreement</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 10.2A </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><U>EMPLOYMENT AGREEMENT </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:0px;"><FONT STYLE="font-family:Times New Roman" SIZE="2">This EMPLOYMENT AGREEMENT
(the &#147;Agreement&#148;), is dated as of the 1</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">st</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> day of
January 2011, between MHI Hospitality Corporation, a Maryland corporation (the &#147;Company&#148; or &#147;Employer&#148;), and David R. Folsom (the &#147;Executive&#148;). </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>RECITALS: </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS, the Company is in the business of owning and
developing hotels (&#147;the Company&#146;s Business&#148;); and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS, Employer and Executive entered into an employment
agreement, dated January&nbsp;9, 2006, to engage Executive to serve as Executive Vice President and Chief Operating Officer of the Company (the &#147;Prior Employment Agreement&#148;); and </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS, the Prior Employment Agreement expired on December&nbsp;31, 2010; and </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">WHEREAS, the Employer and Executive desire to enter into this new Agreement as of the date hereof on the terms and conditions set forth
herein. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">NOW, THEREFORE, on the basis of the foregoing premises and in consideration of the mutual covenants and agreements
contained herein, the parties hereto agree as follows: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 1. <U>Employment</U>. The Company hereby agrees to employ the
Executive and the Executive hereby accepts such employment with the Company, on the terms and subject to the conditions hereinafter set forth. Subject to the terms and conditions contained herein, the Executive shall serve as President and Chief
Operating Officer of the Company and shall have such duties as are typically performed by a chief operating officer of a corporation of similar size and type as the Company. The Executive shall render his services at the direction of, and shall
report solely to, the Chief Executive Officer of the Company. The Executive agrees to use best efforts to promote and further the business, reputation and good name of the Company. The Executive&#146;s primary place of employment shall be in the
Williamsburg, Virginia area, or such other location as determined by the Company&#146;s Board of Directors. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 2.
<U>Commencement Date; Term</U>. Employment of Executive shall continue on the terms herein from and after the date set forth above (the &#147;Commencement Date&#148;) and shall continue during the period ending on December&nbsp;31, 2015, unless
terminated prior to such date pursuant to Section&nbsp;6 hereof. Following December&nbsp;31, 2015, the term of the Agreement shall be extended for an additional year, on each anniversary of the Commencement Date, unless either party gives 180 days
prior written notice that the term will not be extended (the &#147;Employment Term&#148;). The Employment Term shall terminate upon any termination of the Executive&#146;s employment pursuant to Section&nbsp;6 hereof. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 3. <U>Compensation and Benefits</U>. During the Employment Term, the Executive shall be entitled to the following compensation
and benefits: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) <U>Salary</U>. As compensation for the performance of the Executive&#146;s services hereunder for the
12-month period ending December&nbsp;31, 2011, the Company shall pay to the Executive a salary (the &#147;Salary&#148;) of Two-Hundred Eighteen Thousand Seven-Hundred and Fifty-Eight Dollars ($218,758.00). For 2012, Executive&#146;s salary shall be
increased by $45,000.00 over his 2010 salary plus a cost of living adjustment, as determined by the Nominating, Corporate Governance and Compensation Committee of the Company&#146;s Board of Directors (the &#147;Committee&#148;), which in no event
will be less than a percentage equal to the annual inflation rate for the prior full calendar year as measured by the Consumer Price Index for All Urban Consumers published by the U.S. Department of Labor, Bureau of Labor
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1 </FONT></P>


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Statistics (the &#147;CPI Adjustment&#148;). For the subsequent three years under the term of this Agreement, the Committee shall review Executive&#146;s Salary annually in conjunction with its
regular review of employee salaries and may increase his Salary as in effect from time to time as the Committee shall deem appropriate, it being understood and agreed that the intent of the parties that Executive&#146;s salary increases are subject
to the satisfactory performance of Executive; provided, however, that the Executive&#146;s Salary shall be increased annually to account for the CPI Adjustment. The Salary shall be payable in arrears in approximately equal semi-monthly installments
(except that the first and last such semi-monthly installments may be prorated if necessary) on the Company&#146;s regularly scheduled payroll dates, minus such deductions as may be required by law or reasonably requested by the Executive.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) <U>Annual Performance Bonus</U>. The Executive shall be eligible to receive, in respect of each calendar year during the
Employment Term, an annual cash performance bonus (the &#147;Annual Performance Bonus&#148;) in an amount between twenty percent (20%)&nbsp;and thirty percent (30%)&nbsp;of Salary for that calendar year, based upon (other than as noted below) the
attainment of quantitative performance goals set forth in a performance plan established by the Committee by January&nbsp;31 of each year (the &#147;Performance Plan&#148;). The Annual Performance Bonus shall be paid to the Executive within thirty
(30)&nbsp;days following the receipt of the audited results of the Company for the calendar year, but in no event later than sixty (60)&nbsp;days after the close of the calendar year. If necessary, the Annual Performance Bonus shall be granted under
a performance based plan that meets the requirements under Section&nbsp;162(m) of the Internal Revenue Code (the &#147;Code&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(c) <U>Stock Options</U>. The Company may grant to Executive stock options, performance shares, performance units, deferred shares or restricted stock from time to time under the terms of a separate
agreement, and consistent with the terms of any stock incentive plan which may be established and adopted by the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)
<U>Benefits</U>. In addition to the Salary and the Annual Performance Bonus, the Executive shall be eligible to participate in the Company&#146;s health, insurance, retirement and other benefit plans and programs. The Executive shall also be
entitled to four (4)&nbsp;weeks of paid vacation for each calendar year during the Employment Term. Additionally, Executive will be entitled to two (2)&nbsp;weeks paid time for illness and personal leave, and all Company holidays. The Executive
shall be entitled to all other benefits as are generally allowed to other senior executives of the Company, in accordance with the Company&#146;s policies in effect from time to time. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) <U>Directors and Officers Liability Insurance</U>. The Company will, at its expense, provide the Executive with Directors and
Officers Liability Insurance, subject to the provisions governing such insurance and on such terms as the Board of Directors may from time to time decide. The Company will indemnify Executive and hold Executive harmless, to the maximum extent
permitted by applicable law, against all costs, charges and expenses incurred or sustained by him in connection with any action, suit or proceeding to which he may be made a party by reason of his being an officer, director or employee of the
Company or of any subsidiary or affiliate of the Company at any time. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f) <U>Insurance and Other Related Benefits</U>.
Company shall pay for one hundred percent (100%)&nbsp;of all health insurance premiums under a policy covering Executive and his immediate family. During the Employment Term, the Company shall maintain on the life of Executive, provided he is
insurable, at standard rates a term life insurance policy in the amount of One Million Dollars ($1,000,000.00). Executive shall have the right to designate the beneficiary or beneficiaries of such policy. In the event that Executive is not insurable
during the term of this Agreement due to illness, accident, injury or other similar event, the Company shall maintain the term life insurance policy in the amount of One Million Dollars ($1,000,000.00), but Executive agrees to pay the difference
between the normal standard rate premium for an equivalent insurable person and the non-standard rate which is quoted given the circumstances surrounding Executive&#146;s reduced insurability. During the Employment
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2 </FONT></P>


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Term, the Company shall also maintain for the benefit of the Executive disability insurance such that Executive will be entitled to receive monthly payments not less than the monthly payments
made pursuant to Section&nbsp;3(a) hereof at the time of any event causing his complete or partial disability. In addition to the foregoing, Executive will be entitled to other executive benefits on the same basis as the Company provides to its
other executives and customary fringe benefits and privileges that the Company makes generally available to executives. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(g)
<U>Other Benefits</U>. Executive is entitled to visit the hotels in the Company&#146;s portfolio and utilize same for leisure or business at no cost to Executive. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(h) <U>Retirement</U>. To the extent a retirement or profit sharing plan is established and adopted by the Company, Executive shall be entitled to participate in said plan pursuant to applicable law.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) <U>No Other Compensation</U>. Except as otherwise expressly provided herein, or in any other written document executed by
the Company and the Executive, no other compensation or other consideration shall become due or payable to the Executive on account of the services rendered hereunder. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(j) <U>Taxation and Withholding.</U> The compensation and benefits provided for in this Section&nbsp;3 (as well as the Termination Payments provided for in Section&nbsp;6(g)) shall be reported as income
to Executive and subjected to tax withholding as required under applicable Federal, state and local laws. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(k)
<U>Reimbursements</U>. Payment or reimbursement of expenses incurred by the Executive pursuant to the provisions of this Section&nbsp;3, other than reimbursements that would otherwise be exempt from income or the application of Section&nbsp;409A of
the Code, shall be made promptly and in no event later than December&nbsp;31 of the year following the year in which such expenses were incurred, and the amount of such expenses eligible for payment or reimbursement, or in-kind benefits provided, in
any year shall not affect the amount of such expenses eligible for payment or reimbursement, or in-kind benefits to be provided, in any other year, except for any limit on the amount of expenses that may be reimbursed under an arrangement described
in Section&nbsp;105(b) of the Code. Additionally, any right to expense reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Section 4. <U>Exclusivity</U>. During the Employment Term, the Executive shall devote his full time to the business of the Company, shall faithfully serve the Company, shall in all respects conform to and
comply with the lawful and reasonable directions and instructions given to him by the Chief Executive Officer and the Board of Directors. The Executive shall use reasonable efforts to promote and serve the interests of the Company and shall not
engage in any other business activity, whether or not such activity shall be engaged in for pecuniary profit, except that the Executive may participate in the activities of professional trade organizations and engage in personal investing
activities, provided that such activities do not interfere in any material respect with the services to be provided by the Executive hereunder and are not in companies that compete with the Company. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 5. <U>Reimbursement for Expenses</U>. In addition to, but without duplication of, the expenses described in Section&nbsp;3(d),
the Executive is authorized to incur reasonable expenses in the discharge of the services to be performed hereunder, including, without limitation, expenses for travel, entertainment, maintaining professional licenses and certifications, trade
association fees, attendance at association meetings and conferences, lodging and similar items in accordance with the Company&#146;s expense reimbursement policy, as the same may be modified by the Company from time to time. The Company shall
reimburse the Executive for all such proper expenses upon presentation by the Executive of itemized accounts of such expenditures in accordance with the financial policy of the Company, as in effect from time to time. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">3 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 6. <U>Termination and Default</U>. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) <U>Death</U>. The Executive&#146;s employment shall automatically terminate upon his death and upon such event, the Executive&#146;s
estate shall be entitled to receive only the Accrued Compensation (as hereinafter defined) pursuant to Section&nbsp;6(g)(ii) hereof and no other severance compensation. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(b) <U>Disability</U>. If the Executive is unable to perform the duties required of him under this Agreement because of illness, incapacity, or physical or mental disability, the Employment Term shall
continue and the Company shall pay all compensation required to be paid to the Executive hereunder, unless the Executive is unable to perform the duties required of him under this Agreement for an aggregate of 120 days (whether or not consecutive)
during any 12-month period during the term of this Agreement (a &#147;Disability&#148;), in which event the Executive&#146;s employment shall terminate and Executive shall be entitled to receive only the Accrued Compensation pursuant to
Section&nbsp;6(g)(ii) hereof and no other severance compensation. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) <U>Cause</U>. The Company may terminate the
Executive&#146;s employment at any time, with Cause. For purposes of this Agreement, &#147;Cause&#148; shall mean the occurrence of any of the following: (i)&nbsp;the Executive&#146;s failure (except where due to a disability contemplated by
subsection (b)&nbsp;hereof), neglect or refusal to perform his duties hereunder, (ii)&nbsp;any breach of this Agreement by the Executive (or any grossly negligent, willful or intentional act of the Executive) that injures the reputation or business
of the Company or its affiliates in any material respect; (iii)&nbsp;material breach by the Executive of his obligations under this Agreement; (iv)&nbsp;Executive&#146;s gross negligence in the performance or intentional, material nonperformance
(continuing for ten (10)&nbsp;days after receipt of written notice of need to cure) of any of Executive&#146;s material duties and responsibilities hereunder; (v)&nbsp;Executive&#146;s dishonesty, fraud or misconduct with respect to the business or
affairs of the Company; (vi)&nbsp;the Executive&#146;s indictment of, conviction of, or pleading of no contest to a felony or any misdemeanor involving fraud; (vii)&nbsp;the commission by the Executive of an act of fraud or embezzlement, or any
other act involving the misappropriation of funds or assets; or (viii)&nbsp;chronic alcohol abuse or illegal drug use by Executive. Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board of
Directors or based upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by Executive in good faith and in the best interests of the Company. Cause shall not exist pursuant to clause (i), (ii),
(iii)&nbsp;or (iv)&nbsp;of this Section&nbsp;6(c) unless the Executive has failed to correct the activity alleged to constitute Cause within ten (10)&nbsp;days following written notice from the Company of such activity, which notice shall
specifically set forth the nature of such activity and the corrective action reasonably sought by the Company. Notwithstanding the foregoing, the termination of the Executive&#146;s employment for Cause shall be pursuant to the action of the Board
of Directors, taken in conformity with the Bylaws of the Company. In the event of Executive&#146;s termination for Cause as set forth above, Executive shall not be entitled to any severance compensation. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) <U>Without Cause</U>. The Company may terminate the Executive&#146;s employment during the Employment Term without Cause at any time
by giving written notice to the Executive. A termination of the Executive&#146;s employment without Cause shall mean a termination initiated by the Company for any reason other than (i)&nbsp;Cause or (ii)&nbsp;on account of death or Disability. A
termination without Cause shall be effective immediately upon notice given by the Company to the Executive, or such later date as may be mutually agreed between the Executive and the Company. Upon a termination of employment without Cause, Executive
shall be entitled to the compensation payments provided in Section&nbsp;6(g)(i). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) <U>Resignation/Termination for Good
Reason</U>. The Executive shall have the right to terminate his employment for Good Reason under any of the following circumstances: (i)&nbsp;the failure by the Company to pay to the Executive the compensation and benefits, or expense reimbursement
in </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">4 </FONT></P>


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accordance with Sections 3 and 5 herein; (ii)&nbsp;a material diminution in the Executive&#146;s responsibilities or authority, or diminution of the Executive&#146;s title; (iii)&nbsp;if the
location of the Company&#146;s principal place of business is moved to another location more than sixty (60)&nbsp;miles away from Williamsburg, Virginia; (iv)&nbsp;any material breach of this Agreement by the Company; (v)&nbsp;the failure of
Mr.&nbsp;Andrew&nbsp;M. Sims, Chief Executive Officer, to be nominated to the Board of Directors or his removal by the Board of Directors as a result of shareholder vote; or (vi)&nbsp;following a Change in Control (as defined below) of Employer
followed by a termination of Executive&#146;s employment within (12)&nbsp;months of such Change in Control; provided that the Executive must provide written notice of termination of employment for Good Reason within thirty (30)&nbsp;days following
the Executive&#146;s knowledge of an event constituting Good Reason or such event shall not constitute Good Reason hereunder. Good Reason shall not exist upon a termination of employment described in Section&nbsp;6(b), (c)&nbsp;or (d)&nbsp;herein.
Upon termination pursuant to this Section&nbsp;6(e), Executive shall be entitled to the compensation payments provided in Section&nbsp;6(g)(i). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Notwithstanding the foregoing, Good Reason shall not be deemed to exist unless the Company fails to cure the event giving rise to Good Reason within
thirty (30)&nbsp;days after receipt of written notice thereof given by the Executive. For purposes of this Agreement, &#147;Change in Control&#148; shall mean the following events or circumstances that occur after the Commencement Date: </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(A) The ownership or acquisition (whether by a merger contemplated by Section&nbsp;6(e)(B) below, or otherwise) by any Person (other than
a Qualified Affiliate (as defined below)), in a single transaction or a series of related or unrelated transactions, of Beneficial Ownership of more than fifty percent (50%)&nbsp;of (1)&nbsp;the Company&#146;s outstanding common stock (the
&#147;Common Stock&#148;) or (2)&nbsp;the combined voting power of the Company&#146;s outstanding securities entitled to vote generally in the election of directors (the &#147;Outstanding Voting Securities&#148;); </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(B) The merger or consolidation of the Company with or into any other Person other than a Qualified Affiliate, if, immediately following
the effectiveness of such merger or consolidation, Persons who did not Beneficially Own Outstanding Voting Securities immediately before the effectiveness of such merger or consolidation directly or indirectly Beneficially Own more than fifty
percent (50%)&nbsp;of the outstanding shares of voting stock of the surviving entity of such merger or consolidation (including for such purpose in both the numerator and denominator, shares of voting stock issuable upon the exercise of then
outstanding rights (including then exercisable conversion rights), options or warrants) (&#147;Resulting Voting Securities&#148;), provided that, for purposes of this Section&nbsp;6(e)(B), if a Person who Beneficially Owned Outstanding Voting
Securities immediately before the merger or consolidation Beneficially Owns a greater number of the Resulting Voting Securities immediately after the merger or consolidation than the number the Person received solely as a result of the merger or
consolidation, that greater number will be treated as held by a Person who did not Beneficially Own Outstanding Voting Securities before the merger or consolidation, and provided further that such merger or consolidation would also constitute a
Change in Control if it would satisfy the foregoing test if rights, options and warrants were not included in the calculation; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(C) Any one or a series of related sales or conveyances to any Person or Persons (including a liquidation) other than any one or more
Qualified Affiliates of all or substantially all of the assets of the Company; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%;padding-bottom:0px;"><FONT STYLE="font-family:Times New Roman" SIZE="2">(D) Incumbent Directors
cease to be two-thirds (<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;2</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">3</FONT><FONT STYLE="font-family:Times New Roman" SIZE="2">) of the members of the
Board of Directors, where an &#147;Incumbent Director&#148; is (1)&nbsp;an individual who is a member of the Board of Directors on the Commencement Date or (2)&nbsp;any new director whose appointment by the Board of Directors or whose nomination for
election by the stockholders was approved by at least two-thirds (<FONT SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&nbsp;2</SUP></FONT><FONT SIZE="2">/</FONT><FONT SIZE="1">3</FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2">) of the persons who were already Incumbent Directors at the time of such appointment, election or approval, other than any individual who assumes office initially as a result of an actual or threatened
election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or </FONT></FONT></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">5 </FONT></P>


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consents by or on behalf of a Person other than the Board of Directors or as a result of an agreement to avoid or settle such a contest or solicitation; or </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(E) A Change in Control shall also be deemed to have occurred immediately before the completion of a tender offer for the Company&#146;s
securities representing more than fifty percent (50%)&nbsp;of the Outstanding Voting Securities, other than a tender offer by a Qualified Affiliate. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(F) For purposes of this Agreement, the following definitions shall apply: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)
&#147;Beneficial Ownership,&#148; &#147;Beneficially Owned&#148; and &#147;Beneficially Owns&#148; shall have the meanings provided in Exchange Act Rule 13d-3; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(b) &#147;Exchange Act&#148; shall mean the Securities Exchange Act of 1934, as amended; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(c) &#147;Person&#148; shall mean any individual, entity, or group (within the meaning of Section&nbsp;13(d)(3) or 14(d)(2) of the Exchange Act), including any natural person, corporation, trust,
association, partnership, joint venture, limited liability company, legal entity of any kind, government, or political subdivision, agency or instrumentality of a government, as well as two or more Persons acting as a partnership, limited
partnership, syndicate or other group for the purpose of acquiring, holding or disposing of the Company&#146;s securities; and </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) &#147;Qualified Affiliate&#148; shall mean (i)&nbsp;any directly or indirectly wholly owned subsidiary of the Company, (ii)&nbsp;any
employee benefit plan (or related trust) sponsored or maintained by the Company or by any entity controlled by the Company; or (iii)&nbsp;any Person consisting or controlled in whole or in part of or by the Employee or one or more individuals who
are then the Company&#146;s Chief Executive Officer or any other named executive officer (as defined in Item&nbsp;402 of Regulation S-K under the Securities Act of 1933) of the Company as indicated in its most recent securities filing made before
the date of the transaction. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f) <U>Payment in Lieu</U>. The Company may, in its sole discretion, at any time after notice of
termination without Good Reason has been given to the Company by the Executive, terminate this Agreement, provided that, in addition to any amount payable to the Executive under Section&nbsp;6(g) herein, the Company shall pay to the Executive
(without duplication) his then current Salary and continue benefits provided pursuant to Section&nbsp;3(d) herein, for the duration of the unexpired notice period. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(g) <U>Termination Payments</U>. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) <U>Termination without Cause or By
Executive for Good Reason</U>. In the event that during the Employment Term the Executive&#146;s employment is terminated by the Company without Cause or the Executive terminates his employment for Good Reason, the Company shall pay to the Executive
the sum of the following amounts: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(A) all amounts fully earned pursuant to the terms of this Agreement, but
unpaid hereunder through the date of termination, if any, in respect of Salary, any accrued but not yet paid Annual Performance Bonus owed for the year prior to Executive&#146;s termination, vesting of any previously issued stock options or
restricted stock, payment of life, health and disability insurance coverage for a period of five (5)&nbsp;years following termination, and unreimbursed expenses; provided, however, that the Company&#146;s obligation to pay life, health and/or
disability insurance shall terminate prior to such fifth year anniversary if </FONT></P>
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Executive accepts other employment that would reasonably be expected to provide such insurance; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(B), a severance payment equal to three (3)&nbsp;times the Executive&#146;s combined Salary and actual bonus compensation for the preceding fiscal year will be paid within five (5)&nbsp;days of the
Executive&#146;s last day of employment; and </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(C) Anything in this Agreement to the contrary notwithstanding,
in the event it shall be determined that (i)&nbsp;any payment, award, benefit or distribution (or any acceleration of payment, award, benefit or distribution) by the Company (or any of its affiliates) to or for the benefit of the Executive (whether
pursuant to the terms of this Agreement or otherwise) the (&#147;Payments&#148;) would be subject to the excise tax imposed by Section&nbsp;4999 of the Code (the &#147;Excise Tax&#148;), and (ii)&nbsp;the reduction of the amounts payable to the
Executive under this Agreement to the maximum amount that could be paid to the Executive without giving rise to the Excise Tax (the &#147;Safe Harbor Cap&#148;) would provide the Executive with a greater after-tax amount than if such amounts were
not reduced, then the amounts payable to the Executive under this Agreement shall be reduced (but not below zero) to the Safe Harbor Cap. The reduction of the amounts payable hereunder, if applicable, shall be made to the extent necessary in the
following order: the acceleration of vesting of stock options or restricted stock with an exercise price that exceeds the then fair market value of the stock subject to the award, the payments under Section&nbsp;6(g)(i)(B) and all other payments
under this Section&nbsp;6(g)(i). For purposes of reducing the Payments to the Safe Harbor Cap, only amounts payable under this Agreement (and no other Payments) shall be reduced. If the reduction of the amounts payable hereunder would not result in
a greater after-tax result to the Executive, no amounts payable under this Agreement shall be reduced pursuant to this provision. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">All determinations required to be made under this Section&nbsp;6(g)(i)(C) shall be made by the public accounting firm that is retained by the Company as of the date immediately prior to the Change in
Control (the &#147;Accounting Firm&#148;) which shall provide detailed supporting calculations both to the Company and the Executive within fifteen (15)&nbsp;business days of the receipt of notice from the Company or the Executive that there has
been a Payment, or such earlier time as is requested by the Company. Notwithstanding the foregoing, in the event (i)&nbsp;the Board of Directors of the Company shall determine prior to the Change in Control that the Accounting Firm is precluded from
performing such services under applicable auditor independence rules; (ii)&nbsp;the Audit Committee of the Board of Directors of the Company determines that it does not want the Accounting Firm to perform such services because of auditor
independence concerns; or (iii)&nbsp;the Accounting firm is serving as accountant or auditor for the person(s) effecting the Change in Control, the Board of Directors of the Company shall appoint another nationally recognized public accounting firm
to make the determinations required hereunder (which accounting firm shall then be referred to as the Accounting Firm hereunder). All fees, costs and expenses (including, but not limited to, the costs of retaining experts) of the Accounting Firm
shall be borne by the Company. If payments are reduced to the Safe Harbor Cap or the Accounting firm determines that no Excise Tax is payable by the Executive without a reduction in payments, the Accounting Firm shall provide a written opinion to
the Executive to such effect, that the Executive is not required to report any Excise Tax on the Executive&#146;s federal income tax return, and that </FONT></P>
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the failure to report the Excise Tax, if any, on the Executive&#146;s applicable federal income tax return will not result in the imposition of a negligence or similar penalty. The determination
by the Accounting Firm shall be binding upon the Company and the Executive (except as provided below). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If it is established
pursuant to a final determination of a court or an Internal Revenue Service (the &#147;IRS&#148;) proceeding which has been finally and conclusively resolved, that Payments have been made to, or provided for the benefit of, the Executive by the
Company, which are in excess of the limitations provided in this Section (referred to hereinafter as an &#147;Excess Payment&#148;), the Executive shall repay the Excess Payment to the Company on demand, together with interest on the Excess Payment
at the applicable federal rate (as defined in Section&nbsp;1274(d) of the Code) from the date of the Executive&#146;s receipt of such Excess Payment until the date of such repayment. As a result of the uncertainty in the application of
Section&nbsp;4999 of the Code at the time of the determination, it is possible that Payments which will not have been made by the Company should have been made (an &#147;Underpayment&#148;), consistent with the calculations required to be made under
this Section. In the event that it is determined (i)&nbsp;by the Accounting Firm, the Company (which shall include the position taken by the Company, or together with its consolidated group, on its federal income tax return) or the IRS or
(ii)&nbsp;pursuant to a determination by a court, that an Underpayment has occurred, the Company shall pay an amount equal to such Underpayment to the Executive within ten (10)&nbsp;days of such determination together with interest on such amount at
the applicable federal rate from the date such amount would have been paid to the Executive until the date of payment. The Executive shall cooperate, to the extent the Executive&#146;s expenses are reimbursed by the Company, with any reasonable
requests by the Company in connection with any contests or disputes with the IRS in connection with the Excise Tax or the determination of the Excess Payment. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Notwithstanding anything to the contrary in the foregoing provisions of this Section&nbsp;6(g)(i)(C), (i)&nbsp;payment of the portion of any Underpayment that is taxes shall not be made later than
December&nbsp;31 of the year next following the year in which the Excise Tax is remitted to the taxing authority; (ii)&nbsp;payment of the portion of any Underpayment that is interest or penalties incurred by the Executive with respect to such taxes
shall not be made later than December&nbsp;31 of the year next following the year in which the Executive incurs such interest or penalties, as applicable; and (iii)&nbsp;reimbursement of expenses incurred due to a tax audit or litigation addressing
the existence or amount of a tax liability, whether federal, state, local or foreign, shall not be made later than the end of the year following the year in which the taxes that are the subject of the audit or litigation are remitted to the taxing
authority, or where as a result of such audit or litigation no taxes are remitted, the end of the year following the year in which the audit is completed or there is a final nonapplicable settlement or other resolution of the litigation. If the
Underpayment is a deferral of compensation, the amount of interest and penalties eligible for payment or reimbursement in any year shall not affect the amount of such interest and penalties eligible for payment or reimbursement in any other year,
nor shall such right to payment or reimbursement be subject to liquidation or exchange for another benefit. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii)
<U>Limitations</U>. Executive agrees that he shall not be entitled to any pro-rated payment of the Annual Performance Bonus for the year of Executive&#146;s termination. </FONT></P>
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Notwithstanding any other provision in this Agreement or the terms of any severance plan or policy maintained by the Company or its affiliates to the contrary, if the Executive is entitled to the
severance benefit provided in Section&nbsp;6(g)(i), the Executive shall not be entitled to receive any other payments or benefits under any other severance or similar plan maintained by the Company or its affiliates. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii) <U>Termination due to Death or Disability</U>. In the event that during the Employment Term the Executive&#146;s employment is
terminated by the Company due to the Executive&#146;s death or Disability, the Company shall pay to the Executive, or the Executive&#146;s estate, all amounts fully earned pursuant to the terms of this Agreement, but unpaid hereunder through the
date of termination, if any, in respect of Salary, and accrued but not yet paid Annual Performance Bonus owed from the year prior to Executive&#146;s termination (the &#147;Accrued Compensation&#148;). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iv) <U>Termination for Cause or By Executive without Good Reason</U>. In the event that during the Employment Term the Executive&#146;s
employment is terminated by the Company for Cause or by the Executive by resignation without Good Reason, the Company shall pay to the Executive the Accrued Compensation. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:13%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(v) <U>Expiration of Agreement</U>. If either the Company or the Executive elects not to renew this Agreement and it expires, the Executive shall not receive any termination payments other than any
amounts fully earned pursuant to the terms of this Agreement, but unpaid hereunder through the date of expiration of this Agreement, if any, in respect of Salary, and any accrued but not yet paid Annual Performance Bonus owed with respect to the
year of such expiration and any prior year. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(h) <U>No Mitigation or Offset</U>. In the event of any termination of
Executive&#146;s employment hereunder, Executive shall be under no obligation to seek other employment or otherwise mitigate the obligations of the Company under this Agreement, and there shall be no offset against amounts due Executive under this
Agreement on account of amounts purportedly owing by Executive to the Company or amounts earned by Executive from any source. Any amounts due to Executive under this Agreement upon termination of employment are considered to be reasonable by the
Company and are not in the nature of a penalty. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) <U>Survival of Operative Sections</U>. Upon any termination of the
Executive&#146;s employment, the provisions of Sections 6(g) and 7 through 21 of this Agreement shall survive to the extent necessary to give effect to the provisions thereof. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(j) <U>Specified Employee Delay</U>. The time and form of payment of any amount or benefits upon the Executive&#146;s termination of employment described in the preceding provisions of this Section&nbsp;6
(including expense reimbursements) shall be made in accordance with such Section, provided that if the Executive is a &#147;specified employee&#148; under Section&nbsp;409A of the Code, payment shall be delayed until the earlier to occur of
(i)&nbsp;the Executive&#146;s death or (ii)&nbsp;the date that is six (6)&nbsp;months and one (1)&nbsp;day following the Executive&#146;s termination of employment (the &#147;Delay Period&#148;), unless the payment at such time can be characterized
as a &#147;short-term deferral&#148; for purposes of Section&nbsp;409A of the Code or as otherwise exempt from the provisions of Section&nbsp;409A of the Code. Upon the expiration of the Delay Period, if any, all payments and benefits delayed
pursuant to this paragraph shall be paid or reimbursed to Executive in a lump sum, and any remaining payments due under the preceding provisions of this Section&nbsp;6, whichever is applicable, shall be payable at the same time and in the same form
as such amounts and benefits would have been paid in accordance with their original payment schedule under this Section&nbsp;6. For purposes of applying the provisions of Section&nbsp;409A of the Code, each separately identified amount to which the
Executive is entitled shall be treated as a separate payment. For purposes of this Section&nbsp;6, no termination of employment shall be treated as having occurred unless such termination qualifies as a &#147;separation from service&#148; under
Section&nbsp;409A of the Code. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(k) <U>Reimbursements</U>. Payment or reimbursement of expenses incurred by the Executive
pursuant to the provisions of this Section&nbsp;6, other than reimbursements that would otherwise be exempt from income or the application of Section&nbsp;409A of the Code, shall be made promptly and in no event later than December&nbsp;31 of the
year following the year in which such expenses were incurred, and the amount of such expenses eligible for payment or reimbursement, or in-kind benefits provided, in any year shall not affect the amount of such expenses eligible for payment or
reimbursement, or in-kind benefits to be provided, in any other year, except for any limit on the amount of expenses that may be reimbursed under an arrangement described in Section&nbsp;105(b) of the Code. Additionally, any right to expense
reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit. If the Executive is a &#147;specified employee&#148; under Section&nbsp;409A of the Code, the full cost of the continuation or provision of life,
health and disability insurance coverage under any provision of this Section&nbsp;6 (other than any cost of any coverage that is exempt from Section&nbsp;409A of the Code) shall be paid by the Executive until the end of the Delay Period, and such
cost shall be reimbursed by the Company to, or on behalf of, the Executive in a lump sum cash payment on the day following the Delay Period. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(l) <U>No Acceleration</U>. Notwithstanding anything in this Agreement to the contrary, the time or schedule of any payment or amount scheduled to be paid pursuant to the terms of this Agreement,
including but not limited to any stock options, restricted stock or other equity-based award, payment or amount that provides for the &#147;deferral of compensation&#148; under Section&nbsp;409A of the Code, shall not be accelerated except as
otherwise permitted under Section&nbsp;409A of the Code and the guidance and Treasury regulations issued thereunder. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section
7. <U>Confidentiality and Non-Disclosure Covenants</U>. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) <U>Confidential Information</U>. The Company considers one of its
most valuable assets to be its confidential and trade secret information, including, but not limited to, potential real estate acquisition targets and client lists of the respective hotel properties. Confidential Information shall not include
information which: (i)&nbsp;has previously been disclosed by the Company in published papers; (ii)&nbsp;becomes part of the public domain, by publication or otherwise; and (iii)&nbsp;is not due to the direct or indirect acts or omissions of
Executive. The parties to this Agreement recognize that the Company has invested and will invest considerable amounts of time and money in attaining and developing all of the information described above (hereinafter collectively referred to as
&#147;Confidential Information&#148;), and any unauthorized disclosure or release of such Confidential Information in any form would harm the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(b) <U>Non-Disclosure of Confidential Information</U>. Executive shall refrain from directly or indirectly disclosing to any third party, for any purpose other than for the direct benefit of the Company,
any of the Company&#146;s Confidential Information during his employ and thereafter, whatever the reason for his leaving the Company&#146;s employment. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(c) <U>Confidentiality of the Company&#146;s Property</U>. Executive recognizes that all of the documents and other tangible items which contain any of the Company&#146;s Confidential Information are the
Company&#146;s property exclusively, including those documents and items which Executive may have developed or contributed to developing while employed by the Company, whether or not developed during regular working hours or on the Company&#146;s
premises. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) Executive recognizes that all materials, identification information, keys, computer software and hardware,
computer programming libraries, manuals, databases, disks, tapes, patent applications, technical notes and equipment the Company provides for Executive are also the property of the Company exclusively. All items described in this and the preceding
paragraph are hereinafter collectively referred to as the &#147;Company&#146;s Property&#148;. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">10 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) Should Executive&#146;s employment be terminated for any reason, Executive shall:
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) Refrain from taking any of the Company&#146;s Property or allowing any of the Company&#146;s Property to be taken from
the Company&#146;s premises; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) Refrain from reproducing in any manner or allowing to be reproduced any of the
Company&#146;s Property; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iii) Refrain from removing any such reproduction from the Company&#146;s premises; and </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(iv) Immediately return to the Company any original or reproduction of the Company&#146;s Property in his custody, control or possession.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 8. <U>Non-Competition and Non-Solicitation Covenants</U>. During his employment with the Company and for a period of
one (1)&nbsp;year thereafter (the &#147;Restricted Period&#148;), whatever the reason for Executive&#146;s termination of employment, unless Executive receives the Company&#146;s advance written waiver, Executive shall not, either directly or
indirectly, either on his own behalf or on behalf of another business, engage in or assist others in the following activities: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(a) Soliciting, hiring, recruiting, or attempting to recruit, for any business which competes with the Company&#146;s Business any person employed or contracted with by the Company or employed or
contracted with by the Company during the twelve (12)&nbsp;months immediately prior to Employee&#146;s termination of employment with the Company; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(b) Soliciting for any business which competes with the Company&#146;s Business, any competitive business from any of the Company&#146;s customers during the twelve (12)&nbsp;months immediately prior to
Executive&#146;s termination of employment, or specific prospective customers solicited by the Company during the six (6)&nbsp;months immediately prior to Executive&#146;s termination of employment. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) In the Market Area (as hereinafter defined), entering into, engaging in, being employed by, being connected to,
consulting or rendering services for, any business which competes with, or is similar to, the Company&#146;s Business or business known to Executive to be conducted by the Company or planned to be conducted by the Company at the time of
Executive&#146;s separation from employment with the Company, in a capacity performing management functions similar to those performed or managed by Executive while employed by the Company. This provision shall not restrict Executive from owning a
passive investment interest of the outstanding equity ownership or share in an organization represented by securities publicly traded on a recognized national securities exchange for exchange. For purposes of this provision, &#147;Market Area&#148;
shall be defined as Savannah, Georgia; Raleigh, North Carolina; Jacksonville, Florida, Tampa, Florida, Hollywood, Florida, Jeffersonville, Indiana; Philadelphia, Pennsylvania; Wilmington, North Carolina, and Laurel, Maryland and any other city or
metropolitan area within the United States in which a hotel owned by the Company or with respect to which the Company or an affiliate has an ownership interest is located as of the last day of the Employment Term. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 9. <U>Injunctive Relief</U>. Without intending to limit the remedies available to the Company, the Executive acknowledges that a
breach of any of the covenants contained in Sections 7 and 8 hereof may result in material irreparable injury to the Company or its subsidiaries or affiliates for which there is no adequate remedy at law, that it will not be possible to measure
damages for such injuries </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">11 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
precisely and that, in the event of such a breach or threat thereof, the Company shall be entitled to obtain a temporary restraining order and/or a preliminary or permanent injunction, without
the necessity of proving irreparable harm or injury as a result of such breach or threatened breach of Sections 7 and 8 hereof, restraining the Executive from engaging in activities prohibited by Sections 7 and 8 hereof or such other relief as may
be required specifically to enforce any of the covenants in Sections 7 and 8 hereof. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 10. <U>Extension of Restricted
Period</U>. In addition to the remedies the Company may seek and obtain pursuant to Section&nbsp;9 of this Agreement, the Restricted Period shall be extended by any and all periods during which the Executive shall be found by a court to have been in
violation of the covenants contained in Sections 7 and 8 hereof. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 11. <U>Representations and Warranties</U>. The
Executive and the Company represent and warrant to the other as follows: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) This Agreement, upon execution and delivery by
the Executive and the Company, will be the valid and binding obligation of the Executive and the Company enforceable against the Executive and the Company in accordance with its terms. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) As to the Executive only, neither the execution and delivery of this Agreement nor the performance of this Agreement in accordance
with its terms and conditions by the Executive (i)&nbsp;requires the approval or consent of any governmental body or of any other person or (ii)&nbsp;conflicts with or results in any breach or violation of, or constitutes (or with notice or lapse of
time or both would constitute) a default under, any agreement, instrument, judgment, decree, order, statute, rule, permit or governmental regulation applicable to the Executive. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) The representations and warranties of the Executive and the Company contained in this Section&nbsp;11 shall survive the execution and
delivery of this Agreement and the consummation of the transactions contemplated hereby. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 12. <U>Assignment; No
Third-Party Beneficiaries</U>. This Agreement shall inure to the benefit of, and be binding on, the successors and assigns of each of the parties, including, but not limited to, the Executive&#146;s heirs, the Executive&#146;s guardian in the event
of the Executive&#146;s disability, the personal representatives of the Executive&#146;s estate and any successor to all or substantially all of the business and/or assets of the Company. This Agreement, and the Executive&#146;s rights and
obligations hereunder, may not be assigned by the Executive; any purported assignment by the Executive in violation hereof shall be null and void. The Company may assign this Agreement and its rights hereunder, but in the event of assignment, the
assignee shall expressly assume all obligations of the Company hereunder and the Company shall remain fully liable for the performance of all of such obligations in the manner prescribed in this Agreement. Except as otherwise provided herein,
nothing in this Agreement shall confer upon any person or entity not a party to this Agreement, or the legal representatives of such person or entity, any rights or remedies of any nature or kind whatsoever under or by reason of this Agreement.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 13. <U>Waiver and Amendments</U>. Any waiver, alteration, amendment or modification of any of the terms of this
Agreement shall be valid only if made in writing and signed by the parties hereto. No waiver by either of the parties hereto of their rights hereunder shall be deemed to constitute a waiver with respect to any subsequent occurrences or transactions
hereunder unless such waiver specifically states that it is to be construed as a continuing waiver. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 14. <U>Ethical
Conduct</U>. Executive shall conduct business in an ethical manner by: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) Avoiding conflicts of interest;
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">12 </FONT></P>



<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) Complying with the Company&#146;s Code of Conduct and Corporate
Governance Principles; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) Refusing to accept, and reporting to the Company the offering of, anything of
material value, including a gift, loan on preferential terms, reward, promise of future employment, favor or service which would influence a reasonably prudent person in the discharge of his duties for the Company or which is based on any
understanding that his action would be influenced; and </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) Abiding by policies and guidelines relating to
ethical conduct which the Company may issue as it deems appropriate. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 15. <U>Indemnification</U>. The Executive and
the Company shall enter into an indemnification agreement providing for the indemnification of Executive to the fullest extent permitted by Maryland law. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Section 16. <U>Severability, Governing Law</U>. The Executive acknowledges and agrees that the covenants set forth in Sections 7 and 8 hereof are reasonable and valid in geographical and temporal scope
and in all other respects. If any of such covenants or such other provisions of this Agreement are found to be invalid or unenforceable by a final determination of a court or arbitration panel of competent jurisdiction (a)&nbsp;the remaining terms
and provisions hereof shall be unimpaired and (b)&nbsp;the invalid or unenforceable term or provision shall be deemed replaced by a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or
unenforceable term or provision. <B>THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF MARYLAND APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO ITS CONFLICT OF
LAWS RULES.</B> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 17. <U>Notices</U>. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(a) All communications under this Agreement shall be in writing and shall be delivered by hand or mailed by overnight courier or by registered or certified mail, postage prepaid </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="31%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="30%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">If to the Company:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">MHI Hospitality Corporation</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">410 West Francis Street</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Williamsburg, Virginia 23185</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">If to Executive:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">David R. Folsom</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">410 West Francis Street</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Williamsburg, Virginia 23185</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) Any notice so addressed shall be deemed to be given: if delivered by hand, on the date of such
delivery; if mailed by overnight courier, on the first business day following the date of such mailing; and if mailed by registered or certified mail, on the third business day after the day of such mailing. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 18. <U>Section Headings</U>. The headings of the sections and subsections of this Agreement are inserted for convenience only and
shall not be deemed to constitute a part thereof, affect the meaning or interpretation of this Agreement or of any term or provision hereof. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Section 19. <U>Entire Agreement</U>. This Agreement constitutes the entire understanding and agreement of the parties hereto regarding the employment of the Executive. This Agreement supersedes
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">13 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
all prior negotiations, discussions, correspondence, communications, understandings and agreements between the parties relating to the subject matter of this Agreement. The Prior Employment
Agreement is hereby terminated and is of no further force or effect. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 20. <U>Severability</U>. In the event that any
part or parts of this Agreement shall be held illegal or unenforceable by any court or administrative body of competent jurisdiction, such determination shall not effect the remaining provisions of this Agreement which shall remain in full force and
effect. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 21. <U>Counterparts</U>. This Agreement may be executed in one or more counterparts, each of which shall be
deemed an original and all of which together shall be considered one and the same agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 22. <U>Arbitration,
Service, Venue, Jury Trial</U>. Any unresolved dispute or controversy arising or in connection with this Agreement shall be settled exclusively by arbitration, conducted before a single arbitrator in Rockville, Maryland in accordance with the rules
of the American Arbitration Association then in effect. The arbitrators shall not have the authority to add to, detract from or modify any provision hereof nor to award punitive damages to any injured party. The arbitrators shall have the authority
to order back-pay, severance compensation, vesting of options (or cash compensation in lieu of vesting of options), reimbursement of costs, including those incurred to enforce this Agreement, and interest thereon in the event the arbitrators
determine that employee was terminated without disability or good cause, as defined in Section&nbsp;6, or that the Company has otherwise materially breached this Agreement. A decision by a majority of the arbitration panel shall be final and
binding. Judgment may be entered on the arbitrators&#146; award in any court having jurisdiction. Nothing in this section shall affect or limit the Company&#146;s right to obtain any type of relief available to it in a court of law as a result of
the Employee&#146;s breach of Sections 7 and 8. <B>In the event either party seeks such relief, the parties hereby (i)&nbsp;submit to the exclusive jurisdiction of the State of Maryland and the U.S. federal courts in the State of Maryland,
(ii)&nbsp;consent that any such action or proceeding may be brought in any such venue, (iii)&nbsp;waive any objection that any such action or proceeding, if brought in any such venue, was brought in any inconvenient forum and agree not to claim the
same, (iv)&nbsp;agree that any judgment in any such action or proceeding may be enforced in other jurisdictions, (v)&nbsp;consent to service of process at the address set forth in Section&nbsp;17 herein, and (vi)&nbsp;to the extent applicable, waive
their respective rights to a jury trial of any claim or cause of action based on or arising out of this Agreement or any dealings between them relating to the subject matter of this Agreement.</B> </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section 23. <U>Section&nbsp;409A</U>. The parties intend that this Agreement and the benefits provided hereunder be interpreted and
construed to comply with Section&nbsp;409A of the Code to the extent applicable thereto. Notwithstanding any provision of the Agreement to the contrary, the Agreement shall be interpreted and construed consistent with this intent, provided that the
Company shall not be required to assume any increased economic burden in connection therewith. Although the Company intends to administer the Agreement so that it will comply with the requirements of Section&nbsp;409A of the Code, the Company does
not represent or warrant that the Agreement will comply with Section&nbsp;409A of the Code or any other provision of federal, state, local or non-United States law. Except as otherwise provided in Section&nbsp;6(g)(i)(C) with respect to any excise
tax imposed under Section&nbsp;4999 of the Code, neither the Company, nor its affiliates, nor their respective directors, officers, employees or advisers shall be liable to the Executive (or any other individual claiming a benefit through the
Executive) for any tax, interest or penalties the Executive may owe as a result of compensation paid under the Agreement, and the Company and its affiliates shall have no obligation to indemnify or otherwise protect the Executive from the obligation
to pay any taxes pursuant to Section&nbsp;409A of the Code. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">14 </FONT></P>



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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
above written. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="5"><FONT STYLE="font-family:Times New Roman" SIZE="2">MHI HOSPITALITY CORPORATION</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Andrew M. Sims</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Andrew M. Sims</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chief Executive Officer</FONT></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="5"><FONT STYLE="font-family:Times New Roman" SIZE="2">EXECUTIVE</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ David R. Folsom</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">David R. Folsom</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">President and Chief Operating Officer</FONT></TD></TR></TABLE></DIV>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">15 </FONT></P>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.3A
<SEQUENCE>3
<FILENAME>dex103a.htm
<DESCRIPTION>EXHIBIT 10.3A -- FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
<TEXT>
<HTML><HEAD>
<TITLE>Exhibit 10.3A -- First Amendment to Employment Agreement</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 10.3A </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>FIRST AMENDMENT TO EMPLOYMENT AGREEMENT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%;padding-bottom:0px;"><FONT STYLE="font-family:Times New Roman" SIZE="2">This First
Amendment to Employment Agreement (the &#147;Amendment&#148;) is dated as of the 1</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">st</SUP></FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"> day of January 2011, between MHI Hospitality Corporation, a Maryland corporation (the &#147;Company&#148; or the &#147;Employer&#148;), and Andrew M. Sims (the &#147;Executive&#148;) and amends that
certain Employment Agreement dated January&nbsp;1, 2010, between the Company and the Executive (the &#147;Employment Agreement&#148;). The Company and Executive are sometimes collectively referred to herein as the &#147;Parties&#148;. </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>WITNESSETH </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">WHEREAS, the Parties desire to amend the Employment Agreement to modify certain provisions therein. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">NOW THEREFORE, in consideration of the agreements contained herein, and intending to be legally bound hereby, the Parties agree as follows: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>Section 1:</U> Pursuant to Section&nbsp;13 of the Employment Agreement, the Employment Agreement is amended as follows: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%;padding-bottom:0px;"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section&nbsp;1 of the Employment Agreement shall be amended so as to delete the position of President from the
Executive&#146;s employment description. As such, the 4</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">th</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2">
line of Section&nbsp;1 of the Employment Agreement shall be restated to remove the words &#147;shall serve as President and Chief Executive Officer&#148; and replace them with &#147;shall serve as Chief Executive Officer&#148;. Further, the
12</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">th</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> line of Section&nbsp;1 of the Employment Agreement
shall be restated to remove the words &#147;Executive serves as President and Chief Executive Officer&#148; and replace them with &#147;Executive serves as Chief Executive Officer&#148;. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>Section&nbsp;2.</U> <U>Material Diminution.</U> The Parties agree that the deletion of the position of President from Executive&#146;s job description does not equate to a material diminution in the
Executive&#146;s responsibilities or authority, or diminution of the Executive&#146;s title, pursuant to Section&nbsp;6(e)(ii) of the Employment Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>Section&nbsp;3.</U> <U>Remainder of Employment Agreement.</U> Except as set forth in this Amendment, the provisions of the Employment Agreement remain in full force and effect without change,
amendment, modification or waiver. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Section&nbsp;4.</U> <U>References.</U> From and after the date of this Amendment, all references to the
Employment Agreement shall be deemed to be references to the Employment Agreement as amended by this Amendment. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Section&nbsp;5.</U>
<U>Counterparts.</U> This Amendment may be executed in several facsimile or electronic counterparts, each of which shall be an original and all of which constitute one and the same instrument. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Section&nbsp;6.</U> <U>Governing Law.</U> This Amendment shall be governed by and construed in accordance with the laws of the State of Maryland
without regard to conflict of laws principles. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Section&nbsp;7.</U> <U>Necessary Authorization.</U> Each Party represents and warrants that it has the
necessary corporate and/or legal authority to enter into this Amendment and that individuals executing this Amendment have been duly authorized to do so and that such execution creates a valid, binding, and legally enforceable obligation of each
Party. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">[<I>signatures follow on next page</I>] </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>IN WITNESS WHEREOF,</B> the Parties have caused this Amendment to be executed and delivered as of the
date first above written. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">MHI HOSPITALITY CORPORATION</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ David R. Folsom</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">David R. Folsom</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">President</FONT></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">EXECUTIVE</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Andrew M. Sims</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Andrew M. Sims</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chief Executive Officer</FONT></TD></TR></TABLE></DIV>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">3 </FONT></P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>dex991.htm
<DESCRIPTION>EXHIBIT 99.1 -- PRESS RELEASE
<TEXT>
<HTML><HEAD>
<TITLE>Exhibit 99.1 -- Press Release</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 99.1 </B></FONT></P>
 <P STYLE="margin-top:12px;margin-bottom:0px">

<IMG SRC="g140239ex99pg1.jpg" ALT="LOGO"> </P>
 <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="45%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="43%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">RE:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>MHI Hospitality Corporation</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>410 W. Francis Street</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Williamsburg, VA 23185</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(757) 229-5648</B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>TRADED: NASDAQ: MDH</B></FONT></P></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">FOR YOUR INFORMATION:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>AT THE COMPANY:</U></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>AT FINANCIAL RELATIONS BOARD:</U></B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Scott Kucinski</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Vicki Baker</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Director of Investor Relations</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">General Information</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">(757) 229-5648</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">(703) 796-1798</FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>FOR IMMEDIATE RELEASE
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>WEDNESDAY, JANUARY 19, 2011 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>MHI HOSPITALITY CORPORATION ANNOUNCES APPOINTMENT OF </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>DAVID R. FOLSOM TO
PRESIDENT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Williamsburg, VA &#150; January&nbsp;19, 2011 &#150; MHI Hospitality Corporation (NASDAQ: MDH) </B>(the &#147;Company&#148;)
announced today that its Board of Directors has appointed David R. Folsom as President of the Company. Mr.&nbsp;Folsom also will remain Chief Operating Officer. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Drew Sims, Chairman and Chief Executive Officer of MHI Hospitality Corporation, commented, &#147;Dave Folsom&#146;s transactional and capital markets expertise has been instrumental in the effective
execution of our business strategy over the last five years. As well, Dave was integral to our team in successfully navigating the recent recessionary environment. As President and Chief Operating Officer, we believe Dave&#146;s leadership will
prove highly valuable as our Company pursues growth opportunities.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Prior to joining MHI Hospitality Corporation, Mr.&nbsp;Folsom served
as vice president of Paragon Real Estate, a commercial real estate venture specializing in the acquisition and renovation of multifamily assets. Before that, he spent several years as an investment banker at BB&amp;T Capital Markets where he
participated in over 70 equity, debt and preferred stock underwritings as well as financial advisory transactions across multiple industries. Mr.&nbsp;Folsom also served on the lead underwriting team for the Company&#146;s 2004 initial public
offering. He received his M.B.A. from Georgetown University, is a graduate of the United States Naval Academy and served as a commissioned officer in the United States Marine Corps. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>-MORE-
</B></FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>MHI Hospitality Corporation </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Add 1 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>About MHI Hospitality Corporation </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">MHI Hospitality Corporation is a self-managed and self-administered lodging REIT focused on the acquisition, renovation, upbranding and repositioning of
upscale to upper upscale full-service hotels in the Mid-Atlantic and Southern United States. Currently, the Company&#146;s portfolio consists of investments in ten hotel properties, nine of which are wholly-owned and comprise 2,110 rooms. All of the
Company&#146;s wholly-owned properties operate under the Hilton Worldwide, InterContinental Hotels Group and Starwood Hotels and Resorts brands. The Company also has a 25.0 percent interest in the Crowne Plaza Hollywood Beach Resort. The Company
also has a leasehold interest in the common area of Shell Island Resort, a resort condominium property. MHI Hospitality Corporation was organized in 2004 and is headquartered in Williamsburg, Virginia. For more information please visit
<U>www.mhihospitality.com</U>. </FONT></P>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
