HOSPITALITY PROPERTIES TRUST
EX-10.2
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:none;">Exhibit 10.2</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">HOSPITALITY
PROPERTIES TRUST</font></p>

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<p style="margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">2003
INCENTIVE SHARE AWARD PLAN</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hospitality
Properties Trust (the &#147;Company&#148;) hereby adopts the Hospitality Properties Trust
2003 Incentive Share Award Plan (the &#147;Plan&#148;); effective as of the date
described in Section VIII.</font></p>

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<h1 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I.&#160; PURPOSE</font></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Plan is
intended to advance the interests of the Company and its subsidiaries by
providing a means of rewarding selected officers and Trustees of the Company,
employees of its investment advisor, and others rendering valuable services to
the Company or its subsidiaries, through grants of the Company&#146;s Shares.</font></p>

<h1 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II.&#160; DEFINITIONS</font></h1>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Terms that are
capitalized in the text of the Plan have the meanings set forth below:</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#147;Advisor&#148; means the person or entity
serving as investment advisor to the Company.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#147;Board&#148; means the Board of Trustees
of the Company.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#147;Company&#148; means Hospitality
Properties Trust, a Maryland real estate investment trust.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#147;Exchange Act&#148; means the Securities
Exchange Act of 1934, as amended.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#147;Key Person&#148; means a consultant,
advisor, Trustee, officer or other person providing services to the Company, to
a subsidiary of the Company, or to the Advisor.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#147;Participant&#148; means a person to whom
Shares have been granted, or any other person who becomes owner of the shares
by reason of such person&#146;s death or incapacity.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#147;Plan&#148; means this Hospitality
Properties Trust 2003 Incentive Share Award Plan, as amended from time to time.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#147;Securities Act&#148; means the Securities
Act of 1933, as amended.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#147;Share Agreement&#148; means an agreement
between the Company and a Participant regarding
Shares issued to the Participant pursuant to the Plan.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#147;Shares&#148; means the Company&#146;s common
shares of beneficial interest, par value $.01 per share.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#147;Trustee&#148; means a member of the
Board.</font></h2>

<h1 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>


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<h1 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">III.&#160; SHARES SUBJECT TO THE PLAN</font></h1>

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<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to the
provisions of Article VII, the total number of Shares which may be granted
under the Plan is the lesser of (i) 3,128,791 Shares or (ii) 5% of the
Company&#146;s outstanding Shares as of May 30, 2003, from either authorized and
unissued or treasury Shares provided, however, that in no event shall the
number of Shares issued under the Plan together with Shares issued under the
Hospitality Properties Trust 1995 Incentive Share Award Plan (the &#147;1995 Plan&#148;)
exceed the lesser of (i) 3,128,791 Shares or (ii) 5% of the Company&#146;s
outstanding Shares as of May 30, 2003.&#160;
A holder of Shares granted under the Plan, whether or not vested, shall
have all of the rights of a shareholder of the Company, including the right to
vote the shares and the right to receive any distributions, unless the Board
shall otherwise determine.&#160; Certificates
representing Shares may be imprinted with a legend to the effect that the
Shares represented may not be sold, exchanged, transferred, pledged,
hypothecated or otherwise disposed of except in accordance with the terms of
the Securities Act and the applicable Share Agreement, if any.</font></p>

<h1 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IV.&#160; METHOD OF GRANTING SHARES</font></h1>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Grants of Shares
to any person shall be made by action of the Board, and shall be made solely in
accordance with the instructions of the Board as to the selection of persons to
whom Shares are to be granted, the amount and timing of each such grant, and
the extent, if any, to which vesting restrictions or other conditions shall
apply to the granted Shares.&#160; If a
person to whom such a grant of Shares has been made fails to execute and
deliver to the Company a Share Agreement within ten (10) days after it is
submitted to him or her, the grant of Shares related to such Share Agreement
may be cancelled by the Company, acting by the Board, at its option without
further notice to the Participant.&#160; No
Trustee or officer of the Company may be granted under the Plan and the 1995 Plan
together more than the lesser of (i) 625,758 Shares or (ii) 1% of the Company&#146;s
outstanding Shares as of May 30, 2003.&#160;
Nothing in this Section IV shall prevent the Board from delegating its
authority to make grants to a committee pursuant to Section V.</font></p>

<h1 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">V.&#160; ADMINISTRATION OF THE PLAN</font></h1>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Plan shall be
administered by the Board or, in the discretion of the Board, a committee
designated by the Board and composed of at least two (2) members of the
Board.&#160; All references in the Plan to
the Board shall be understood to refer to such committee or the Board, whoever
shall administer the Plan.&#160; All
questions of interpretation and application of the Plan and of grants of Shares
shall be determined by the Board or the designated committee, and its
determination shall be final and binding upon all persons, including the
Company and all Participants.&#160; Without
limiting the generality of the foregoing, the Board or the designated committee
is authorized to adopt and approve from time to time the forms and, subject to
the terms of the Plan, the terms and conditions of any Share Agreement.&#160; If it determines to do so, the Board or the
designated committee may grant shares under this Plan which are not subject to
a Share Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For so long as
Section 16 of the Exchange is applicable to the Company, each member of any
committee designated to administer the Plan shall be a &#147;non-employee director&#148;
or the equivalent within the meaning of Rule 16b-3 under the Exchange Act and,
for so long as</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>


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<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
162(m) of the Internal Revenue Code of 1986, as amended from time to time (the
&#147;Code&#148;), is applicable to the Company, an &#147;outside director&#148; within the meaning
of Section 162 of the Code and the regulations thereunder.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to
persons subject to Section 16 of the Exchange Act (&#147;Insiders&#148;), transactions
under the Plan are intended to comply with all applicable conditions of Rule
16b-3 or its successor under the Exchange Act.&#160;
To the extent any provision of the Plan fails to so comply, it shall be
deemed to be modified so as to be in compliance with such Rule or, if such
modification is not possible, it shall be deemed to be null and void, to the
extent permitted by law and deemed advisable by the Board.</font></p>

<h1 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">VI.&#160; ELIGIBLE PERSONS</font></h1>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The persons
eligible to receive grants of Shares shall be those persons selected by the
Board or the designated committee from among Key Persons who contribute to the
business of the Company and its subsidiaries.</font></p>

<h1 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">VII.&#160; CHANGES IN CAPITAL STRUCTURE</font></h1>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event that
the outstanding shares are hereafter changed for a different number or kind of
Shares or other securities of the Company, by reason of a reorganization,
recapitalization, exchange of shares, stock split, combination of shares or
dividend payable in shares or other securities, a corresponding adjustment
shall be made in the number and kind of Shares or other securities covered by
outstanding grants of Shares, and for which Shares may be granted under the
Plan.</font></p>

<h1 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">VIII.&#160; EFFECTIVE DATE, DURATION, AMENDMENT AND
TERMINATION OF PLAN</font></h1>

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<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Plan shall be
effective at the close of business on May 30, 2003.&#160; Shares may be granted under the Plan from time to time until the
close of business on the tenth anniversary of its effective date.&#160; The Board hereafter may at any time amend or
extend the Plan, including amendments to change the number of shares subject to
the Plan.&#160; The Plan may be terminated at
any time by action of the Board without, however, affecting the rights of a
Participant or the Company as to Shares granted prior to such termination.</font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IX.&#160; MISCELLANEOUS</font></p>

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<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.&#160; Nonassignability of Shares.&#160; Shares subject to a Share Agreement shall
not be assignable or transferable by a Participant except in accordance with
the terms of the applicable Share Agreement.</font></p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.&#160; No Guarantee of Employment.&#160; Neither the award of Shares nor a Share
Agreement shall give any person the right to continue in the employment of, or
to continue to act as an officer or, Trustee of, or to serve in any other
capacity with, the Company, any subsidiary or the Advisor, or give the Company,
any subsidiary or the Advisor the right to require such person to continue in
any such capacity.</font></h3>

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<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C.&#160; Tax Withholding.&#160; To the extent required by law, the Company shall withhold or cause
to be withheld income and other taxes incurred by a Participant by reason of a
grant of Shares, and as a condition to the receipt of any grant such a
Participant shall agree that if the amount payable to him by the Company in the
ordinary course is insufficient to pay such taxes, he or she shall upon request
of the Company pay to the Company an amount sufficient to satisfy its tax
withholding obligations.</font></h3>

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