Document:

Exhibit 10.1

 

VOTING AND
LOCK-UP AGREEMENT

 

This VOTING AND
LOCK-UP AGREEMENT (this “Agreement”) is entered into as of May 7, 2021 by and between Acasti Pharma Inc.,
a corporation incorporated under the Business Corporations Act (Québec) (“Acasti”), the undersigned
stockholder (the “Stockholder”) of Grace Therapeutics, Inc., a corporation incorporated under the laws of the
State of Delaware (“Grace”) [and the undersigned manager or officer of the Stockholder (the “Principal”).]

 

W I T N
E S S E T H:

 

WHEREAS, concurrently
with the execution of this Agreement, Acasti, Grace and Acasti Pharma U.S., Inc., a Delaware corporation and a direct wholly-owned
Subsidiary of Acasti (“MergerCo”), have entered into an Agreement and Plan of Merger (as the same may be amended
from time to time, the “Merger Agreement”), which provides, among other things, that MergerCo will be merged
with and into Grace (the “Merger”), with Grace surviving the Merger as a direct wholly-owned subsidiary of Acasti;

 

WHEREAS, as
of the date hereof, the Stockholder is the Beneficial Owner or record owner of the number of shares of Class A common stock, par
value $0.0001 per share (the “Grace Shares”), of Grace set forth on the signature page hereof;

 

[WHEREAS, the
Principal exercises direct or indirect control over the Stockholder;]

 

WHEREAS, pursuant
to the Merger Agreement, at the Effective Time, the Grace Shares held of record or Beneficially Owned by the Stockholder and outstanding
immediately prior to the Effective Time will be converted into the right to receive the number of common shares of Acasti (the
“Acasti Shares”) in accordance with the terms of the Merger Agreement;

 

WHEREAS, the
Merger Agreement is required under Section 251 of the Delaware General Corporation Law (the “DGCL”) to be adopted
by the affirmative vote of the holders of a majority of the outstanding Grace Shares entitled to vote on such matter; and

 

WHEREAS, as
a condition to the willingness of Acasti and MergerCo to enter into the Merger Agreement, and in order to induce Acasti and MergerCo
to enter into the Merger Agreement, the Stockholder has agreed to enter into this Agreement.

 

NOW, THEREFORE,
in consideration of the premises and of the mutual agreements and covenants set forth herein and in the Merger Agreement and for
other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, and intending to be legally bound
hereby, the parties hereto agree as follows:

 

Article 1

DEFINITIONS

 

1.1           Capitalized
Terms. Capitalized terms used but not defined in this Agreement shall have the meanings ascribed to them in the Merger Agreement.1.2
For purposes of this Agreement:

 

     
	

     
	

    

(a)              
“Beneficially Own”, “Beneficial Ownership” or “beneficial owner”
with respect to any Grace Shares or Acasti Shares, as applicable, means having, or a Person having, “beneficial ownership”
of such securities (as determined pursuant to Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)), including pursuant to any agreement, arrangement or understanding, whether or not in writing, and including,
without duplicative counting of the same securities by the same holder, securities over which Affiliates of such Person who, together
with such Person, would constitute a “group” within the meaning of Section 13(d)(3) of the Exchange Act, have “beneficial
ownership” (as determined pursuant to Rule 13d-3 under the Exchange Act).

 

(b)              
“Owned Grace Shares” means, collectively, all (i) Grace Shares held of record or Beneficially Owned by
the Stockholder as of the date hereof and (ii) Grace Shares that become owned (whether Beneficially Owned or of record) by
the Stockholder, whether upon the exercise of stock options, conversion of convertible securities or otherwise, after the execution
of this Agreement.

 

Article 2

TRANSFER AND VOTING OF SCARLET SHARES

 

2.1           No Transfer of Grace Shares. From and after the date hereof until the Expiration Date (as defined below), the Stockholder
shall not, directly or indirectly, (a) sell, pledge, encumber, assign, transfer or otherwise dispose of any or all of the Owned
Grace Shares or any interest in the Owned Grace Shares, (b) deposit the Owned Grace Shares or any interest in the Owned Grace Shares
into a voting trust or enter into a voting agreement or arrangement with respect to any of his, her or its Owned Grace Shares (other
than this Agreement) or grant any proxy or power of attorney with respect thereto, or (c) enter into any contract, commitment,
option or other arrangement or undertaking with respect to the direct or indirect acquisition or sale, assignment, pledge, encumbrance,
transfer or other disposition (whether by actual disposition or effective economic disposition due to hedging, cash settlement
or otherwise) of any of the Owned Grace Shares (any such action in clause (a), (b) or (c) above, a “transfer”);
provided, that this Section 2.1 shall not prohibit a transfer of Owned Grace Shares by the Stockholder if (a) the
Stockholder is an individual, (i) to any member of the Stockholder’s immediate family or to a trust for the benefit of the
Stockholder or any member of the Stockholder’s immediate family, or (ii) upon the death of the Stockholder, by will or intestacy
or (b) the Stockholder is a partnership or limited liability company, to one or more partners or members of the Stockholder or
to an Affiliate under common control with the Stockholder, as applicable.

 

2.2           Approval
of the Merger and Related Matters. The Stockholder, solely in the Stockholder’s capacity as a stockholder of Grace (and
not, if applicable, in the Stockholder’s capacity as an officer or director of Grace), agrees that:

 

(a)              
within five (5) Business Days after the Form S-4 has been declared effective by the SEC, the Stockholder shall deliver a
written consent (or cause a consent to be delivered) covering all of the Owned Grace Shares (the “Written Consent”):
(i) approving the adoption of the Merger Agreement and approval of the Merger and the other transactions contemplated by the Merger
Agreement, and (ii) waiving any notice that may have been or may be required relating to the Merger or any of the other transactions
contemplated by the Merger Agreement (together, the “Stockholder Approval Matters”). The Written Consent shall
be coupled with an interest and shall be irrevocable; and

 

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(b)              
from and after the date hereof until the Expiration Date (as defined below), in connection with any meeting of the stockholders
of Grace or any adjournment thereof, the Stockholder shall appear at each such meeting or otherwise cause all of the Owned Grace
Shares to be counted as present thereat for purposes of calculating a quorum and vote (or cause to be voted), in person or by proxy,
all of the Owned Grace Shares: (i) in favor of the adoption of the Stockholder Approval Matters, and (ii) except for the Merger
and the Merger Agreement, against any Grace Acquisition Proposal.

 

2.3           Termination.
The obligations of the Stockholder pursuant to this Article 2 shall terminate upon the earlier to occur of (a) the date
the Merger Agreement shall have been validly terminated pursuant to its terms, (b) in the event of a Grace Change of Recommendation
or an Acasti Change of Recommendation, in any such case in accordance with the terms of the Merger Agreement, and (c) the Effective
Time (such earlier date, the “Expiration Date”).

 

2.4           Stockholder
Capacity. The parties acknowledge that this Agreement is entered into by the Stockholder solely in his, her or its capacity
as owner of the Owned Grace Shares and that nothing in this Agreement shall in any way restrict, limit or prohibit the Stockholder
or any Affiliate, designee or representative of the Stockholder from exercising his or her fiduciary duties in his or her capacity
as a director or officer of Grace, whether by action or failure take any action, including, for the avoidance of doubt, exercising
any rights of Grace under the Merger Agreement, and no such exercise of fiduciary duties shall be deemed to constitute a breach
of this Agreement.

 

Article 3

TRANSFER and voting OF Acasti SHARES

 

3.1           No Transfer of Acasti Shares. During the period beginning from and after the Effective Time and ending on the date
that is the first anniversary of the Effective Time (the “Lock-Up Period”), the Stockholder shall not, directly
or indirectly, without the prior written consent of Acasti, (a) sell, pledge, encumber, assign, transfer or otherwise dispose of
any Acasti Shares or any securities Beneficially Owned by the Stockholder that are convertible into, exercisable or exchangeable
for or that represent the right to receive Acasti Shares, whether now owned or hereafter acquired (collectively, the “Acasti
Securities”), (b) deposit the Acasti Securities or any interest in the Acasti Securities into a voting trust or enter
into a voting agreement or arrangement with respect to any of his, her or its Acasti Securities or grant any proxy or power of
attorney with respect thereto (other than to representative(s) of Acasti in connection with a proxy solicitation made thereby),
or (c) enter into any contract, commitment, option or other arrangement or undertaking with respect to the direct or indirect sale,
assignment, pledge, encumbrance, transfer or other disposition (whether by actual disposition or effective economic disposition
due to hedging, cash settlement or otherwise) of any Acasti Securities (any such action in clause (a), (b) or (c) above, a “transfer”);
provided, that this Section 3.1 shall not prohibit a transfer of Acasti Securities by the Stockholder:

 

(s) if the Stockholder
is an individual, (i) to any member of the Stockholder’s immediate family or to a trust for the direct or indirect benefit
of the Stockholder or any member of the Stockholder’s immediate family, or (ii) upon the death of the Stockholder, by will
or intestacy; provided that such transfer shall not involve a disposition in exchange for value;

 

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(t) if the Stockholder
is a partnership, limited liability company, corporation, trust or other business entity, (i) to one or more partners, shareholders,
trust beneficiaries or members of the Stockholder, (ii) to an Affiliate of the Stockholder or (iii) to any investment fund or other
entity controlling, controlled by, managing or managed by or under common control with the Stockholder or Affiliates of the Stockholder
(including, for the avoidance of doubt, where the Stockholder is a partnership, to its general partner or a successor partnership
or fund, or any other funds managed by such partnership), as applicable; provided that such transfer shall not involve a
disposition in exchange for value;

 

(u) to the extent necessary
to produce cash proceeds in the amount required to (I) satisfy any tax obligations of the Stockholder or, in the case of a Stockholder
that is, for U.S. federal income tax purposes, treated as a partnership, grantor trust, disregarded entity, or other pass-through
entity (each, a “Pass-Through Entity”), tax obligations of any direct or indirect owner, member, or beneficiary
of such Pass-Through Entity that arise because of the pass-through treatment of such entity for U.S. federal income tax purposes
and the ownership of such Acasti Securities by such Pass-Through Entity (any such owner, member, or beneficiary a “Tax
Owner”) actually payable by such Stockholder (or applicable Tax Owner) under U.S. federal income tax Laws (or any applicable
U.S. state or local income tax Laws) as a result of the Merger in the event that, after the consummation of the Merger, the U.S.
Internal Revenue Service (or a U.S. state or local taxing authority) challenges the tax-free treatment of the Merger and, after
the conclusion of a good faith tax contest of such challenge by the applicable Stockholder (or, if applicable, the Tax Owner),
there is a final determination that (A) the Merger fails to qualify as a reorganization under Section 368(a) of the Code (or any
analogous or similar provision under U.S. state or local income tax Laws), or (B) the Stockholder (or applicable Tax Owner) is
required to recognize gain under Section 367(a) of the Code (or any analogous or similar provision under U.S. state or local income
tax Laws), assuming that, in the case in which the Stockholder (or applicable Tax Owner) would be treated as a “five-percent
transferee shareholder” (within the meaning of Treasury Regulations Section 1.367(a)-3(c)(5)(ii)) of Acasti following the
Merger, such Stockholder (or applicable Tax Owner) enters into a valid and timely gain recognition agreement in the form provided
in Treasury Regulations Section 1.367(a)-8 or a comparable agreement under applicable state or local tax Law, or (II) pay the tax
obligations (including any estimated tax payments) of a Stockholder (or applicable Tax Owner) actually payable by such Stockholder
(or applicable Tax Owner) under U.S. federal income tax Laws (or any applicable U.S. state or local income tax Laws) as a result
of the Merger in the event that, after the consummation of the Merger, (A) such Stockholder’s (or applicable Tax Owner’s)
tax advisor has confirmed in writing to Grace and Acasti that, after a good faith review and analysis of the relevant considerations,
it is not able to issue to such Stockholder (or applicable Tax Owner) a written tax opinion concluding that there is substantial
authority (within the meaning of Treasury Regulation Section 1.6662-4(d)) for the positions that both (1) the Merger qualifies
as a reorganization under Section 368(a) of the Code and (2) such Stockholder (or applicable Tax Owner) is not required to recognize
any gain in connection with the Merger pursuant to Section 367(a) of the Code (assuming that, if such Stockholder (or applicable
Tax Owner) would be treated as a “five-percent transferee shareholder”, within the meaning of Treasury Regulations
Section 1.367(a)-3(c)(5)(ii), of Acasti immediately following the Merger, the Stockholder enters into a valid and timely gain recognition
agreement in the form provided in Treasury Regulations 1.367(a)-8)), and (B) such Stockholder (or applicable Tax Owner) has notified
Acasti in writing that it has filed, or will file, a U.S. federal income tax return (and, to the extent applicable, a U.S. state
or local income tax return) for the taxable year in which the Merger occurs which reports the Merger as a taxable transaction;
provided, however, that, for the avoidance doubt, the parties agree that no transfer of Acasti Securities shall be permitted by
any Stockholder pursuant to this Section 3.1(u) in order to pay taxes of such Stockholder (or applicable Tax Owner) that would
not have been payable but for the failure of the relevant Stockholder (or applicable Tax Owner) to validly and timely file a gain
recognition agreement in the form provided in Treasury Regulations Section 1.367(a)-8 as contemplated above, provided, further,
that no Stockholder shall be permitted to sell Acasti Securities pursuant to Section 3.1(u)(II) hereof prior to the date that is
seven (7) Business Days after the date on which Acasti has received both of the notices contemplated in Sections 3.1(u)(II)(A)
and (B);

 

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(v) if the Stockholder
is a trust, to a trustor or beneficiary of the trust or to the estate of a beneficiary of such trust;

 

(w) to a partnership,
limited liability company or other entity of which the Stockholder and the immediate family of the Stockholder are the legal and
beneficial owners of all of the outstanding equity securities or similar interests; provided that such transfer shall not
involve a disposition in exchange for value;

 

(x) as a bona fide
gift or gifts, or for bona fide estate planning purposes;

 

(y) to a nominee or custodian
of a Person to whom a disposition or transfer would be permissible under clauses (u), (v), (w) and (x) above; or

 

(z) by operation of Law,
such as pursuant to a qualified domestic order, divorce settlement, divorce decree or separation agreement;

 

provided, however,
that in each of the case of transfer described above, if the Stockholder is required to file a report under Section 16(a) of the
1934 Exchange Act, or in compliance with the insider reporting requirements of Canadian securities laws, reporting a reduction
in beneficial ownership of Acasti Securities during the Lock-Up Period, the Stockholder shall include a statement in such report
that such transfer relates to the applicable circumstance described above, as the case may be, and no other public announcement
shall be made voluntarily in connection with such transfer.

 

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3.2           Corporate Governance Matters. The Stockholder agrees that for the period beginning from and after the Effective Time
and ending on the earlier of (i) the date of mailing of the final proxy statement/circular approved by the Acasti board of directors
for the 2023 annual general meeting of Acasti shareholders (the “2023 Final Proxy Statement”), (ii) the date
the mailing of the 2023 Final Proxy Statement is due under applicable securities Laws or (iii) August 31, 2023 (the “Support
Period”), (a) the Stockholder will, in any general or special meeting of Acasti shareholders, take all actions necessary
to vote all Acasti Shares held of record or Beneficially Owned by the Stockholder as of the record date of such meeting in favor
of the election of the persons who are (i) nominated to the Acasti board of the directors for a single twelve (12) month term by
the Acasti governance and human resources committee (or any other committee of the board of directors responsible for the nomination
of directors) (the “Board Nominees”) and (ii) approved and nominated to the Acasti board of directors for a
single twelve (12) month term by the then-existing Acasti board of directors, and (b) the Stockholder will not (i) call or requisition
any general or special meeting of Acasti shareholders for the purpose of nominating directors other than the Board Nominees without
the approval of the Acasti board of the directors, (ii) take any action in support of the calling or requisitioning of any general
or special meeting of Acasti shareholders for the purpose of nominating directors other than the Board Nominees by any Person other
than the management or board of directors of Acasti, (iii) create any new committee of the board of directors of Acasti with, or
delegate to any existing committee of the board of directors of Acasti, the responsibilities of nominating directors, without the
approval of the Acasti board of the directors, (iv) recommend against or make any public statement opposing the Board Nominees,
(v) propose or vote for any director nominee other than the Board Nominees at any general or special meeting of Acasti shareholders,
or (vi) solicit, or act jointly or in concert, with any Person for such other Person to take any action that would contravene this
Section 3.2; provided, that, in each case, as a condition precedent to the Stockholder’s obligations in clauses
(a) and (b) above, the three (3) individuals designated by Grace in accordance with Section 5.12 of the Merger Agreement are nominated
as Board Nominees and nominated and approved by the Acasti board of directors (including, for the avoidance of doubt, for election
at the calendar year 2022 annual general meeting of Acasti shareholders) to the extent such individuals are eligible to serve as
directors under applicable corporate and securities Laws and accept such nomination; provided further, that, this
Section 3.2 shall not limit the Stockholder’s ability to take any action with respect to the 2023 annual general meeting
of Acasti shareholders, including with respect to the recommendation, nomination, proposal or vote in favor of any nominee to the
Acasti board of directors, to the extent the right to take such action is granted to, or not otherwise prohibited to be taken by,
any Acasti shareholder under applicable corporate and securities Laws and Acasti’s constating documents. For the avoidance
of doubt, if the three (3) individuals designated by Grace (the “Grace Designees”) in accordance with Section
5.12 of the Merger Agreement are not nominated as Board Nominees or are not nominated and approved by the Acasti board of directors
for election at the calendar year 2022 annual general meeting of Acasti shareholders, despite being eligible under applicable corporate
and securities Laws as Board Nominees and accepting of such nomination, the provisions of this Section 3.2 shall not apply. The
parties hereby further acknowledge that nothing in this Section 3.2 shall restrict or prohibit any Grace Designee from exercising
his or her fiduciary duties in his or her capacity as a director of Acasti under applicable corporate and securities Laws and Acasti’s
constating documents.

 

3.3           Termination.
The obligations of the Stockholder pursuant to this Article 3 shall terminate upon the earlier to occur of (a) the date
the Merger Agreement shall have been validly terminated pursuant to its terms, (b) in the event of a Grace Change of Recommendation
or an Acasti Change of Recommendation, in any such case in accordance with the terms of the Merger Agreement, and (c), in the
case of Section 3.1, the close of trading on the last day of the Lock-Up Period, or in the case of Section 3.2, 11:59 pm (Eastern
time) on the last calendar day of the Support Period.

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Article 4

REPRESENTATIONS AND WARRANTIES OF THE STOCKHOLDER

 

The Stockholder hereby
represents and warrants to Acasti as follows:

 

4.1           Authorization;
Binding Agreement. The Stockholder has all legal right, power, authority and, if an individual, capacity to execute and deliver
this Agreement, to perform his, her or its obligations hereunder, and to consummate the transactions contemplated hereby. This
Agreement has been duly and validly executed and delivered by or on behalf of the Stockholder and constitutes a legal, valid and
binding obligation of the Stockholder, enforceable against the Stockholder in accordance with its terms (subject to bankruptcy,
insolvency, reorganization, fraudulent transfer, moratorium and other Laws relating to limitations of actions or affecting the
availability of equitable remedies and the enforcement of creditors’ rights generally and general principles of equity).

 

4.2           No Conflict; Required Filings and Consents.

 

(a)              
The execution and delivery of this Agreement to Acasti by the Stockholder does not, and the performance of this Agreement
will not, (i) conflict with or violate any Law applicable to the Stockholder or by which the Stockholder is bound or affected,
(ii) violate or conflict with the organizational documents of the Stockholder, if applicable, or (iii) except where it would not
interfere with the Stockholder’s ability to perform his, her or its obligations hereunder, result in or constitute (with
or without notice or lapse of time or both) any breach of or default under, or give to another party any right of termination,
material amendment, acceleration or cancellation of, or result in the creation of any lien or encumbrance or restriction on any
of the property or assets of the Stockholder pursuant to, any note, bond, mortgage, indenture, contract, agreement, lease, license,
permit, franchise or other instrument or obligation to which the Stockholder is a party or by which the Stockholder or any of the
Stockholder’s properties or assets is bound or affected. There is no beneficiary or holder of a voting trust certificate
or other interest of any trust of which the Stockholder is a trustee whose consent is required for the execution and delivery of
this Agreement or the consummation by the Stockholder of the transactions contemplated by this Agreement. No Proceedings are pending
which, if adversely determined, will prevent or materially delay the Stockholder’s ability to vote or dispose of any of the
Owned Grace Shares.

 

(b)              
The execution and delivery of this Agreement by the Stockholder does not, and the performance of this Agreement will not,
require any consent, approval, authorization or permit of, or filing with or notification to, any third party or any governmental
or regulatory authority, domestic or foreign, except where the failure to obtain such consents, approvals, authorizations or permits,
or to make such filings or notifications, would not materially adversely interfere with the Stockholder’s ability to perform
his, her or its obligations hereunder.

 

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4.3           Title
to Shares. The Stockholder is (or, with respect to the Owned Grace Shares not held of record or Beneficially Owned by the
Stockholder as of the date hereof, will be) the record or beneficial owner of the Owned Grace Shares and has (or, with respect
to the Owned Grace Shares not held of record or Beneficially Owned by the Stockholder as of the date hereof, will have) good title
to the Owned Grace Shares free and clear of all liens, encumbrances, security interests, charges, claims, proxies or voting restrictions
other than pursuant to this Agreement or securities Law.  The Stockholder and/or its Affiliates have (or, with respect to
the Owned Grace Shares not held of record or Beneficially Owned by the Stockholder as of the date hereof, will have) sole power
of disposition, sole power of conversion, sole power to demand appraisal rights and sole power to agree to all of the matters
set forth in this Agreement, in each case with respect to all of  the Owned Grace Shares, through the Expiration Date, subject
to applicable securities Laws and the terms of this Agreement.

 

4.4           Adequate
Information. The Stockholder is a sophisticated investor with respect to the Grace Shares and the Acasti Shares and has received
a copy of the Merger Agreement in substantially final form and otherwise has adequate information concerning the business and
financial condition of each of Acasti and Grace to make an informed decision regarding entry into this Agreement, and has made
its own analysis and decision to enter into this Agreement based on such information as the Stockholder has deemed appropriate.

 

Article 5

REPRESENTATIONS AND WARRANTIES OF AUTUMN

 

Acasti hereby represents
and warrants to the Stockholder as follows:

 

5.1           Authorization;
Binding Agreement. Acasti is duly formed or organized, validly existing and in good standing (or its equivalent concept, if
applicable) under the Laws of the jurisdiction of its incorporation. Acasti has all legal right, power and authority to execute
and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby. This
Agreement has been duly and validly executed and delivered by or on behalf of Acasti and constitutes a legal, valid and binding
obligation of Acasti, enforceable against Acasti in accordance with its terms (subject to bankruptcy, insolvency, reorganization,
fraudulent transfer, moratorium and other Laws relating to limitations of actions or affecting the availability of equitable remedies
and the enforcement of creditors’ rights generally and general principles of equity).

 

5.2           No
Conflict; Required Filings and Consents.

 

(a)              
The execution and delivery of this Agreement to the Stockholder by Acasti does not, and the performance of this Agreement
will not, (i) conflict with or violate any Law applicable to Acasti or by which Acasti is bound or affected, (ii) violate or conflict
with the organizational or governing documents of Acasti, or (iii) except where it would not interfere with Acasti’s ability
to perform its obligations hereunder, result in or constitute (with or without notice or lapse of time or both) any breach of or
default under, or give to another party any right of termination, material amendment, acceleration or cancellation of, or result
in the creation of any lien or encumbrance or restriction on any of the property or assets of Acasti pursuant to, any note, bond,
mortgage, indenture, contract, agreement, lease, license, permit, franchise or other instrument or obligation to which Acasti is
a party or by which Acasti or any of its properties or assets is bound or affected. There is no Person or body whose consent is
required for the execution and delivery of this Agreement or the consummation by Acasti of the transactions contemplated by this
Agreement. No Proceedings are pending which, if adversely determined, will prevent or materially delay Acasti’s ability to
perform its obligations hereunder or to consummate the transactions contemplated hereby.

 

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(b)              
The execution and delivery of this Agreement by Acasti does not, and the performance of this Agreement will not, require
any consent, approval, authorization or permit of, or filing with or notification to, any third party or any governmental or regulatory
authority, domestic or foreign, except where the failure to obtain such consents, approvals, authorizations or permits, or to make
such filings or notifications, would not materially adversely interfere with Acasti’s ability to perform its obligations
hereunder or to consummate the transactions contemplated hereby.

 

Article 6

COVENANTS OF THE STOCKHOLDER

 

6.1           Further
Assurances. From time to time, at the request of Acasti and without additional consideration, the Stockholder shall use commercially
reasonable efforts to execute and deliver, or cause to be executed and delivered, such additional transfers, assignments, endorsements,
proxies, consents and other instruments, and shall take such further actions, as Acasti may reasonably request for the purpose
of carrying out and furthering the intent of this Agreement.

 

6.2           Condition to Share Transfers. Without limiting the provisions of Article 2 and Article 3 hereof, the Stockholder
may only transfer (i) Owned Grace Shares during the term of this Agreement, (ii) Acasti Shares during the Lock-Up Period, or (iii)
Acasti Shares after the expiration of the Lock-Up Period but during the Support Period (other than a transfer of Acasti Shares
over the stock exchange that is not a “block trade” to one or more identified counterparties), if, as a condition precedent
to the effectiveness of such transfer in each case, the transferee agrees in writing, satisfactory in form and substance to Acasti,
to be bound by all of the terms of this Agreement; provided, however, the provisions of this Section 6.2 shall not
apply in the event the Stockholder transfers any of the Acasti Securities to a third party pursuant to the proviso set forth in
clause (u) of Section 3.1.

 

6.3           Stop
Transfer Order. In furtherance of this Agreement, the Stockholder authorizes Acasti to notify Acasti’s transfer agent
that there is a stop transfer order with respect to all of the Acasti Shares other than Acasti Shares permitted to be transferred
hereunder, provided that any such stop transfer order will immediately be withdrawn and terminated by Acasti upon the end of the
Lock-Up Period.

 

Article 7

Covenant
of Acasti

 

7.1           Nominating Committee. During the Support Period, the Acasti board of directors shall ensure that its governance and
human resources committee, or any other committee responsible for the nomination of directors, be comprised of exactly three directors
who shall all be independent within the meaning of the applicable rules of Nasdaq, the TSXV (as applicable) and applicable Canadian
securities regulations, one of whom will be selected amongst the individuals nominated by Grace to be on the Acasti board of directors
for as long during the Support Period that an individual meeting such independence criteria is available and accepting to serve
on such committee.

 

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Article 8

GENERAL PROVISIONS

 

8.1           Entire Agreement. This Agreement, the Merger Agreement and the other agreements referred to therein constitute the
entire agreement of the parties hereto and supersede all prior agreements and undertakings, both written and oral, between the
parties hereto with respect to the subject matter hereof. This Agreement may not be amended or modified except in an instrument
in writing signed by, or on behalf of, the parties hereto.

 

8.2            No Survival of Representations and Warranties. The representations and warranties made by the Stockholder in this
Agreement shall not survive any termination of the Merger Agreement or of this Agreement.

 

8.3           Assignment.
The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and permitted assigns.  Neither this Agreement nor any of the rights, interests or obligations under this Agreement shall
be assigned by any party to this Agreement (by operation of Law or otherwise) without the prior written consent of the other parties
to this Agreement.

 

8.4           Severability.  If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced
by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force
and effect. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties
hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties hereto as closely
as possible to the fullest extent permitted by applicable Law in an acceptable manner.

 

8.5           Specific
Performance. The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this
Agreement is not performed in accordance with its specific terms or is otherwise breached.  The parties agrees that, in the
event of any breach or threatened breach of any covenant or obligation contained in this Agreement, the non-breaching party shall
be entitled to seek and obtain (a) a decree or order of specific performance to enforce the observance and performance of such
covenant or obligation and (b) an injunction restraining such breach or threatened breach. The parties further agree that none
of the Stockholders, Acasti or any other Person shall be required to obtain, furnish or post any bond or similar instrument in
connection with or as a condition to obtaining any remedy referred to in this Section 8.5, and each of the parties irrevocably
waive any right he, she or it may have to require the obtaining, furnishing or posting of any such bond or similar instrument.

 

8.6           Governing
Law. This Agreement, and all claims or causes of action (whether at Law, in contract or in tort or otherwise) that may be
based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance hereof, shall be governed by
and construed in accordance with the substantive and procedural Laws of the State of Delaware, without giving effect to any choice
or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application
of the Laws of any jurisdiction other than the State of Delaware.

 

    10
	

     
	

    

8.7           No
Waiver. No failure or delay by any party hereto in exercising any right, power or privilege hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any
other right, power or privilege.  None of the parties hereto shall be deemed to have waived any claim available to such party
arising out of this Agreement, or any right, power or privilege hereunder, unless the waiver is expressly set forth in writing
duly executed and delivered on behalf of such waiving party.  The rights and remedies herein provided shall be cumulative
and not exclusive of any rights or remedies provided by Law.

 

8.8           Notices. Unless otherwise specifically provided in this Agreement, all notices and other communications hereunder
shall be in writing and made in accordance with this Section 8.8, and shall be deemed given: (a) if sent by registered or
certified mail in the United States, return receipt requested, upon receipt; (b) if personally delivered, upon personal delivery
to the party receiving notice; (c) if sent by facsimile or email of a .pdf, .tif, .gif, .jpeg or similar electronic attachment,
on the Business Day transmitted so long as such notice is transmitted before 5:00 p.m. in the time zone of the receiving party,
otherwise, on the next Business Day, in each case with receipt confirmed; or (d) if sent by a nationally recognized overnight air
courier (such as UPS or Federal Express), upon receipt of proof of delivery.  Notice shall be provided to a party at the following
address, facsimile number or email address:

 

To Acasti or MergerCo:

 

Acasti Pharma Inc.

3009 boul. de la Concorde E.

Suite 102

Laval, Québec

H7E 2B5

Attention: Jan D'Alvise

E-mail: j.dalvise@acastipharma.com

 

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

 

Osler, Hoskin & Harcourt LLP

1000, rue De La Gauchetière
Ouest

Bureau 2100

Montréal, Québec

Canada H3B 4W5

Attention: François
Paradis

E-mail: fparadis@osler.com

 

To the Stockholder: to the address,
facsimile number or email address set forth on the signature page hereto.

 

Any party to this Agreement may notify
any other party of any changes to the address or any of the other details specified in this Section 8.8; provided,
however, that such notification shall only be effective on the date specified in such notice or five Business Days after
the notice is given, whichever is later. Rejection or other refusal to accept or the inability to deliver because of changed address
of which no notice was given shall be deemed to be receipt of the notice as of the date of such rejection, refusal or inability
to deliver.

 

    11
	

     
	

    

8.9           Headings.
The heading references herein are for convenience of reference only and do not form part of this Agreement, and no construction
or reference shall be derived therefrom.

 

8.10         Counterparts.
This Agreement may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each
of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.

 

8.11         Amendment.
This Agreement may not be amended, modified or supplemented except by an instrument in writing signed by each of the parties hereto.

 

[remainder of page left intentionally
blank]

 

 

 

 

 

 

 

 

 

    12
	

     
	

    

 

IN WITNESS WHEREOF,
each of Acasti and the Stockholder has executed or has caused this Agreement to be executed by their respective duly authorized
officers, him or her, as applicable, as of the date first written above.

 

	 	Acasti Pharma Inc.
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

 

 

 

 

 

 

 

    [Signature Page to Voting and Lock-Up Agreement]
	

     
	

    

 

	STOCKHOLDER:	
        [•]
	 

        

        

	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

Notice Address of the Stockholder:

 

[•]

 

Number of Grace Shares held of record or
Beneficially Owned by the Stockholder as of the date hereof:

 

[•]

 

 

	[PRINCIPAL, who, in his/her capacity as a manager or officer of the Stockholder (and not in any other capacity), hereby irrevocably agrees not to cause the Stockholder to take any action that would be a material breach of the Stockholder’s obligations under Section 3.2 of this Agreement:	 	 
	 	 	Name:

 

 

Notice Address of the Principal:

 

[•]]

 

 

 

 

 

 

[Signature Page to Voting and Lock-Up Agreement]Document

EXHIBIT 10.6

Form of Performance Stock Unit Award Agreement 
This Performance Stock Unit (“PSU”) Award Agreement (the “Award Agreement”) is made and entered into as of [       ], 2021 by and between Braemar Hotels & Resorts Inc., a Maryland corporation (the “Company”) and [NAME] (the “Participant”).   All capitalized terms in this Award Agreement shall have the meanings assigned to them herein or, if not so defined, as assigned to them in the Company’s Second Amended and Restated 2013 Equity Incentive Plan, as the same may be amended from time to time (the “Plan”).
Grant Date:  [      ], 2021
Target Number of PSUs:  [     ]
Performance Period:  January 1, 2021– December 31, 2023, unless shortened to a Shortened Performance Period as defined in Section 5.1
1.Grant.  Pursuant to the terms and conditions of this Award Agreement and the terms and conditions of the Plan, the Company hereby grants the Participant an Award entitling the Participant to receive (i) a number of shares of Common Stock in respect of any PSUs that vest in accordance with Section 2 (or in accordance with Section 5) and (ii) an amount equal to the dividends and other distributions paid prior to the settlement, cancellation or forfeiture of this Award with respect to a number of shares of Common Stock equal to the number of PSUs vesting hereunder (the right to receive such amount, “dividend equivalent rights” or “DERs”). This grant of PSUs and DERs is made in consideration of the services to be rendered by the Participant to the Company and is subject to the terms and conditions of the Plan.
Notwithstanding the foregoing or anything to the contrary set forth in this Award Agreement or in the Plan, the Participant hereby expressly acknowledges and agrees that this grant of PSUs (and associated DERs) has been approved and granted by the Committee subject to and conditioned upon the approval by the Company’s stockholders at the Company’s 2021 Annual Meeting of Stockholders of an amendment to the Plan to increase the numbers of shares of Common Stock reserved for issuance thereunder. If such stockholder approval is not obtained, the Participant further acknowledges and agrees that the PSUs (and associated DERs) shall be forfeited by the Participant without consideration immediately following such 2021 Annual Meeting of Stockholders.
2.Vesting; Performance Goals.  Except as otherwise set forth in Section 5 below, the number of PSUs that vest and the actual number of shares of Common Stock, if any, to be issued to the Participant hereunder (not including shares of Common Stock that may be issued pursuant to Section 3 below with respect to DERs) shall be calculated as follows:
(i)  Subject to the Participant not experiencing a Termination of Service through the last day of the Performance Period or Shortened Performance Period, as applicable, the 
HOU:3658717.9

Participant shall be eligible to vest in a number of PSUs equal to the product of (x) the Target Number of PSUs multiplied by (y) the applicable Performance Multiplier.
(ii) Any PSUs that fail to vest upon the completion of the Performance Period (or in accordance with Section 5) shall be automatically forfeited for no consideration.  DERs shall be subject to the same vesting and forfeiture restrictions as the PSUs to which they are attributable. For the purposes of this Award Agreement, “Termination of Service” shall mean the Participant’s termination of service or employment with the Company for any reason in a manner that constitutes a “separation from service” with the Company pursuant to the regulations under Section 409A of the Code.
a. Performance Multiplier. 
(i)General. The “Performance Multiplier” shall equal the sum of (x) the Revenue Multiplier plus (y) the Adjusted EBITDAre Margin Multiplier plus (z) the Ending Net Debt/Gross Assets Ratio Multiplier, as defined in Section 2.1(b), (c), and (d) below, respectively.
(ii)Revenue Multiplier. The “Revenue Multiplier” shall equal the product of (x) one-third (1/3), multiplied by (y) the Base Revenue Multiplier. The “Base Revenue Multiplier” shall be determined in accordance with the table below:

						
	If the Company’s Total Revenue Is...	The Base Revenue Multiplier Is...
	Less than $243,800,000	0
	$243,800,000 (“Threshold Revenue”)
	0.5
	$341,300,000 (“Target Revenue”)
	1.00
	$438,800,000 (“Maximum Revenue”) or greater
	2.00

The Threshold Revenue, Target Revenue, and Maximum Revenue will be reduced by any portion of Total Revenue (as defined below, but calculated with respect to the corresponding figures reported in the Company’s consolidated financial statements reported on Form 10-K for the fiscal year ending December 31, 2019) that is attributable to any hotel assets disposed of by the Company during the Performance Period or Shortened Performance Period, as applicable, as identified and calculated by the Committee. The Base Revenue Multiplier shall be interpolated on a linear basis for achievement of Total Revenue between the Threshold Revenue and Target Revenue, or Target Revenue and Maximum Revenue, levels. For purposes of this Award Agreement, “Total Revenue” means the Company’s “Total revenue” as reported in the Company’s consolidated financial statements reported on Form 10-K for the fiscal year ending December 31, 2023.
(iii)Adjusted EBITDAre Margin Multiplier. The “Adjusted EBITDAre Margin Multiplier” shall equal the product of (x) one-third (1/3), multiplied by (y) the 
2

Base Adjusted EBITDAre Margin Multiplier. The “Base Adjusted EBITDAre Margin Multiplier” shall be determined in accordance with the table below:

						
	If the Company’s Adjusted EBITDAre Margin Is...	The Base Adjusted EBITDAre Margin Multiplier Is...
	Less than 12.0%	0
	12.0% (“Threshold Margin”)
	0.5
	17.0% (“Target Margin”)
	1.00
	22.0% (“Maximum Margin”) or greater
	2.00

The Base Adjusted EBITDAre Margin Multiplier shall be interpolated on a linear basis for achievement of an Adjusted EBITDAre Margin between the Threshold Margin and Target Margin, or Target Margin and Maximum Margin, levels. For purposes of this Award Agreement, “Adjusted EBITDAre Margin” means the Company’s “adjusted EBITDAre” divided by the Company’s “total revenue,” each as reported in the Company’s annual report on Form 10-K for the fiscal year ending December 31, 2023.
(iv)Ending Net Debt/Gross Assets Ratio Multiplier. The “Ending Net Debt/Gross Assets Ratio Multiplier” shall equal the product of (x) one-third (1/3), multiplied by (y) the Base Ending Net Debt/Gross Assets Ratio Multiplier. The “Base Ending Net Debt/Gross Assets Ratio Multiplier” shall be determined in accordance with the table below:

						
	If the Company’s Ending Net Debt/Gross Assets Ratio Is...	The Base Ending Net Debt/Gross Assets Ratio Multiplier Is...
	60.0% or greater	0
	60.0% (“Threshold Ratio”)
	0.5
	55.0% (“Target Ratio”)
	1.00
	50.0% (“Maximum Ratio”) or lesser
	2.00

The Base Ending Net Debt/Gross Assets Ratio Multiplier shall be interpolated on a linear basis for achievement of an Ending Net Debt/Gross Assets Ratio between the Threshold Ratio and Target Ratio, or Target Ratio and Maximum Ratio, levels. For purposes of this Award Agreement, “Ending Net Debt/Gross Assets Ratio” means the quotient of Net Debt (as defined below) divided by “investments in hotel properties, gross,” as reported in the Company’s consolidated financial statements reported on Form 10-K for the fiscal year ending December 31, 2023. “Net Debt” is defined as “indebtedness” less (w) “cash and cash equivalents,” (x) “restricted cash,” (y) financial assets “due from third-party hotel managers,” and (z) “marketable securities,” each as 
3

reported in the Company’s consolidated financial statements reported on Form 10-K for the fiscal year ending December 31, 2023.
b.Calculations; Adjustments.  The Committee shall have the full and plenary authority to interpret this Award Agreement, and to calculate the achievement of the performance metrics described herein. The Committee’s determinations with respect to any such interpretations or calculations shall be final and binding upon the Participant. The Committee shall have the authority to make appropriate adjustments to the definitions of Total Revenue, Adjusted EBITDAre Margin, and Ending Net Debt/Gross Assets Ratio, or the calculation of any of the foregoing, to the extent that the Committee deems necessary.
3.DERs.  Except as otherwise set forth in Section 5 below, in the event that any dividend or other distribution is declared and paid on shares of Common Stock after the Grant Date, but prior to the settlement, cancellation or forfeiture of this Award, the Participant shall be entitled to receive, upon the settlement of this Award or any portion thereof, an amount equal to the dividends or other distributions that would have been paid or issued on the number of shares of Common Stock underlying the number of PSUs that have vested in accordance with Section 2 or Section 5 and are then being settled. Such DERs shall be settled in the form of vested shares of Common Stock valued based on the volume weighted average price for the 20 trading days immediately preceding the applicable date of vesting, rounded up to the nearest whole share (as calculated by the Company). The Committee shall have the sole discretion to determine the dollar value of any DER paid other than in the form of cash, and its determination shall be controlling.
4.Settlement; Issuance of Shares.  The actual number of shares of Common Stock earned hereunder shall be issued or paid to the Participant as soon as reasonably practicable following the calculation of the Performance Multiplier (or, if applicable, as soon as reasonably practicable following the vesting date pursuant to Section 5 below), but in no event later than 2-1/2 months following the calendar year in which the Award or applicable portion thereof has vested. The Participant shall not be entitled to any payment in respect of PSUs (and associated DERs) that vest under Section 2 or Section 5 unless and until the Performance Multiplier is calculated. The Company shall issue such shares of Common Stock registered in the name of the Participant, the Participant’s authorized assignee, or the Participant’s legal representative, which shall be evidenced by stock certificates representing the shares with the appropriate legends affixed thereto, appropriate entry on the books of the Company or of a duly authorized transfer agent, or other appropriate means as determined by the Company.
5.Acceleration of Vesting.
a.Definitions.
(i)    For the purposes of this Section 5, “Involuntary Termination” means (A) at a time that the Participant is otherwise willing and able to continue providing services, a Termination of Service by the Company without Cause and without the 
4

consent of Ashford Inc. (“Advisor”) (including in connection with the Participant’s termination as an officer of the Company or the termination of the Fifth Amended and Restated Advisory Agreement between the Company and Advisor, as may be amended from time to time (the “Advisory Agreement”), other than a termination by the Company for the reasons described in Section 12.3(a) – (d) of the Advisory Agreement, as may be amended from time to time) or (B) a Termination of Service by Participant for Good Reason.
(ii)    The “Shortened Performance Period” means the beginning of the Performance Period through the date immediately prior to the earliest to occur of (A) a Change of Control of the Company (as defined in the Plan), (B) a change of control of Advisor (as defined in any employment or other written agreement between the Participant and Advisor (the “Employment Agreement”)) if such change of control of Advisor results in the vesting of this Award under the terms of the Employment Agreement, (C) Participant’s Involuntary Termination, death or Disability or (D) Participant’s involuntary termination of employment from Advisor if such involuntary termination results in the vesting of this Award under the terms of the Employment Agreement.
b.Change of Control.  In the event of a Change of Control of the Company prior to the end of the Performance Period, (i) the Performance Multiplier shall be determined in accordance with Section 2 calculated based on actual performance during the Shortened Performance Period and (ii) the number of PSUs that vest in accordance with Section 2 using the Performance Multiplier for the Shortened Performance Period shall vest immediately prior to the closing of such Change of Control. If a change of control of Advisor (as defined in the Employment Agreement) causes vesting of this Award under the Employment Agreement prior to the end of the Performance Period, this Award shall vest in accordance with the Employment Agreement and, to the extent not specifically addressed in the Employment Agreement, the number of PSUs that vest shall be the number of PSUs that vest in accordance with Section 2 using the Performance Multiplier for the Shortened Performance Period (which shall be determined in accordance with Section 2 calculated based on actual performance during the Shortened Performance Period).
c.Termination of Service.  In the event of the Participant’s (i) Involuntary Termination or (ii) death or Disability prior to the end of the Performance Period, a number of PSUs shall vest on the date of such event equal to the greater of (A) the Target Number of PSUs and (B) the number of PSUs that vest in accordance with Section 2 using the Performance Multiplier for the Shortened Performance Period (which shall be determined in accordance with Section 2 calculated based on actual performance during the Shortened Performance Period). If an involuntary termination of employment from Advisor causes vesting of this Award under the Employment Agreement prior to the end of the Performance Period, this Award shall vest in accordance with the Employment Agreement and, to the extent not specifically addressed in the Employment Agreement, the number of PSUs that shall vest shall be the greater of (A) the Target Number of PSUs 
5

and (B) the number of PSUs that vest in accordance with Section 2 using the Performance Multiplier for the Shortened Performance Period (which shall be determined in accordance with Section 2 calculated based on actual performance during the Shortened Performance Period).
6.Withholding.  If the Company determines that it is obligated to withhold any tax in connection with the grant, vesting or settlement of PSUs or DERs hereunder, the Participant must make arrangements satisfactory to the Company to pay or provide for any applicable federal, state, local and other withholding obligations. The Participant may satisfy any federal, state, local or other tax withholding obligation relating to the vesting or settlement of PSUs or DERs hereunder by tendering cash payment to the Company or by any of the following means: (i) authorizing the Company to withhold shares of Common Stock from the shares of Common Stock otherwise issuable to the Participant in settlement of PSUs or DERs; provided, however, that no shares of Common Stock are withheld with a value exceeding the maximum amount of tax required to be withheld by law; or (ii) delivering to the Company previously owned and unencumbered shares of Common Stock. The Company also has the right to withhold from any other compensation payable to the Participant.
7.Tax Liability.  Notwithstanding any action the Company takes with respect to any or all tax or other tax-related withholding with respect to PSUs or DERs (“Tax-Related Items”), the ultimate liability for all Tax-Related Items (and any associated penalties and interest) is and remains the Participant’s responsibility, and the Company (i) makes no representation or undertakings regarding the treatment of any Tax-Related Items in connection with the grant, vesting or settlement of PSUs or DERs, dividends or other distributions with respect to shares of Common Stock received in settlement of PSUs or DERs, or the subsequent sale or other disposition of any such shares acquired hereunder; and (ii) does not commit to structure the Awards to reduce or eliminate the Participant’s liability for Tax-Related Items.
8.No Right to Continued Service; No Rights as Shareholder.  Neither the Plan nor this Award Agreement shall confer upon the Participant any right to be retained in any capacity as a service provider to the Company, Advisor or any of their respective Affiliates. Further, nothing in the Plan or this Award Agreement shall be construed to limit the discretion of the Company, Advisor or any of their respective Affiliates to terminate the Participant’s service at any time, with or without Cause. The Participant shall not have any rights as a shareholder with respect to any shares of Common Stock subject to the Award unless and until certificates representing the shares have been issued by the Company to the holder of such shares, or the shares have otherwise been recorded on the books of the Company or of a duly authorized transfer agent as owned by such holder.
9.Transferability.  The Award is not transferable by the Participant other than by will or by the laws of descent and distribution or, for estate planning purposes, to one or more immediate family members or related family trusts or partnerships or similar 
6

entities. Any attempt to assign, alienate, pledge, attach, sell or otherwise transfer or encumber the PSUs, the DERs or any rights relating to any of the foregoing shall be wholly ineffective and, if any such attempt is made, the PSUs and DERs will be automatically forfeited by the Participant and all of the Participant’s rights to such PSUs and DERs shall immediately terminate without any payment or consideration by the Company or any Affiliate thereof.
10.Compliance with Law.  The issuance of shares of Common Stock in settlement of this Award shall be subject to compliance by the Company and the Participant with all applicable requirements of federal and state securities laws and with all applicable requirements of any stock exchange on which the Company’s shares of Common Stock may be listed. No shares of Common Stock shall be issued pursuant to this Award unless and until any then applicable requirements of state or federal laws and regulatory agencies have been fully complied with to the satisfaction of the Company and its counsel. The Participant understands that the Company is under no obligation to register any shares with the Securities and Exchange Commission, any state securities commission or any stock exchange to effect such compliance.
11.Notices.  Any notice required to be delivered to the Company under this Award Agreement shall be in writing and addressed to the General Counsel of the Company at the Company’s principal corporate offices. Any notice required to be delivered to the Participant under this Award Agreement shall be in writing and addressed to the Participant at the Participant’s address as shown in the records of the Company at the time such notice is to be delivered. Either party may designate another address in writing (or by such other method approved by the Company) from time to time.
12.Governing Law.  This Award Agreement will be construed and interpreted in accordance with the laws of the State of Maryland without regard to conflict of law principles.
13.Interpretation.  Any dispute regarding the interpretation of this Award Agreement shall be submitted by the Participant or the Company to the Committee for review. The resolution of such dispute by the Committee shall be final and binding on the Participant and the Company.
14.Award Subject to Plan.  This Award Agreement is subject to the Plan as approved by the Company’s shareholders. The terms and provisions of the Plan as it may be amended from time to time are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail.
15.Successors and Assigns.  The Company may assign any of its rights under this Award Agreement. This Award Agreement will be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Award Agreement will be binding upon the Participant and the 
7

Participant’s beneficiaries, executors, administrators and the person(s) to whom this Award Agreement may be transferred in accordance with Section 9.
16.Severability.  The invalidity or unenforceability of any provision of the Plan or this Award Agreement shall not affect the validity or enforceability of any other provision of the Plan or this Award Agreement, and each provision of the Plan and this Award Agreement shall be severable and enforceable to the extent permitted by law.
17.Discretionary Nature of Plan.  The Plan is discretionary and may be amended, cancelled or terminated by the Company at any time, in its discretion. The grant of PSUs under this Award Agreement does not create any contractual right or other right to receive any PSUs, DERs or other awards in the future. Future awards, if any, will be at the sole discretion of the Company. Any amendment, modification, or termination of the Plan shall not constitute a change or impairment of the terms and conditions of the Participant’s service with the Company, Advisor and/or their respective Affiliates.
18.No Guarantee of Tax Consequences.  The Company, its Affiliates, the Board and the Committee make no commitment or guarantee to the Participant (or to any other person claiming through or on behalf of the Participant) that any federal, state, local or other tax treatment will (or will not) apply or be available to any person eligible for benefits under this Award Agreement and assume no liability or responsibility whatsoever for the tax consequences to the Participant (or to any other person claiming through or on behalf of the Participant).
19.Section 409A.  This Award Agreement is intended to comply with Section 409A of the Code or an exemption thereunder and shall be construed and interpreted in a manner that is consistent with the requirements for avoiding additional taxes or penalties under Section 409A of the Code. In the event that the Participant is a “specified employee” (as defined under Section 409A of the Code) becomes entitled to a payment hereunder that is not otherwise exempt from Section 409A of the Code and is payable on account of a “separation from service” (as defined under Section 409A of the Code), such payment shall not occur until the earlier of (x) the date that is six months plus one day from the date of such “separation from service,” or (y) the date of the Participant’s death.
20.Claw-back Policy.  This Award (including any proceeds, gains or other economic benefit actually or constructively received by the Participant upon any receipt or exercise of any Award or upon the receipt or resale of any shares of Common Stock underlying the Award) shall be subject to the provisions of any claw-back policy implemented by the Company, Advisor or any of their respective Affiliates, as applicable, including, without limitation, any claw-back policy adopted to comply with the requirements of any federal or state laws and any rules or regulations promulgated thereunder, to the extent set forth in such claw-back policy.
21.Amendment.  The Committee has the right, without the consent of the Participant, to amend, modify or terminate the Award, prospectively or retroactively; provided, that, such amendment, modification or termination shall not, without the Participant’s consent, 
8

materially reduce or diminish the value of the Award determined as if the Award had been vested and settled on the date of such amendment or termination.
22.No Impact on Other Benefits.  The value of the Participant’s Award is not part of his or her normal or expected compensation for purposes of calculating any severance, bonus, retirement, welfare, insurance or similar benefit, as applicable, except as otherwise provided in any employment agreement, service agreement or similar agreement in effect between the Company, Advisor or any of their respective Affiliates and the Participant.
23.Counterparts.  This Award Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument. Counterpart signature pages to this Award Agreement transmitted by facsimile transmission, by electronic mail in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature.
24.Headings.  The headings in this Award Agreement are for purposes of convenience only and are not intended to define or limit the construction of the provisions hereof.
25.Acceptance.  The Participant hereby acknowledges receipt of a copy of the Plan and this Award Agreement. The Participant has read and understands the terms and provisions thereof, and accepts the Award subject to all of the terms and conditions of the Plan and this Award Agreement. 
 [SIGNATURE PAGE FOLLOWS]
9

IN WITNESS WHEREOF, the parties hereto have executed this Award Agreement as of the date first written above.
						
		BRAEMAR HOTELS & RESORTS INC.
		By: _____________________
Name: Robert G. Haiman
Title: Executive Vice President, 
          General Counsel & Secretary

                        PARTICIPANT

						
		By:_____________________
Name: [     ]

10

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