Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION                     

 
  

	
	 

 STOCKHOLDERS AGREEMENT 

by and between 
 FOX
CORPORATION 
 and 

THE MURDOCH FAMILY TRUST 

Dated as of November 6, 2019 
  

	
	 

  

 TABLE OF CONTENTS 

Page 
  

							
	ARTICLE I	  

	
	OWNERSHIP AND ACQUISITION OF COVERED VOTING SECURITIES	  

			
	 Section 1.01.
	 	Murdoch Family Interests’ Ownership of Covered Voting Securities	  	 	1	 
	 Section 1.02.
	 	Company Acquisition of Covered Voting Securities	  	 	2	 
	 Section 1.03.
	 	Cooperation	  	 	2	 
	 Section 1.04.
	 	Treatment of Excess Shares in Specified Circumstances	  	 	3	 
	 Section 1.05.
	 	Notice of Distribution of Covered Voting Securities	  	 	3	 
	
	ARTICLE II	  

	
	REPRESENTATIONS AND WARRANTIES	  

			
	 Section 2.01.
	 	Representations and Warranties of the Company	  	 	4	 
	 Section 2.02.
	 	Representations and Warranties of the Trust	  	 	4	 
	
	ARTICLE III	  

	
	DEFINITIONS	  

			
	 Section 3.01.
	 	Defined Terms	  	 	5	 
	
	ARTICLE IV	  

	
	MISCELLANEOUS	  

			
	 Section 4.01.
	 	Notices	  	 	8	 
	 Section 4.02.
	 	Amendments; No Waivers	  	 	9	 
	 Section 4.03.
	 	Successors and Assigns; Parties in Interest	  	 	9	 
	 Section 4.04.
	 	Governing Law; Consent to Jurisdiction	  	 	9	 
	 Section 4.05.
	 	Counterparts	  	 	10	 
	 Section 4.06.
	 	Specific Performance	  	 	10	 
	 Section 4.07.
	 	Termination	  	 	10	 
	 Section 4.08.
	 	Fees and Expenses	  	 	10	 
	 Section 4.09.
	 	Severability	  	 	10	 
	 Section 4.10.
	 	Effective Time	  	 	10	 
	 Section 4.11.
	 	Entire Agreement	  	 	10	 
	 Section 4.12.
	 	Interpretation	  	 	11	 
	 Section 4.13.
	 	Headings	  	 	11	 

  
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 STOCKHOLDERS AGREEMENT 

This Stockholders Agreement, dated as of November 6, 2019 (this “Agreement”), is by and between Fox Corporation, a
Delaware corporation (the “Company”), and the Murdoch Family Trust, a trust governed by the laws of Nevada and of which Cruden Financial Services LLC is the sole trustee (the “Trust”). Each of the Company and the
Trust is referred to individually as a “Party” and collectively as the “Parties.” 
 WHEREAS, the Trust
Beneficially Owns shares of the Company’s Class B Common Stock, par value $0.01 per share (the “Class B Common Stock”); and 

WHEREAS, the Parties desire to set forth certain agreements herein. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and intending to be legally bound hereby, the
Parties hereby agree as follows: 
 ARTICLE I 

OWNERSHIP AND ACQUISITION OF COVERED VOTING SECURITIES 

Section 1.01.    Murdoch Family Interests’ Ownership of Covered Voting
Securities. 
 (a)      The Trust agrees that it and its Subsidiaries, if any, shall not, during the term
of this Agreement, directly or indirectly, alone or in concert with others, own, acquire, offer to acquire, or agree or enter into any understanding or arrangement to acquire, whether by purchase, tender or exchange offer, merger, through the
acquisition of control of another Person, by joining a partnership, syndicate or other group (including any group of Persons that would be treated as a single “person” under Section 13(d) of the Exchange Act), through a voting
agreement, proxy, swap or hedging or other derivative transactions or otherwise, any Covered Voting Securities or any rights (including voting rights) decoupled from the underlying Covered Voting Securities that to the Trust’s Knowledge would
result in, or following which, the (a) the Murdoch Family Interests and (b) any other Person(s) (i) acting in concert or having any agreement, arrangement or understanding with the Trust or (ii) that is a member of any
partnership, syndicate or other group (including any group of Persons that would be treated as a single “person” under Section 13(d) of the Exchange Act) with the Trust, in the case of each of clauses (i) and (ii), in respect of
Covered Voting Securities (any of the Persons described in this clause (b), a “Group Member”), collectively having Beneficial Ownership of Covered Voting Securities in the aggregate representing more than 44.0% of the voting power
of the Company Full Voting Shares outstanding at such time (the “Ownership Threshold”), or that to the Trust’s Knowledge would result in an increase in the Trust’s Beneficial Ownership of Class B Common Stock in
excess of the Annual Threshold in any twelve (12)-month period. 
 (b)      The foregoing notwithstanding,
the Trust may request, on a confidential basis, that the Company approve in advance an action that would otherwise not be permitted pursuant to Section 1.01(a). Any such approval may be provided on behalf of the Company by,
and only by, a majority vote of the Independent Directors or a majority vote of the members of a Company Independent Committee (such vote, in either case, “Independent Approval”), and such approval may be granted or denied in such
Independent Directors’ or Company Independent 

  
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Committee’s sole discretion. No Independent Approval shall be required pursuant to this Agreement to effect any transaction in respect of which the holders of shares of Class A Common
Stock are entitled to vote pursuant to Article IV, Section 4(a)(i)(1)(C) of the Company’s Amended and Restated Certificate of Incorporation and as to which the requisite stockholder approval is obtained.  

Section 1.02.    Company Acquisition of Covered Voting Securities. The Company agrees that it shall not, and
shall cause its Subsidiaries not to, directly or indirectly, acquire or agree to acquire by share repurchase, tender or exchange offer or other similar action, Covered Voting Securities if, to the Company’s Knowledge, such acquisition or
agreement would: 
 (a)      result in the Murdoch Family Interests and Group Members collectively having
Beneficial Ownership of Covered Voting Securities in the aggregate representing more than the Ownership Threshold; or 

(b)      when combined with all other acquisitions of Covered Voting Securities by the Company and the Trust
during the twelve (12)-month period immediately prior to the applicable acquisition or agreement, result in the percentage of outstanding shares of Class B Common Stock Beneficially Owned in the aggregate by the Trust to increase by more than
1.75% (calculated in a manner consistent with the rules and regulations of the Commission, the “Annual Threshold”) in such twelve (12)-month period. 

Section 1.03.    Cooperation. 

(a)      To the extent such information is not publicly disclosed, the Company shall promptly inform the Trust,
on a confidential basis, regarding any acquisitions by the Company or its Subsidiaries of Class B Common Stock. 

(b)      To the extent such information is not publicly disclosed, the Trust shall promptly inform the Company,
on a confidential basis, regarding any acquisitions or dispositions of Beneficial Ownership of Covered Voting Securities by the Trust, or to the Trust’s Knowledge, any Group Member. 

(c)      In connection with the record date for each meeting of stockholders of the Company during the period
that this Agreement is in effect, the Trust will seek to confirm with each Murdoch Individual, in each case as of such record date, (i) the Beneficial Ownership of Covered Voting Securities of such Murdoch Individual and
(ii) the Beneficial Ownership of Covered Voting Securities of each Murdoch Covered Person with respect to such Murdoch Individual (clauses (i) and (ii) collectively, the “Requested Information”). The Trust will report the
results of such confirmation (including, if applicable, any failures of a Murdoch Individual to respond) in writing to the Company, together with the Beneficial Ownership of Covered Voting Securities of the Trust and, to the Trust’s Knowledge,
any Group Member, as of such record date, on the earlier of the (x) tenth (10th) business day following such record date and (y) date that is two (2) business days prior to the applicable meeting of the Company’s stockholders.

 (d)      Upon the written request of the Company, the Trust will from time to time seek to confirm with
each Murdoch Individual the Requested Information for such Murdoch Individual and each Murdoch Covered Person as of a date identified by the Company, and 

  
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provide the Requested Information to the Company, together with the Beneficial Ownership of the Trust and, to the Trust’s Knowledge, any Group Member, as promptly as reasonably practicable
following such request, if the Company: 
 (i)      is required by any Governmental
Authority to provide updated information with respect to such Requested Information; 

(ii)      reasonably deems it necessary to determine the Beneficial Ownership of any of the
Murdoch Family Interests or any Group Member to ensure that a proposed repurchase of Covered Voting Securities does not result in (x) the Murdoch Family Interests, together with any Group Member, having Beneficial Ownership in excess of the
Ownership Threshold or (y) the Trust having Beneficial Ownership in excess of the Annual Threshold; or 

(iii)    reasonably deems it necessary to determine compliance with
Section 1.04. 
 (e)      If the Trust or the Company reasonably believes there may
have been a material change in the Beneficial Ownership of any Covered Voting Securities by any Murdoch Individual or any Murdoch Covered Person, the Trust will seek to confirm (on the request of the Company, if applicable) the Requested Information
and report the results of such confirmation (including, if applicable, any failures of a Murdoch Individual to respond) in writing to the Company as promptly as reasonably practicable. 

(f)      The Company and the Trust agree to keep confidential any Requested Information reported to the
Company, except as required by Law. 
 Section 1.04.      Treatment of Excess Shares in
Specified Circumstances. In the event that, as of the record date for any annual or special meeting of stockholders of the Company, to the Trust’s Knowledge the aggregate Beneficial Ownership of Covered Voting Securities by the Murdoch
Family Interests exceeds the Ownership Threshold, (such excess number of Covered Voting Securities, the “Excess Shares”), the Trust will cause such Excess Shares (a) not to be voted on any matter at such meeting of the
Company’s stockholders to the extent that the sum of (i) the votes of the Covered Voting Securities Beneficially Owned by the Trust on such matter and (ii) the votes of the Covered Securities Beneficially Owned by any other Murdoch
Family Interest that are voted for the same outcome on such matter as the votes in clause (i) (to the extent known to the Company or the Trust) would exceed the Ownership Threshold; or (b) to be voted otherwise in the discretion of the Trust
(subject to compliance with clause (a)). 
 Section 1.05.      Notice of Distribution of Covered
Voting Securities. Not less than four (4) months (or such shorter period as may be authorized by Independent Approval) prior to any distribution by the Trust of Covered Voting Securities of the type described in
Section 4.07, the Trust shall provide written notice to the Company (a “Distribution Notice”), which Distribution Notice shall set forth (a) the Trust’s good faith estimate of the anticipated date
of such distribution and (b) the Trust’s plan to effect such distribution, including, if such distribution is not effected through a dispersed public offering, the identities of the Persons anticipated to

  
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receive Covered Voting Securities in such distribution and the number of Covered Voting Securities expected to be received by each such Person. 

ARTICLE II 

REPRESENTATIONS AND WARRANTIES 

Section 2.01.    Representations and Warranties of the Company. The Company represents and warrants to the
Trust that: (a) the Company is a corporation duly organized, validly existing and in good standing under the Laws of the State of Delaware and has the corporate power and authority to enter into this Agreement and to carry out its obligations
hereunder; (b) the execution and delivery of this Agreement by the Company and the performance by the Company of its obligations hereunder have been duly authorized by all necessary corporate action on the part of the Company and no other
corporate proceedings on the part of the Company are necessary to authorize this Agreement or the performance by the Company of its obligations hereunder; (c) this Agreement has been duly executed and delivered by the Company and constitutes a
valid and binding obligation of the Company, and, assuming this Agreement constitutes a valid and binding obligation of the Trust, is enforceable against the Company in accordance with its terms (subject to the limitation of such enforcement by
(i) the effect of bankruptcy, insolvency, reorganization, receivership, conservatorship, arrangement, moratorium or other laws affecting or relating to creditors’ rights generally or (ii) the rules governing the availability of
specific performance, injunctive relief or other equitable remedies and general principles of equity, regardless of whether considered in a proceeding in equity or at Law); and (d) none of the execution, delivery and performance of this
Agreement by the Company constitutes a breach or violation of or conflicts with the Company’s certificate of incorporation or bylaws or any material agreement to which the Company is a party. 

Section 2.02.    Representations and Warranties of the Trust. The Trust represents and warrants to the
Company that: (a) the Trust is a trust duly organized, validly existing and in good standing under the Laws of the State of Nevada and has the corporate, trust or other power and authority to enter into this Agreement and to carry out its
obligations hereunder; (b) the execution and delivery of this Agreement by the Trust and the performance by the Trust of its obligations hereunder have been duly authorized by all necessary corporate, trust or other action on the part of the
Trust and no other proceedings on the part of the Trust are necessary to authorize this Agreement or the performance of the Trust of its obligations hereunder; (c) this Agreement has been duly executed and delivered by the Trust and constitutes
a valid and binding obligation of the Trust, and, assuming this Agreement constitutes a valid and binding obligation of the Company, is enforceable against the Trust in accordance with its terms (subject to the limitation of such enforcement by
(i) the effect of bankruptcy, insolvency, reorganization, receivership, conservatorship, arrangement, moratorium or other laws affecting or relating to creditors’ rights generally or (ii) the rules governing the availability of
specific performance, injunctive relief or other equitable remedies and general principles of equity, regardless of whether considered in a proceeding in equity or at Law); and (d) none of the execution, delivery and performance of this
Agreement by the Trust constitutes a breach or violation of or conflicts with the Trust’s organizational documents. 

  
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 ARTICLE III 

DEFINITIONS 

Section 3.01.    Defined Terms. For purposes of this Agreement, the following terms shall have the following
meanings: 
 (a)      “Agreement” shall have the meaning set forth in the preamble to this
Agreement. 
 (b)      “Annual Threshold” shall have the meaning set forth in
Section 1.02(b). 
 (c)      “Beneficial Ownership” or
“Beneficially Own” shall have the meaning given such term in Rule 13d-3 under the Exchange Act as of the date hereof, except that for purposes of this Agreement (other than with respect to
measurement of the Annual Threshold) the words “within sixty days” in Rule 13d-3(d)(1)(i) shall not apply, to the effect that a Person shall be deemed to be the Beneficial Owner of a security if that
Person has the right to acquire beneficial ownership of such security at any time, and shall include, for purposes of this Agreement, any securities as to which such Person has an agreement or understanding with regard to the voting thereof
(excluding for the avoidance of doubt, this Agreement). 
 (d)      “Board” shall mean the
Board of Directors of the Company. 
 (e)      “business day” shall mean any day other than
a Saturday, a Sunday or any other day on which banks in New York, New York may, or are required to, remain closed. 

(f)      “Chosen Courts” shall have the meaning set forth in
Section 4.04. 
 (g)      “Class A Common
Stock” means the Company’s Class A Common Stock, par value $0.01 per share. 

(h)      “Class B Common Stock” shall have the meaning set forth in the
recitals to this Agreement. 
 (i)      “Commission” shall mean the Securities and Exchange
Commission. 
 (j)      “Company” shall have the meaning set forth in the preamble to this
Agreement. 
 (k)      “Company Full Voting Shares” shall mean (a) the Class B
Common Stock and (b) any bonds, debentures, notes or other indebtedness or instruments or any other shares of capital stock or other voting or equity securities of or ownership interests in the Company that have voting rights similar to the
voting rights of the Class B Common Stock (and excluding, for the avoidance of doubt, securities whose voting rights are essentially identical to those of the Class A Common Stock as of the date of this Agreement); provided, that any
determination as to whether voting rights are “similar” or “substantially identical” shall be made by Independent Approval. 

  
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 (l)      “Company Independent Committee”
shall mean a committee of the Board comprised solely of one or more of the Independent Directors serving on the Board at the applicable time. For the avoidance of doubt, a Company Independent Committee may be another committee of the Board of
Directors comprised solely of Independent Directors (such as the Audit Committee). 

(m)      “Company’s Knowledge” shall mean the actual knowledge of the Company’s
Chief Executive Officer, Chief Financial Officer, Chief Operating Officer or Chief Legal and Policy Officer (and, in each case, any future officer of the Company with substantially similar responsibilities), other than, in each case, any individual
serving in such capacity who is a Murdoch Individual, a Murdoch Covered Person or a trustee or beneficiary of the Trust or any of its affiliates. 

(n)      “Covered Voting Securities” shall mean the Class B Common Stock, any other
Company Full Voting Shares and any rights to subscribe for or calls or securities or rights convertible into or exchangeable or exercisable for any Class B Common Stock or other Company Full Voting Shares. 

(o)      “Distribution Notice” shall have the meaning set forth in
Section 1.05. 
 (p)      “Excess Shares” shall have the meaning
set forth in Section 1.04. 
 (q)      “Exchange Act” shall mean
the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder. 

(r)      “Governmental Authority” shall mean any supranational, national, federal, state,
provincial county, local or municipal government, or other political subdivision thereof, or any court, tribunal or arbitral body and any entity exercising executive, legislative, judicial, regulatory, taxing, administrative, prosecutorial or
arbitral functions of or pertaining to government, domestic or foreign, including, for the avoidance of doubt, the Commission and any stock exchange. 

(s)      “Group Member” shall have the meaning set forth in
Section 1.01(a). 
 (t)      “Independent Approval” shall have the
meaning set forth in Section 1.01(b). 
 (u)      “Independent
Directors” shall mean members of the Board who are (i) “independent directors” as defined by the rules of the applicable stock exchange(s) on which the Class B Common Stock or any other shares of the Company’s common
stock are listed at the applicable time, (ii) independent (within the meaning of the corporate law of the state of Delaware, including the Delaware common law) of any Murdoch Family Interest and any Group Member, (iii) not trustees or
beneficiaries of the Trust or any of its affiliates; (iv) not members of the management of the Company or any Murdoch Family Interest, Group Member or Person over which any Murdoch Family Interest or Group Member exercises direct or indirect
control and (v) otherwise disinterested (within the meaning of the corporate law of the state of Delaware, including the Delaware common law) in any decision contemplated by this Agreement to be determined by Independent Approval. 

  
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 (v)      “Law” shall mean all supranational,
national, federal, state, provincial, county, local, municipal or other laws, statutes, ordinances, regulations and rules of any Governmental Authority (including the rules and regulations of the Commission and applicable stock exchange rules), and
all judgments, orders, writs, awards, preliminary or permanent injunctions or decrees of any Governmental Authority. 

(w)      “Litigation” shall have the meaning set forth in
Section 4.04. 
 (x)      “Murdoch Covered Person” means, with
respect to any Murdoch Individual: (i) any Person (A) a significant purpose of which Person is to invest in, manage or otherwise acquire Beneficial Ownership of Covered Voting Securities and of which such Murdoch Individual or spouse or
lineal descendant thereof is, directly or indirectly, a member, equity holder, partner or beneficiary or (B) as to which such Murdoch Individual or spouse or lineal descendent thereof is an officer, director, general partner, trustee or similar
senior executive or manager; (ii) the spouse of such Murdoch Individual; or (iii) the lineal descendants of such Murdoch Individual or such Murdoch Individual’s spouse. Lineal descendants shall include adopted Persons. 

(y)      “Murdoch Family Interests” shall mean (i) the Trust, (ii) the Murdoch
Individuals and (iii) the Murdoch Covered Persons. 
 (z)      “Murdoch Individual”
shall mean K. Rupert Murdoch and each of the children of K. Rupert Murdoch. 
 (aa)      “Ownership
Threshold” shall have the meaning set forth in Section 1.01(a). 

(bb)      “Parties” shall have the meaning set forth in the preamble to this Agreement. 

(cc)      “Person” shall mean any individual, partnership, joint venture, corporation, limited
liability company, trust, unincorporated organization, other entity, government or department or agency of a government. 

(dd)      “Requested Information” shall have the meaning set forth in
Section 1.03(c). 
 (ee)      “Subsidiary” shall mean, as to any
Person, any corporation or other Person at least a majority of the shares of stock or other ownership interests of which having general voting power under ordinary circumstances to elect a majority of the board of directors or similar governing body
of such corporation or other entity (irrespective of whether or not at the time stock or ownership interests of any other class or classes shall have or might have voting power by reason of the happening of any contingency) is, at the time as of
which the determination is being made, owned by such Person, or one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries. 

(ff)      “Trust” shall have the meaning set forth in the preamble to this Agreement. 

  
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 (gg)      “Trust’s Knowledge” shall
mean the actual knowledge of Arthur M. Siskind or David F. DeVoe, or such successor individuals as the Parties shall agree. 

ARTICLE IV 

MISCELLANEOUS 

Section 4.01.    Notices. Any notices or other communications required or permitted under, or otherwise in
connection with this Agreement, shall be in writing and shall be deemed to have been duly given (a) when delivered in person, (b) upon transmission by electronic mail as evidenced by confirmation of transmission to the sender (but only if
followed by transmittal of a copy thereof by (i) national overnight courier or (ii) hand delivery with receipt, in each case, for delivery by the second business day following such electronic mail or facsimile transmission), (c) on receipt
after dispatch by registered or certified mail, postage prepaid and addressed, or (d) on the next business day if transmitted by national overnight courier, in each case as set forth to the parties as set forth below: 

if to the Trust, to: 
 Murdoch
Family Trust 
 c/o Arthur M. Siskind 

1211 Avenue of the Americas 
 31st Floor 
 New York, NY 10036 

Email: Arthur.Siskind@Fox.com 

with a copy to: 

Covington & Burling LLP 

620 Eight Avenue 
 New York, NY
10018-1405 
 Attention:    Tom Kuhn, Esq. 

Email:          tkuhn@covington.com 

if to the Company, to: 
 Fox
Corporation 
 1211 Avenue of the Americas 

New York, NY 10036 
 Attention:
Chief Legal and Policy Officer 

  
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Email:        viet.dinh@fox.com 
 with a copy
to: 
 Wachtell, Lipton, Rosen & Katz 

51 West 52nd Street 
 New York,
NY 10019 
 Attention:    Andrew J. Nussbaum, Esq. 

Email:          AJNussbaum@wlrk.com 

or such other address, email address or facsimile number as such Party may hereafter specify by like notice to the other Parties hereto. 

Section 4.02.    Amendments; No Waivers. 

(a)      Any provision of this Agreement may be amended or waived if, and only if, such amendment or waiver is
in writing and signed, in the case of an amendment, by the Trust and the Company, or in the case of a waiver, by the Trust, if the waiver is to be effective against the Trust, or by the Company, if the waiver is to be effective against the Company.
Any amendment or waiver by the Company shall be authorized by Independent Approval. 
 (b)      No failure or
delay by any Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or
privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by Law. 

Section 4.03.    Successors and Assigns; Parties in Interest. Neither this Agreement nor any of the
rights or obligations under this Agreement shall be assigned, in whole or in part, by any Party without the prior written consent of the other Party (in the case of the Company, with such assignment or such consent to assignment being authorized by
Independent Approval). Subject to the foregoing, the provisions of this Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns. Nothing in this Agreement, express or implied, is
intended to confer any rights, remedies or causes of action under or by reason of this Agreement upon any Person other than the Parties and their respective successors and permitted assigns. 

Section 4.04.    Governing Law; Consent to Jurisdiction. This Agreement shall be construed in accordance with
and governed by the internal Laws of the State of Delaware, without giving effect to the principles of conflicts of Laws. Each of the Parties hereby irrevocably and unconditionally consents to submit to the exclusive jurisdiction of the Delaware
Court of Chancery and any state appellate court therefrom within the State of Delaware (or, solely if the Delaware Court of Chancery declines to accept jurisdiction over a particular matter, any state or federal court within the State of Delaware)
(the “Chosen Courts”), for any action, proceeding or investigation in any court or before any Governmental Authority (“Litigation”) arising out of or relating to this Agreement and the matters contemplated hereby
and further agrees that service of any process, summons, notice or document by U.S. mail to its address set 

  
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forth in this Agreement shall be effective service of process for any Litigation brought against it in any such court. Each of the Parties hereby irrevocably and unconditionally waives any
objection to the laying of venue of any Litigation arising out of this Agreement or the matters contemplated hereby in the Chosen Courts, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court
that any such Litigation brought in any such court has been brought in an inconvenient forum. Each of the Parties irrevocably and unconditionally waives, to the fullest extent permitted by applicable Law, any and all rights to trial by jury in
connection with any Litigation arising out of or relating to this Agreement or the matters contemplated hereby. 

Section 4.05.    Counterparts. This Agreement may be signed in any number of counterparts, each of which shall
be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 

Section 4.06.    Specific Performance. The Parties each acknowledge and agree that the Parties’
respective remedies at Law for a breach or threatened breach of any of the provisions of this Agreement would be inadequate and, in recognition of that fact, agree that, in the event of a breach or threatened breach by the Trust, on the one hand, or
the Company, on the other hand, of the provisions of this Agreement, in addition to any remedies at Law, the Company and the Trust, respectively, without posting any bond, shall be entitled to obtain equitable relief in the form of specific
performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy that may then be available. 

Section 4.07.    Termination. This Agreement shall terminate and be of no further force and effect for all
Parties upon the distribution by the Trust of all or substantially all of the Covered Voting Securities Beneficially Owned by the Trust (including in connection with the dissolution or winding-up of the
Trust); provided, that the Trust has complied with the notice requirement set forth in Section 1.05. 

Section 4.08.    Fees and Expenses.    The Company shall bear the cost of any reasonable
and documented fees and expenses (including any governmental filing fees) incurred directly by the Trust in connection with the negotiation and execution of this Agreement (or the repurchase by the Company of any Class B Common Stock) and any
third-party stockholder or derivative claim arising as a result of the execution and announcement of this Agreement (or the repurchase by the Company of any Class B Common Stock). 

Section 4.09.    Severability. If any term, provision, covenant or restriction of this Agreement is held by a
court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or
invalidated; provided that the Parties shall negotiate in good faith to attempt to place the Parties in the same position as they would have been in had such provision not been held to be invalid, void or unenforceable. 

Section 4.10.    Effective Time. This Agreement shall be effective as of the date hereof. 

Section 4.11.    Entire Agreement. This Agreement embodies the complete agreement and understanding between
the Parties with respect to the subject matter hereof and supersedes and 

  
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preempts any prior understandings, agreements or representations by or between the Parties, written or oral, that may have related to the subject matter hereof in any way. 

Section 4.12.    Interpretation. References in this Agreement to Articles and Sections shall be deemed to be
references to Articles and Sections of this Agreement, unless the context shall otherwise require. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without
limitation.” The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of such agreement or
instrument. Words in the singular shall be held to include the plural and vice versa. References to “written” or “in writing” include in electronic form. The word “or” shall not be exclusive. The phrase “to the
extent” shall mean the degree to which a subject or other thing extends, and not merely “if.” Each of the Parties has participated in the negotiation and drafting of this Agreement and if an ambiguity or question of interpretation
should arise, this Agreement shall be construed as if drafted jointly by the Parties, and no presumption or burden of proof shall arise favoring or burdening any party by virtue of the authorship of any of the provisions in this Agreement. A
reference to any Person includes such Person’s successors and permitted assigns. 

Section 4.13.    Headings. The titles of Articles and Sections of this Agreement are for convenience only and
shall not be interpreted to limit or otherwise affect the provisions of this Agreement. 
 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the Parties have caused this Stockholders Agreement to be duly executed
as of the day and year first above written. 
  

			
	FOX CORPORATION
		
	By	 	 /s/ Viet D. Dinh

		 	Name: Viet D. Dinh
		 	Title:   Chief Legal and Policy Officer
	
	MURDOCH FAMILY TRUST
		
	By	 	CRUDEN FINANCIAL SERVICES LLC, its sole trustee
		
		 	Name: Arthur M. Siskind
		 	Title:   Vice-President
		
	By	 	 /s/ Arthur M. Siskind

 [Signature Page to Stockholders Agreement]EXHIBIT 10.3

 

SECOND CONSENT, ASSUMPTION, AND MODIFICATION AGREEMENT

 

SECOND CONSENT, ASSUMPTION, AND MODIFICATION AGREEMENT (this “Agreement”) is entered into to be effective as of November 6, 2019 (the “Effective Date”), by and among ASHFORD HOSPITALITY HOLDINGS LLC, a Delaware limited liability company (“Borrower”), ASHFORD OAINC II INC., a Maryland corporation (“OAINC2”), formerly known as Ashford Inc., a Maryland corporation (“Old Parent”), formerly known as Ashford Holding Corp., a Maryland corporation, and successor in interest by merger with Ashford Merger Sub Inc., a Maryland corporation (“New Merger Sub”), ASHFORD INC., a Nevada corporation (“New Parent”), formerly known as Ashford Nevada Holding Corp., a Nevada corporation, ASHFORD ADVISORS, INC., a Delaware corporation (“Advisors”), ASHFORD HOSPITALITY ADVISORS LLC, a Delaware limited liability company (“Hospitality Advisors”), ASHFORD LENDING CORPORATION, a Delaware corporation (“Lending”), LISMORE CAPITAL LLC, a Delaware limited liability company (“Lismore”), AINC KALIBRI HOLDCO LLC, a Delaware limited liability company (“Kalibri”), PREMIER PROJECT MANAGEMENT LLC, a Maryland limited liability company (“Premier”), PREMIER ARCHITECTURE LLC, a Delaware limited liability company (“Architecture”), and ASHFORD OAINC, INC., a Maryland corporation, formerly known as Ashford Inc., a Maryland corporation, and successor in interest by merger with Ashford Merger Sub Inc., a Maryland corporation (“OAINC”, and Advisors, Hospitality Advisors, Lending, Lismore, Kalibri, Premier, Architecture, and OAINC are collectively, “Subsidiary Guarantors” and individually a “Subsidiary Guarantor”), the lenders party to the Credit Agreement (defined below) (“Lenders”), and BANK OF AMERICA, N.A., as administrative agent for the Lenders (in such capacity, “Administrative Agent”).

 

R  E  C  I  T  A  L  S

 

A.                                    Borrower, Old Parent, the Lenders, and Administrative Agent are parties to that certain Credit Agreement dated as of March 1, 2018, providing for a revolving credit facility in the amount of $35,000,000.00 with possible future increases by an additional $40,000,000.00 (the “Credit Agreement”).

 

B.                                    The obligations of Borrower pursuant to the Credit Agreement are guaranteed by Old Parent pursuant to Article X of the Credit Agreement (the “Parent Guaranty”).

 

C.                                    In addition to the Parent Guaranty, the obligations of Borrower pursuant to the Credit Agreement are guaranteed by each Subsidiary Guarantor pursuant to that certain Guaranty Agreement dated as of March 1, 2018, executed by Subsidiary Guarantors for the benefit of Administrative Agent and Lenders (the “Subsidiary Guaranty”), and joined by OAINC on August 8, 2018, joined by Premier on September 7, 2018 and joined by Architecture on July 2, 2019.

 

D.                                    To secure the obligations of Borrower pursuant to the Credit Agreement, Borrower, Old Parent and Subsidiary Guarantors have granted a security interest pursuant to that certain Security and Pledge Agreement dated as of March 1, 2018, executed by Borrower, OAINC and the other Subsidiary Guarantors (the “Security Agreement”), and joined by Old Parent on August 8, 2018, joined by Premier on September 7, 2018 and joined by Architecture on July 2, 2019.

 

E.                                     (a) Effective as of April 18, 2019, Old Parent formed New Parent as a wholly-owned Subsidiary of Old Parent, (b) effective as of April 12, 2019, New Merger Sub was formed, (c) effective as of May 29, 2019, New Merger Sub became a wholly-owned Subsidiary of New Parent, and (d) effective as of November 6, 2019, New Merger Sub merged with and into Old Parent (with Old Parent being the surviving corporation and changing its name to Ashford OAINC II Inc.), becoming a wholly owned Subsidiary of New Parent, with the shareholders of Old Parent receiving shares of New Parent on a one-for-one basis in exchange for their current shares of Old Parent (collectively, the “Reorganization”).

 

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F.                                      Borrower has requested that Lenders and Administrative Agent consent to the Reorganization, provided that (a) New Parent assumes and confirms the obligations, rights, Liens, and security interests of Old Parent created under the Credit Agreement, the Parent Guaranty, the Security Agreement, and the other Loan Documents and (b) OAINC2 executes and delivers to Administrative Agent a joinder to the Subsidiary Guaranty.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.                                      Terms and References.  Unless otherwise stated in this Agreement (a) terms defined in the Credit Agreement have the same meanings when used in this Agreement, and (b) references to “Sections” are to the Credit Agreement’s sections.

 

2.                                      Consent.  Subject to the terms and conditions contained herein, Lenders and Administrative Agent hereby consent to the Reorganization.

 

3.                                      Assumption.  New Parent hereby assumes all of the debts, obligations, and liabilities of Old Parent under or pursuant to the Credit Agreement, the Parent Guaranty, the Security Agreement, and each of the other Loan Documents.

 

4.                                      Assumption Documents.  Borrower, OAINC2, and New Parent shall execute and deliver to Administrative Agent, or cause to be delivered to Administrative Agent, each of the documents listed on Schedule A attached hereto on or before the date listed for each such item on Schedule A (or such later date as may be approved by Administrative Agent its sole discretion and communicated to Borrower via e-mail or otherwise) (such documents, together with this Agreement, being collectively, the “Assumption Documents”), each dated as of the Effective Date.

 

5.                                      Amendments to the Credit Agreement.

 

(a)                                 The introductory paragraph to the Credit Agreement is hereby deleted in its entirety and is replaced with the following:

 

“This CREDIT AGREEMENT (“Agreement”) is entered into as of March 1, 2018, among ASHFORD HOSPITALITY HOLDINGS LLC, a Delaware limited liability company (the “Borrower”), ASHFORD INC., a Nevada corporation, formerly known as Ashford Nevada Holding Corp., a Nevada corporation (the “Parent”), each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”), and BANK OF AMERICA, N.A., as Administrative Agent and L/C Issuer.”

 

(b)                                 Section 1.01 of the Credit Agreement is hereby amended to add the following new definitions in the correct alphabetical order:

 

“Consolidated Fixed Charge Coverage Ratio” means, at any date of determination, the ratio of (a)(i) Consolidated EBITDA, plus (ii) rentals payable under leases of real or personal, or mixed, property, less (iii) the aggregate amount of all recurring maintenance capital expenditures to (b) the sum of (i) Consolidated Interest Charges, (ii) the aggregate principal amount of all regularly scheduled principal payments or redemptions or similar acquisitions for value of outstanding debt for borrowed money, but excluding any such payments to the extent refinanced through the incurrence of additional Indebtedness otherwise expressly permitted under Section 7.02, (iii) rentals payable under

 

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leases of real or personal, or mixed, property, other than lease payments under the Marietta Lease, (iv) the aggregate amount of all Restricted Payments (including, without limitation, with respect to the Preferred Interests) and (v) the aggregate amount of Federal, state, local and foreign income taxes paid in cash, in each case, of or by Consolidated Parties on a consolidated basis for the period of the four (4) fiscal quarters most recently ended.

 

“Marietta Lease” means that certain Lease dated as of March 1, 2008, by and between The City of Marietta, Georgia, as agent for Downtown Marietta Development Authority and Marietta Leasehold, L.P., as amended.

 

“Preferred Interests” means the Series D Convertible Preferred Stock, par value $0.001 per share of Parent, together with any other preferred Equity Interests issued in connection therewith or in substitution thereof.

 

(c)                                  Section 1.03(b) of the Credit Agreement is hereby amended to add the following sentence after the last sentence thereof:

 

Without limiting the foregoing and notwithstanding anything to the contrary in the Loan Documents, leases that would have constituted operating leases or capital leases in accordance with GAAP prior to the adoption of FASB ASC Topic 842 (Leases) (as adopted on February 25, 2016) shall be considered operating leases or capital leases, respectively, for all purposes of the Loan Documents, notwithstanding any classification under GAAP in effect on the Closing Date or any change in GAAP relating thereto, unless the Borrower and other requisite parties hereto shall enter into a mutually acceptable amendment addressing such changes, as provided for above. The Marietta Lease shall not be included in Consolidated Funded Indebtedness, nor shall the Marietta Lease or rental payments made in accordance with the terms thereof be included in Consolidated Interest Charges.

 

(d)                                 Section 7.06 of the Credit Agreement is hereby deleted in its entirety and is replaced with the following:

 

7.06                        Restricted Payments.  Declare or make any Restricted Payment, provided, that so long as no Default or Event of Default has occurred and is continuing or would result therefrom, the Parent may (a) declare or pay cash dividends to its stockholders and (b) repurchase its Equity Interests, in each case, solely out of cash available for distribution of the Parent and its Subsidiaries. Notwithstanding the prior sentence, in no event shall any Restricted Payment be made with respect to the common stock of Parent unless, both before and after giving effect to any such payment, Borrower shall have demonstrated to Administrative Agent’s satisfaction that the Consolidated Fixed Charge Coverage Ratio is greater than 1.0 to 1.0.

 

(e)                                  Section 7.11(b) of the Credit Agreement is hereby deleted in its entirety and is replaced with the following:

 

(b)                                 Advisory Leverage Ratio.  Permit the Advisory Leverage Ratio at any time during any period of four fiscal quarters of the Parent, to be greater than 2.00 to 1.0.

 

(f)                                   Section 7.11(d) of the Credit Agreement is hereby deleted in its entirety and is replaced with the following:

 

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(d)                                 Consolidated Leverage Ratio.  Permit the Consolidated Leverage Ratio at any time during any period of four fiscal quarters of the Parent, to be greater than 3.00 to 1.0.

 

(g)                                 Section 7.11 of the Credit Agreement is hereby amended to add the following new clause (e) at the end thereof:

 

(e)                                  Consolidated Fixed Charge Coverage Ratio.  Permit the Consolidated Fixed Charge Coverage Ratio at any time during any period of four fiscal quarters of the Parent, to be less than (i) for the period ending on or before the Initial Maturity Date, 1.25 to 1.0 and (ii) for the period ending on or after the Initial Maturity Date, 1.50 to 1.0.

 

(g)                                 Article VII of the Credit Agreement is hereby amended to add the following new Section 7.17 at the end thereof:

 

7.17                        Amendments or Modifications of Preferred Interests.  Without the prior written consent of Administrative Agent, make or approve any material amendment, modification, or change to the terms of any Preferred Interests.

 

(h)                                 Schedule 5.13 to the Credit Agreement is hereby deleted in its entirety and is replaced with Schedule 5.13 attached hereto.

 

6.                                      Other Amendments.

 

(a)                                 All references in the Loan Documents to the Credit Agreement shall henceforth include references to the Credit Agreement as amended hereby, and as may, from time to time, be further amended, modified, extended, renewed, and/or increased.

 

(b)                                 All references in the Loan Documents to Old Parent shall henceforth include references to New Parent.

 

(c)                                  Any and all of the terms and provisions of the Loan Documents are hereby amended and modified wherever necessary, even though not specifically addressed herein, so as to conform to the amendments and modifications set forth herein.

 

7.                                      Ratifications.  Borrower, New Parent, OAINC2, and each Subsidiary Guarantor (a) ratify and confirm all provisions of the Loan Documents as amended by the Assumption Documents, (b) ratify and confirm that all guaranties, assurances, and Liens granted, conveyed, or assigned to Lenders and Administrative Agent under the Loan Documents are not released, reduced, or otherwise adversely affected by the Reorganization or the Assumption Documents and continue to guarantee, assure, and secure full payment and performance of the present and future Obligations, (c) consent and agree to the Reorganization and the Assumption Documents’ execution and delivery, (d) waive notice of acceptance of this Agreement, which Agreement binds each such Person and their successors and permitted assigns and inures to Lenders and Administrative Agent, and their respective successors and permitted assigns, and (e)  agree to perform such acts and duly authorize, execute, acknowledge, deliver, file, and record such additional guaranties, assignments, security agreements, deeds of trust, mortgages, and other agreements, documents, instruments, and certificates as Administrative Agent may reasonably deem necessary or appropriate in order to create, perfect, preserve, and protect those guaranties, assurances, and Liens.

 

8.                                      Representations.  Borrower, New Parent, and OAINC2 each represent and warrant to Lenders and Administrative Agent that as of the date of this Agreement: (a) the Assumption Documents

 

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have been duly authorized, executed, and delivered by each Loan Party that is a party thereto; (b) no action of, or filing with, any governmental authority is required to authorize, or is otherwise required in connection with, the execution, delivery, and performance by the Loan Parties of the Assumption Documents; (c) the Loan Documents, as amended by the Assumption Documents, are valid and binding upon the Loan Parties and are enforceable against the Loan Parties in accordance with their respective terms; (d) the execution, delivery, and performance by the Loan Parties of the Assumption Documents do not require the consent of any other person and do not and will not constitute a violation of any laws, agreements, or understandings to which any Loan Party is a party or by which any Loan Party is bound; (e) all representations and warranties in the Loan Documents are true and correct in all material respects except (i) to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date or (ii) the facts on which any of them were based have been changed by transactions contemplated or permitted by the Credit Agreement; and (f) after giving effect to the Assumption Documents, no Default or Event of Default exists.

 

9.                                      Continued Effect.  Except to the extent amended hereby, all terms, provisions and conditions of the Loan Agreement and the other Loan Documents, and all documents executed in connection therewith, shall continue in full force and effect and shall remain enforceable and binding in accordance with their respective terms.

 

10.                               Conditions Precedent.  This Agreement shall not be effective unless and until: (a) Administrative Agent receives executed counterparts of the Assumption Documents and each of the documents listed on Schedule A attached hereto on or before the date listed for each such item on Schedule A (or such later date as may be approved by Administrative Agent its sole discretion and communicated to Borrower via e-mail or otherwise); and (b) the representations and warranties in this Agreement are true and correct in all material respects on and as of the date of this Agreement.

 

11.                               Miscellaneous.  Unless stated otherwise (a) the singular number includes the plural and vice versa and words of any gender include each other gender, in each case, as appropriate, (b) headings and captions may not be construed in interpreting provisions, (c) this Agreement shall be subject to the provisions regarding choice of law, submission to jurisdiction, waiver of venue, service of process, and waiver of jury trial set forth in Section 11.14 and 11.15 of the Credit Agreement, and such provisions are incorporated herein by this reference, mutatis mutandis, (d) if any part of this Agreement is for any reason found to be unenforceable, all other portions of it nevertheless remain enforceable, and (e) this Agreement may be executed in any number of counterparts (originals or facsimile copies followed by original executed counterparts within two (2) Business Days, but the failure to deliver original executed counterparts shall not affect the validity, enforceability, and binding effect of this Agreement) with the same effect as if all signatories had signed the same document, and all of those counterparts must be construed together to constitute the same document. Borrower shall pay the reasonable fees and expenses of counsel for Administrative Agent incurred in connection with this Amendment in accordance with Section 11.04 of the Credit Agreement.

 

12.                               RELEASE.  BORROWER, NEW PARENT, OAINC2, AND EACH OTHER LOAN PARTY ACKNOWLEDGES THAT THE OBLIGATIONS ARE ABSOLUTE AND UNCONDITIONAL WITHOUT ANY RIGHT OF RECISSION, SETOFF, COUNTERCLAIM, DEFENSE, OFFSET, CROSS-COMPLAINT, CLAIM OR DEMAND OF ANY KIND OR NATURE WHATSOEVER THAT CAN BE ASSERTED TO REDUCE OR ELIMINATE ALL OR ANY PART OF ITS LIABILITY TO REPAY THE OBLIGATIONS OR TO SEEK AFFIRMATIVE RELIEF OR DAMAGES OF ANY KIND OR NATURE FROM ADMINISTRATIVE AGENT OR ANY LENDER.  BORROWER, NEW PARENT, OAINC AND EACH OTHER LOAN PARTY HEREBY VOLUNTARILY AND KNOWINGLY RELEASES AND FOREVER DISCHARGES ADMINISTRATIVE AGENT AND EACH LENDER, AND EACH OF THEIR RESPECTIVE PREDECESSORS, AGENTS, EMPLOYEES, SUCCESSORS, AND ASSIGNS

 

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(COLLECTIVELY, THE “RELEASED PARTIES”), FROM ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, EXPENSES, AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN, ANTICIPATED OR UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT, OR CONDITIONAL, AT LAW OR IN EQUITY, ORIGINATING IN WHOLE OR IN PART ON OR BEFORE THE DATE THIS AMENDMENT IS EXECUTED, WHICH BORROWER, NEW PARENT, OAINC OR ANY OTHER LOAN PARTY MAY NOW OR HEREAFTER HAVE AGAINST THE RELEASED PARTIES, IF ANY, AND IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS, OR OTHERWISE, AND ARISING FROM THE “LOAN”, INCLUDING, WITHOUT LIMITATION, ANY CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING, OR RECEIVING INTEREST IN EXCESS OF THE HIGHEST LAWFUL RATE APPLICABLE, THE EXERCISE OF ANY RIGHTS AND REMEDIES UNDER THE CREDIT AGREEMENT OR OTHER LOAN DOCUMENTS, AND NEGOTIATION FOR AND EXECUTION OF THIS AMENDMENT.

 

13.                               ENTIRETIES.  THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS, EACH AS AMENDED BY THIS AGREEMENT, REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES ABOUT THE SUBJECT MATTER OF THE CREDIT AGREEMENT AS AMENDED BY THIS AGREEMENT AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 

14.                               Parties.  This Agreement binds and inures to Borrower, New Parent, OAINC2, each other Loan Party, Lenders and Administrative Agent, and their respective successors and permitted assigns.

 

[Signature Pages to Follow]

 

6

 

EXECUTED as of the date first stated above.

 

BORROWER:

 

ASHFORD HOSPITALITY HOLDINGS LLC, a Delaware limited liability company

 

	
By:
    	
Ashford OAINC, Inc., its manager
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Deric S. Eubanks
    	
 
    
	
 
    	
Name:
    	
Deric S. Eubanks
    
	
 
    	
Title:
    	
Chief Financial Officer
    
				

 

PARENT:

 

ASHFORD INC., a Nevada corporation, formerly known as Ashford Nevada Holding Corp., a Nevada corporation

 

	
By:
    	
/s/ Deric S. Eubanks
    	
 
    
	
 
    	
Name:
    	
Deric S. Eubanks
    
	
 
    	
Title:
    	
Chief Financial Officer
    
				

 

OAINC2:

 

ASHFORD OAINC II, INC., a Maryland corporation, formerly known as Ashford Inc., a Maryland corporation, formerly known as Ashford Holding Corp., a Maryland corporation, and successor in interest by merger with Ashford Merger Sub Inc.

 

	
By:
    	
/s/ Deric S. Eubanks
    	
 
    
	
 
    	
Name:
    	
Deric S. Eubanks
    
	
 
    	
Title:
    	
Chief Financial Officer
    
				

 

SUBSIDIARY GUARANTORS:

 

ASHFORD ADVISORS, INC., a Delaware corporation

 

	
By:
    	
/s/ Deric S. Eubanks
    	
 
    
	
 
    	
Name:
    	
Deric S. Eubanks
    
	
 
    	
Title:
    	
Chief Financial Officer
    
				

 

Signature Page to

Second Consent, Assumption, and Modification Agreement

 

 

ASHFORD HOSPITALITY ADVISORS LLC, a Delaware limited liability company

 

	
By:
    	
/s/ Deric S. Eubanks
    	
 
    
	
 
    	
Name:
    	
Deric S. Eubanks
    
	
 
    	
Title:
    	
President
    
				

 

ASHFORD LENDING CORPORATION, a Delaware corporation

 

	
By:
    	
/s/ Deric S. Eubanks
    	
 
    
	
 
    	
Name:
    	
Deric S. Eubanks
    
	
 
    	
Title:
    	
President and Secretary
    
				

 

LISMORE CAPITAL LLC, a Delaware limited liability company

 

	
By:
    	
/s/ Deric S. Eubanks
    	
 
    
	
 
    	
Name:
    	
Deric S. Eubanks
    
	
 
    	
Title:
    	
Chief Financial Officer
    
				

 

AINC KALIBRI HOLDCO LLC, a Delaware limited liability company

 

	
By:
    	
/s/ Deric S. Eubanks
    	
 
    
	
 
    	
Name:
    	
Deric S. Eubanks
    
	
 
    	
Title:
    	
President
    
				

 

ASHFORD OAINC, INC., a Maryland corporation, formerly known as Ashford Inc., a Maryland corporation, and successor in interest by merger to Ashford Merger Sub Inc.

 

	
By:
    	
/s/ Deric S. Eubanks
    	
 
    
	
 
    	
Name:
    	
Deric S. Eubanks
    
	
 
    	
Title:
    	
Chief Financial Officer
    
				

 

Signature Page to

Second Consent, Assumption, and Modification Agreement

 

 

PREMIER PROJECT MANAGEMENT LLC, a Maryland limited liability company

 

	
By:
    	
/s/ Mark Matz
    	
 
    
	
 
    	
Name:
    	
Mark Matz
    
	
 
    	
Title:
    	
Chief Operating Officer
    
				

 

PREMIER ARCHITECTURE LLC, a Delaware limited liability company

 

	
By:
    	
/s/ Mark Matz
    	
 
    
	
 
    	
Name:
    	
Mark Matz
    
	
 
    	
Title:
    	
Chief Operating Officer
    
				

 

Signature Page to

Second Consent, Assumption, and Modification Agreement

 

 

ADMINISTRATIVE AGENT:

 

BANK OF AMERICA, N.A., as Administrative Agent

 

	
By:
    	
/s/ Suzanne E. Pickett
    	
 
    
	
 
    	
Suzanne E. Pickett
    
	
 
    	
Senior Vice President
    

 

Signature Page to

Second Consent, Assumption, and Modification Agreement

 

 

LENDER:

 

BANK OF AMERICA, N.A., as a Lender

 

	
By:
    	
/s/ Suzanne E. Pickett
    	
 
    
	
 
    	
Suzanne E. Pickett
    
	
 
    	
Senior Vice President
    

 

Signature Page to

Second Consent, Assumption, and Modification Agreement

 

 

SCHEDULE A

 

LIST OF ASSUMPTION DOCUMENTS

 

[Omitted pursuant to Item 601(a)(5) of Regulation S-K]

 

 

SCHEDULE 5.13

 

SUBSIDIARIES AND OTHER EQUITY INVESTMENTS;
 LOAN PARTIES

 

Part (a) - Subsidiaries:

 

	
Entity Name
    	
 
    	
State
    	
 
    	
Entity
   Designation
    	
 
    	
Equity Interests
   Owned By
    	
 
    	
Equity
   % of
   Owner
    	
 
    	
Equity
   Entity
   Type
    
	
AIM General   Partner, LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Ashford Hospitality Advisors LLC
    	
 
    	
100%
    	
 
    	
Member
    
	
AIM Management Holdco, LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Ashford Hospitality Advisors LLC
    	
 
    	
100%
    	
 
    	
Member
    
	
AIM Performance Holdco, LP
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
AIM General Partner, LLC
   Ashford Hospitality Advisors LLC
   Monty Bennett
   Rob Hays
    	
 
    	
0.01%
   59.99%
   25%
   15%
    	
 
    	
GP
   LP
   LP
   LP
    
	
AIM REHE Funds   GP, LP
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
AIM General Partner, LLC
   AIM Performance Holdco, LP
    	
 
    	
0.01%
   99.99%
    	
 
    	
GP
   LP
    
	
AINC Bar Draught   LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Ashford Hospitality Advisors LLC
   Circa 1919 LLC
    	
 
    	
75%
   25%
    	
 
    	
Member
   Member
    
	
AINC Kalibri   Holdco LLC
    	
 
    	
DE
    	
 
    	
Loan Party
    	
 
    	
Ashford Hospitality Advisors LLC
    	
 
    	
100%
    	
 
    	
Member
    
	
Ashford   Advisors, Inc.
    	
 
    	
DE
    	
 
    	
Loan Party
    	
 
    	
Ashford Hospitality Holdings, LLC
    	
 
    	
100%
    	
 
    	
Stock
    
	
Ashford Alexandria Leasing LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Ashford Hospitality Advisors LLC
    	
 
    	
100%
    	
 
    	
Member
    
	
Ashford Atlanta   Leasing LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Ashford Hospitality Advisors LLC
    	
 
    	
100%
    	
 
    	
Member
    
	
Ashford Boston   Leasing LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Ashford Hospitality Advisors LLC
    	
 
    	
100%
    	
 
    	
Member
    

 

 

	
Entity Name
    	
 
    	
State
    	
 
    	
Entity
   Designation
    	
 
    	
Equity Interests
   Owned By
    	
 
    	
Equity
   % of
   Owner
    	
 
    	
Equity
   Entity
   Type
    
	
Ashford Hospitality Advisors LLC
    	
 
    	
DE:
    	
 
    	
Loan Party
    	
 
    	
Ashford Advisors, Inc.
    	
 
    	
100%
    	
 
    	
Member
    
	
Ashford Hospitality Holdings LLC
    	
 
    	
DE:
    	
 
    	
Loan Party
    	
 
    	
Ashford OAINC, Inc.
   Unitholders
   Ashford Inc.
   Ashford OAINC II Inc.
    	
 
    	
99.8%
   0.2%
   0.0%
   0.0%
    	
 
    	
Member
   Member
   Preferred Member
   Preferred Member
    
	
Ashford Hospitality Select Limited Partnership
    	
 
    	
DE
    	
 
    	
Excluded Subsidiary
    	
 
    	
Ashford Select OP General Partner LLC
   Ashford Select OP Limited Partner LLC
    	
 
    	
0%
   100%
    	
 
    	
GP
   LP
    
	
Ashford Hospitality Select, Inc.
    	
 
    	
MD
    	
 
    	
Excluded Subsidiary
    	
 
    	
Ashford Hospitality Advisors LLC
    	
 
    	
100%
    	
 
    	
Stock
    
	
Ashford Investment Management, LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
AIM Management Holdco, LLC
    	
 
    	
100%
    	
 
    	
Member
    
	
Ashford Lending Corporation
    	
 
    	
DE:
    	
 
    	
Loan Party
    	
 
    	
Ashford Hospitality Advisors LLC
    	
 
    	
100%
    	
 
    	
Stock
    
	
Ashford Minneapolis Leasing LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Ashford Hospitality Advisors LLC
    	
 
    	
100%
    	
 
    	
Member
    
	
Ashford Nashville Leasing LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Ashford Hospitality Advisors LLC
    	
 
    	
100%
    	
 
    	
Member
    
	
Ashford New York Leasing LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Ashford Hospitality Advisors LLC
    	
 
    	
100%
    	
 
    	
Member
    
	
Ashford Pav Leasing LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Ashford Hospitality Advisors LLC
    	
 
    	
100%
    	
 
    	
Member
    
	
Ashford Posada Leasing LLC
    	
 
    	
DE
    	
 
    	
Excluded Subsidiary
    	
 
    	
Ashford Hospitality Advisors LLC
    	
 
    	
100%
    	
 
    	
Member
    
	
Ashford Princeton Leasing LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Ashford Hospitality Advisors LLC
    	
 
    	
100%
    	
 
    	
Member
    
	
Ashford Sarasota Leasing LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Ashford Hospitality Advisors LLC
    	
 
    	
100%
    	
 
    	
Member
    
	
Ashford Scotts Valley Leasing LLC
    	
 
    	
DE
    	
 
    	
Excluded Subsidiary
    	
 
    	
Ashford Hospitality Advisors LLC
    	
 
    	
100%
    	
 
    	
Member
    

 

 

	
Entity Name
    	
 
    	
State
    	
 
    	
Entity
   Designation
    	
 
    	
Equity Interests
   Owned By
    	
 
    	
Equity
   % of
   Owner
    	
 
    	
Equity
   Entity
   Type
    
	
Ashford Select OP Limited Partner LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Ashford Hospitality Select, Inc.
    	
 
    	
100%
    	
 
    	
Member
    
	
Ashford Select OP General Partner LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Ashford Hospitality Select, Inc.
    	
 
    	
100%
    	
 
    	
Member
    
	
Ashford Select TRS Corporation
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Ashford Hospitality Select Limited Partnership
    	
 
    	
100%
    	
 
    	
Stock
    
	
Ashford Inc.
    	
 
    	
NV
    	
 
    	
Loan Party
    	
 
    	
Public shareholder
    	
 
    	
100%
    	
 
    	
Stock
    
	
Ashford Yountville II Leasing LC
    	
 
    	
DE
    	
 
    	
Excluded Subsidiary
    	
 
    	
Ashford Hospitality Advisors LLC
    	
 
    	
100%
    	
 
    	
Member
    
	
Entrava
    	
 
    	
 
    	
 
    	
Excluded Subsidiary
    	
 
    	
OpenKey, Inc.
    	
 
    	
100%
    	
 
    	
 
    
	
Lismore Capital LLC
    	
 
    	
DE
    	
 
    	
Loan Party
    	
 
    	
Ashford Hospitality Advisors LLC
    	
 
    	
100%
    	
 
    	
Member
    
	
OpenKey, Inc.
    	
 
    	
DE
    	
 
    	
Excluded Subsidiary
    	
 
    	
Ashford Lending Corporation
    	
 
    	
49.72%
    	
 
    	
Pref Stock
    
	
Ashford OAINC, Inc.
    	
 
    	
MD
    	
 
    	
Loan Party
    	
 
    	
Ashford OAINC II Inc.
    	
 
    	
100%
    	
 
    	
Stock
    
	
Ashford OAINC II Inc.
    	
 
    	
MD
    	
 
    	
Loan Party
    	
 
    	
Ashford Inc.
    	
 
    	
100%
    	
 
    	
Stock
    
	
Premier Project Management LLC
    	
 
    	
MD
    	
 
    	
Loan Party
    	
 
    	
Ashford Hospitality Advisors LLC
    	
 
    	
100%
    	
 
    	
Member
    
	
Premier Architecture LLC
    	
 
    	
DE
    	
 
    	
Loan Party
    	
 
    	
Premier Project Management LLC
    	
 
    	
100%
    	
 
    	
Member
    
	
Kylemore Holdings LLC
    	
 
    	
DE
    	
 
    	
Excluded Subsidiary
    	
 
    	
Ashford Hospitality Advisors LLC
    	
 
    	
100%
    	
 
    	
Member
    
	
Ashford Securities LLC
    	
 
    	
DE
    	
 
    	
Excluded Subsidiary
    	
 
    	
Kylemore Holdings LLC
    	
 
    	
100%
    	
 
    	
Member
    
	
Real Estate Advisory Holdings LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Lismore Capital LLC
    	
 
    	
30%
    	
 
    	
Member
    
	
Ancillary Service Subsidiaries as of   November 1, 2019:
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Ashford Hospitality Services LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Ashford Advisors, Inc.
    	
 
    	
100%
    	
 
    	
Member
    

 

 

	
Entity Name
    	
 
    	
State
    	
 
    	
Entity
   Designation
    	
 
    	
Equity Interests
   Owned By
    	
 
    	
Equity
   % of
   Owner
    	
 
    	
Equity
   Entity
   Type
    
	
Island Time Watersports (Caribbean) LLC
    	
 
    	
DE
    	
 
    	
Excluded Subsidiary
    	
 
    	
Red Hospitality & Leisure, LLC
   Troy Neill
    	
 
    	
95%
   5%
    	
 
    	
Member
   Member
    
	
J&S Audio Visual Communications LLC
    	
 
    	
TX
    	
 
    	
Excluded Subsidiary
    	
 
    	
Presentation Technologies, LLC
    	
 
    	
100%
    	
 
    	
Member
    
	
J&S Audio Visual Dominican Republic L.P.
    	
 
    	
TX
    	
 
    	
Excluded Subsidiary
    	
 
    	
J&S DR GP, LLC
   PT DR Holdings, LLC
    	
 
    	
1%
   99%
    	
 
    	
GP
   LP
    
	
J&S Audio Visual Mexico S. de R.L.
    	
 
    	
Mex
    	
 
    	
Excluded Subsidiary
    	
 
    	
J&S Audio Visual communications LLC
   Presentation Technologies, LLC
    	
 
    	
97.05%
   2.95%
    	
 
    	
Member
   Member
    
	
J&S DR GP, LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Presentation Technologies, LLC
    	
 
    	
100%
    	
 
    	
Member
    
	
PRE Opco, LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Ashford Hospitality Services LLC
   PAFR, LLC (third party)
   Brault Enterprises, LLC (third party)
    	
 
    	
70%
   20%
   10%
    	
 
    	
Member
   Member
   Member
    
	
Presentation Technologies, LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
PT Holdco, LLC
   PT Intermediate, LLC (third party)
    	
 
    	
85%
   15%
    	
 
    	
Member
   Member
    
	
PT DR Holdings, LLC
    	
 
    	
 
    	
 
    	
Excluded Subsidiary
    	
 
    	
Presentation Technologies, LLC
    	
 
    	
100%
    	
 
    	
Member
    
	
PT Holdco, LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Ashford Hospitality Services, LLC
    	
 
    	
100%
    	
 
    	
Member
    
	
Real Estate Advisory Holdings LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Lismore Capital LLC
    	
 
    	
30%
    	
 
    	
Member
    
	
RED Catamaran One, LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Island Time Watersports (Caribbean) LLC
    	
 
    	
100%
    	
 
    	
Member
    
	
RED Catamaran Two LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Island Time Watersports (Caribbean) LLC
    	
 
    	
100%
    	
 
    	
Member
    
	
RED Ferry Services LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Island Time Watersports (Caribbean) LLC
    	
 
    	
100%
    	
 
    	
Member
    

 

 

	
Entity Name
    	
 
    	
State
    	
 
    	
Entity
   Designation
    	
 
    	
Equity Interests
   Owned By
    	
 
    	
Equity
   % of
   Owner
    	
 
    	
Equity
   Entity
   Type
    
	
RED Hospitality & Leisure Key West, LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
RED Hospitality & Leisure LLC
    	
 
    	
100%
    	
 
    	
Member
    
	
RED Hospitality & Leisure LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Ashford Hospitality Services, LLC
   Chris Batchelor (third party)
    	
 
    	
85%
   15%
    	
 
    	
Member
   Member
    
	
RED Island Dinghy Vessel, LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Island Time Watersports (Caribbean) LLC
    	
 
    	
100%
    	
 
    	
Member
    
	
RED Island Soul Vessel, LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Island Time Watersports (Caribbean) LLC
    	
 
    	
100%
    	
 
    	
Member
    
	
RED Island Time Vessel, LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Island Time Watersports (Caribbean) LLC
    	
 
    	
100%
    	
 
    	
Member
    
	
RED Marine Key West, LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
RED Hospitality & Leisure Key West, LLC
    	
 
    	
100%
    	
 
    	
Member
    
	
Marietta Leasehold GP LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Ashford Hospitality Advisors LLC
    	
 
    	
100%
    	
 
    	
Member
    
	
Marietta Leasehold L.P.
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Marietta Leasehold GP LLC
   Ashford Hospitality Advisors LLC
    	
 
    	
0.1%
   99.9%
    	
 
    	
GP
   LP
    
	
Remington Holdings, L.P.
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Remington Holdings GP, LLC
   Ashford Hospitality Services LLC
    	
 
    	
0.1%
   99.9%
    	
 
    	
GP
   LP
    
	
Remington Holdings GP, LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Ashford Hospitality Services LLC
    	
 
    	
100%
    	
 
    	
Member
    
	
Remington Long Island Employers, LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Remington Holdings, L.P.
    	
 
    	
100%
    	
 
    	
Member
    
	
Remington Boston Employers, LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Remington Holdings, L.P.
    	
 
    	
100%
    	
 
    	
Member
    
	
Remington Costa Mesa Employers, LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Remington Holdings, L.P.
    	
 
    	
100%
    	
 
    	
Member
    
	
Remington Anchorage Employers, LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Remington Holdings, L.P.
    	
 
    	
100%
    	
 
    	
Member
    

 

 

	
Entity Name
    	
 
    	
State
    	
 
    	
Entity
   Designation
    	
 
    	
Equity Interests
   Owned By
    	
 
    	
Equity
   % of
   Owner
    	
 
    	
Equity
   Entity
   Type
    
	
Remington Philly Employers, LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Remington Holdings, L.P.
    	
 
    	
100%
    	
 
    	
Member
    
	
Remington Parsippany Employers, LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Remington Holdings, L.P.
    	
 
    	
100%
    	
 
    	
Member
    
	
Remington Lodging & Hospitality, LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Remington Holdings, L.P.
    	
 
    	
100%
    	
 
    	
Member
    
	
Remington Hotels, LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Remington Holdings, L.P.
    	
 
    	
100%
    	
 
    	
Member
    
	
Remington Lodging & Hospitality — Annapolis   LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Remington Holdings, L.P.
    	
 
    	
98%
    	
 
    	
Member
    
	
WQ Hotel Management, LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Remington Holdings, L.P.
    	
 
    	
100%
    	
 
    	
Member
    
	
Remington Lodging & Hospitality —   Linthicum, LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Remington Holdings, L.P.
    	
 
    	
98%
    	
 
    	
Member
    
	
Remington Alexandria Employers, LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Remington Holdings, L.P.
    	
 
    	
100%
    	
 
    	
Member
    
	
Remington Midtown Manhattan Employers, LLC
    	
 
    	
DE:
    	
 
    	
Excluded Subsidiary
    	
 
    	
Remington Holdings, L.P.
    	
 
    	
100%
    	
 
    	
Member
    

 

 

Part (b) — Other Equity Investments of Loan Parties:

 

1.              AINC Kalibri Holdco LLC owns an approximately 2.3085% equity interest in Kalibri Labs, LLC.

 

2.              Ashford Lending Corporation owns 49.72% of the Voting Preferred Stock of OpenKey, Inc.

 

Part (c) — Equity Interests in Loan Parties:

 

	
Loan Party
    	
 
    	
Equity Interests Owned By
    	
 
    	
Equity %
   of Owner
    	
 
    	
Equity Interest
   Type
    
	
AINC Kalibri Holdco LLC
    	
 
    	
Ashford Hospitality Advisors LLC
    	
 
    	
100%
    	
 
    	
Member
    
	
Ashford Advisors, Inc.
    	
 
    	
Ashford Hospitality Holdings LLC
    	
 
    	
100%
    	
 
    	
Stock
    
	
Ashford Hospitality Advisors LLC
    	
 
    	
Ashford Advisors, Inc.
    	
 
    	
100%
    	
 
    	
Member
    
	
Ashford Hospitality Holdings LLC
    	
 
    	
Ashford OAINC, Inc.
   Unitholders
   Ashford Inc.
   Ashford OAINC II Inc.
    	
 
    	
99.8%
   0.2%
   0%
   0%
    	
 
    	
Member
   Member
   Preferred Member
   Preferred Member
    
	
Ashford Lending Corporation
    	
 
    	
Ashford Hospitality Advisors LLC
    	
 
    	
100%
    	
 
    	
Stock
    
	
Ashford Inc.
    	
 
    	
Public shareholders
    	
 
    	
100%
    	
 
    	
Stock
    
	
Lismore Capital LLC
    	
 
    	
Ashford Hospitality Advisors LLC
    	
 
    	
100%
    	
 
    	
Member
    
	
Ashford OAINC, Inc.
    	
 
    	
Ashford OAINC II Inc.
    	
 
    	
100%
    	
 
    	
Stock
    
	
Ashford OAINC II Inc.
    	
 
    	
Ashford Inc.
    	
 
    	
100%
    	
 
    	
Stock
    
	
Premier Project Management LLC
    	
 
    	
Ashford Hospitality Advisors LLC
    	
 
    	
100%
    	
 
    	
Member
    
	
Premier Architecture LLC
    	
 
    	
Premier Project Management LLC
    	
 
    	
100%
    	
 
    	
Member
    

 

 

Part (d) — Loan Party Information:

 

	
Loan Party
    	
 
    	
Jurisdiction
   of
   Organization
    	
 
    	
Tax ID #.
    	
 
    	
Chief Executive Office/
   Sole Place of Business
    
	
AINC Kalibri Holdco LLC
    	
 
    	
DE
    	
 
    	
47-4115100
    	
 
    	
14185 Dallas Parkway, STE 1100
   Dallas, TX 75254
    
	
Ashford Advisors, Inc.
    	
 
    	
DE
    	
 
    	
47-5064999
    	
 
    	
14185 Dallas Parkway, STE 1100
   Dallas, TX 75254
    
	
Ashford Hospitality Advisors LLC
    	
 
    	
DE:
    	
 
    	
46-2496748
    	
 
    	
14185 Dallas Parkway, STE 1100
   Dallas, TX 75254
    
	
Ashford Hospitality Holdings LLC
    	
 
    	
DE:
    	
 
    	
82-1144434
    	
 
    	
14185 Dallas Parkway, STE 1100
   Dallas, TX 75254
    
	
Ashford Lending Corporation
    	
 
    	
DE:
    	
 
    	
47-1296460
    	
 
    	
14185 Dallas Parkway, STE 1100
   Dallas, TX 75254
    
	
Ashford OAINC, Inc.
    	
 
    	
MD:
    	
 
    	
46-5292553
    	
 
    	
14185 Dallas Parkway, STE 1100
   Dallas, TX 75254
    
	
Ashford OAINC II Inc.
    	
 
    	
MD:
    	
 
    	
82-5237353
    	
 
    	
14185 Dallas Parkway, STE 1100
   Dallas, TX 75254
    
	
Lismore Capital LLC
    	
 
    	
DE:
    	
 
    	
82-1927994
    	
 
    	
14185 Dallas Parkway, STE 1100
   Dallas, TX 75254
    
	
Premier Project Management LLC
    	
 
    	
MD:
    	
 
    	
32-0569521
    	
 
    	
14185 Dallas Parkway, STE 1100
   Dallas, TX 75254
    
	
Premier Architecture LLC
    	
 
    	
DE:
    	
 
    	
84-1960043
    	
 
    	
14185 Dallas Parkway, STE 1100
   Dallas, TX 75254
    
	
Ashford Inc.
    	
 
    	
NE
    	
 
    	
84-2331507
    	
 
    	
14185 Dallas Parkway, STE 1100
   Dallas, TX 75254

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