exv10w5w12






Exhibit
10.5.12


AMENDMENT TO EMPLOYMENT AGREEMENT




     THIS AMENDMENT TO EMPLOYMENT AGREEMENT, effective as of January 1, 2009 (the “Effective
Date”), between ASHFORD HOSPITALITY TRUST, INC., a corporation organized under the laws of the
State of Maryland and having its principal place of business at Dallas, Texas (hereinafter, the
“REIT”), ASHFORD HOSPITALITY LIMITED PARTNERSHIP, a limited partnership organized under the laws
of the State of Delaware and having its principal place of business at Dallas, Texas (the
“Operating Partnership”), and MARK NUNNELEY, an individual residing in Dallas, Texas (the
“Executive”):



RECITALS:





	 	A.	 	The REIT and the Operating Partnership (collectively, the “Company”) and the
Executive are parties to a certain Employment Agreement (as amended, the “Agreement”),
dated as of March 21, 2008, effective as of January 1, 2008; and
	 
	 	B.	 	The Compensation Committee, with the approval granted by the Board of
Directors of the Company on September 3, 2009, desire to modify the Employment
Agreement as specifically set forth herein;
	 
	 	C.	 	The Executive has agreed to accept this Amendment pursuant to the terms and
conditions set forth herein; and
	 
	 	D.	 	All terms with their initial letter capitalized as set forth in the
Employment Agreement shall have the same meaning herein as given such terms in the
Employment Agreement





     NOW, THEREFORE, the Company and the Executive, in consideration of the respective covenants
set forth in the Employment Agreement, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, agree that the Employment Agreement is modified as
set forth below:



     1. TARGETED INCENTIVE BONUS. Section 4(a) of the Employment Agreement is hereby
modified by providing that the targeted Incentive Bonus for the Term shall be twenty percent (20%)
to seventy-five percent (75%) of Base Salary. No other modification is made to Section 4(a).



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     2. LIMITED MODIFICATION. Except as expressly modified above, the terms and conditions of
the Employment Agreement shall remain in full force and effect, and the Company and the Executive
ratify and confirm to each other the enforceability thereof.



     3. MISCELLANEOUS.




     3.1 Severability. If any provision of this Amendment is or becomes invalid,
illegal or unenforceable in any respect under any law, the validity, legality and
enforceability of the remaining provisions hereof shall not in any way be affected or
impaired.




     3.2 Counterparts. This Amendment may be executed in multiple counterparts,
each of which shall be deemed an original, but all of which together shall constitute one
and the same instrument. In making proof of this Amendment, it shall not be necessary to
produce or account for more than one such counterpart.




     3.3 Entire Agreement. This Amendment (together with the Employment Agreement,
as modified herein) contains the entire understanding of the parties, supercedes all prior
agreements and understandings, whether written or oral, relating to the subject matter
hereof and may not be amended except by a written instrument hereafter signed by the
Executive and a duly authorized representative of the Board.




     3.4 Governing Law. This Amendment and the performance hereof shall be
construed and governed in accordance with the laws of the State of Texas, without giving
effect to principles of conflicts of law. Jurisdiction and venue shall be solely in the
federal or state courts of Dallas County, Texas. This provision shall not be read as a
waiver of any right to removal to federal court in Dallas County, Texas.




     3.5 Construction. The language used in this Amendment will be deemed to be the
language chosen by the parties to express their mutual intent, and no rule of strict
construction will be applied against any party. The headings of sections of this Amendment
are for convenience of reference only and shall not affect its meaning or construction.




     3.6 Consultation with Counsel. The Executive acknowledges that he has had a
full and complete opportunity to consult with counsel or other advisers of his own choosing
concerning the terms, enforceability and implications of this Amendment, and that the
Company has not made any representations or warranties to the Executive concerning the
terms, enforceability and implications of this Amendment other than as are reflected in
this Amendment.



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     IN WITNESS WHEREOF, and intending to be legally bound hereby, the parties hereto have caused
this Agreement to be duly executed under seal as of the date first above written.



	 	 	 	 	 	 	 
	 	 	REIT:	 	 
	 
	 	 	 	 	 	 
	 	 	ASHFORD HOSPITALITY TRUST, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ David A. Brooks	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	DAVID A. BROOKS	 	 
	 

	 	Title:
	 	COO	 	 
	 
	 	 	 	 	 	 
	 

	 	Dated:
	 	9/5/09	 	 
	 
	 	 	 	 	 	 
	 	 	OPERATING PARTNERSHIP:	 	 
	 
	 	 	 	 	 	 
	 	 	ASHFORD HOSPITALITY LIMITED PARTNERSHIP	 	 
	 
	 	 	 	 	 	 
	 	 	By: Ashford OP General Partner, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ David A. Brooks	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	DAVID A. BROOKS	 	 
	 

	 	Title:
	 	VP	 	 
	 
	 	 	 	 	 	 
	 

	 	Dated:
	 	9/5/09	 	 
	 
	 	 	 	 	 	 
	 	 	EXECUTIVE:	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Mark Nunneley	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Mark Nunneley	 	 
	 
	 	 	 	 	 	 
	 

	 	Dated:
	 	9/5/09	 	 






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