Document:

exv4w4

 

Exhibit 4.4

ASHFORD HOSPITALITY TRUST, INC.

ARTICLES SUPPLEMENTARY ESTABLISHING AND FIXING THE RIGHTS AND

PREFERENCES OF A SERIES OF SHARES OF PREFERRED STOCK

     Ashford Hospitality Trust, Inc., a Maryland corporation (the
“Corporation”), having its principal office in Dallas, Texas certifies to the
State Department of Assessments and Taxation of Maryland that:

     FIRST: Under a power contained in Section 2-208 of the Maryland General
Corporation Law and Article V of the Corporation’s charter (the “Charter”), the
Board of Directors (the “Board”) and the pricing committee thereof, by
resolutions duly adopted on September 9, 2004, and September 15, 2004,
respectively, classified and designated 3,000,000 shares of the unissued
preferred stock, par value $.01 per share, of the Corporation (“Preferred
Stock”) as 8.55% Series A Cumulative Preferred Stock, with the following
preferences, rights, voting powers, restrictions, limitations as to dividends
and other distributions, qualifications and terms and conditions of redemption.
Capitalized terms used and not otherwise defined herein have the meanings set
forth in the Charter.

     (1) Designation and Number. A series of Preferred Stock of the
Corporation, designated the “8.55% Series A Cumulative Preferred Stock” (the
“Series A Preferred Stock”), is hereby established. The par value of the Series
A Preferred Stock is $.01 per share. The number of shares of Series A
Preferred Stock shall be 3,000,000.

     (2) Rank. The Series A Preferred Stock will, with respect to dividend
rights and rights upon liquidation, dissolution or winding up of the
Corporation, rank (i) prior or senior to any class or series of common stock of
the Corporation and any other class or series of equity securities, if the
holders of Series A Preferred Stock are entitled to the receipt of dividends or
of amounts distributable upon liquidation, dissolution or winding up in
preference or priority to the holders of shares of such class or series
(“Junior Stock”); (ii) on a parity with any class or series of the equity
securities of the Corporation if, pursuant to the specific terms of such class
or series of equity securities, the holders of such class or series of equity
securities and the holders of the Series A Preferred Stock are entitled to the
receipt of dividends and of amounts distributable upon liquidation, dissolution
or winding up in proportion to their respective amounts of accrued and unpaid
dividends per share or liquidation preferences, without preference or priority
one over the other (“Parity Stock”); (iii) junior to any class or series of
equity securities of the Corporation if, pursuant to the specific terms of such
class or series, the holders of such class or series are entitled to the
receipt of dividends or amounts distributable upon liquidation, dissolution or
winding up in preference or priority to the holders of the Series A Preferred
Stock (“Senior Stock”); and (iv) junior to all of the existing and future
indebtedness of the Corporation. The term “equity securities” does not include
convertible debt securities, which will rank senior to the Series A Preferred
Stock.

     (3) Dividends.

     (a) Holders of Series A Preferred Stock will be entitled to receive,
when and as authorized by the Board and declared by the Corporation, out
of funds legally available

 

 

for payment, cash dividends at the rate of 8.55% per annum on the
$25.00 liquidation preference (equivalent to $2.1375 per annum per
share). Such dividends will be cumulative from the date of original
issuance, whether or not in any dividend period or periods (i) such
dividends shall be declared, (ii) there shall be funds legally available
for the payment of such dividends or (iii) any agreement prohibits
payment of such dividends, and such dividends shall be payable quarterly
the 15th day of January, April, July and October of each year (or, if not
a Business Day (as defined in Article VI of the Charter), the next
succeeding Business Day), commencing January 18, 2005. The first
dividend will be payable for the period beginning September 22, 2004.
Any dividend payable on the Series A Preferred Stock for any partial
dividend period will be computed on the basis of twelve 30-day months and
a 360-day year. Dividends will be payable in arrears to holders of
record as they appear on the records of the Corporation at the close of
business on the last day of each of March, June, September and December,
as the case may be, immediately preceding the applicable dividend payment
date. Holders of Series A Preferred Stock will not be entitled to
receive any dividends in excess of cumulative dividends on the Series A
Preferred Stock at the dividend rate specified in this paragraph. No
interest will be paid in respect of any dividend payment or payments on
the Series A Preferred Stock that may be in arrears.

     (b) When dividends are not paid in full upon the Series A Preferred
Stock or any other class or series of Parity Stock, or a sum sufficient
for such payment is not set apart, all dividends declared upon the Series
A Preferred Stock and any other class or series of Parity Stock shall be
declared ratably in proportion to the respective amounts of dividends
accumulated, accrued and unpaid on the Series A Preferred Stock and
accumulated, accrued and unpaid on such Parity Stock. Except as set
forth in the preceding sentence, unless dividends on the Series A
Preferred Stock equal to the full amount of accumulated, accrued and
unpaid dividends have been or contemporaneously are declared and paid, or
declared and a sum sufficient for the payment thereof set apart for such
payment for all past dividend periods, no dividends (other than dividends
paid in Junior Stock or options, warrants or rights to subscribe for or
purchase such Junior Stock) shall be declared or paid or set aside for
payment with respect to any class or series of Parity Stock. Unless full
cumulative dividends on the Series A Preferred Stock have been paid or
declared and set apart for payment for all past dividend periods, no
dividends (other than dividends paid in Junior Stock or options, warrants
or rights to subscribe for or purchase such Junior Stock) shall be
declared or paid or set apart for payment with respect to any Junior
Stock, nor shall any Junior Stock or Parity Stock be redeemed, purchased
or otherwise acquired (except for purposes of an employee benefit plan)
for any consideration, or any monies be paid to or made available for a
sinking fund for the redemption of any Junior Stock or Parity Stock
(except by conversion or exchange for Junior Stock, or options, warrants
or rights to subscribe for or purchase Junior Stock), nor shall any other
cash or property be paid or distributed to or for the benefit of holders
of Junior Stock or Parity Stock. Notwithstanding the foregoing, the Corporation shall
not be prohibited from (i) declaring or paying or setting apart for
payment any dividend or distribution on any Parity Stock or (ii)
redeeming, purchasing or otherwise acquiring any Junior Stock or Parity
Stock, in each case, if such declaration, payment, redemption, purchase
or other acquisition is necessary to maintain the Corporation’s
qualification as a real estate investment trust for federal income tax
purposes (“REIT”).

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     (c) No dividends on Series A Preferred Stock shall be authorized by
the Board or declared or paid or set apart for payment at such time as
the terms and provisions of any agreement, including any agreement
relating to the Corporation’s indebtedness, prohibits such authorization,
declaration, payment or setting apart for payment or provides that such
authorization, declaration, payment or setting apart for payment would
constitute a breach thereof or a default thereunder, or if such
authorization, declaration, payment or setting apart for payment shall be
restricted or prohibited by law.

     (d) If, for any taxable year, the Corporation elects to designate as
“capital gain dividends” (as defined in Section 857 of the Internal
Revenue Code) any portion of the dividends (as determined for federal
income tax purposes) paid or made available for the year to holders of
all classes of capital stock, then the portion of the capital gains
amount that shall be allocable to the holders of Series A Preferred Stock
shall be the amount that the total dividends (as determined for federal
income tax purposes) paid or made available to the holders of the Series
A Preferred Stock for the year bears to the total dividends (as
determined for federal income tax purposes) paid or made available for
the year to holders of all classes of capital stock.

     (e) In determining for purposes of Section 2-311 of the Maryland
General Corporation Law or otherwise under the Maryland General
Corporation Law whether a distribution (other than upon voluntary or
involuntary liquidation, dissolution or winding up of the Corporation),
by dividend, redemption or otherwise, is permitted, amounts that would be
needed, if the Corporation were to be dissolved at the time of the
distribution, to satisfy the liquidation preference of any series of
preferred stock with preferential rights on dissolution senior to the
Series A Preferred Stock (as discussed in Section 4 below) will not be
added to the Corporation’s total liabilities.

     (4) Liquidation Preference.

     (a) Upon any voluntary or involuntary liquidation, dissolution or
winding up of the Corporation, before any payment or distribution shall
be made to or set apart for the holders of any Junior Stock, the holders
of Series A Preferred Stock shall be entitled to receive a liquidation
preference of $25.00 per share, plus an amount equal to all accumulated,
accrued and unpaid dividends (whether or not earned or declared) to the
date of final distribution to such holders, but such holders shall not be
entitled to any further payment. If upon any liquidation, dissolution or
winding up of the Corporation, its assets, or proceeds thereof,
distributable among the holders of Series A Preferred Stock shall be
insufficient to pay in full the above described preferential amount and
liquidating payments on any other shares of any class or series of Parity
Stock, then such assets, or the proceeds thereof, shall be distributed
among the holders of Series A Preferred Stock and any such other Parity
Stock ratably in the same proportion as the respective amounts that would
be payable on such Series A Preferred Stock and any such other Parity
Stock if all amounts payable thereon were paid in full.

     (b) Upon any liquidation, dissolution or winding up of the
Corporation, after payment shall have been made in full to the holders of
Series A Preferred Stock and any Parity Stock, any other series or class
or classes of Junior Stock shall be entitled to

3

 

receive any and all assets remaining to be paid or distributed, and
the holders of the Series A Preferred Stock shall not be entitled to
share therein.

     (c) Written notice of any such liquidation, dissolution or winding
up of the Corporation, stating the payment date or dates when, and the
place or places where, the amounts distributable in such circumstances
shall be payable, shall be given by first class mail, postage pre-paid,
not less than 30 or more than 60 days prior to the payment date stated
therein, to each record holder of the Series A Preferred Stock at the
respective addresses of such holders as the same shall appear on the
stock transfer records of the Corporation.

     (d) None of a consolidation or merger of the Corporation with or
into another entity, a merger of another entity with or into the
Corporation, a statutory stock exchange by the Corporation or a sale,
lease or conveyance of all or substantially all of the Corporation’s
property or business shall be considered a liquidation, dissolution or
winding up of the Corporation.

     (e) The liquidation preference of the outstanding shares of Series A
Preferred Stock will not be added to the liabilities of the Corporation
for the purpose of determining whether under the Maryland General
Corporation Law a distribution may be made to stockholders of the
Corporation whose preferential rights upon dissolution of the Corporation
are junior to those of holders of Series A Preferred Stock.

     (5) Redemption by Holders. Shares of Series A Preferred Stock are not
redeemable at any time at the option of the holders thereof.

     (6) Redemption by the Corporation.

     (a) Redemption Right

     (i) The Series A Preferred Stock shall not be subject to any
sinking fund or mandatory redemption. Except as otherwise set forth
herein, shares of Series A Preferred Stock are not redeemable prior
to September 22, 2009, except to preserve the status of the
Corporation as a REIT for federal income tax purposes. In
addition, the Series A Preferred Stock shall be subject to the
provisions of Article VI of the Charter pursuant to which Series A
Preferred Stock owned by a stockholder in excess of the Ownership
Limit shall automatically be transferred to a Trust for the
exclusive benefit of a Charitable Beneficiary, as provided in
Article VI of the Charter.

     (ii) On and after September 22, 2009, the Corporation, at its
option, upon giving notice as provided below, may redeem Series A
Preferred Stock, in whole or from time to time in part, at a cash
redemption price equal to 100% of the liquidation preference plus
all accrued and unpaid dividends to the date fixed for redemption.
The redemption date shall be selected by the Corporation and shall
not be less than 30 days nor more than 60 days after the date
notice of redemption is sent. Any date fixed for redemption
pursuant to this Section 6 is referred to herein as a “Redemption
Date.”

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     (b) Limitations on Redemption.

     (i) If fewer than all of the outstanding shares of Series A
Preferred Stock are to be redeemed at the option of the Corporation
pursuant to Section 6(a) above, the number of shares to be redeemed
shall be determined by the Board and the shares to be redeemed will
be selected by the Board pro rata from the holders of record of
such shares in proportion to the number of such shares held by such
holders or by lot or by any other equitable manner as prescribed by
the Board. If such redemption is to be by lot and, as a result of
such redemption, any holder of shares of Series A Preferred Stock
would Beneficially Own or Constructively Own, in excess of the
Ownership Limit because such holder’s shares of Series A Preferred
Stock were not redeemed, or were only redeemed in part, then,
except as otherwise provided in the Charter, the Corporation will
redeem the requisite number of shares of Series A Preferred Stock
from such holder such that he will not hold in excess of the
Ownership Limit subsequent to such redemption.

     (ii) Notwithstanding anything to the contrary contained
herein, unless full cumulative dividends on all shares of Series A
Preferred Stock shall have been or contemporaneously are
authorized, declared and paid or authorized, declared and a sum
sufficient for the payment thereof set apart for payment for all
past dividend periods and the then current dividend period, no shares of Series A Preferred Stock shall be redeemed unless all
outstanding shares of Series A Preferred Stock are simultaneously
redeemed; provided, however, that the foregoing shall not prevent
the purchase or acquisition of shares of Series A Preferred Stock
pursuant to a purchase or exchange offer made on the same terms to
holders of all outstanding shares of Series A Preferred Stock. In
addition, unless full cumulative dividends on all outstanding shares of Series A Preferred Stock have been or contemporaneously
are authorized, declared and paid or authorized, declared and a sum
sufficient for the payment thereof set apart for payment for all
past dividend periods and the then current dividend period, the
Corporation shall not purchase or otherwise acquire directly or
indirectly for any consideration, nor shall any monies be paid to
or made available for a sinking fund for the redemption of, any shares of Series A Preferred Stock or any other class or series of
Junior Stock or Parity Stock (except by conversion into or exchange
for shares of any class or series of Junior Stock).

     (iii) The foregoing provisions of subsections 6(b)(i) and (ii)
shall not prevent any other action by the Corporation pursuant to
the Charter or otherwise in order to ensure that the Corporation
remains qualified as a REIT for federal income tax purposes.

     (c) Procedures for Redemption.

     (i) Notice of redemption of the Series A Preferred Stock shall
be mailed to each holder of record of the shares to be redeemed by
first class mail, postage prepaid at such holder’s address as the
same appears on the stock records of the Corporation. Any notice
which was mailed as described above shall be

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conclusively presumed to have been duly given on the date
mailed whether or not the holder receives the notice. In addition
to any information required by law or by the applicable rules of
the exchange upon which the Series A Preferred Stock may be listed
or admitted to trading, each notice shall state: (i) the
redemption date; (ii) the redemption price; (iii) the number of shares of Series A Preferred Stock to be redeemed; and (iv) the
place or places where certificates for such shares of Series A
Preferred Stock are to be surrendered for cash. Any such
redemption may be made conditional on such factors as may be
determined by the Board and as set forth in the notice of
redemption.

     (ii) On or after the Redemption Date, each holder of shares of
Series A Preferred Stock to be redeemed shall present and surrender
the certificates representing his shares of Series A Preferred
Stock to the Corporation at the place designated in the notice of
redemption and thereupon the cash redemption price of such shares
shall be paid to or on the order of the person whose name appears
on such certificate representing shares of Series A Preferred Stock
as the owner thereof and each surrendered certificate shall be
canceled. If fewer than all the shares represented by any such
certificate representing shares of Series A Preferred Stock are to
be redeemed, a new certificate shall be issued representing the
unredeemed shares.

     (iii) If notice of redemption has been mailed in accordance
with Section 6(c)(i) above and if the funds necessary for such
redemption have been set aside by the Corporation in trust for the
benefit of the holders of the Series A Preferred Stock so called
for redemption, then from and after the Redemption Date (unless the
Corporation defaults in payment of the redemption price), all
dividends on the shares of Series A Preferred Stock called for
redemption in such notice shall cease to accumulate and all rights
of the holders thereof, except the right to receive the redemption
price thereof (including all accumulated and unpaid dividends up to
the Redemption Date), shall cease and terminate and such shares
shall not thereafter be transferred (except with the consent of the
Corporation) on the Corporation’s books, and such shares shall not
be deemed to be outstanding for any purpose whatsoever. At its
election, the Corporation, prior to a Redemption Date, may
irrevocably deposit the redemption price (including accumulated and
unpaid dividends) of the Series A Preferred Stock so called for
redemption in trust for the holders thereof with a bank or trust
company, in which case the redemption notice to holders of the shares of Series A Preferred Stock to be redeemed shall (i) state
the date of such deposit, (ii) specify the office of such bank or
trust company as the place of payment of the redemption price and
(iii) require such holders to surrender the certificates
representing such shares at such place on or about the date fixed
in such redemption notice (which may not be later than the
Redemption Date) against payment of the redemption price (including
all accumulated and unpaid dividends to the Redemption Date). Any
interest or other earnings earned on the redemption price
(including accumulated and unpaid dividends) deposited with a bank
or trust company shall be paid to the Corporation. Any monies so
deposited which remain unclaimed by the holders of

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Series A Preferred Stock at the end of two years after the
Redemption Date shall be returned by such bank or trust company to
the Corporation.

     (d) Status of Redeemed Shares. Any shares of Series A Preferred
Stock that shall at any time have been redeemed shall, after such
redemption, have the status of authorized but unissued Preferred Stock,
without designation as to class or series until such shares are once more
designated as part of a particular class or series by the Board.

     (7) Voting Rights.

     (a) Holders of the Series A Preferred Stock shall not have any
voting rights, except as provided by law and as described below.

     (b) If and whenever dividends on any shares of Series A Preferred
Stock shall be in arrears for six or more quarterly periods, whether or
not such quarterly periods are consecutive (a “Preferred Dividend
Default”), the holders of such shares of Series A Preferred Stock (voting
together as a single class with all other classes or series of capital
stock ranking on a parity with the Series A Preferred Stock as to the
payment of dividends and the distribution of assets upon any voluntary or
involuntary liquidation, dissolution or winding up of the Corporation
upon which like voting rights have been conferred and are exercisable
(“Parity Preferred Stock”) shall be entitled to vote for the election of
a total of two additional directors of the Corporation (the “Preferred
Stock Directors”) who shall each be elected for one-year terms. Such
election shall be held at a special meeting called by an officer of the
Corporation at the request of the holders of record of at least 10% of
the outstanding shares of Series A Preferred Stock or the holders of shares of any other class or series of Parity Preferred Stock so in
arrears, unless such request is received less than 90 days before the
date fixed for the next annual or special meeting of stockholders, in
which case the vote for such two directors will be held at the earlier of
the next annual or special meeting of the stockholders, and at each
subsequent annual meeting until all dividends accumulated on such shares
of Series A Preferred Stock for the past dividend periods and the
dividend for the then current dividend period shall have been fully paid
or declared or authorized and a sum sufficient for the payment thereof
set aside for payment in full. In such cases, the entire Board
automatically shall be increased by two directors. On any matter on which
the holders of Series A Preferred Stock are entitled to vote (as
expressly provided herein or as may be required by law), including any
action by written consent, each share of Series A Preferred Stock shall
have one vote per share, except that when shares of any other series of
Preferred Stock shall have the right to vote with the Series A Preferred
Stock as a single class on any matter, then the Series A Preferred Stock
and such other class or series shall have with respect to such matters
one vote per $25.00 of stated liquidation preference. With respect to
each matter on which the holders of Series A Preferred Stock are entitled
to vote, the holder of each share of Series A Preferred Stock may
designate a number of proxies equal to the number of votes to which the
share is entitled, with each such proxy having the right to vote a whole
number of votes on behalf of such holder.

     The procedures in this Section 7(b) for the calling of meetings and
the election of directors will, to the extent permitted by law, supercede
anything inconsistent contained

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in the Charter or Bylaws of the Corporation and, without limitation
to the foregoing, the Bylaws of the Corporation will not be applicable to
the election of directors by holders of Series A Preferred Stock pursuant
to this Section 7. Notwithstanding the Bylaws of the Corporation, the
number of directors constituting the entire Board will be automatically
increased to include the directors to be elected pursuant to this Section
7(b).

     (c) If and when all accumulated dividends and the dividend for the
current dividend period on the Series A Preferred Stock shall have been
paid in full or set aside for payment in full, the holders of shares of
Series A Preferred Stock shall be divested of the voting rights set forth
in Section 7(b) herein (subject to revesting in the event of each and
every Preferred Dividend Default) and, if all accumulated dividends and
the dividend for the current dividend period have been paid in full or
set aside for payment in full on all other classes or series of Parity
Preferred Stock, the term of office of each Preferred Stock Director so
elected shall terminate and the number of directors constituting the
board of directors shall be reduced accordingly. So long as a Preferred
Dividend Default shall continue, any vacancy in the office of a Preferred
Stock Director may be filled by written consent of the Preferred Stock
Director remaining in office, or if there is no such remaining director,
by vote of holders of a majority of the outstanding shares of Series A
Preferred Stock and any other such series of Parity Preferred Stock
voting as a single class. Any Preferred Stock Director may be removed at
any time with or without cause by the vote of, and shall not be removed
otherwise than by the vote of, the holders of record of a majority of the
outstanding shares of Series A Preferred Stock and any other series of
Parity Preferred Stock voting as a single class. The Preferred Stock
Directors shall each be entitled to one vote per director on any matter
presented to the Board.

     (d) The affirmative vote or consent of at least 66-2/3% of the votes
entitled to be cast by the holders of the outstanding shares of Series A
Preferred Stock and the holders of all other classes or series of
preferred stock entitled to vote on such matters, voting as a single
class, in addition to any other vote required by the Charter or Maryland
law, will be required to: (i) authorize the creation of, the increase in
the authorized amount of, or the issuance of any shares of any class of
Senior Stock or any security convertible into shares of any class of
Senior Stock or (ii) amend, alter or repeal any provision of, or add any
provision to, the Charter, including the articles supplementary
establishing the Series A Preferred Stock, whether by merger,
consolidation or other business combination (in any such case, an
“Event”) or otherwise if such action would materially adversely affect
the powers, rights or preferences of the holders of the Series A
Preferred Stock. Neither (i) an amendment of the Charter to authorize,
create, or increase the authorized amount of Junior Stock or any shares
of any class of Parity Stock, including additional Series A Preferred
Stock, nor (ii) an Event, so long as the Series A Preferred Stock remains
outstanding with the terms thereof materially unchanged, taking into
account that upon the occurrence of such Event the Corporation may not be
the surviving entity, shall be deemed to materially adversely affect the
voting powers, rights or preferences of the holders of Series A Preferred
Stock. No such vote of the holders of Series A Preferred Stock as
described above shall be required if provision is made to redeem all
Series A Preferred Stock at or prior to the time such amendment,
alteration or repeal is to take effect, or when the issuance of any such shares or convertible securities is to be made, as the case may be.

8

 

     (e) The foregoing voting provisions shall not apply if, at or prior
to the time when the act with respect to which such vote would otherwise
be required shall be effected, all outstanding shares of Series A
Preferred Stock shall have been redeemed or called for redemption upon
proper notice and sufficient funds shall have been deposited in trust to
effect such redemption.

     (8) Restrictions on Transfer, Acquisition and Redemption of Shares. The
Series A Preferred Stock is governed by and issued subject to all of the
limitations, terms and conditions of the Corporation’s Charter, including but
not limited to the terms and conditions (including exceptions and exemptions)
of Article VI of the Charter; provided, however, that the terms and conditions
(including exceptions and exemptions) of Article VI of the Charter shall also
be applied to the Series A Preferred Stock separately and without regard to any
other series or class. The foregoing sentence shall not be construed to limit
the applicability of any other term or provision of the Charter to the Series A
Preferred Stock. In addition to the legend contemplated by Article VI, Section
2.9 of the Charter, each certificate for Series A Preferred Stock shall bear
substantially the following legend:

     “The Corporation will furnish to any stockholder on request and
without charge a full statement of the designations and any preferences,
conversion and other rights, voting powers, restrictions, limitations as
to dividends, qualifications and terms and conditions of redemption of
the stock of each class which the Corporation is authorized to issue, to
the extent they have been set, and of the authority of the Board of
Directors to set the relative rights and preferences of a subsequent
series of a preferred or special class of stock. Such request may be
made to the Secretary of the Corporation or to its transfer agent.”

     (9) Conversion. The shares of Series A Preferred Stock are not
convertible or exchangeable for any other property or securities of the
Corporation.

     SECOND: The Series A Preferred Stock have been classified and designated
by the Board under the authority contained in the Charter.

     THIRD: These Articles Supplementary have been approved by the Board in
the manner and by the vote required by law.

     FOURTH: These Articles Supplementary shall be effective at the time the
State Department of Assessments and Taxation of Maryland accepts these Articles
Supplementary for record.

     FIFTH: The undersigned President of the Corporation acknowledges these
Articles Supplementary to be the act of the Corporation and, as to all matters
or facts required to be verified under oath, the undersigned President
acknowledges that to the best of his knowledge, information and belief, these
matters and facts are true in all material respects and that this statement is
made under the penalties for perjury.

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     IN WITNESS WHEREOF, the Corporation has caused these Articles
Supplementary to be executed in its name and on its behalf by its
Chief Operating Officer and
attested to by its Secretary of this 21st day of September, 2004.

	 	 	 	 	 
	 	ASHFORD HOSPITALITY TRUST, INC.

 	 
	 	By:  	/s/ DOUGLAS KESSLER
 	 
	 	 	Douglas Kessler	 
	 	 	Chief Operating Officer 	 
	 

	 	 	 	 	 
	 	ATTEST:

 	 
	 	By:  	
/s/ DAVID A. BROOKS 	 
	 	 	David A. Brooks 	 
	 	 	Secretary 	 
	 

10exv4w4w1

 

Exhibit 4.4.1

	 	 	 
	PREFERRED STOCK

	 	PREFERRED STOCK
	

	 	CUSIP 044103208

SEE REVERSE FOR CERTAIN DEFINITIONS AND RESTRICTIONS

ASHFORD HOSPITALITY TRUST, INC.

THIS CERTIFIES THAT  
                                                                                                                 

is the owner of                                                                             

FULLY PAID AND NONASSESSABLE SHARES OF 8.55% SERIES A CUMULATIVE PREFERRED
STOCK, LIQUIDATION PREFERENCE $25.00 PER SHARE, $.01 PAR VALUE PER SHARE, OF

ASHFORD HOSPITALITY TRUST, INC.

(the “Corporation”), transferable on the books of the Corporation by the
registered holder hereof in person or by duly authorized attorney upon
surrender of this Certificate properly endorsed. This Certificate and the
shares represented hereby are issued and shall be held subject to all of the
provisions of the charter of the Corporation (the “Charter”) and the Bylaws of
the Corporation and any amendments thereto. This Certificate is not valid
unless countersigned and registered by the Registrar.

Dated:                    

	 	 	 
	

	 	

	    Secretary

	 	         President

	 	 	 
	Countersigned and Registered:
	 	 
	 	 	 
	EquiServe Trust Company, N.A.
	 	 
	 	 	 
	Transfer Agent And Registrar
	 	 

ASHFORD HOSPITALITY TRUST, INC.

CORPORATE SEAL

MARYLAND

 

 

ASHFORD HOSPITALITY TRUST, INC.

     The Corporation is authorized to issue Common Stock, par value $.01 per
share, and Preferred Stock, par value $.01 per share.

     The following abbreviations, when used in the inscription on the face of
this Certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

	 	 	 	 	 	 	 	 	 
	TEN COM

	 	-as tenants in common
	 	UNIF GIFT MIN ACT-
	 	       
            Custodian                    	 	 
	TEN ENT

	 	-as tenants by the entireties
	 	 	 	(Cust)       
                   
       (Minor)	 	 
	JT TEN

	 	-as joint tenants with right

of survivorship and not as

tenants in common
	 	 	 	under Uniform Gifts to Minors

Act of                
                
     

       
                  
   (State)	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Additional abbreviations may also be used though not in the above list.

For Value Received,                     hereby sell, assign and transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING NUMBER OF
ASSIGNEE

(Please Print or Typewrite Name and Address Including Zip Code, of Assignee)

Shares of the Capital Stock represented by the within Certificate, and do
hereby irrevocably constitute and appoint

     
                                                                                          Attorney to transfer the said stock on the books of the within named
Corporation with full power of substitution in the premises.

	 	 	 	 	 
	Dated:                                                                                         
	 	 	 	 
	

	 	X
	                                                                                                                  
	 
	 	 	 	 
	

	 	X
	                                                                                                                  
	 
	 	 	 	 
	

	 	 	 	NOTICE: THE SIGNATURE(S) TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME(S)
AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT
ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

Signature(s) Guaranteed

By                                                                            

THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE

GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS

AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP

IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM),

PURSUANT TO S.E.C. RULE 17Ad-15

 

 

     The shares of Capital Stock represented by this certificate are subject to
restrictions on Beneficial Ownership and Constructive Ownership and Transfer
primarily for the purpose of the Corporation’s maintenance of its status as a
real estate investment trust (a “REIT”) under the Internal Revenue Code of
1986, as amended (the “Code”). Except as expressly provided in the
Corporation’s Charter, (i) no Person may Beneficially Own or Constructively Own
shares of Common Stock of the Corporation in excess of 9.8 percent (in value or
number of shares, whichever is more restrictive) of the outstanding Common
Stock of the Corporation unless such Person is an Excepted Holder (in which
case the Excepted Holder Limit shall be applicable); (ii) with respect to any
class or series of shares of Capital Stock other than Common Stock, no Person
may Beneficially Own or Constructively Own more than 9.8 percent (in value or
number of shares, whichever is more restrictive) of the outstanding shares of
such class or series of such stock of the Corporation (collectively, (i) and
(ii) are referred to herein as the “Ownership Limit”), unless such Person is an
Excepted Holder (in which case the Excepted Holder Limit shall be applicable);
(iii) no Person may Beneficially Own or Constructively Own shares of Capital
Stock that would result in the Corporation being “closely held” under Section
856(h) of the Code, would cause either the Corporation to be considered to
constructively own after application of the constructive ownership rules of
Section 856(d)(5) of the Code an interest in a tenant that is described in
Section 856(d)(2)(B) of the Code for purposes of applying Section 856(c) of the
Code or Ashford Hospitality Limited Partnership (or any successor thereto) to
be considered to constructively own after application of the constructive
ownership rules of Section 856(d)(5) of the Code, as modified by the rules of
Section 7704(d) of the Code, an interest in a tenant that is described in
Section 856(d)(2)(B) of the Code for purposes of applying Section 7704(d) of
the Code, or otherwise would cause the Corporation to fail to qualify as a REIT
under the Code; and (iv) no Person may Transfer shares of Capital Stock if such
Transfer would result in shares of Capital Stock of the Corporation being owned
by fewer than 100 Persons. An “Excepted Holder” means a stockholder of the
Corporation for whom an Excepted Holder Limit is created by the Board of
Directors. Any Person who Beneficially Owns or Constructively Owns or attempts
to Beneficially Own or Constructively Own shares of Capital Stock which cause
or will cause a Person to Beneficially Own or Constructively Own shares of
Capital Stock in excess or in violation of the above limitations must
immediately notify the Corporation. If any of the restrictions on Transfer
are violated, the shares of Capital Stock represented hereby will be
automatically transferred to a Charitable Trustee of a Charitable Trust for the
benefit (except as otherwise provided in the Charter of the Corporation) of one
or more Charitable Beneficiaries. In addition, upon the occurrence of certain
events, attempted Transfers in violation of the restrictions described above
may be void ab initio. A Person who attempts to Beneficially Own or
Constructively Own shares of Capital Stock in violation of the Transfer
restrictions described above shall have no claim, cause of action or any
recourse whatsoever against a transferor of such shares of Capital Stock. All
capitalized terms in this legend have the meanings defined in the Corporation’s
charter, as the same may be amended from time to time, a copy of which,
including the restrictions on Transfer, will be furnished to each holder of
shares of Capital Stock of the Corporation on request and without charge.

     The Corporation will furnish to any stockholder on request and without
charge a full statement of the designations and any preferences, conversion and
other rights, voting powers, restrictions, limitations as to dividends,
qualifications and terms and conditions of redemption of the stock of each
class which the Corporation is authorized to issue, to the extent they have
been set, and of the authority of the Board of Directors to set the relative
rights and preferences of a subsequent series of a preferred or special class
of stock. Such request may be made to the Secretary of the Corporation or to
its transfer agent.

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