Document:

Exhibit 10.2

 

EXECUTION VERSION

 

 

INVESTOR AGREEMENT

 

among

 

ASHFORD HOSPITALITY TRUST, INC.,

 

OPPS AHT HOLDINGS, LLC,

 

ROF8 AHT PT, LLC,

 

OAKTREE PHOENIX INVESTMENT FUND AIF (DELAWARE),
L.P.

 

and

 

THE OTHER INVESTORS PARTY HERETO

 

Dated as of January 15, 2021

 

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

	ARTICLE I   DEFINITIONS	2
	 	 
	Section 1.1	Certain Defined Terms	2
	Section 1.2	Construction	5
	 	 	 
	ARTICLE II   Board Observer rights	5
	 	 
	Section 2.1	Board Observer Rights	5
	 	 	 
	ARTICLE III   COVENANTS and additional investor rights	6
	 	 
	Section 3.1	Standstill and Voting	6
	Section 3.2	Company Covenants; Anti-Takeover Protections	9
	Section 3.3	Additional Investor Rights	9
	Section 3.4	Confidentiality	9
	 	 	 
	ARTICLE IV   MISCELLANEOUS	10
	 	 
	Section 4.1	Termination	10
	Section 4.2	Investor Actions	10
	Section 4.3	Further Assurances	10
	Section 4.4	Counterparts	10
	Section 4.5	Notices	11
	Section 4.6	Governing Law; Judicial Proceedings; Waiver of Jury Trial	12
	Section 4.7	Enforcement	12
	Section 4.8	Amendment and Modification; Waiver	12
	Section 4.9	Severability	12
	Section 4.10	Table of Contents, Headings and Captions	13
	Section 4.11	Entire Agreement; Third Party Beneficiaries	13
	Section 4.12	Certain Transactions	13
	Section 4.13	No Recourse	13
	Section 4.14	Dealings with each Investor	14

 

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INVESTOR AGREEMENT

 

THIS INVESTOR AGREEMENT
(as amended, modified or supplemented in accordance with the terms hereof, this “Agreement”) is entered into
as of January 15, 2021, by and among ASHFORD HOSPITALITY TRUST, INC., a Maryland corporation (the “Company”),
Opps AHT Holdings, LLC (“OPPS”), ROF8 AHT PT, LLC (“ROF”), Oaktree Phoenix Investment Fund
AIF (Delaware), L.P. (together with OPPS and ROF “Oaktree”), and each Lender that is or from time to time becomes
a party hereto (together with Oaktree and each of such Lender’s Affiliates, the “Investors”).

 

RECITALS

 

WHEREAS, this Agreement
is being made pursuant to the terms of that certain Credit Agreement, dated as of January 15, 2021 (the “Credit Agreement”),
by and among the Company, the Operating Partnership, Oaktree Fund Administration, LLC, as administrative agent, and each Lender
party thereto, which provides for, in part, (i) senior secured extensions of credit comprised of Initial Term Loans in an aggregate
principal amount of Two Hundred Million Dollars ($200,000,000) and (ii) Total DDTL Commitments in an aggregate principal amount
of Two Hundred Fifty Million Dollars ($250,000,000), with a three (3) year term, with potential extensions subject to certain requirements,
and an interest rate equal to (x) in respect of the Initial Term Loan and Initial DDTLs, sixteen percent (16%) per annum for the
first two (2) years following the Closing Date and fourteen percent (14%) thereafter and (y) in respect of the Additional DDTLs,
eighteen and one half percent (18.5%) per annum for the first two (2) years following the Closing Date and sixteen and one half
percent (16.5%) thereafter and (ii) upon the earliest of (x) such time as the outstanding principal amount of the Loans have been
repaid in full, (y) the Maturity Date, or (z) the acceleration of the Loans following an Event of Default, payment to the Lenders
of an Exit Fee, which may, under certain circumstances, be paid in the form of cash, common stock of the Company, par value $0.01
per share (“Common Shares”), or warrants to purchase Common Shares (“Warrants”), in each
case of clauses (i) and (ii), as more fully described in the Credit Agreement;

 

WHEREAS, in the event
the Exit Fee is satisfied, in whole or in part, by the issuance by the Company of (i) Warrants, the Company and Oaktree shall enter
into (a) the Warrant Agreement attached as Exhibit B to the Credit Agreement (the “Warrant Agreement”) and (b)
the Registration Rights Agreement attached as Exhibit I to the Credit Agreement (the “Registration Rights Agreement”)
or (ii) Common Shares, the Company and Oaktree shall enter into the Registration Rights Agreement;

 

WHEREAS, capitalized
terms used in this Agreement and not otherwise defined herein shall have the meaning ascribed to them in the Credit Agreement;
and

 

WHEREAS, in connection
with the Credit Agreement and the transactions contemplated thereby, the Company and each Investor wishes to set forth certain
understandings and agreements between such parties with respect to the matters set forth herein.

 

     

     

    

 

AGREEMENT

 

NOW, THEREFORE, in consideration
of the mutual covenants and agreements contained herein and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties to this Agreement, intending to be legally bound, hereby agree as follows:

 

ARTICLE
I

DEFINITIONS

 

Section 1.1           
Certain Defined Terms.

 

(a)              
As used herein, the following terms shall have the meanings as set forth below:

 

“Affiliate”
of any Person means any other Person directly or indirectly controlling, controlled by or under common control with such Person.
For the purposes of this definition, “control”, when used with respect to any Person, means the possession, directly
or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the
ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled”
have meanings correlative to the foregoing; provided, however, that notwithstanding the foregoing, neither the Company nor
any of its subsidiaries, including the Operating Partnership, shall be deemed an Affiliate of any of the Investors.

 

“Agreement”
has the meaning set forth in the Preamble.

 

“Beneficial
Owner”, “Beneficially Own” and “Beneficial Ownership” have the meanings set forth
in Rule 13d-3 promulgated under the Exchange Act; provided, that, for purposes of determining whether a Person is a Beneficial
Owner of a security, (i) a Person shall be deemed to be the Beneficial Owner of any securities which may be acquired by such Person
pursuant to any contract, arrangement or understanding or upon the exercise of conversion rights, exchange rights, warrants (including
pursuant to the Warrant Agreement) or options, or otherwise (irrespective of whether the right to acquire such securities is exercisable
immediately or only after the passage of time, including the passage of time in excess of sixty (60) days, the satisfaction of
any conditions, the occurrence of any event or any combination of the foregoing) and (ii) a Person shall be deemed to be the Beneficial
Owner of Common Shares that may be issued upon redemption of Common Partnership Units; provided, further, that for purposes of
calculating the percentage of fully diluted Common Shares Beneficially Owned by the Investors, all the Common Shares which may
be acquired by any Person (determined as described in clauses (i) and (ii) above) shall be deemed to be outstanding Common Shares.

 

“Board”
has the meaning set forth in Section 2.1.

 

“Brookfield”
means Brookfield Asset Management Inc. together with its managed funds
and accounts.

  

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“Bylaws”
means the Second Amended and Restated Bylaws of the Company, as amended by Amendment No. 1 on October 26, 2014, by Amendment No.
2 on October 19, 2015 and by Amendment No. 3 on August 2, 2016, as the same may be amended, modified or restated from time to time.

 

“Charter”
means the charter of the Company as filed and accepted for record by the Maryland State Department of Assessments and Taxation,
as the same may be amended, corrected, supplemented, or restated from time to time.

 

“Common Partnership
Units” means the common units of limited partnership interest in the Operating Partnership.

 

“Common Shares”
has the meaning set forth in the Recitals.

 

“Company”
has the meaning set forth in the Preamble.

 

“Covered Securities”
means (i) any Warrants received by an Investor pursuant to the Warrant Agreement, (ii) any Common Shares and Common Partnership
Units received by the Investors upon exercise of the Warrants described in the preceding clause (i), (iii) any Common Shares issued
to the Investors directly or in exchange for Common Partnership Units described in the preceding clause (ii) pursuant to the terms
of the Operating Partnership Agreement and (iv) any other Common Shares issued to the Investors in connection with the payment
of the Exit Fee.

 

“Credit Agreement”
has the meaning set forth in the Recitals.

 

“Directed Opportunity”
has the meaning set forth in Section 4.14.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, as the same may be
amended from time to time.

 

“Fundamental
Change Event” means the Company has after the date of this Agreement (i) entered into a definitive written agreement
providing for (A) any acquisition of a majority of the voting securities of the Company by any person or “group” (as
that term is used for purposes of Rule 13d-5 or Section 13(d)(3) of the Exchange Act), (B) any acquisition of a majority of
the consolidated assets of the Company and its subsidiaries by any person or “group” (as that term is used for purposes
of Rule 13d-5 or Section 13(d)(3) of the Exchange Act), or (C) any tender or exchange offer, merger or other business combination
or any recapitalization, restructuring, liquidation, dissolution or other extraordinary transaction (provided that, in the case
of any transaction covered by the foregoing subclause (C), immediately following such transaction, any person (or the direct
or indirect shareholders of such person) will Beneficially Own a majority of the outstanding voting power of the Company or the
surviving parent entity in such transaction) or (ii) instituted or commenced or consented to the institution or commencement of
any Insolvency Proceeding (as defined in the Credit Agreement).

 

“Investor Group”
has the meaning set forth in Section 4.14.

 

“Investors”
has the meaning set forth in the Preamble.

 

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“Joinder Agreement”
has the meaning set forth in Section 4.11(b).

 

“Nominating/Corporate
Governance Committee” has the meaning set forth in Article II, Section 15 of the Bylaws (or any successor committee
of the Board).

 

“Non-Excluded
Affiliate” means, with respect to any Investor, all Affiliates of such Investor, other than Brookfield and its Affiliates.
For the purposes of this definition, none of the Investors, nor any of their respective Affiliates shall be deemed Affiliates of
Brookfield.

 

“Non-Recourse
Party” has the meaning set forth in Section 4.13.

 

“OCM”
means Oaktree Capital Management, L.P.

 

“Operating Partnership”
means Ashford Hospitality Limited Partnership, a Delaware limited partnership and a subsidiary of the Company.

 

“Operating Partnership
Agreement” means the Seventh Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated
as of April 14, 2016, as amended and as the same may be amended, modified or restated from time to time.

 

“Person”
means an individual or a corporation, partnership, limited liability company, association, trust, or any other entity or organization,
including a government or political subdivision or an agency or instrumentality thereof.

 

“Registration
Rights Agreement” has the meaning set forth in the Recitals.

 

“Representatives”
of a Person means such Person’s officers or directors (or Persons serving similar functions), employees, members, agents,
partners, attorneys, accountants, consultants, bankers, financial advisors, limited partners, potential sources of financing and
potential capital investors.

 

“SEC”
means the Securities and Exchange Commission.

 

“Transaction
Documents” means this Agreement, the Credit Agreement, the Loan Documents (as defined in the Credit Agreement), the Warrant
Agreement and the Registration Rights Agreement.

 

“Transfer”
means any direct or indirect sale (including a short sale), assignment, encumbrance, pledge, hypothecation, disposition or other
transfer (by operation of law or otherwise) or entry into any contract, option or agreement with respect to any sale, assignment,
encumbrance, pledge, hypothecation, disposition, “put equivalent position” (as defined by Rule 16a-1(h) of the Exchange
Act), hedging transaction or other transfer (by operation of law or otherwise), of any capital stock or interest (including voting
interest) in any capital stock.

 

“Warrant Agreement”
has the meaning set forth in the Recitals.

 

“Warrants”
has the meaning set forth in the Recitals.

 

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(b)              
 Other Definitional and Interpretative Provisions. The words “hereof”, “herein” and “hereunder”
and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of
this Agreement. The captions herein are included for convenience of reference only and shall be ignored in the construction or
interpretation hereof. References to Articles, Sections, Exhibits and Schedules are to Articles, Sections, Exhibits and Schedules
of this Agreement unless otherwise specified. All Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated
in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit or Schedule but
not otherwise defined therein, shall have the meaning as defined in this Agreement. Any singular term in this Agreement shall be
deemed to include the plural, and any plural term the singular. Whenever the words “include”, “includes”
or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”,
whether or not they are in fact followed by those words or words of like import. “Writing”, “written” and
comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form.
References to any agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time
in accordance with the terms hereof and thereof. References to any law include all rules and regulations promulgated thereunder.
References to any Person include the successors and permitted assigns of that Person. References from or through any date mean,
unless otherwise specified, from and including or through and including, respectively. Unless the context requires otherwise, the
gender of all words used in this Agreement includes the masculine, feminine and neuter forms and the singular form of words shall
include the plural and vice versa.

 

Section 1.2           
Construction. This
Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the party
drafting or causing any instrument to be drafted.

 

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ARTICLE
II

Board Observer rights

 

Section 2.1            Board
Observer Rights. During the period beginning on the date of this Agreement and
ending on the later of such time as (i) the Loans have been repaid in full, and (ii) the Investors Beneficially Own, in
the aggregate, a number of Warrants, Common Shares and Common Partnership Units, in each case solely to the extent issued in
connection with the payment of the Exit Fee, representing (or convertible, exchangeable, redeemable or exerciseable into)
less than fifteen percent (15%) of the total number of Common Shares of the Company on a fully diluted basis, the Investors
shall have the right to appoint two (2) observers (the “Observers”) designated by Oaktree to the Board of
Directors of the Company (the “Board”) who shall be entitled to attend all meetings of the Board and to
receive all notices, communications, documents and other information given to the Board. Each Observer shall be subject to
the policies and requirements of the Company and the Board, including the Company’s Corporate Governance Guidelines and
the Company’s Code of Business Conduct and Ethics. Notwithstanding anything to the contrary, the Board, acting in good
faith, reserves the right to withhold any information and to exclude the Observers from any meeting or portion thereof if
access to such information or attendance at such meeting (x) in the good faith discretion of the Board, would create a
conflict of interest with Oaktree or would result in a breach of any agreement to which the Company is a party or
otherwise bound (provided, however, that in no event shall the Company or any of its Affiliates enter into, or
amend, supplement or otherwise modify, any agreement or arrangement with any Person providing management or advisory services
to the Company or any of its Affiliates that would prohibit, limit or restrict the ability of the Observers to access such
information or attend such meetings), or (y) would result in a waiver of the attorney-client privilege between the Company
and its counsel. The Observers shall not have any voting or consent rights with respect to any action brought before the
Board. The Observers may resign in the same manner as directors as set forth in the Company’s Charter and Bylaws or may
be removed by Oaktree, acting in its sole discretion, at any time. Upon the resignation, removal, death or disability of any
Observer, to the extent the Investors have the right to appoint Observers to the Board in accordance with the first sentence
of this Section 2.1 the Investors shall have the right to replace such Observer with a
new Observer designated by Oaktree, which replacement will also be subject to the requirements of this Section 2.1. No
appointment of a particular Observer shall be required if the Board reasonably determines in good faith, after consultation
with outside legal counsel, that such Observer has been involved in any of the events enumerated in Items 2(d) or (e) of
Schedule 13D under the Exchange Act or Item 401(f) of Regulation S-K under the Exchange Act or is subject to any order,
decree or judgment of any governmental authority prohibiting service as a director of any public company, in which case
Oaktree shall withdraw the designation of such Observer and shall designate another individual as an Observer, which
replacement will also be subject to the requirements of this Section 2.1. In the event that any Observer is not an
employee of OCM, any of its Affilaites or any entities or funds managed by OCM, the appointment of such Observer shall be
subject to the consent of the Board (such consent not to be unreasonably withheld, conditioned or delayed). Oaktree will take
all necessary action to cause any Observer to consent to such reference and background checks and to provide such information
as the Board may reasonably request. As of the date of this Agreement, Oaktree has designated Brian Laibow and Taejo Kim as
the initial Observers, and the Company has determined that such Observers satisfy the requirements of this Section
2.1.

 

ARTICLE
III

COVENANTS and additional investor rights

 

Section 3.1           
Standstill and Voting.

 

(a)               Each
Investor agrees that during the period beginning on the date of this Agreement and ending on the later of such time as (i)
the Loans have been repaid in full and the Exit Fee has been paid, and (ii) the Investors Beneficially Own, in the
aggregate, a number of Covered Securities representing (or convertible, exchangeable, redeemable or exerciseable into) less
than ten percent (10%) of the total number of Common Shares of the Company on a fully diluted basis (such later period, the
 “Investor Covenant Period”); then, without the prior written consent of the Company, each Investor will
not at any time, nor will it cause or permit any of its Non-Excluded Affiliates to, except as expressly permitted by the
Transaction Documents, acquire, make any proposal or offer to acquire, or propose or facilitate the acquisition of, directly
or indirectly, by purchase or otherwise, record or Beneficial Ownership of any additional equity securities of the Company,
including Common Shares, or securities of the Company convertible, exchangeable, redeemable or exercisable into such equity
securities (other than Common Shares issued or issuable as a result of any stock split, stock dividend or distribution,
subdivision, recapitalization or other similar transaction of Common Shares, upon exchange of Common Partnership Units or
under the Warrant Agreement). During the Investor Covenant Period, without the prior written consent of the Company, each
Investor agrees that it will not at any time, nor will it cause or permit any of its Non-Excluded Affiliates to, except as
expressly permitted by the Transaction Documents, directly or indirectly:

 

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(i)               
enter into, agree to enter into, commence or submit any merger, consolidation, tender offer, exchange offer, business combination,
share exchange, recapitalization, restructuring or other extraordinary transaction involving the Company, any subsidiary or division
of the Company (including, but not limited to, the Operating Partnership), or any of their respective securities or assets or take
any action that would reasonably be expected to require the Company to make a public announcement regarding the possibility of
any such transaction;

 

(ii)               
tender into a tender or exchange offer commenced by a third party other than a tender or exchange offer that the Board has
affirmatively publicly recommended to the Company’s stockholders that such stockholders tender into such offer and has not
publicly withdrawn or changed such recommendation (and in the case of such a withdrawal or change of recommendation, it shall not
be a breach of this clause (ii) if the tendered or exchanged securities are withdrawn prior to the expiration of such tender or
exchange offer);

 

(iii)              
(x) make, or in any way participate in, any “solicitation” of “proxies” (as such terms are used
in the proxy rules of the SEC promulgated pursuant to Section 14 of the Exchange Act) to vote any securities of the Company
under any circumstances, or deposit any securities of the Company in a voting trust or subject them to a voting agreement, pooling
agreement or other agreement of similar effect, (y) seek to advise or influence any Person with respect to the voting of any securities
of the Company or the Operating Partnership (other than to vote as recommended by Board), or (z) grant any proxy with respect to
any Common Shares (other than (A) in connection with satisfying each Investor’s obligations under Section 3.1(b) or
(B) otherwise to the Company or a Person specified by the Company in a proxy card provided to stockholders of the Company by or
on behalf of the Company) or other equity securities of the Company;

 

(iv)             
form, join or in any way participate in a “group” (as that term is used for purposes of Rule 13d-5 or Section 13(d)(3)
of the Exchange Act) (other than with any other Investor, any Affiliate of any Investor, or any entities, funds, accounts, or clients
managed, sponsored or advised by OCM or any of its Affiliates) with respect to any of securities of the Company;

 

(v)               form
or publicly disclose any intention, plan or arrangement to change any of the members of the Board (other than pursuant to its
rights hereunder), any of the executive officers of the Company, the Charter or the Bylaws, other than to the Company or the
Board or their Representatives (it being understood that this clause (v) shall not prohibit any Investor from voting any
securities of the Company in its sole discretion, but subject to Section 3.1(b));

 

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(vi)              
call, request the calling of, or otherwise seek or submit a written request for the calling of a special meeting of, or
initiate any stockholder proposal for the election of any director or any other action by, the stockholders of the Company;

 

(vii)              
make a public announcement in connection with seeking to influence or control the management of the Board, or the policies,
affairs or strategy of the Company or the Operating Partnership;

 

(viii)             
form or disclose any intention, plan or arrangement inconsistent with the foregoing;

 

(ix)               
advise, assist or encourage, or enter into any arrangements with, any other Persons in connection with any of the matters
set forth in this Section 3.1(a); or

 

(x)                
publicly request the Company to amend or waive any provision of this Section 3.1 (including this clause (x)).

 

(b)              
Each Investor agrees that (i) in the event the Investors have the right to appoint Observers to the Board in accordance
with Section 2.1, it shall cause all Common Shares held by such Investor to be voted, or (ii) in the event the Investors
do not have the right to appoint Observers to the Board in accordance with Section 2.1, it shall cause all Common Shares
held by such Investor that represent in excess of nine and eight-tenths percent (9.8%) of the outstanding Common Shares of the
Company to be voted, in each case of clauses (i) or (ii) in person or by proxy (returned sufficiently in advance of the deadline
for proxy voting for the Company to have the reasonable opportunity to verify receipt) mailed to the stockholders of the Company
in connection with the solicitation of any proxy (x) in favor of all persons nominated to serve as directors of the Company by
the Board (or the Nominating/Corporate Governance Committee) and against all persons who have not been recommended by the Board
(or the Nominating/Corporate Governance Committee) and (y) otherwise in accordance with the recommendation of the Board with
respect to all other actions, proposals or matters to be voted upon by the stockholders of the Company.

 

(c)               Notwithstanding
anything to the contrary herein, (i) the provisions set forth in Section 3.1(a) and Section 3.1(b) shall
terminate (x) on the date that is thirty (30) days following an Event of Default, except to the extent that on or before the
expiration of such thirty (30)-day period the Company has (1) received written notice from Oaktree waiving such Event of
Default or (2) cured such Event of Default in accordance with the Credit Agreement or (y) upon the occurrence of a
Fundamental Change Event and (ii) nothing in Section 3.1(a) or Section 3.1(b), shall restrict or prevent any
Investor or any of its Affiliates from (v) purchasing, acquiring or investing in, holding, voting or taking any other action
with respect to, or making any offer to purchase, acquire or invest in, any indebtedness or preferred equity of any Person,
including the Company or any of its Affiliates, (w) exercising or enforcing rights expressly set forth in this Agreement or
the other Transaction Documents or as a secured creditor under applicable law, (x) making or submitting (on a strictly
private basis) to the Board any proposal that is intended to be made and submitted on a non-publicly disclosed or announced
basis (and would not reasonably be expected to require public disclosure by any Person), (y) receiving any dividends, similar
distributions or interest with respect to any securities of the Company held by any Investor or any of its Affiliates or (z)
subject to Section 3.1(b), voting (or abstaining from voting) any Common Shares in any manner that such Investor or
Affiliate deems appropriate.

 

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Section 3.2           
Company Covenants; Anti-Takeover Protections. The
Company agrees that during the period beginning on the date of this Agreement and ending on the later of such time as (i) the Loans
have been repaid in full, and (ii) the Investors Beneficially Own, in the aggregate, a number of Covered Securities representing
(or convertible, exchangeable, redeemable or exerciseable into) less than ten percent (10%) of the total number of Common Shares
of the Company on a fully diluted basis, without the prior written consent of Oaktree, it will not at any time (a) adopt a stockholder
rights plan, rights agreement or similar form of “poison pill” or other instrument, arrangement or agreement which
is designed to make, or has the effect of making, the acquisition of large holdings of the Company’s Common Shares more difficult
or expensive except to the extent acquisitions by Oaktree and its Affiliates (and any entities, funds, accounts, or clients managed,
sponsored or advised by OCM or any of its Affiliates) are expressly exempted, or (b) except to the extent Oaktree and its Affiliates
(and any entities, funds, accounts, or clients managed, sponsored or advised by OCM or any of its Affiliates) are expressly exempted,
elect or cause the Company to be subject to, or publicly recommend to stockholders of the Company any charter amendment that would
permit the Board to elect to be subject to, the Maryland Business Combination Statute, found in Title 3, subtitle 6 of the Maryland
General Corporation Law, the Maryland Control Share Acquisition Statute, found in Title 3, subtitle 7 of the Maryland General Corporation
Law, the Maryland Unsolicited Takeovers Act, found in Title 3, subtitle 8 of the Maryland General Corporation Law or any similar
state anti-takeover law. 

 

Section 3.3           
Additional Investor Rights.  In the event that,
following the Closing Date but prior to the date of issuance of the Warrants (if any), the Company issues and sells Common Shares,
rights or other equity securities substantially similar to or convertible or exchangeable into Common Shares (collectively, the
 “Offered Securities”) in a public offering, private placement for cash or other offering or placement to stockholders
of the Company or any of their Affiliates, each of the Investors shall be entitled to participate in any such offering or placement
and shall be entitled, at the election of such Investor, to purchase up to such number of Offered Securities equal to the product
of (i) the total number of Offered Securities to be issued by the Company in such offering multiplied by (ii) the fraction
determined by dividing (x) the sum of (I) the number of Common Shares Beneficially Owned by such Investor and (II)
the number of Common Shares that would have been issuable to such Investor upon exercise in full of the Warrants if such Investor
had been issued such Warrants as of the Closing Date and continued to hold such Warrants by the (y) the total number of Common
Shares outstanding, in each case as of immediately prior to such offering. For the avoidance of doubt, in no event shall this Section
3.3 confer upon any Investor any right to participate in any exchange offer exempt pursuant to Section 3(a)(9) of the Securities
Act of 1933, as amended, equity line of credit or standby equity line of credit (whether structured as a primary or secondary offering).

 

Section 3.4           
Confidentiality. (a) Each
of the Investors hereby agrees to maintain the confidentiality of Information (as defined in the Credit Agreement) in accordance
with the provisions of Section 11.07 of the Credit Agreement.

 

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(b)              
 Each of the parties hereto hereby consents to the Observers sharing any information such Observer (in his or her capacity
as such) receives from the Company with the Investors and their respective Related Parties (as defined in the Credit Agreement),
in each case, who shall be deemed to be bound by the provisions of this Section 3.4 and Section 11.07 of the Credit Agreement
(and the relevant Investor shall also remain responsible for any breach of such provisions by any such Related Party), subject,
however, to such Investor maintaining adequate procedures to prevent such information from being used in connection with the purchase
or sale of securities of the Company in violation of applicable law or this Agreement or for any other purpose not expressly permitted
by this Agreement.

 

ARTICLE
IV

MISCELLANEOUS

 

Section 4.1           
Termination. Except
for the earlier termination of any right or obligation as expressly provided in this Agreement, upon the later of such time as
(i) the Loans have been repaid in full and the Exit Fee has been paid, and (ii) the Investors Beneficially Own, in the aggregate,
a number of Covered Securities representing less than ten percent (10%) of the total number of Common Shares of the Company on
a fully diluted basis, then this Agreement shall automatically terminate and be of no further force and effect; provided
that the provisions set forth in Section 4.5 (Notices), Section 4.6 (Governing Law; Judicial Proceedings;
Waiver of Jury Trial), Section 4.9 (Severability), Section 4.11 (Entire Agreement; Third Party Beneficiaries),
and Section 4.13 (No Recourse), together with the definitions used therein together with Section 1.1(b) (Other
Definitional and Interpretive Provisions) and Section 4.10 (Table of Contents, Headings and Captions), shall
survive the termination of this Agreement; and; provided, further, that the termination of this Agreement shall not
relieve any party of liability for any pre-termination breach hereof.

 

Section 4.2           
Investor Actions. Any
determination, consent or approval of, or notice or request delivered by, or any other action of, any Investor shall be made by,
and shall be valid and binding upon, each Investor, if made by Oaktree.

 

Section 4.3           
Further Assurances. Each
of the parties hereto agrees that it shall cooperate with the other parties in good faith to take, or cause to be taken, all actions
necessary, proper or advisable to give effect to the obligations of the parties hereunder, including by executing and delivering
such additional documents as may be reasonably necessary or appropriate to effectuate this Agreement.

 

Section 4.4           
Counterparts. This
Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall
constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Agreement by portable document
format (.pdf) or other electronic means shall be effective as delivery of a manually executed counterpart to this Agreement.

 

    -10- 

     

    

 

Section 4.5            Notices. All
notices, requests, demands, claims and other communications which are required or may be given under this Agreement shall be
in writing and shall be deemed to have been duly given when received if personally delivered and the Business Day
after it is sent, if sent for next day delivery to a domestic address by recognized overnight delivery service (e.g.,
Federal Express) or by electronic mail. In each case notice shall be sent to:

 

(a)              
If to the Company:

 

Ashford Hospitality Trust, Inc.

14185 Dallas Parkway, Suite 1100

Dallas, TX 75254

		Attn:	J. Robinson Hays, III, Chief Executive Officer and
President;

    Robert G. Haiman, Executive Vice President, General

    Counsel and Secretary

		Email:	rhays@ashfordinc.com

rhaiman@ashfordinc.com

 

with copies (which shall not
constitute notice) to:

 

Cadwalader, Wickersham & Taft LLP

200 Liberty Street

New York, NY 10281

		Attn:	Richard M. Brand;

Gregory P. Patti, Jr.

		Email:	richard.brand@cwt.com

gregory.patti@cwt.com

 

(b)              
If to an Investor:

 

c/o Oaktree Capital Management, L.P.

333 South Grand Avenue, 28th Floor

Los Angeles, CA 90071

		Attn:	Cary Kleinman

Jordan Mikes

		Email:	ckleinman@oaktreecapital.com

                                         jmikes@oaktreecapital.com

 

with a copy (which shall not constitute notice) to:

 

Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, NY, 10019

		Attn:	Kenneth M. Schneider

Austin Witt

		Email:	kschneider@paulweiss.com

                                         awitt@paulweiss.com

 

    -11- 

     

    

 

Any party hereto may change the address
to which notices, requests, demands, claims, and other communications hereunder are to be delivered by giving each other party
hereto notice in the manner herein set forth.

 

Section 4.6           
Governing Law; Judicial Proceedings; Waiver of Jury Trial.
This Agreement shall be governed by and construed in accordance with the laws of the State of New
York, without regard to principles of conflicts of laws thereof. In any judicial proceeding involving any dispute, controversy
or claim arising out of or relating to this Agreement, each of the parties unconditionally submits to the non-exclusive jurisdiction
and venue in the courts of the State of New York located in the Borough of Manhattan and the United States District Court for the
Southern District of New York. In any such judicial proceeding, the parties agree that in addition to any method for the service
of process permitted or required by such courts, to the fullest extent permitted by law, service of process may be made by delivery
provided pursuant to the directions in Section 4.5. EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING ANY DISPUTE, CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING
TO THIS AGREEMENT.

 

Section 4.7           
Enforcement. Each of
the parties hereto acknowledges and agrees that the other parties would be damaged irreparably, and in a manner for which monetary
damages would not be an adequate remedy, in the event any of the provisions of this Agreement are not performed in accordance with
its specific terms or otherwise are breached. Accordingly, each of the parties hereto agrees that the other parties shall be entitled
to an injunction or injunctions to prevent breaches of the provisions of this Agreement and to enforce specifically this Agreement
and the terms and provisions hereof in any action instituted as provided in Section 4.6, in addition to any other remedy
to which they may be entitled, at law or in equity and that each party hereto agrees to waive any requirements for the securing
or posting of any bond or other security in connection with such remedy.

 

Section 4.8           
Amendment and Modification; Waiver. This
Agreement may not be amended, modified or supplemented, except by an instrument in writing signed on behalf of the Company and
Oaktree. Any agreement on the part of a party hereto to any waiver of any obligation of the other parties shall be valid only if
set forth in an instrument in writing signed on behalf of such waiving party. The failure of any party hereto to assert any of
its rights under this Agreement or otherwise shall not constitute a waiver of such rights, nor shall any single or partial exercise
by any party hereto of any of its rights under this Agreement preclude any other or further exercise of such rights or any other
rights under this Agreement.

 

Section 4.9           
Severability. If any
provision of this Agreement, or the application of such provision to any Person or circumstance or in any jurisdiction, shall be
held to be invalid or unenforceable to any extent, (i) the remainder of this Agreement shall not be affected thereby, and each
other provision hereof shall be valid and enforceable to the fullest extent permitted by law, (ii) as to such Person or circumstance
or in such jurisdiction such provision shall be reformed to be valid and enforceable to the fullest extent permitted by law and
(iii) the application of such provision to other Persons or circumstances or in other jurisdictions shall not be affected thereby.

 

    -12- 

     

    

 

Section 4.10       
Table of Contents, Headings and Captions. The table of contents, headings, subheadings
and captions contained in this Agreement are included for convenience of reference only, and in no way define, limit or describe
the scope of this Agreement or the intent of any provision hereof.

 

Section 4.11       
Entire Agreement; Third Party Beneficiaries.

 

(a)              
This Agreement (together with the other Transaction Documents), as well as the terms and conditions of any waiver granted
by the Board to an Investor with respect to any provisions of the Charter, constitutes the entire agreement and supersedes all
prior agreements and understandings, both written and oral, among the parties hereto with respect to the subject matter hereof
and thereof. This Agreement is not intended to confer any rights, benefits, remedies, obligations or liabilities upon any Person
other than the parties hereto and thereto, as the case may be, and their respective successors and, subject to Section 4.11(b),
permitted assigns.

 

(b)              
Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable
by any party hereto pursuant to any Transfer of Covered Securities or otherwise unless such assignee or Transferee (including any
Affiliate acquiring Covered Securities from any Investor) has executed and delivered to the Company a joinder evidencing such party’s
agreement to become a party to and be bound by and subject to the terms and provisions of this Agreement in the capacity of an
Investor, to the same effect as such transferring Investor (a “Joinder Agreement”).

 

Section 4.12       
Certain Transactions. In
the event of any stock split, reverse stock split, stock dividend or distribution (other than to the extent necessary to maintain
the Company’s status as a Real Estate Investment Trust) , subdivision, or any change in the Common Shares or Common Partnership
Units by reason of any recapitalization, combination, reclassification, exchange of shares or similar transaction, the terms “Common
Shares” and “Common Partnership Units” used herein shall, as applicable, including for purposes of the definition
of “Covered Securities”, be deemed to refer to and include all such stock dividends and distributions and any other
securities into which or for which any or all of such securities may be changed or exchanged or which are received in such transaction.

 

Section 4.13        No
Recourse. The parties agree that this Agreement may only be enforced against, and
any claims or causes of action that may be based upon, arise out of or relate to this Agreement, or the negotiation,
execution or performance of this Agreement may only be made against the entities that are expressly identified as parties
hereto and no former, current or future equity holders, controlling persons, directors, officers, employees or agents of any
party hereto or any former, current or future stockholder, controlling person, director, officer, employee, general or
limited partner, member, manager or agent of any of the foregoing (each, a “Non-Recourse Party”) shall
have any liability for any obligations or liabilities of the parties to this Agreement or for any claim (whether in tort,
contract or otherwise) based on, in respect of, or by reason of, the transactions contemplated hereby or in respect of any
representations made or alleged to be made in connection herewith. Without limiting the rights of any party against the other
parties hereto, and subject to the immediately following sentence, in no event shall any party seek to enforce this Agreement
against, make any claims for breach of this Agreement against, or seek to recover monetary damages from, any Non-Recourse
Party. Notwithstanding the foregoing, this Section 4.13 shall in no way be deemed
to limit the liability or obligations of any party to the extent that such party is required to cause its subsidiaries or
Representatives to take any action or refrain from taking any action pursuant to this Agreement.

 

    -13- 

     

    

 

Section 4.14       
Dealings with each Investor. Each
Investor and the Company acknowledge and agree that: (a) the Investors and their Non-Recourse Parties (collectively, the “Investor
Group”) on the one hand, and the Company on the other hand (i) have investments or other business relationships with
entities engaged in other businesses (including those which may compete with the business of the Company or the Investor Group,
as applicable, and any of its subsidiaries or areas in which the Company or any of its subsidiaries or the Investor Group, as applicable,
may in the future engage in business) and in related businesses other than through the Company or any of its subsidiaries or the
Investor Group, as applicable, (ii) may develop a strategic relationship with businesses that are or may be competitive with the
Company or any of its subsidiaries or the Investor Group, as applicable, and (iii) will not be prohibited by virtue of its investment
in the Company or its subsidiaries, or in the case of the Investor Group its right to act as an observer on the Board or any subsidiary’s
board of directors or other governing body, from pursuing and engaging in any such activities; (b) neither the Investor Group nor
the Company nor any other stockholders of the Company shall have any right in or to such other ventures or activities or to the
income or proceeds derived therefrom; (c) no member of the Investor Group or the Company, as applicable, shall be obligated to
present any particular investment or business opportunity to the Company or the Investor Group, as applicable, even if such opportunity
is of a character which, if presented to the Company or the Investor Group, as applicable, could be undertaken by the Company or
the Investor Group, as applicable, and each member of the Investor Group or the Company, as applicable, shall have the right to
undertake any such opportunity for itself for its own account or on behalf of another or to recommend any such opportunity to other
Persons; and (d) subject to the express terms and conditions set forth in this Agreement, each member of the Investor Group may
enter into contracts and other arrangements with the Company and its Affiliates from time to time on terms approved by the Board
and the board of directors of such Affiliates, as applicable. Each Investor and the Company hereby waives, to the fullest extent
permitted by applicable law, any claims and rights that such Person may otherwise have in connection with the matters described
in this Section 4.14 and the Company, pursuant to approval by the Board, hereby renounces its interest or expectancy, as between
itself and the Investor Group, in any corporate opportunity or other matter described in this Section 4.14. Notwithstanding the
foregoing, any individual who is offered a particular investment or business opportunity in his or her capacity as an Observer
of the Company (a “Directed Opportunity”) shall be obligated to communicate such Directed Opportunity to the
Company and may not communicate such Directed Opportunity to any other Person unless and until the Company has determined not to
pursue such Directed Opportunity.

 

[Signature Page Follows]

 

    -14- 

     

    

 

IN WITNESS WHEREOF, the
parties hereto have executed this Investor Agreement as of the date first above written.

 

	 	COMPANY:
	 	 
	 	Ashford Hospitality Trust, Inc.
	 	 
	 	By:	/s/ J. Robison Hays III
	 	 	Name: J. Robison Hays III
	 	 	Title: Chief Executive Officer and President

 

     

     

    

 

	INVESTORS:
	 
	Opps AHT Holdings, LLC
	 
	By: Oaktree Fund GP, LLC, its Manager
	By: Oaktree Fund GP I, L.P., its Managing Member
	 
	By:	/s/ Jordan Mikes	 
	 	Name: Jordan Mikes
	 	Title: Authorized Signatory
	 
	By:	/s/ Brian Laibow	 
	 	Name: Brian Laibow
	 	Title: Authorized Signatory
	 
	ROF8 AHT PT, LLC
	 
	By:	/s/ Taejo Kim	 
	 	Name: Taejo Kim
	 	Title: Authorized Signatory
	 
	By:	/s/ Cary Kleinman	 
	 	Name: Cary Kleinman
	 	Title: Authorized Signatory
	 
	Oaktree Phoenix Investment Fund AIF (Delaware), L.P.
	 
	By: Oaktree Fund AIF Series, L.P. – Series U, its General Partner
	By: Oaktree Fund GP AIF, LLC, its General Partner
	By: Oaktree FundGP III, L.P., its Managing Member
	 
	By:	/s/ Jordan Mikes	 
	 	Name: Jordan Mikes
	 	Title: Authorized Signatory
	 
	By:	/s/ Steven Tesoriere	 
	 	Name: Steven Tesoriere
	 	Title: Authorized Signatory

 

     

     

    

 

OBSERVERS:

 

For purposes of Section 3.4
hereof, agreed and acknowledged by:

 

	/s/ Taejo Kim	 
	Name: Taejo Kim
	 
	/s/ Brian Laibow	 
	Name: Brian LaibowExhibit 10.3

 

SUBORDINATION
AND NON-DISTURBANCE AGREEMENT

 

THIS SUBORDINATION AND
NON-DISTURBANCE AGREEMENT (this “Agreement”) is made as of the 15th day of January, 2021, by and among (i) OAKTREE
FUND ADMINISTRATION, LLC, a Delaware limited liability company, as the Administrative Agent and collateral agent on behalf of the
Lenders, “Agent”); (ii) ASHFORD INC., a Nevada corporation (“AINC”), (iii) ASHFORD HOSPITALITY
ADVISORS LLC, a Delaware limited liability company (together with AINC, “Advisor”), (iv) Ashford
Hospitality Trust, Inc., a Maryland corporation (“Parent”), (v) Ashford
Hospitality Limited Partnership, a Delaware limited partnership (“Borrower”), (vi) Ashford
TRS Corporation, a Delaware corporation (“TRS” and, collectively with Parent, Borrower, and any other
Affiliate of a Borrower Party that is or becomes party to an AINC Agreement (as defined below), the “Borrower Parties”)),
(vii) Remington Lodging & Hospitality, LLC, a Delaware limited liability company
(“Remington”), (viii) Premier Project Management, LLC, a Maryland
limited liability company (“Premier”) and (ix) LISMORE CAPITAL II LLC, a Delaware limited liability company
(“Lismore” and, collectively with Advisor, Remington, Premier, and any other Affiliate of an AINC Party that
is or becomes party to an AINC Agreement, the “AINC Parties”). For purposes of this Agreement, the term “Affiliate”
means, with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or
is Controlled by or is under common Control with the Person specified; “Control” means the possession, directly
or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability
to exercise voting power, by contract or otherwise; and “Controlled” has a meaning correlative thereto; provided
that Advisor shall not Control or be deemed to Control Borrower or Parent by reason of the Advisory Agreement.

 

RECITALS:

 

A.      This
Agreement is being made pursuant to the terms of that certain Credit Agreement, dated as of January 15, 2021 (the “Credit
Agreement”), by and among Parent, Borrower, Agent and the lenders party thereto from time to time (the “Lenders”).
Capitalized terms used in this Agreement and not otherwise defined herein shall have the meanings ascribed to them in the Credit
Agreement.

 

B.       Advisor,
Parent, Borrower and TRS are parties to the Advisory Agreement.

 

C.       Parent,
Borrower, TRS and certain of their Affiliates and Remington and certain of its Affiliates are parties to the Remington Management
Agreement.

 

D.       Parent,
Borrower, TRS and certain of their Affiliates and Premier are parties to the Premier Project Management Agreement.

 

E.       Parent
and Lismore are parties to the Lismore Contract.

 

F.       Borrower,
Parent and certain of its Affiliates and AINC and certain of its Affiliates are parties to, or may hereafter become parties
to in accordance with the Credit Agreement, additional agreements for the provision of goods and services (such agreements,
together with the Advisory Agreement, the Remington Management Agreement, the Premier Project Management Agreement and the
Lismore Contract, the “AINC Agreements”).

 

     

     

    

 

G.       The
Lenders require as a condition to the making of the Loans that the AINC Parties subordinate their respective interests in the AINC
Agreements to the Obligations under the Credit Agreement, subject to the terms and conditions contained herein.

 

AGREEMENT:

 

For good and valuable
consideration the parties hereto agree as follows:

 

1.       Subordination
of AINC Agreements. Subject to Section 4, all payments on account of any fees, indebtedness, liabilities, or other
obligations of any Borrower Party under the AINC Agreements to the extent not permitted to be paid pursuant to Section 7.17
of the Credit Agreement (the “Subordinated Obligations”) shall be subordinate, inferior and junior, in right
of payment and exercise of remedies, to the payment in full in cash of the Obligations under the Credit Agreement (the “Senior
Obligations”). The provisions of Section 7.17 of the Credit Agreement are hereby incorporated by reference as though
fully set forth herein.

 

2.       Subordination
Upon Any Distribution of Assets. Subject to Section 4, as to each AINC Party, in the event of any payment or distribution
of assets of any Borrower Party of any kind or character, whether in cash, property, or securities, upon the dissolution, winding
up, or total or partial liquidation or reorganization, readjustment, arrangement, or similar proceeding relating to such Borrower
Party or its property, whether voluntary or involuntary, or in an Insolvency Proceeding, or upon any other marshaling or composition
of the assets and liabilities of such Borrower Party, or otherwise (such events, collectively, “Insolvency Events”):
(a) all amounts then due and payable on account of the Senior Obligations (other than contingent indemnification obligations) shall
first be paid in full in cash before any payment, reduction, or discharge of Subordinated Obligations, whether in cash, property,
or securities, including on account of the purchase, redemption, or other acquisition of Subordinated Obligations, as a result
of any collection, sale, or other disposition of collateral, or by setoff, exchange, or in any other manner, for or on account
of the Subordinated Obligations (any such payment, a “Subordinated Obligations Payment”) is made; and (b) to
the extent permitted by applicable law, any Subordinated Obligations Payment to which the AINC Parties would be entitled except
for the provisions hereof, shall be paid or delivered by the trustee in bankruptcy, receiver, assignee for the benefit of creditors,
or other liquidating agent making such payment or distribution directly to the Agent (or its designee) for the benefit of the Agent
and the Lenders for application to the payment of the Senior Obligations in accordance with clause (a), after giving effect
to any concurrent payment or distribution or provision therefor to the Agent and the Lenders in respect of such Senior Obligations.

 

3.       Subordination
of Remedies. As long as any Senior Obligations shall remain outstanding and unpaid, no AINC Party shall, without the prior
written consent of the Agent:

 

(a)      accelerate,
make demand, or otherwise make due and payable prior to the original due date thereof any Subordinated Obligations or bring
suit or institute any other actions or proceedings to enforce its rights or interests in respect of the obligations of any
other Borrower Party owing to such AINC Party in respect of such obligations;

 

     

     

    

 

(b)      exercise
any rights under or with respect to guaranties of the Subordinated Obligations or in respect of any collateral securing the Subordinated
Obligations, if any;

 

(c)      exercise
any rights to set-offs or counterclaims in respect of any indebtedness, liabilities, or obligations of such Borrower Party to such
AINC Party against any of the Subordinated Obligations; or

 

(d)      commence,
or cause to be commenced, or join with any creditor other than the Agent and the Lenders in commencing, any Insolvency Proceeding
or receivership proceeding against any Borrower Party.

 

4.       Termination.
At such time as the Senior Obligations are paid in full (other than contingent indemnification obligations), this Agreement and
all of Agent’s right, title and interest hereunder shall automatically terminate.

 

5.        Non-Disturbance
of AINC Agreements.

 

(a)      Foreclosure
Proceedings. Neither Agent nor any successor in interest to Agent will name any AINC Parties as a party in any Foreclosure
action or proceeding unless such joinder is necessary to foreclose the lien of the Pledge Agreement or Security Agreement, but
only to foreclose the related lien and not to terminate any AINC Agreements. For purposes of the foregoing, “Foreclosure”
means any exercise of the remedies available to Agent under the Loan Documents following an Event of Default, which results in
a transfer of title to, or direct or indirect possession or control of, Parent, Borrower or any property owned by Parent or Borrower
(whether directly or indirectly), or the Pledged Equity pledged to Agent pursuant to the Pledge Agreement. The term “Foreclosure”
includes: (i) a transfer by judicial or non-judicial foreclosure; (ii) a transfer by deed or assignment in lieu of foreclosure;
(iii) the appointment by a court of a receiver to assume possession or control of the applicable real property; (iv) a
transfer of either ownership or control of Parent or Borrower, direct or indirect in either case, by exercise of a pledge or otherwise;
(v) a transfer resulting from an order entered in any bankruptcy proceeding or a transfer approved by a court in such a proceeding
(including, but not limited to, a sale pursuant to Section 363 or Section 1123(a)(5) of the U.S. Bankruptcy Code) (an
 “Insolvency Proceeding”); or (vi) a transfer through any similar judicial or non-judicial exercise of the
remedies held by the holder of the Pledge Agreement.

 

(b)      Assumption
of AINC Agreements. In the event of an Event of Default or Foreclosure, (i) Agent and its successors and assigns
will recognize the rights of AINC Parties under the AINC Agreements; (ii) Agent will not terminate the AINC Agreements
or disturb AINC Parties in its or their rights under the AINC Agreements (in each case except as contemplated therein); and
(iii) any party acquiring the property of Parent, Borrower, TRS or any applicable Affiliates thereof pursuant to a
Foreclosure will assume, or ratify, all obligations of Parent, Borrower, TRS or such Affiliates (as applicable) under the
applicable AINC Agreements that arise after such date (other than obligations arising under amendments or modifications to
the AINC Agreements that are expressly prohibited by the Credit Agreement) and (from and after such date) the AINC Parties
shall look only to the estate and interest, if any, of such party in such property for the satisfaction of any remedies of
the AINC Parties under the applicable AINC Agreements. Except as otherwise expressly provided herein, the Agent and the
Lenders shall not have any duty, liability or obligation to any of the AINC Parties under or in respect of any of the AINC
Agreements.

 

     

     

    

 

(c)      No
Change in Control. Each of the parties hereto agree that neither (i) the exercise of Agent’s remedies under the Loan
Documents (including obtaining title to the Pledged Equity pursuant to the Pledge Agreement) nor (ii) the receipt by any Lender
of any Warrants or Common Stock pursuant to the Credit Agreement, shall constitute a “Company Change of Control” (as
defined in the Advisory Agreement) or any similar terms contained in any other AINC Agreements, and no party hereto shall be entitled
to terminate the Advisory Agreement on account of the same.

 

(d)      Execution
of New Advisory Agreement. If, at the time the Agent or any Lender acquires title to, or possession or control of, any property
owned by Parent or Borrower (whether directly or indirectly), or the Pledged Equity pledged to Agent pursuant to the Pledge Agreement,
any AINC Agreement has been terminated due to a court ruling in any Insolvency Proceeding, then promptly upon an AINC Party’s
request, such AINC Party and the Agent or such Lender, as applicable, shall enter into a new agreement on the same terms and conditions
as the terminated AINC Agreement (the “New AINC Agreement”), which New AINC Agreement will end on the date the
term of the terminated AINC Agreement would have expired, subject to applicable extension rights, but for such termination or loss
of right.

 

6.       GOVERNING
LAW. THIS AGREEMENT SHALL BE DEEMED TO BE A CONTRACT ENTERED INTO PURSUANT TO THE LAWS OF THE STATE OF NEW YORK AND SHALL IN
ALL RESPECTS BE GOVERNED, CONSTRUED, APPLIED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND APPLICABLE LAWS
OF THE UNITED STATES OF AMERICA.

 

7.       Notices.
All notices required or permitted hereunder shall be given and shall become effective as provided in the Credit Agreement, except
that notices to any AINC Party shall be addressed as follows:

 

c/o Ashford Inc.

14185 Dallas Parkway, STE 1100

Dallas, Texas 75254

Attention: Jeremy Welter and Robert Haiman

Email: jwelter@ashfordinc.com and rhaiman@ashfordinc.com

Telephone: (972) 778-9252 and (972) 778-9312

Fax: (972) 490-9605 and (972) 392-1929 

 

with a copy to:

 

Cadwalader, Wickersham & Taft LLP

200 Liberty Street

New York, NY 10281

Attn: Richard M. Brand;
          Gregory P. Patti, Jr.

 

     

     

    

 

8.       No
Oral Change. This Agreement, and any provisions hereof, may not be modified, amended, waived, extended, changed, discharged
or terminated orally or by any act or failure to act on the part of AINC Parties, Parent, Borrower, TRS, Agent or any Lender, but
only by an agreement in writing signed by the party against whom enforcement of any modification, amendment, waiver, extension,
change, discharge or termination is sought.

 

9.       Liability.
This Agreement shall be binding upon and inure to the benefit of AINC Parties, Parent, Borrower, TRS and Agent and their respective
successors and assigns forever. Each of the Lenders is an express third-party beneficiary of this Agreement.

 

10.     Inapplicable
Provisions. If any term, covenant or condition of this Agreement is held to be invalid, illegal or unenforceable in any respect,
(i) the validity, legality and enforceability of the remaining terms, covenants and conditions of this Agreement shall not
be affected or impaired thereby and (ii) the parties shall endeavor in good faith negotiations to replace the invalid, illegal
or unenforceable term, covenant or condition with a valid, legal and unenforceable term, covenant or condition the economic effect
of which comes as close as possible to that of the invalid, illegal or unenforceable term, covenant or condition.

 

11.      Headings,
etc. The headings and captions of various paragraphs of this Agreement are for convenience of reference only and are not to
be construed as defining or limiting, in any way, the scope or intent of the provisions hereof.

 

12.      Additional
Parties. In the event that additional AINC Parties or additional Borrower Parties become party to AINC Agreements, the AINC
Parties and/or the Borrower Parties, as applicable, party to this Agreement at such time agree reasonably promptly to cause such
additional AINC Parties and/or Borrower Parties, as applicable, to become party to and agree to be bound by this Agreement pursuant
to joinder documentation reasonably acceptable to the Agent.

 

13.      Duplicate
Originals; Counterparts. This Agreement may be executed in any number of duplicate originals and each duplicate original shall
be deemed to be an original. This Agreement may be executed in several counterparts, each of which counterparts shall be deemed
an original instrument and all of which together shall constitute a single agreement. Delivery of an executed counterpart of a
signature page of this Agreement by facsimile or other electronic imaging means (e.g., “pdf” or “tif”)
shall be effective as delivery of a manually executed counterpart of this Agreement.

 

14.      Number
and Gender. Whenever the context may require, any pronouns used herein shall include the corresponding masculine, feminine
or neuter forms, and the singular form of nouns and pronouns shall include the plural and vice versa.

 

[NO FURTHER TEXT ON THIS PAGE]

 

     

     

    

 

IN WITNESS WHEREOF,
the undersigned have executed this Agreement as of the date and year first written above.

 

	 	PARENT:
	 	 
	 	ASHFORD HOSPITALITY TRUST,
    INC., a

    Maryland corporation
	 	 
	 	By:	/s/
    J. Robison Hays III
	 	 	Name: J. Robison Hays III
	 	 	Title: CEO
	 	 
	 	BORROWER:
	 	 
	 	ASHFORD HOSPITALITY LIMITED

    PARTNERSHIP, a Delaware limited partnership
	 	 
	 	By: Ashford OP General Partner
    LLC, a Delaware limited liability company, its general partner
	 	 
	 	By:	/s/ J.
    Robison Hays III
	 	 	Name: J. Robison Hays III
	 	 	Title: CEO
	 	 
	 	TRS:
	 	 
	 	ASHFORD TRS CORPORATION,
    a Delaware corporation
	 	 
	 	By:	/s/ Deric
    Eubanks
	 	 	Name: Deric Eubanks
	 	 	Title: President
	 	 
	 	ADVISOR:
	 	 
	 	ASHFORD INC., a Delaware
    corporation
	 	 
	 	By:	/s/ Jeremy
    Welter
	 	 	Name: Jeremy Welter
	 	 	Title: President

 

     

     

    

 

	 	ASHFORD HOSPITALITY ADVISORS
    LLC, a

    Delaware limited liability company
	 	 
	 	By:	/s/
    Jeremy Welter
	 	 	Name: Jeremy Welter
	 	 	Title: CEO
	 	 
	 	REMINGTON:
	 	 
	 	REMINGTON LODGING &
    HOSPITALITY,

    LLC, a Delaware limited liability company
	 	 
	 	By:	/s/ Sloan
    Dean
	 	 	Name: Sloan Dean
	 	 	Title: CEO
	 	 
	 	PREMIER:
	 	 
	 	PREMIER PROJECT MANAGEMENT,
    LLC, a

    Maryland limited liability company
	 	 
	 	By:	/s/ Hector
    Sanchez
	 	 	Name: Hector Sanchez
	 	 	Title: CEO
	 	 
	 	LISMORE:
	 	 
	 	LISMORE CAPITAL II LLC,
    a Delaware limited

    liability company
	 	 
	 	By:	/s/ Deric
    Eubanks
	 	 	Name: Deric Eubanks
	 	 	Title: President

 

     

     

    

 

	 	AGENT:
	 	 
	 	OAKTREE FUND ADMINISTRATION,
    LLC, a

    Delaware limited liability company
	 	 
	 	By: Oaktree Capital Management,
    L.P., its Managing Member
	 	 
	 	By:	/s/
    Henry Orren
	 	 	Name: Henry Orren
	 	 	Title: Vice President
	 	 
	 	By:	/s/ Brian
    Price
	 	 	Name: Brian Price
	 	 	Title: Senior Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00319-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00319-of-00352.parquet"}]]