Document:

EX-10.5

 Exhibit 10.5 

 
 ASHFORD HOSPITALITY PRIME, INC. 

ADVISOR EQUITY INCENTIVE PLAN 
  

[—], 2013 

 ASHFORD HOSPITALITY PRIME, INC. 

ADVISOR EQUITY INCENTIVE PLAN 
 Table of Contents 
  

							
	ARTICLE I INTRODUCTION	  	 	1	  
	 1.1
	    	 Purpose
	  	 	1	  
	 1.2
	    	 Shares Subject to the Plan
	  	 	1	  
	 1.3
	    	 Administration of the Plan
	  	 	1	  
	 1.4
	    	 Amendment and Discontinuance of the Plan
	  	 	2	  
	 1.5
	    	 Granting of Awards
	  	 	2	  
	 1.6
	    	 Term of Plan
	  	 	2	  
	 1.7
	    	 Definitions
	  	 	2	  
	ARTICLE II PURCHASED STOCK	  	 	4	  
	 2.1
	    	 Purchased Stock
	  	 	4	  
	 2.2
	    	 Purchase Price
	  	 	5	  
	 2.3
	    	 Payment of Purchase Price
	  	 	5	  
	ARTICLE III BONUS STOCK	  	 	5	  
	ARTICLE IV RESTRICTED STOCK	  	 	5	  
	 4.1
	    	 Restricted Period and Vesting
	  	 	5	  
	ARTICLE V OTHER STOCK-BASED AWARDS	  	 	6	  
	ARTICLE VI CERTAIN PROVISIONS APPLICABLE TO ALL AWARDS	  	 	6	  
	 6.1
	    	 General
	  	 	6	  
	 6.2
	    	 Stand-Alone, Additional, Tandem, and Substitute Awards
	  	 	6	  
	 6.3
	    	 Term of Awards
	  	 	6	  
	 6.4
	    	 Form and Timing of Payment under Awards; Deferrals
	  	 	6	  
	 6.5
	    	 Vested and Unvested Awards
	  	 	7	  
	 6.6
	    	 Other Provisions
	  	 	7	  
	 6.7
	    	 Change of Control
	  	 	7	  
	 6.8
	    	 Ownership Limit
	  	 	8	  
	ARTICLE VII MISCELLANEOUS	  	 	8	  
	 7.1
	    	 No Rights to Awards
	  	 	8	  
	 7.2
	    	 No Right to Continued Service
	  	 	8	  
	 7.3
	    	 Governing Law
	  	 	8	  
	 7.4
	    	 Severability
	  	 	8	  
	 7.5
	    	 Other Laws
	  	 	9	  
	 7.6
	    	 No Guarantee of Tax Consequences
	  	 	9	  
	 7.7
	    	 Claw-back Policy
	  	 	9	  
	 7.8
	    	 Transfer of Awards
	  	 	9	  

 ASHFORD HOSPITALITY PRIME, INC. 

ADVISOR EQUITY INCENTIVE PLAN 
 ARTICLE I 
 INTRODUCTION 

1.1 Purpose. The Ashford Hospitality Prime, Inc. Advisor Equity Incentive Plan (the “Plan”) is intended to
promote the interest of Ashford Hospitality Prime, Inc., a Maryland corporation (the “Company”), and its stockholders by encouraging Ashford Hospitality Advisors LLC, a Delaware limited liability company (together with any
successors and assigns, the “Advisor”), to continue to serve as the advisor for the Company and to acquire or increase its equity interests in the Company, including by way of grants made by the Company as partial payment of
the incentive fee to be paid to the Advisor pursuant to the Advisory Agreement (as defined below), thereby giving it an added incentive to work toward the continued growth and success of the Company. 

1.2 Shares Subject to the Plan. The aggregate number of shares of Common Stock, $0.01 par value per share, of the Company
(“Common Stock”) that may be issued under the Plan commencing on [—], 2013, the date the stockholders approved the Plan set forth herein, shall not exceed
                     shares of outstanding Common Stock. 
 In the event that at any time after the Effective Date the outstanding shares of Common Stock are changed into or exchanged for a different number or kind of shares or other securities of the Company by
reason of a merger, consolidation, recapitalization, reclassification, stock split, stock dividend, combination of shares or the like, the aggregate number and class of securities available under the Plan shall be ratably adjusted by the Committee
(as defined below), whose determination shall be final and binding upon the Company and all other interested persons. In the event the number of shares to be delivered upon the exercise or payment of any Award granted under the Plan is reduced for
any reason whatsoever or in the event any Award granted under the Plan can no longer under any circumstances be exercised or paid, the number of shares no longer subject to such Award shall thereupon be released from such Award and shall thereafter
be available under the Plan for the grant of additional Awards. Shares issued pursuant to the Plan (i) may be treasury shares, authorized but unissued shares or, if applicable, shares acquired in the open market and (ii) shall be fully
paid and nonassessable. 
 1.3 Administration of the Plan. The Plan shall be administered by the Committee. Subject to
the provisions of the Plan, the Committee shall interpret the Plan and all Awards under the Plan, shall make such rules as it deems necessary for the proper administration of the Plan, shall make all other determinations necessary or advisable for
the administration of the Plan and shall correct any defect or supply any omission or reconcile any inconsistency in the Plan or in any Award under the Plan in the manner and to the extent that the Committee deems desirable to effectuate the Plan.
Any action taken or determination made by the Committee pursuant to this and the other paragraphs of the Plan shall be final, binding and conclusive on all parties. The act or determination of a majority of the Committee shall be deemed to be the
act or determination of the Committee. 

 1.4 Amendment and Discontinuance of the Plan. The Board of Directors of the Company
(the “Board”) may amend, suspend or terminate the Plan; provided, however, no amendment, suspension or termination of the Plan may, without the consent of the Advisor, terminate an Award or adversely affect the Advisor’s
rights with respect to an Award in any material respect; provided further, however, that any amendment which would constitute a “material revision” of the Plan (as that term is used in the rules of the New York Stock Exchange) shall be
subject to shareholder approval. 
 1.5 Granting of Awards. The Committee shall have the authority to grant, prior to the
expiration date of the Plan, Awards to the Advisor on the terms and conditions hereinafter set forth in the Plan. In determining the Awards to be granted, including the type and size of the Award, the Committee may consider any factors that it may
deem relevant. 
 1.6 Term of Plan. The Plan shall be effective as of
[—], 2013 (the “Effective Date”), subject to approval by the shareholders of the Company. The provisions of the Plan are applicable to all Awards granted on or after the
Effective Date. If not sooner terminated under the provisions of Section 1.4, the Plan shall terminate upon, and no further Awards shall be made, after the tenth anniversary of the Effective Date. 

1.7 Definitions. As used in the Plan, the following terms shall have the meanings set forth below: 

“1934 Act” means the Securities Exchange Act of 1934, as amended. 

“Advisory Agreement” means the advisory agreement, dated as of [•], 2013, between the Company,
Ashford Hospitality Prime Limited Partnership, a Delaware limited partnership, and the Advisor. 

“Affiliate” means (i) Remington, (ii) any entity in which the Company, the Advisor or
Remington, directly or indirectly, owns 10% or more of the combined voting power, as determined by the Committee, (iii) any “parent corporation” of the Company, the Advisor or Remington (as defined in Section 424(e) of the Code),
(iv) any “subsidiary corporation” of any such parent corporation (as defined in Section 424(f) of the Code) of the Company, the Advisor or Remington and (v) any trades or businesses, whether or not incorporated which are
members of a controlled group or are under common control (as defined in Sections 414(b) or (c) of the Code) with the Company, the Advisor or Remington. 
 “Awards” means, collectively, Bonus Stock, Restricted Stock or Other Stock-Based Awards. 
 “Bonus Stock” is defined in Article III. 

“Change of Control” shall be deemed to have occurred upon any of the following events: 

(i) any “person” (as defined in Section 3(a)(9) of the 1934 Act, and as modified in Section 13(d) and
14(d) of the 1934 Act) other than (A) the Company 

  
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or any of its subsidiaries, (B) any employee benefit plan of the Company or any of its subsidiaries, (C) Remington, the Advisor or any of their respective Affiliates, (D) a company
owned, directly or indirectly, by stockholders of the Company in substantially the same proportions as their ownership of the Company, or (E) an underwriter temporarily holding securities pursuant to an offering of such securities, becomes the
“beneficial owner” (as defined in Rule 13d-3 of the 1934 Act), directly or indirectly, of securities of the Company representing 30% or more of the shares of voting stock of the Company then outstanding; provided, however, that an initial
public offering of Common Stock shall not constitute a Change of Control; 
 (ii) the consummation of any
merger, organization, business combination or consolidation of the Company or one of its subsidiaries with or into any other company, other than a merger, reorganization, business combination or consolidation which would result in the holders of the
voting securities of the Company outstanding immediately prior thereto holding securities which represent immediately after such merger, reorganization, business combination or consolidation more than 50% of the combined voting power of the voting
securities of the Company or the surviving company or the parent of such surviving company; 
 (iii) the
consummation of a sale or disposition by the Company of all or substantially all of the Company’s assets, other than a sale or disposition if the holders of the voting securities of the Company outstanding immediately prior thereto hold
securities immediately thereafter which represent more than 50% of the combined voting power of the voting securities of the acquiror, or parent of the acquiror, of such assets, or the stockholders of the Company approve a plan of complete
liquidation or dissolution of the Company; or 
 (iv) individuals who, as of the Effective Date, constitute the
Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the Effective Date whose election by the Board, was
approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial
assumption of office occurs as a result of an election contest with respect to the election or removal of directors or other solicitation of proxies or consents by or on behalf of a person other than the Board. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules and
regulations thereunder. 
 “Committee” means the compensation committee appointed by the Board
to administer the Plan or, if none, the Board. 

  
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 “Fair Market Value” or “FMV Per Share”.
The Fair Market Value or FMV Per Share of the Common Stock shall be the closing price on the New York Stock Exchange or other national securities exchange or over-the-counter market, if applicable, for the date of the determination or, if no trade
of the Common Stock shall have been reported for such date, the closing sales price quoted on such exchange for the most recent trade prior to the determination date. If shares of the Common Stock are not listed or admitted to trading on any
exchange, over-the-counter market or any similar organization as of the determination date, the FMV Per Share shall be determined by the Committee in good faith using any fair and reasonable means selected in its discretion. 

“Other Stock-Based Award” means an award granted pursuant to Article V of the Plan that may be
denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Common Stock, as deemed by the Committee to be consistent with the purposes of the Plan, including, without limitation, rights convertible
or exchangeable into Common Stock, purchase rights for Common Stock, Awards with value and payment and/or settlement contingent upon performance of the Company or any other factors designated by the Committee, and Awards valued by reference to the
value of Common Stock or the value of securities of or the performance of specified subsidiaries. 

“Outstanding Company Common Stock” means, as of any date of determination, the then outstanding shares
of Common Stock of the Company. 
 “Outstanding Company Voting Securities” means, as of any
date of determination, the combined voting power of the then outstanding voting securities of the Company entitled to vote generally on the election of directors. 

“Purchased Stock” is defined in Section 2.1. 

“Remington” means Remington Lodging & Hospitality LLC, a Delaware limited liability company,
and its affiliates. 
 “Restricted Period” shall mean the period established by the Committee
with respect to an Award during which the Award either remains subject to forfeiture or is not exercisable by the Advisor. 
 “Restricted Stock” shall mean any share of Common Stock, prior to the lapse of restrictions thereon, granted under Article IV of the Plan. 

ARTICLE II 

PURCHASED STOCK 
 2.1 Purchased Stock. The Committee shall have the authority to authorize the sale of shares of Common Stock (“Purchased Stock”) to the Advisor, on such terms and conditions
as it may establish, subject to the further provisions of this Article II. Each issuance and sale of Purchased Stock under this Plan shall be evidenced by an agreement which shall be subject to applicable provisions of this Plan and to such other
provisions not inconsistent with this Plan as the Committee may approve for the particular sale transaction. 

  
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 2.2 Purchase Price. The price per share of Purchased Stock under this Plan shall be
determined in the sole discretion of the Committee, and may be less than, but shall not be greater than the FMV Per Share at the time of purchase. 
 2.3 Payment of Purchase Price. Payment of the purchase price for Purchased Stock under this Plan shall be made in full in cash or by check payable and acceptable to the Company. 

ARTICLE III 

BONUS STOCK 
 The Committee may, from time to time and subject to the provisions of the Plan, grant shares of Bonus Stock to the Advisor. “Bonus Stock” shall be shares of Common Stock that are not subject to
a Restricted Period under Article IV. Unless otherwise agreed to by the Advisor, Awards granted to the Advisor as partial payment of the incentive fee pursuant to the terms of the Advisory Agreement will be in the form of Bonus Stock. 

ARTICLE IV 

RESTRICTED STOCK 
 4.1 Restricted Period and Vesting. 
 (a) Unless the Award specifically
provides otherwise, Restricted Stock shall be subject to restrictions on transfer by the Advisor and repurchase by the Company such that the Advisor shall not be permitted to transfer such shares and the Company shall have the right to repurchase or
recover such shares for the lesser of the FMV Per Share on the forfeiture day or the amount of cash paid therefor, if any, if the Advisory Agreement is terminated, provided that such transfer and repurchase restrictions shall lapse with respect to
33.33% of such initial shares on the first anniversary of the date of grant and on each subsequent anniversary of the date of grant that the Advisor shall remain continuously in service to the Company. 

(b) Each certificate representing Restricted Stock awarded under the Plan shall be registered in the name of the Advisor and, during the
Restricted Period, shall be left in deposit with the Company and a stock power endorsed in blank. The grantee of Restricted Stock shall have all the rights of a stockholder with respect to such shares including the right to vote and the right to
receive dividends or other distributions paid or made with respect to such shares. Any certificate or certificates representing shares of Restricted Stock shall bear a legend similar to the following: 

The shares represented by this certificate have been issued pursuant to the terms of the Ashford Hospitality Prime,
Inc. Advisor Equity Incentive Plan and Grant of Restricted Stock dated                     ,
20         and may not be sold, pledged, transferred, assigned or otherwise encumbered in any manner except as is set forth in the terms of such plan or grant. 

  
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 ARTICLE V 
 OTHER STOCK-BASED AWARDS 
 The Committee is hereby authorized to grant to
the Advisor, Other Stock-Based Awards, which shall consist of a right which (i) is not an Award described in any other Article and (ii) is denominated or payable in, valued in whole or in part by reference to, or otherwise based on or
related to, shares of Common Stock (including, without limitation, securities convertible into shares of Common Stock) or cash as are deemed by the Committee to be consistent with the purposes of the Plan. Subject to the terms of the Plan, the
Committee shall determine the terms and conditions of any such Other Stock-Based Award. 
 ARTICLE VI 

CERTAIN PROVISIONS APPLICABLE TO ALL AWARDS 
 6.1 General. Awards may be granted on the terms and conditions set forth herein. In addition, the Committee may impose on any Award or the exercise thereof, such additional terms and conditions,
not inconsistent with the provisions of the Plan, as the Committee shall determine, including terms requiring forfeiture of Awards in the event of termination of the Advisory Agreement and terms permitting the Advisor to make elections relating to
its Award. The Committee shall retain full power and discretion to accelerate or waive, at any time, any term or condition of an Award that is not mandatory under this Plan. Except in cases in which the Committee is authorized to require other forms
of consideration under the Plan, or to the extent other forms of consideration must be paid to satisfy the requirements of the Maryland General Corporation Law, no consideration other than services may be required for the grant of any Award.

 6.2 Stand-Alone, Additional, Tandem, and Substitute Awards. Awards granted under the Plan may, in the discretion of
the Committee, be granted either alone or in addition to, in tandem with, or in substitution or exchange for, any other Award or any award granted under another plan of the Company, the Advisor, any of their respective Affiliates, or any business
entity to be acquired by the Company, the Advisor or any of their respective Affiliates, or any other right of the Advisor to receive payment from the Company or its Affiliates. Such additional, tandem and substitute or exchange Awards may be
granted at any time. If an Award is granted in substitution or exchange for another Award, the Committee shall require the surrender of such other Award in consideration for the grant of the new Award. In addition, Awards may be granted in lieu of
cash compensation, including in lieu of cash amounts payable under other plans of the Company or its Affiliates. 
 6.3 Term
of Awards. The term or Restricted Period of each Award that is Restricted Stock shall be for such period as may be determined by the Committee; provided that in no event shall the term of any such Award exceed a period of ten (10) years.

 6.4 Form and Timing of Payment under Awards; Deferrals. Subject to the terms of the Plan and any applicable Award
agreement, payments to be made by the Company or a subsidiary upon the exercise of an Award, or settlement of an Award may be made in a single payment or transfer, in installments, or on a deferred basis. The settlement of any Award may, subject to
any limitations set forth in the Award agreement, be accelerated and cash paid in lieu 

  
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of shares in connection with such settlement, in the discretion of the Committee or upon occurrence of one or more specified events. Installment or deferred payments may be required by the
Committee (subject to Section 1.4 of the Plan, including the consent provisions thereof in the case of any deferral of an outstanding Award not provided for in the original Award agreement) or permitted at the election of the Advisor on
terms and conditions established by the Committee. Payments may include, without limitation, provisions for the payment or crediting of reasonable interest on installment or deferred payments or the grant or crediting of amounts in respect of
installment or deferred payments denominated in shares. 
 6.5 Vested and Unvested Awards. After the satisfaction of all
of the terms and conditions set by the Committee with respect to an Award of Restricted Stock, a certificate, without the legend set forth in Section 4.1(b), for the number of shares that are no longer subject to such restrictions, terms
and conditions shall be delivered to the Advisor. Upon termination of the Advisory Agreement under circumstances that do not cause the Advisor to become fully vested, any remaining unvested shares of Restricted Stock or Other Stock-Based Awards, as
the case may be, shall either be forfeited back to the Company or, if appropriate under the terms of the Award, shall continue to be subject to the restrictions, terms and conditions set by the Committee with respect to such Award. 

6.6 Other Provisions. No grant of any Award shall be construed as limiting any right which the Company may have to terminate the
Advisory Agreement, pursuant to the terms thereof. 
 6.7 Change of Control. In the event of a Change of Control, the
following provisions shall apply. 
 (a) General. Unless otherwise provided in the Award, in connection with
a Change of Control, the Board shall have the authority in its sole discretion to take any one or more of the following actions with respect to the Awards: 

(i) The Board may accelerate vesting of any unvested Awards; 

(ii) the Board may waive, alter and/or amend the performance goals and other restrictions and conditions of Awards then
outstanding, with the result that the affected Awards may be deemed vested, and the Restricted Period or other limitations on payment in full with respect thereto shall be deemed to have expired, as of the date of the Change of Control or such other
date as may be determined by the Board; 
 (iii) the Board may cause the acquirer to assume the Plan and the
Awards or exchange the Awards for awards for the acquirer’s stock; 
 (iv) the Board may terminate the
Plan; and 
 (v) the Board may terminate and cancel all outstanding unvested or unexercised Awards as of the
date of the Change of Control on such terms and conditions as it deems appropriate. 

  
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 Notwithstanding the above provisions of this Section 6.7(a), the Board
shall not be required to take any action described in the preceding provisions of this Section 6.7(a), and any decision made by the Board, in its sole discretion, not to take some or all of the actions described in the preceding
provisions of this Section 6.7(a) shall be final, binding and conclusive with respect to the Company and all other interested persons. 
 (b) Right to Cash-Out. The Board shall, in connection with a Change of Control, have the right to require the Advisor to transfer and deliver to the Company all Awards previously granted to the
Advisor in exchange for an amount equal to the Cash Value (as defined below) of the Awards. Such right shall be exercised by written notice to the Advisor. The amount payable to the Advisor by the Company shall be in cash or by certified check paid
within five (5) days following the transfer and delivery of such Award (but in no event later than fifty (50) days following the date of the Change of Control). “Cash Value” of an Award means the sum of (i) in the case of
any Award which is not an Award of Restricted Stock, the value of all benefits to which the Advisor would be entitled as if the Award were vested and settled or exercised and (ii) in the case of an Award of Restricted Stock, the FMV Per Share
of Restricted Stock, multiplied by the number of shares subject to such Award, all as determined by the Board as of the date of the Change of Control or such other date as may be determined by the Board. 

6.8 Ownership Limit. Notwithstanding any provision of the Plan or the terms of any Awards, the Company shall not be required to,
and shall not, issue any Awards hereunder if such issuance would cause the Company to violate the Ownership Limits set forth in its Articles of Amendment and Restatement. As used herein and in the Company’s Articles of Amendment and
Restatement, the term “Ownership Limit” means (i) with respect to any class or series shares of Common Stock, 9.8% (in value or number of shares, whichever is more restrictive) of the outstanding shares of such class or series of Common
Stock of the Company and (ii) with respect to any class or series of shares of preferred stock or other stock, 9.8% (in value or number of shares, whichever is more restrictive) of the outstanding shares of such class or series of preferred stock or
other stock of the Company. 
 ARTICLE VII 
 MISCELLANEOUS 
 7.1 No Rights to Awards. The Advisor shall not have
any claim to be granted any Award and the terms and conditions of Awards need not be the same with respect to each grant of an Award. 
 7.2 No Right to Continued Service. The grant of an Award shall not be construed as giving the Advisor the right to continue to provide services to the Company or any of its Affiliates. Further, the
Company may at any time terminate the Advisory Agreement, pursuant to the terms thereof, free from any liability or any claim under the Plan, unless otherwise expressly provided in the Plan or in any Award agreement. 

7.3 Governing Law. The validity, construction, and effect of the Plan and any rules and regulations relating to the Plan shall be
determined in accordance with applicable federal law and the laws of the State of Maryland, without regard to any principles of conflicts of law. 
 7.4 Severability. If any provision of the Plan or any Award is, becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to the Advisor or any Award, or would
disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended without, in the determination of
the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction or Award and the remainder of the Plan and any such Award shall remain in full force and effect. 

  
 -8-

 7.5 Other Laws. The Committee may refuse to issue or transfer any shares or other
consideration under an Award if, acting in its sole discretion, it determines that the issuance of transfer or such shares or such other consideration might violate any applicable law. 

7.6 No Guarantee of Tax Consequences. The Advisor shall be solely responsible for and liable for any tax consequences (including
but not limited to any interest or penalties) as a result of its participation in the Plan. None of the Board, the Company or the Committee makes any commitment or guarantee that any federal, state or local tax treatment will apply or be available
to the Advisor and assumes no liability whatsoever for the tax consequences to the Advisor. 
 7.7 Claw-back Policy. All
Awards (including any proceeds, gains or other economic benefit actually or constructively received by the Advisor 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, the Advisor or any Affiliate, 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 and/or in the applicable Award agreement. 
 7.8 Transfer of Awards. Following the end of any applicable Restricted Period for any Awards granted to the Advisor pursuant to this Plan, unless otherwise limited in the Award agreement or the
underlying Award itself, the Advisor may allocate all or a portion of any Award, or ownership or profits interests in any Award, to the Advisor’s officers or other personnel of the Advisor or its Affiliates. Any such allocation shall not affect
the applicable terms of this Plan or any such Award. 

  
 -9-EX-10.10

 Exhibit 10.10 
 INDEMNIFICATION AGREEMENT 
 THIS INDEMNIFICATION AGREEMENT (this
“Agreement”) is entered into as of [            ], 2013, by and between Ashford Hospitality Prime, Inc., a Maryland corporation (the “Company” or the
“Indemnitor”) and [                    ] (the “Indemnitee”). 

WHEREAS, the Indemnitee is an officer [or][and] a member of the Board of Directors of the Company and in such
[capacity][capacities] is performing a valuable service for the Company; 
 WHEREAS, Maryland law permits the
Company to enter into contracts with its officers or members of its Board of Directors with respect to indemnification of, and advancement of expenses to, such persons; 
 WHEREAS, the Articles of Amendment and Restatement of the Company (the “Charter”) provide that the Company shall indemnify and advance expenses to its directors and officers to the
maximum extent permitted by Maryland law in effect from time to time; 
 WHEREAS, the Amended and Restated Bylaws
of the Company (the “Bylaws”) provide that each director and officer of the Company shall be indemnified by the Company to the maximum extent permitted by Maryland law in effect from time to time and shall be entitled to advancement
of expenses consistent with Maryland law; and 
 WHEREAS, to induce the Indemnitee to provide services to the
Company as an officer [or][and] a member of the Board of Directors, and to provide the Indemnitee with specific contractual assurance that indemnification will be available to the Indemnitee regardless of, among other things, any amendment to or
revocation of the Charter or the Bylaws, or any acquisition transaction relating to the Company, the Indemnitor desires to provide the Indemnitee with protection against personal liability as set forth herein. 

NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Indemnitor and the Indemnitee
hereby agree as follows: 
  

	1.	DEFINITIONS 

 For purposes
of this Agreement: 
  

	 	(A)	“Change of Control” is when the following have occurred and are continuing: 

 

	 	•	 	 the acquisition by any person, including any syndicate or group deemed to be a “person” under Section 13(d)(3) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), of beneficial ownership, directly or indirectly, through a purchase, merger or other acquisition transaction or series of purchases, mergers or other acquisition transactions of shares
of the Company entitling that person to exercise more than 50% of the total voting power of all shares of the Company entitled to vote generally in elections of directors (except that such person will be deemed to have beneficial ownership of all
securities that such person has the right to acquire, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition); and 

	 	•	 	 following the closing of any transaction referred to in the bullet point above, neither the Company nor the acquiring or surviving entity has a class
of common securities (or ADRs representing such securities) listed on the NYSE, the NYSE Amex or NASDAQ or listed or quoted on an exchange or quotation system that is a successor to the NYSE, the NYSE Amex or NASDAQ. 

 

	 	(B)	“Corporate Status” describes the status of a person who is or was a director or officer of the Company or is or was serving at the request of the
Company as a director, officer, partner (limited or general), member, employee or agent of any other foreign or domestic corporation, partnership, joint venture, limited liability company, trust, other enterprise (whether conducted for profit or not
for profit) or employee benefit plan. The Company shall be deemed to have requested the Indemnitee to serve an employee benefit plan where the performance of the Indemnitee’s duties to the Company also imposes or imposed duties on, or otherwise
involves or involved services by, the Indemnitee to the plan or participants or beneficiaries of the plan. 

  

	 	(C)	“Determination” means a determination that either (x) there is a reasonable basis for the conclusion that indemnification of Indemnitee is proper
in the circumstances because the Indemnitee had met the applicable standard of conduct (a “Favorable Determination”) or (y) there is no reasonable basis for the conclusion that indemnification of Indemnitee is proper in the
circumstances (an “Adverse Determination”). 

  

	 	(D)	“Disinterested Director” means a director who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee
and does not otherwise have an interest materially adverse to any interest of the Indemnitee. 

  

	 	(E)	“Expenses” shall include all attorneys’ and paralegals’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel
expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute
or defend, investigating, or being or preparing to be a witness in a Proceeding. 

  

	 	(F)	“Proceeding” includes any action, suit, arbitration, alternate dispute resolution mechanism, investigation (including any formal or informal internal
investigation to which the Indemnitee is made a party by reason of the Corporate Status of the Indemnitee), administrative hearing, or any other proceeding, including appeals therefrom, whether civil, criminal, administrative, or investigative.

  
 2 

	 	(G)	“Special Legal Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporate law and neither presently is, or in
the past two years has been, retained to represent (i) the Indemnitor or the Indemnitee in any matter material to either such party, or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder.

  

	2.	INDEMNIFICATION 

 The
Indemnitee shall be entitled to the rights of indemnification provided in this paragraph 2 and under applicable law, the Charter, the Bylaws, any other agreement, a vote of stockholders or resolution of the Board of Directors or otherwise if, by
reason of such Indemnitee’s Corporate Status, such Indemnitee is, or is threatened to be made, a party to any threatened, pending, or contemplated Proceeding, including a Proceeding by or in the right of the Company. Unless prohibited by
paragraph 13 hereof and subject to the other provisions of this Agreement, the Indemnitee shall be indemnified hereunder, to the maximum extent permitted by Maryland law in effect from time to time, against judgments, penalties, fines and
settlements and reasonable Expenses actually incurred by or on behalf of such Indemnitee in connection with such Proceeding or any claim, issue or matter therein; provided, however, that if such Proceeding was initiated by or in the right of the
Company, indemnification may not be made in respect of such Proceeding if the Indemnitee shall have been finally adjudged to be liable to the Company. For purposes of this paragraph 2, excise taxes assessed on the Indemnitee with respect to an
employee benefit plan pursuant to applicable law shall be deemed fines. 
  

	3.	INDEMNIFICATION FOR EXPENSES IN CERTAIN CIRCUMSTANCES 

  

	 	(A)	Without limiting the effect of any other provision of this Agreement (including the Indemnitee’s rights to indemnification under paragraph 2 and advancement of
expenses under paragraph 4), without regard to whether the Indemnitee is entitled to indemnification under paragraph 2 and without regard to the provisions of paragraph 6 hereof, to the extent that the Indemnitee is successful, on the merits or
otherwise, in any Proceeding to which the Indemnitee is a party by reason of such Indemnitee’s Corporate Status, such Indemnitee shall be indemnified against all reasonable Expenses actually incurred by or on behalf of such Indemnitee in
connection therewith. 

  

	 	(B)	If the Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues, or
matters in such Proceeding, the Indemnitor shall indemnify the Indemnitee against all reasonable Expenses actually incurred by or on behalf of such Indemnitee in connection with each successfully resolved claim, issue or matter.

  

	 	(C)	For purposes of this paragraph 3 and without limitation, the termination of any claim, issue or matter in such Proceeding by dismissal, with or without prejudice, shall
be deemed to be a successful result as to such claim, issue or matter. 

  
 3 

	4.	ADVANCEMENT OF EXPENSES 

Notwithstanding anything in this Agreement to the contrary, but subject to paragraph 13 hereof, if the Indemnitee is or was or becomes a
party to or is otherwise involved in any Proceeding (including as a witness), or is or was threatened to be made a party to or a participant (including as a witness) in any such Proceeding, by reason of the Indemnitee’s Corporate Status, or by
reason of (or arising in part out of) any actual or alleged event or occurrence related to the Indemnitee’s Corporate Status, or by reason of any actual or alleged act or omission on the part of the Indemnitee taken or omitted in or relating to
the Indemnitee’s Corporate Status, then the Indemnitor shall advance all reasonable Expenses incurred by the Indemnitee in connection with any such Proceeding within twenty (20) days after the receipt by the Indemnitor of a statement from
the Indemnitee requesting such advance from time to time, whether prior to or after final disposition of such Proceeding; provided that, such statement shall reasonably evidence the Expenses incurred or to be incurred by the Indemnitee and shall
include or be preceded or accompanied by (i) a written affirmation by the Indemnitee of the Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Indemnitor as authorized by this Agreement has
been met and (ii) a written undertaking by or on behalf of the Indemnitee to repay the amounts advanced if it should ultimately be determined that the standard of conduct has not been met. The undertaking required by clause (ii) of the
immediately preceding sentence shall be an unlimited general obligation of the Indemnitee but need not be secured and may be accepted without reference to financial ability to make the repayment. 

 

	5.	WITNESS EXPENSES 

Notwithstanding any other provision of this Agreement, to the extent that the Indemnitee is, by reason of such Indemnitee’s Corporate
Status, a witness (or is forced or asked to respond to discovery requests) for any reason in any Proceeding to which such Indemnitee is not a named defendant or respondent, the Indemnitor shall advance all Expenses actually incurred by or on behalf
of such Indemnitee, on an as-incurred basis in accordance with paragraph 4 of this Agreement, in connection therewith and indemnify the Indemnitee therefor. 
  

	6.	DETERMINATION OF ENTITLEMENT TO AND AUTHORIZATION OF INDEMNIFICATION 

 

	 	(A)	To obtain indemnification under this Agreement, the Indemnitee shall submit to the Indemnitor a written request, including therewith such documentation and information
reasonably necessary to determine whether and to what extent the Indemnitee is entitled to indemnification. 

  

	 	(B)	 The Indemnitor agrees that the Indemnitee shall be indemnified to the fullest extent permitted by law. Indemnification under this Agreement may not be
made unless authorized for a specific Proceeding after a Determination has been made in accordance with this paragraph 6(B) that indemnification of the Indemnitee is permissible in the circumstances because the Indemnitee has met the following
standard of conduct: the Indemnitor shall indemnify the Indemnitee in accordance with the provisions of paragraph 2 hereof, unless it is established that: (a) the act or omission of the Indemnitee was material to the matter giving rise to the
Proceeding and (x) was committed in bad faith or (y) was the result of active and deliberate dishonesty; (b) the Indemnitee actually received an improper personal

  
 4 

	 	
benefit in money, property or services; or (c) in the case of any criminal proceeding, the Indemnitee had reasonable cause to believe that the act or omission was unlawful. Any Determination
shall be made within thirty (30) days after receipt of Indemnitee’s written request for indemnification pursuant to Section 6(A) and such Determination shall be made either (i) by the Disinterested Directors, even though less
than a quorum, so long as Indemnitee does not request that such Determination be made by Special Legal Counsel, or (ii) if so requested by Indemnitee, in Indemnitee’s sole discretion, by Special Legal Counsel in a written opinion to the
Indemnitor and Indemnitee. If a Determination is made that Indemnitee is entitled to indemnification, payment to the Indemnitee shall be made within fifteen (15) business days after such Determination. Indemnitee shall reasonably cooperate with
the person, persons or entity making such Determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is
not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such Determination. Any Expenses incurred by Indemnitee in so cooperating with the Disinterested Directors or Special
Legal Counsel, as the case may be, making such determination shall be advanced and borne by the Indemnitor in accordance with paragraph 4 of this Agreement (irrespective of the Determination as to Indemnitee’s entitlement to indemnification).
If the person, persons or entity empowered or selected under Section 6(B) of this Agreement to determine whether Indemnitee is entitled to indemnification shall not have made a Favorable Determination within thirty (30) days after receipt
by the Indemnitor of the request therefor, the requisite Determination of entitlement to indemnification shall, to the fullest extent not prohibited by law, be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent
(i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of
such indemnification under applicable law; provided, however, that such thirty (30) day period may be extended for a reasonable time, not to exceed an additional fifteen (15) days, if the person, persons or entity making the Determination
with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto; and provided, further, that the foregoing provisions of this
Section 6(B) shall not apply if the Determination of entitlement to indemnification is to be made by Special Legal Counsel pursuant to Section 6(E). 

 

	 	(C)	 The Indemnitor shall be bound by and shall have no right to challenge a Favorable Determination. If an Adverse Determination is made, or if for any
other reason the Indemnitor does not make timely indemnification payments or advancement of Expenses required by this Agreement, the Indemnitee shall have the right to commence a Proceeding before a court of competent jurisdiction to challenge such
Adverse Determination and/or to require the Indemnitor to make such payments or advancement of expenses (and the Indemnitor shall have the right to 

  
 5 

	 	
defend their position in such Proceeding and to appeal any adverse judgment in such Proceeding). The Indemnitee shall be entitled to have such Expenses advanced by the Indemnitor in accordance
with paragraph 4 of this Agreement and applicable law. If the Indemnitee fails to challenge an Adverse Determination within ninety (90) business days, or if Indemnitee challenges an Adverse Determination and such Adverse Determination has been
upheld by a final judgment of a court of competent jurisdiction from which no appeal can be taken, then, to the extent and only to the extent required by such Adverse Determination or final judgment, the Indemnitor shall not be obligated to
indemnify the Indemnitee under this Agreement. 

  

	 	(D)	The Indemnitee shall cooperate with the person or entity making such Determination with respect to the Indemnitee’s entitlement to indemnification, including
providing upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to the Indemnitee and reasonably necessary to such determination. Any
reasonable costs or expenses (including reasonable attorneys’ fees and disbursements) incurred by the Indemnitee in so cooperating shall be borne by the Indemnitor (irrespective of the determination as to the Indemnitee’s entitlement to
indemnification) and the Indemnitor hereby indemnifies and agrees to hold the Indemnitee harmless therefrom. 

  

	 	(E)	 In the event the determination of entitlement to indemnification is to be made by Special Legal Counsel pursuant to Section 6(B) hereof, the
Indemnitee, or the Indemnitor, as the case may be, may, within seven days after such written notice of selection shall have been given, deliver to the Indemnitor or to the Indemnitee, as the case may be, a written objection to such selection. Such
objection may be asserted only on the grounds that the Special Legal Counsel so selected does not meet the requirements of “Special Legal Counsel” as defined in paragraph 1 of this Agreement. If such written objection is made, the Special
Legal Counsel so selected may not serve as Special Legal Counsel until a court has determined that such objection is without merit. If, within twenty (20) days after submission by the Indemnitee of a written request for indemnification pursuant
to Section 6(A) hereof, no Special Legal Counsel shall have been selected or, if selected, shall have been objected to, either the Indemnitor or the Indemnitee may petition a court for resolution of any objection which shall have been made by
the Indemnitor or the Indemnitee to the other’s selection of Special Legal Counsel and/or for the appointment as Special Legal Counsel of a person selected by the court or by such other person as the court shall designate, and the person with
respect to whom an objection is so resolved or the person so appointed shall act as Special Legal Counsel under Section 6(B) hereof. The Indemnitor shall pay all reasonable fees and expenses of Special Legal Counsel incurred in connection with
acting pursuant to Section 6(B) hereof, and all reasonable fees and expenses incident to the selection of such Special Legal Counsel pursuant to this Section 6(D). In the event that a determination of entitlement to indemnification is to
be made by Special Legal Counsel and such determination shall not have been made and delivered in a written opinion within ninety (90) days after the receipt by the 

  
 6 

	 	
Indemnitor of the Indemnitee’s request in accordance with Section 6(A), upon the due commencement of any judicial proceeding in accordance with Section 8(A) of this Agreement,
Special Legal Counsel shall be discharged and relieved of any further responsibility in such capacity. 

  

	7.	PRESUMPTIONS 

  

	 	(A)	It shall be presumed that the Indemnitee is entitled to indemnification under this Agreement (notwithstanding any Adverse Determination), and the Indemnitor or any
other person or entity challenging such right shall have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. 

 

	 	(B)	The termination of any Proceeding by conviction, or upon a plea of nolo contendere or its equivalent, or an entry of an order of probation prior to judgment, creates a
rebuttable presumption that the Indemnitee did not meet the requisite standard of conduct described herein for indemnification. 

  

	8.	REMEDIES 

  

	 	(A)	In the event that: (i) an Adverse Determination is made, or (ii) advancement of reasonable Expenses is not timely made pursuant to this Agreement, or
(iii) payment of indemnification due the Indemnitee under this Agreement is not timely made, the Indemnitee shall be entitled to an adjudication in an appropriate court of competent jurisdiction of such Indemnitee’s entitlement to such
indemnification or advancement of Expenses. 

  

	 	(B)	In the event that an Adverse Determination shall have been made pursuant to Section 6(B) of this Agreement that Indemnitee is not entitled to indemnification, any
judicial proceeding or arbitration commenced pursuant to this paragraph 8 shall be conducted in all respects as a de novo trial, or arbitration, on the merits. The fact that an Adverse Determination has been made earlier pursuant to paragraph 6 of
this Agreement that the Indemnitee was not entitled to indemnification shall not be taken into account in any judicial proceeding commenced pursuant to this paragraph 8 and the (i) Indemnitee shall not be prejudiced in any way by reason of that
Adverse Determination and (ii) the Indemnitor shall have the burden of proving that the Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be. 

 

	 	(C)	If a Favorable Determination shall have been made or deemed to have been made pursuant to Section 6(B) of this Agreement that the Indemnitee is entitled to
indemnification, the Indemnitor shall be bound by such Determination in any judicial proceeding or arbitration commenced pursuant to this paragraph 8, absent: (i) a misstatement by the Indemnitee of a material fact, or an omission of a material
fact necessary to make the Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law. 

  
 7 

	 	(D)	The Indemnitor shall be precluded from asserting in any judicial proceeding commenced pursuant to this paragraph 8 that the procedures and presumptions of this
Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Indemnitor is bound by all the provisions of this Agreement. 

 

	 	(E)	In the event that the Indemnitee, pursuant to this paragraph 8, seeks a judicial adjudication of such Indemnitee’s rights under, or to recover damages for breach
of, this Agreement, if successful on the merits or otherwise as to all or less than all claims, issues or matters in such judicial adjudication, the Indemnitee shall be entitled to recover from the Indemnitor, and shall be indemnified by the
Indemnitor against, any and all reasonable Expenses actually incurred by such Indemnitee in connection with each successfully resolved claim, issue or matter. 

 

	 	(F)	Notwithstanding anything in this Agreement to the contrary, no Determination as to entitlement of the Indemnitee to indemnification under this Agreement shall be
required to be made prior to the final disposition of the Proceeding. 

  

	9.	NOTIFICATION AND DEFENSE OF CLAIMS 

 The Indemnitee agrees promptly to notify the Indemnitor in writing upon being served with any summons, citation, subpoena, complaint, indictment, information, or other document relating to any Proceeding
or matter which may be subject to indemnification or advancement of Expenses covered hereunder, but the failure so to notify the Indemnitor will not relieve the Indemnitor from any liability that the Indemnitor may have to Indemnitee under this
Agreement unless the Indemnitor can establish that such omission to notify resulted in actual and material prejudice to which it cannot be reversed or otherwise eliminated without any material negative effect on the Indemnitor. With respect to any
such Proceeding as to which Indemnitee notifies the Indemnitor of the commencement thereof: 
  

	 	(A)	The Indemnitor will be entitled to participate therein at its own expense. 

 

	 	(B)	 Except as otherwise provided below, the Indemnitor will be entitled to assume the defense thereof, with counsel reasonably satisfactory to Indemnitee.
After notice from the Indemnitor to Indemnitee of the Indemnitor’s election to assume the defense thereof, the Indemnitor will not be liable to Indemnitee under this Agreement for any legal or other expenses subsequently incurred by Indemnitee
in connection with the defense thereof other than reasonable costs of investigation or as otherwise provided below. Indemnitee shall have the right to employ Indemnitee’s own counsel in such Proceeding, but the fees and disbursements of such
counsel incurred after notice from the Indemnitor of the Indemnitor’s assumption of the defense thereof shall be at the expense of Indemnitee unless (a) the employment of counsel by the Indemnitee has been authorized by the Indemnitor,
(b) the Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Indemnitor and the Indemnitee in the conduct of the defense of such action, (c) such Proceeding seeks penalties or other relief against
the Indemnitee with respect to which the Indemnitor could not provide monetary indemnification to the Indemnitee (such as injunctive relief or 

  
 8 

	 	
incarceration) or (d) the Indemnitor shall not in fact have employed counsel to assume the defense of such action, in each of which cases the fees and disbursements of counsel shall be at
the expense of the Indemnitor. The Indemnitor shall not be entitled to assume the defense of any Proceeding brought by or on behalf of the Indemnitor, or as to which the Indemnitee shall have reached the conclusion specified in clause
(b) above, or which involves penalties or other relief against the Indemnitee of the type referred to in clause (c) above. 

  

	 	(C)	The Indemnitor shall not be liable to indemnify the Indemnitee under this Agreement for any amounts paid in settlement of any action or claim effected without the
Indemnitor’s written consent. The Indemnitor shall not settle any action or claim in any manner that would impose any penalty or limitation on the Indemnitee without the Indemnitee’s written consent. Neither the Indemnitor nor Indemnitee
will unreasonably withhold or delay consent to any proposed settlement. 

  

	10.	NON-EXCLUSIVITY; SURVIVAL OF RIGHTS; INSURANCE SUBROGATION 

  

	 	(A)	The rights of indemnification and to receive advancement of reasonable Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which
the Indemnitee may at any time be entitled under applicable law, the Charter, the Bylaws, any other agreement, a vote of stockholders, a resolution of the Board of Directors or otherwise, except that any payments otherwise required to be made by the
Indemnitor hereunder shall be offset by any and all amounts received by the Indemnitee from any other indemnitor or under one or more liability insurance policies maintained by an indemnitor or otherwise and shall not be duplicative of any other
payments received by an Indemnitee from the Indemnitor in respect of the matter giving rise to the indemnity hereunder; provided, however, that if indemnification rights are provided by an Additional Indemnitor as defined in Section 18(B)
hereof, such Section shall govern. No amendment, alteration or repeal of this Agreement or any provision hereof shall be effective as to the Indemnitee with respect to any action taken or omitted by the Indemnitee prior to such amendment, alteration
or repeal. 

  

	 	(B)	To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors and officers of the Company, the Indemnitee shall
be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available and upon any Change of Control the Company shall use commercially reasonable efforts to obtain or arrange for continuation
and/or “tail” coverage for the Indemnitee to the maximum extent obtainable at such time. 

  

	 	(C)	Except as otherwise provided in Section 18(B) hereof, in the event of any payment under this Agreement, the Indemnitor shall be subrogated to the extent of such
payment to all of the rights of recovery of the Indemnitee, who shall execute all papers required and take all actions necessary to secure such rights, including execution of such documents as are necessary to enable the Indemnitor to bring suit to
enforce such rights. 

  
 9 

	 	(D)	Except as otherwise provided in Section 18(B) hereof, the Indemnitor shall not be liable under this Agreement to make any payment of amounts otherwise
indemnifiable hereunder if and to the extent that the Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement, or otherwise. 

 

	 	(E)	If Ashford Hospitality Trust, Inc. (“Ashford Trust”) (or any member or other affiliate thereof other than the Indemnitor) pays or causes to be paid,
for any reason, any amounts with respect to any Proceeding in which the Indemnitee may be indemnified or entitled to indemnification hereunder or under any other indemnification agreement with the Indemnitee (whether pursuant to contract, by-laws,
charter or other organizational documents) or otherwise in its capacity as a stockholder of the Company, then (x) Ashford Trust (or such affiliate, as the case may be) shall be fully subrogated to all rights of the Indemnitee with respect to
such payment and (y) the Indemnitor shall fully indemnify, reimburse and hold harmless Ashford Trust (or such other affiliates) for all such payments actually made by Ashford Trust (or such other affiliates). 

 

	11.	CONTINUATION OF INDEMNITY 

  

	 	(A)	All agreements and obligations of the Indemnitor contained herein shall continue during the period the Indemnitee is an officer or a member of the Board of Directors of
the Company and shall continue thereafter so long as the Indemnitee shall be subject to any threatened, pending or completed Proceeding by reason of such Indemnitee’s Corporate Status and during the period of statute of limitations for any act
or omission occurring during the Indemnitee’s term of Corporate Status. This Agreement shall be binding upon the Indemnitor and its respective successors and assigns and shall inure to the benefit of the Indemnitee and such Indemnitee’s
heirs, executors and administrators. 

  

	 	(B)	The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a
substantial part, of the business and/or assets of the Company, by written agreement in form and substance reasonably satisfactory to the Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent
that the Company would be required to perform if no such succession had taken place. 

  

	12.	SEVERABILITY 

 If any
provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever, (i) the validity, legality, and enforceability of the remaining provisions of this Agreement (including, without
limitation, each portion of any paragraph of this Agreement containing any such provision held to be invalid, illegal or 

  
 10 

 
unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby, and (ii) to the fullest extent possible, the provisions of this
Agreement (including, without limitation, each portion of any paragraph of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to
give effect to the intent manifested by the provisions held invalid, illegal or unenforceable. 
  

	13.	EXCEPTIONS TO RIGHT OF INDEMNIFICATION OR ADVANCEMENT OF EXPENSES 

 Notwithstanding any other provisions of this Agreement, the Indemnitee shall not be entitled to indemnification or advancement of reasonable Expenses under this Agreement with respect to (i) any
Proceeding initiated by such Indemnitee against the Indemnitor other than a proceeding commenced pursuant to paragraph 8 hereof, or (ii) any Proceeding for an accounting of profits arising from the purchase and sale by Indemnitee of securities
of the Company in violation of Section 16(b) of the Exchange Act, rules and regulations promulgated thereunder, or any similar provisions of any federal, state or local statute. 

 

	14.	NOTICE TO THE COMPANY STOCKHOLDERS 

 Any indemnification of, or advancement of reasonable Expenses, to an Indemnitee in accordance with this Agreement, if arising out of a Proceeding by or in the right of the Company, shall be reported in
writing to the stockholders of the Company with the notice of the next Company stockholders’ meeting or prior to the meeting. 
  

	15.	HEADINGS 

 The headings of
the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 
  

	16.	MODIFICATION AND WAIVER 

No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by each of the parties hereto. No
waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. 

 

	17.	NOTICES 

 All notices,
requests, demands, and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand or by a nationally recognized overnight delivery service and received by the party to whom said
notice or other communication shall have been directed, or (ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed, if so delivered or mailed, as the case may be, to
the following addresses: 
 If to the Indemnitee, to the address set forth in the records of the Company. 

  
 11 

 If to the Indemnitor, to: 

Ashford Hospitality Prime, Inc. 
 14185 Dallas Parkway 
 Suite 1100 

Dallas, TX 75254 

Attention: General Counsel 
 or
to such other address as may have been furnished to the Indemnitee by the Indemnitor or to the Indemnitor by the Indemnitee, as the case may be. 
  

	18.	CONTRIBUTION 

  

	 	(A)	To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever,
the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, penalties, fines and settlements and Expenses actually incurred by or on behalf of an Indemnitee, in connection with any
claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and
Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s)
and/or transaction(s). 

  

	 	(B)	 The Company acknowledges and agrees that as between the Company and any other entity that has provided indemnification rights in respect of
Indemnitee’s service as a director of the Company at the request of such entity (an “Additional Indemnitor”), the Company shall be primarily liable to Indemnitee as set forth in this Agreement for any indemnification claim
(including, without limitation, any claim for advancement of Expenses) by Indemnitee in respect of any Proceeding for which Indemnitee is entitled to indemnification hereunder. In the event the Additional Indemnitor is liable to any extent to
Indemnitee by virtue of indemnification rights provided by the Additional Indemnitor to Indemnitee in respect of Indemnitee’s service on the Board of Directors at the request of the Additional Indemnitor and Indemnitee is also entitled to
indemnification under this Agreement (including, without limitation, for advancement of Expenses) as a result of any Proceeding, the Company shall pay, in the first instance, the entire amount of any indemnification claim (including, without
limitation, any claim for advancement of Expenses) brought by the Indemnitee against the Company under this Agreement (including, without limitation, any claim for advancement of Expenses) without requiring the Additional Indemnitor to contribute to
such payment, and the Company hereby waives and relinquishes any right of contribution, subrogation or any other right of recovery of any kind it may have against the Additional Indemnitor in respect thereof. The Company further agrees that no
advancement or payment by the Additional Indemnitor on behalf of 

  
 12 

	 	
Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company shall affect the foregoing and the Additional Indemnitor shall be subrogated to the extent of
such advancement or payment to all of the rights of recovery of the Indemnitee against the Company. Without limiting the generality of the foregoing, the Company hereby acknowledges that certain of its Directors, including the Directors affiliated
with Ashford Trust (the “Specified Directors”), may have certain rights to indemnification and advancement of expenses provided by Ashford Trust and certain of its affiliates (collectively, the “Ashford Trust
Indemnitors”), which shall constitute Additional Indemnitors for purposes of this paragraph. To the extent the Indemnitee is a Specified Director, the Company hereby agrees and acknowledges that with respect to matters for which it is
required to provide indemnity pursuant to the terms of this Agreement, (i) it shall be the indemnitor of first resort with respect to the Indemnitee (i.e., its obligations to the Indemnitee are primary and any obligation of the Ashford
Trust Indemnitors to advance expenses or to provide indemnification for expenses or liabilities incurred by the Indemnitee are secondary), (ii) it shall advance the full amount of expenses incurred and shall be liable for the full amount of all
expenses, judgments, penalties, fines and amounts paid in settlement by the Indemnitee to the extent required by the terms of this Agreement (or any other agreement between the Company and the Indemnitee), without regard to any rights the Specified
Directors may have against the Ashford Trust Indemnitors and (iii) it irrevocably waives, relinquishes and releases the Ashford Trust Indemnitors from any and all claims against the Ashford Trust Indemnitors for contribution, subrogation or any
other recovery of any kind in respect thereof related to the Company’s obligations set forth in clauses (i) and (ii) in this sentence. The Company further agrees that no advancement or payment by the Ashford Trust Indemnitors on
behalf of the Indemnitee with respect to any claim for which the Indemnitee has sought indemnification from the Company shall affect the foregoing and the Ashford Trust Indemnitors shall have a right of contribution and/or be subrogated to the
extent of such advancement or payment to all of the rights of recovery of the Indemnitee against the Company. 

  

	19.	GOVERNING LAW 

 The
parties agree that this Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Maryland, without application of the conflict of laws principles thereof. 

 

	20.	NO ASSIGNMENTS 

 The
Indemnitee may not assign its rights or delegate obligations under this Agreement without the prior written consent of the Indemnitor. Any assignment or delegation in violation of this paragraph 20 shall be null and void. 

  
 13 

	21.	NO THIRD PARTY RIGHTS 

Except for the rights of an Additional Indemnitor under paragraph 18(B) hereof and except for Ashford Trust, who is expressly made a third
party beneficiary of paragraph 10(E) hereof: (a), nothing expressed or referred to in this Agreement will be construed to give any person other than the parties to this Agreement any legal or equitable right, remedy or claim under or with respect to
this Agreement or any provision of this Agreement; and (b) this Agreement and all of its provisions are for the sole and exclusive benefit of the parties to this Agreement and their successors and permitted assigns. 

 

	22.	COUNTERPARTS 

 This
Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together constitute an agreement binding on all of the parties hereto. 

[Signature page follows] 

  
 14 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above written. 
  

	
	ASHFORD HOSPITALITY PRIME, INC.
	
	By:                             
                                         
                        
	Name:
	Title:
	
	INDEMNITEE:
	
	By:                             
                                         
                        
	Name:

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