Document:

Exhibit 4.6

 

WARRANT AGREEMENT

 

This WARRANT AGREEMENT (this
“Agreement”) is made as of [●], 2021 between Super Plus Acquisition Corporation, a Delaware corporation,
with offices at [●] (“Company”), and Continental Stock Transfer & Trust Company, a New York limited
purpose trust company, with offices at 1 State Street, New York, New York 10004, as warrant agent (“Warrant Agent”).

 

WHEREAS, the Company is engaged
in a public offering (the “Public Offering”) of up to 5,750,000 units (including 750,000 units which may be issued
pursuant to an overallotment option granted to the underwriters of the Public Offering), each unit (the “Public Units”)
comprised of one share of Class A common stock of the Company, par value $.0001 per share (“Class A Common Stock”),
one-half (1/2) of one warrant, where each whole warrant entitles the holder to purchase one share of Class A Common Stock at a price of
$11.50 per share, subject to adjustment as described herein, and one right to receive one-tenth (1/10) of one share of Class A CommonStock
upon the consummation of an initial business combination, in connection therewith, will issue and deliver up to 2,875,000 warrants (the
“Public Warrants”) to the public investors in connection with the Public Offering; and

 

WHEREAS, the Company has filed
with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1, No. 333-[●]
 (“Registration Statement”) and prospectus (“Prospectus”), for the registration, under the
Securities Act of 1933, as amended (“Act”) of, among other securities, the Public Warrants; and

 

WHEREAS, the Company has received
binding commitments (“Subscription Agreements”) from the Company’s sponsor, Super Plus Management LLC (the “Sponsor”),
simultaneously with the closing of the Public Offering, up to an aggregate of 307,250 units (including up to 22,500 units if the over-allotment
option is exercised in full) (the “Private Units”), each containing one share of Class A Common Stock, one-half of
one warrant (the “Private Warrants”) and one right to receive one-tenth (1/10) of one share of Class A Common Stock
upon the consummation of an initial business combination (the “Private Rights”). Each whole Private Warrant exercisable
to purchase one share of Class A Common Stock at a price of $11.50 per share, bearing the legend set forth in Exhibit B hereto; and

 

WHEREAS, the Company may issue
up to an additional [200,000] units (the “Working Capital Units” and together with the Public Units and the Private
Units, the “Units”) at a price of $10.00 per Working Capital Unit, with each Working Capital Unit consisting of one
share of Class A Common Stock, one -half (1/2) of one warrant (a whole warrant of each such warrant, a “Working Capital Warrant”)
and to receive one-tenth (1/10) of one share of Class A Common Stock upon the consummation of an initial business combination (the “Working
Capital Rights”) , in satisfaction of certain working capital loans made by the Company’s officers, directors, initial
stockholders and their affiliates; and

 

     

     

    

 

WHEREAS, following consummation
of the Public Offering, the Company may issue additional warrants (“Post IPO Warrants” and together with the Public
Warrants, Private Warrants, and Working Capital Warrants, the “Warrants”) in connection with, or following the consummation
by the Company of, a Business Combination (defined below); and

 

WHEREAS, the Company desires
the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration,
transfer, exchange, redemption, and exercise of the Warrants; and

 

WHEREAS, the Company desires
to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights,
limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

 

WHEREAS, all acts and things
have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or
on behalf of the Warrant Agent, as provided herein, the valid, binding, and legal obligations of the Company, and to authorize the execution
and delivery of this Agreement.

  

NOW, THEREFORE, in consideration
of the mutual agreements herein contained, the parties hereto agree as follows:

 

1. Appointment of
Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant Agent
hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement.

 

2. Warrants.

 

2.1. Form of Warrant.
Each Warrant shall be issued in registered form only, shall be in substantially the form of Exhibit A hereto, the provisions of which
are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Board of Directors or Chief Executive
Officer and Treasurer, Secretary or Assistant Secretary of the Company and shall bear a facsimile of the Company’s seal. In the
event the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in which such person
signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the
date of issuance.

 

2.2. Uncertificated
Warrants. Notwithstanding anything herein to the contrary, any Warrant, or portion thereof, may be issued as part of, and be represented
by, a Unit, and any Warrant may be issued in uncertificated or book-entry form through the Warrant Agent and/or the facilities of The
Depository Trust Company (the “Depositary”) or other book-entry depositary system, in each case as determined by the
Board of Directors of the Company or by an authorized committee thereof. Any Warrant so issued shall have the same terms, force and effect
as a certificated Warrant that has been duly countersigned by the Warrant Agent in accordance with the terms of this Agreement.

 

2.3. Effect of Countersignature.
Except with respect to uncertificated Warrants as described above, unless and until countersigned by the Warrant Agent pursuant to this
Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof.

 

2.4. Registration.

 

2.4.1. Warrant
Register. The Warrant Agent shall maintain books (“Warrant Register”) for the registration of original issuance
and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and register
the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered
to the Warrant Agent by the Company.

 

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2.4.2. Registered
Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat
the person in whose name such Warrant is then registered in the Warrant Register (“registered holder”) as the absolute
owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other writing on the Warrant
certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and for all other purposes,
and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

 

2.5. Detachability
of Warrants. The securities comprising the Units will not be separately transferable until the 52nd day following the date
of the Prospectus or, if such 52nd day is not on a day, other than a Saturday, Sunday or federal holiday, on which banks in
New York City are generally open for normal business (a “Business Day”), then on the immediately succeeding Business
Day following such date, or earlier with the consent of Maxim Group LLC (the “Representatives”), but in no event will
the Representatives allow separate trading of the securities comprising the Units until (i) the Company has filed a Current Report
on Form 8-K which includes an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Public
Offering including the proceeds received by the Company from the exercise of the underwriters’ over-allotment option in the Public
Offering, if the over-allotment option is exercised prior to the filing of the Form 8-K, and (ii) the Company has issued
a press release and has filed a Current Report on Form 8-K announcing when such separate trading shall begin (the “Detachment
Date”).

 

2.6. Private Warrant
and Working Capital Warrant Attributes. The Private Warrants and Working Capital Warrants will be identical to the Public Warrants. 

 

2.7.  Post IPO Warrants.
The Post IPO Warrants, when and if issued, shall have the same terms and be in the same form as the Public Warrants except as may be agreed
upon by the Company.

 

3. Terms and Exercise
of Warrants

 

3.1. Warrant Price.
Each Warrant shall, when countersigned by the Warrant Agent (except with respect to uncertificated Warrants), entitle the registered holder
thereof, subject to the provisions of such Warrant and of this Agreement, to purchase from the Company the number of shares of Class A
Common Stock stated therein, at the price of $11.50 per share, subject to the adjustments provided in Section 4 hereof and in the
last sentence of this Section 3.1. The term “Warrant Price” as used in this Agreement refers to the price per share at
which the shares of Class A Common Stock may be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower
the Warrant Price at any time prior to the Expiration Date (as defined below) for a period of not less than twenty (20) Business
Days; provided, that the Company shall provide at least twenty (20) days’ prior written notice of such reduction to registered
holders of the Warrants and, provided further that any such reduction shall be applied consistently to all of the Warrants.

 

3.2. Duration of Warrants.
A Warrant may be exercised only during the period commencing 30 days after the consummation by the Company of a merger, share exchange,
asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses
or entities (“Business Combination”) (as described more fully in the Registration Statement), and terminating at 5:00
p.m., New York City time on the earlier to occur of (i) the date that is five (5) years after the date on which the Company consummates
a Business Combination, (ii) at 5:00 p.m., New York City time on the Redemption Date as provided in Section 6.2 of this Agreement
and (iii) the liquidation of the Trust Account (defined below) (“Expiration Date”). The period of time from the
date the Warrants will first become exercisable until the expiration of the Warrants shall hereafter be referred to as the “Exercise
Period.” Except with respect to the right to receive the Redemption Price (as set forth in Section 6 hereunder), as applicable,
each outstanding Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in
respect thereof under this Agreement shall cease at the close of business on the Expiration Date. The Company in its sole discretion may
extend the duration of the Warrants by delaying the Expiration Date; provided, however, that the Company will provide at least twenty
(20) days’ prior written notice of any such extension to registered holders and, provided further that any such extension shall
be applied consistently to all of the Warrants. Notwithstanding anything to the contrary contained herein, for so long as any Private
Placement Warrant is held by the Sponsor and/or their designees, such Private Placement Warrant may not be exercised after five years
from the effective date of the Registration Statement.

 

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3.3. Exercise of Warrants.

 

3.3.1. Payment.
Subject to the provisions of the Warrant and this Agreement, a Warrant, when countersigned by the Warrant Agent, may be exercised by the
registered holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor as Warrant Agent,
in the Borough of Manhattan, City and State of New York, with the subscription form, as set forth in the Warrant, duly executed, and by
paying in full the Warrant Price for each shares of Class A Common Stock as to which the Warrant is exercised and any and all applicable
taxes due in connection with the exercise of the Warrant, as follows:

 

(a) in lawful money
of the United States, by good certified check or good bank draft payable to the order of the Warrant Agent or wire transfer;

 

(b) in the event
of a redemption pursuant to Section 6.1 hereof in which the Company’s management has elected to force all holders of Warrants
to exercise such Warrants on a “cashless basis,” by surrendering the Warrants for that number of shares of Class A Common
Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A Common Stock underlying the Warrants,
multiplied by the difference between the Warrant Price and the “Fair Market Value” (defined below) by (y) the Fair Market
Value. Solely for purposes of this Section 3.3.1(b), the “Fair Market Value” shall mean the average reported closing
price of Class A Common Stock for the ten (10) trading days ending on the third trading day prior to the date on which the notice
of redemption is sent to holders of the Warrants pursuant to Section 6 hereof; or

  

(c) in the event
the registration statement required by Section 7.4 hereof is not effective and current within ninety (90) days after the closing
of a Business Combination, by surrendering such Warrants for that number of shares of Class A Common Stock equal to the quotient obtained
by dividing (x) the product of the number of shares of Class A Common Stock underlying the Warrants, multiplied by the difference
between the exercise price of the Warrants and the “Fair Market Value” by (y) the Fair Market Value; provided, however,
that no cashless exercise shall be permitted unless the Fair Market Value is equal to or higher than the exercise price. Solely for purposes
of this Section 3.3.1(c), the “Fair Market Value” shall mean the average reported last sale price of Class A Common Stock
for the ten (10) trading days ending on the trading day prior to the date of exercise.

 

3.3.2. Issuance
of Shares of Class A Common Stock. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment
of the Warrant Price (if any), the Company shall issue to the registered holder of such Warrant a certificate or certificates, or book
entry position, for the number of shares of Class A Common Stock to which he, she or it is entitled, registered in such name or names
as may be directed by him, her or it, and if such Warrant shall not have been exercised in full, a new countersigned Warrant, or book
entry position, for the number of shares as to which such Warrant shall not have been exercised. Notwithstanding the foregoing, in no
event will the Company be required to net cash settle the Warrant exercise. No Warrant shall be exercisable for cash and the Company shall
not be obligated to issue shares of Class A Common Stock upon exercise of a Warrant unless the shares of Class A Common Stock issuable
upon such Warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of
the registered holder of the Warrants. In the event that the condition in the immediately preceding sentence is not satisfied with respect
to a Warrant, the holder of such Warrant shall not be entitled to exercise such Warrant for cash and such Warrant may have no value and
expire worthless, in which case the purchaser of a Unit containing such Warrants shall have paid the full purchase price for the Unit
solely for the shares of Class A Common Stock underlying such Unit. Warrants may not be exercised by, or securities issued to, any registered
holder in any state in which such exercise or issuance would be unlawful.

 

3.3.3. Valid
Issuance. All shares of Class A Common Stock issued upon the proper exercise of a Warrant in conformity with this Agreement shall
be validly issued, fully paid and nonassessable.

 

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3.3.4. Date
of Issuance. Each person in whose name any book entry position or certificate for shares of Class A Common Stock is issued shall for
all purposes be deemed to have become the holder of record of such shares on the date on which the Warrant, or book entry position representing
such Warrant, was surrendered and payment of the Warrant Price was made, irrespective of the date of delivery of such certificate, except
that, if the date of such surrender and payment is a date when the share transfer books of the Company or book entry system of the Warrant
Agent are closed, such person shall be deemed to have become the holder of such shares at the close of business on the next succeeding
date on which the share transfer books or book entry system are open.

 

3.3.5 Maximum
Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions contained
in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he, she or it makes such election.
If the election is made by a holder, the Warrant Agent shall not cause the exercise of the holder’s Warrant, and such holder shall
not have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such person (together with such
person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess of 9.8% (the “Maximum
Percentage”) of the shares of Class A Common outstanding immediately after giving effect to such exercise. For purposes of the
foregoing sentence, the aggregate number of shares of Class A Common Stock beneficially owned by such person and its affiliates shall
include the number of shares of Class A Common Stock issuable upon exercise of the Warrant with respect to which the determination of
such sentence is being made, but shall exclude shares of Common Stock that would be issuable upon (x) exercise of the remaining,
unexercised portion of the Warrant beneficially owned by such person and its affiliates and (y) exercise or conversion of the unexercised
or unconverted portion of any other securities of the Company beneficially owned by such person and its affiliates (including, without
limitation, any convertible notes or convertible preferred stock or warrants) subject to a limitation on conversion or exercise analogous
to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership
shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
For purposes of the Warrant, in determining the number of outstanding shares of Common Stock, the holder may rely on the number of outstanding
shares of Common Stock as reflected in (1) the Company’s most recent annual report on Form 10-K, quarterly report
on Form 10-Q, current report on Form 8-K or other public filing with the SEC as the case may be, (2) a more recent
public announcement by the Company or (3) any other notice by the Company or the Warrant Agent setting forth the number of shares
of Common Stock outstanding. For any reason at any time, upon the written request of the holder of the Warrant, the Company shall, within
two (2) Business Days, confirm orally and in writing to such holder the number of shares of Common Stock then outstanding. In any
case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of equity
securities of the Company by the holder and its affiliates since the date as of which such number of outstanding shares of Common Stock
was reported. By written notice to the Company, the holder of a Warrant may from time to time increase or decrease the Maximum Percentage
applicable to such holder to any other percentage specified in such notice; provided, however, that any such increase shall not be effective
until the sixty-first (61st) day after such notice is delivered to the Company.

 

4. Adjustments.

 

4.1. Stock Dividends;
Split Ups. If after the date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding shares of
Class A Common Stock is increased by a stock dividend payable in Class A Common Stock, or by a split up of Class A Common Stock, or other
similar event, then, on the effective date of such stock dividend, split up or similar event, the number of shares of Class A Common Stock
issuable on exercise of each Warrant shall be increased in proportion to such increase in outstanding shares of Class A Common Stock.

 

4.2. Aggregation of
Shares. If after the date hereof, the number of outstanding shares of Class A Common Stock is decreased by a consolidation, combination,
reverse stock split or reclassification of shares of Class A Common Stock or other similar event, then, on the effective date of such
consolidation, combination, reverse stock split, reclassification or similar event, the number of shares of Class A Common Stock issuable
on exercise of each Warrant shall be decreased in proportion to such decrease in outstanding shares of Class A Common Stock.

 

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4.3 Extraordinary
Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution
in cash, securities or other assets to the holders of the shares of Class A Common Stock or other shares of the Company’s capital
stock into which the Warrants are convertible (an “Extraordinary Dividend”), then the Warrant Price shall be decreased,
effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and the fair market value (as determined
by the Company’s Board of Directors, in good faith) of any securities or other assets paid in respect of such Extraordinary Dividend
divided by all outstanding shares of the Company at such time (whether or not any shareholders waived their right to receive such dividend);
provided, however, that none of the following shall be deemed an Extraordinary Dividend for purposes of this provision: (a) any adjustment
described in subsection 4.1 above, (b) any cash dividends or cash distributions which, when combined on a per share basis with all
other cash dividends and cash distributions paid on the shares of Class A Common Stock during the 365-day period ending on the
date of declaration of such dividend or distribution does not exceed $0.50 per share (taking into account all of the outstanding shares
of the Company at such time (whether or not any shareholders waived their right to receive such dividend) and as adjusted to appropriately
reflect any of the events referred to in other subsections of this Section 4 and excluding cash dividends or cash distributions that
resulted in an adjustment to the Warrant Price or to the number of shares of Class A Common Stock issuable on exercise of each Warrant)
but only with respect to the amount of the aggregate cash dividends or cash distributions equal to or less than $0.50, (c) any payment
to satisfy the conversion rights of the holders of the shares of Class A Common Stock in connection with a proposed initial Business Combination
or certain amendments to the Company’s Amended and Restated Certificate of Incorporation (as described in the Registration Statement)
or (d) any payment in connection with the Company’s liquidation and the distribution of its assets upon its failure to consummate
a Business Combination. Solely for purposes of illustration, if the Company, at a time while the Warrants are outstanding and unexpired,
pays a cash dividend of $0.35 and previously paid an aggregate of $0.40 of cash dividends and cash distributions on the shares of Class
A Common Stock during the 365-day period ending on the date of declaration of such $0.35 dividend, then the Warrant Price will
be decreased, effectively immediately after the effective date of such $0.35 dividend, by $0.25 (the absolute value of the difference
between $0.75 (the aggregate amount of all cash dividends and cash distributions paid or made in such 365-day period, including
such $0.35 dividend) and $0.50 (the greater of (x) $0.50 and (y) the aggregate amount of all cash dividends and cash distributions
paid or made in such 365-day period prior to such $0.35 dividend)). Furthermore, solely for the purposes of illustration, if
following the closing of the Company’s initial Business Combination, there were 100,000,000 shares outstanding and the Company paid
a $1.00 dividend to 17,500,000 of such shares (with the remaining 82,500,000 shares waiving their right to receive such dividend), then
no adjustment to the Warrant Price would occur as a $17.5 million dividend payment divided by 100,000,000 shares equals $0.175 per share
which is less than $0.50 per share.

 

4.4 Adjustments in
Exercise Price. Whenever the number of shares of Class A Common Stock purchasable upon the exercise of the Warrants is adjusted, as
provided in Sections 4.1 and 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately
prior to such adjustment by a fraction (x) the numerator of which shall be the number of shares of Class A Common Stock purchasable
upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of Class
A Common Stock so purchasable immediately thereafter.

 

4.5. Replacement of
Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares of Class A Common
Stock (other than a change covered by Section 4.1, 4.2 or 4.3 hereof or that solely affects the par value of Class A Common Stock),
or in the case of any merger or consolidation of the Company with or into another corporation (other than a consolidation or merger in
which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding
shares of Class A Common Stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property
of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Warrant holders shall
thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu
of the shares of Class A Common Stock of the Company immediately theretofore purchasable and receivable upon the exercise of the rights
represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification,
reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the Warrant holder would have
received if such Warrant holder had exercised his, her or its Warrant(s) immediately prior to such event. If any reclassification also
results in a change in the shares of Class A Common Stock covered by Section 4.1, 4.2 or 4.3, then such adjustment shall be made
pursuant to Sections 4.1, 4.2, 4.3, 4.4 and this Section 4.5. The provisions of this Section 4.5 shall similarly apply to successive
reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In no event will the Warrant Price be reduced
to less than the par value per share issuable upon exercise of the Warrant. Notwithstanding anything to the contrary herein, in the event
of any tender offer for shares of Class A Common Stock, the offeror shall not make any tender offer for Warrants if the effect of such
offer would be to require the Warrants to be accounted for as liabilities under applicable accounting principles.

 

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4.6. Issuance in connection
with a Business Combination. If, in connection with a Business Combination, the Company (a) issues additional shares of Class A Common
Stock or equity-linked securities at an issue price or effective issue price of less than $9.20 per share (with such issue price or effective
issue price as determined by the Company’s Board of Directors, in good faith, and in the case of any such issuance to the Company’s
initial stockholders, or their affiliates, without taking into account any founders’ shares held by them prior to such issuance),
(b) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available
for the funding of the Business Combination on the date of the consummation of such Business Combination (net of redemptions), and (c)
the Fair Market Value (as defined below) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest
cent) to be equal to 115% of the greater of (i) the Fair Market Value or (ii) the price at which the Company issues the shares of Class
A Common Stock or equity-linked securities, and the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to
be equal to 180% of the higher of the Fair Market Value and the price at which the Company issues shares of Class A Common Stock or equity-linked
securities. Solely for purposes of this Section 4.6, the “Fair Market Value” shall mean the volume weighted average
reported trading price of Class A Common Stock for the twenty (20) trading days starting on the trading day prior to the date of the consummation
of the Business Combination.

 

4.7 Notices of Changes
in Warrant. Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise of a Warrant, the Company shall
give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the increase
or decrease, if any, in the number of shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail
the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified in Sections 4.1,
4.2, 4.3, 4.4, 4.5, or 4.6, then, in any such event, the Company shall give written notice to each Warrant holder, at the last address
set forth for such holder in the Warrant Register, of the record date or the effective date of the event. Failure to give such notice,
or any defect therein, shall not affect the legality or validity of such event.

 

4.8. No Fractional
Warrants or Shares. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue fractional
shares upon exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would
be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round
up to the nearest whole number of shares of Class A Common Stock to be issued to the Warrant holder.

 

4.9. Form of Warrant.
The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants issued after such adjustment
may state the same Warrant Price and the same number of shares as is stated in the Warrants initially issued pursuant to this Agreement.
However, the Company may at any time in its sole discretion make any change in the form of Warrant that the Company may deem appropriate
and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned, whether in exchange or substitution
for an outstanding Warrant or otherwise, may be in the form as so changed.

 

4.10 Other Events.
In case any event shall occur affecting the Company as to which none of the provisions of preceding subsections of this Section 4
are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid an adverse impact
on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such case, the Company shall appoint
a firm of independent public accountants, investment banking or other appraisal firm of recognized national standing, which shall give
its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary to effectuate the intent and purpose
of this Section 4 and, if they determine that an adjustment is necessary, the terms of such adjustment. The Company shall adjust
the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion. Nevertheless, the Warrants may
not be adjusted solely as a result of issuance of any securities in connection with a Business Combination or of an adjustment to the
conversation ratio of the Company’s Class B common stock, par value $0.0001 per share into Class A Common Stock.

 

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5. Transfer and Exchange
of Warrants.

 

5.1. Registration
of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant Register,
upon surrender of such Warrant for transfer, properly endorsed with signatures, in the case of certificated Warrants, properly guaranteed
and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number
of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. In the case of certificated Warrants, the Warrants
so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon request.

 

5.2. Procedure for
Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, either in certificated form or in book entry position, together
with a written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants,
or book entry positions, as requested by the registered holder of the Warrants so surrendered, representing an equal aggregate number
of Warrants; provided, however, that in the event that a Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent
shall not cancel such Warrant and issue new Warrants in exchange therefor until the Warrant Agent has received an opinion of counsel for
the Company stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend.

 

5.3. Fractional Warrants.
The Warrant Agent shall not be required to effect any registration of transfer or exchange which will result in the issuance of a warrant
certificate or book-entry position for a fraction of a Warrant.

 

5.4. Service Charges.
No service charge shall be made for any exchange or registration of transfer of Warrants.

 

5.5. Warrant Execution
and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the terms of this Agreement,
the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant
Agent, will supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.

 

5.6. Private Warrants
and Working Capital Warrants. The Warrant Agent shall not register any transfer of Private Warrants or Working Capital Warrants until
after the consummation by the Company of an initial Business Combination, except for transfers (i) among the initial shareholders
or to the initial shareholders’ or the Company’s officers, directors, consultants or their affiliates, (ii) to a holder’s
shareholders or members upon the holder’s liquidation, in each case if the holder is an entity, (iii) by bona fide gift to
a member of the holder’s immediate family or to a trust, the beneficiary of which is the holder or a member of the holder’s
immediate family, in each case for estate planning purposes, (iv) by virtue of the laws of descent and distribution upon death, (v) pursuant
to a qualified domestic relations order, (vi) to the Company for no value for cancellation in connection with the consummation of
a Business Combination, (vii) in connection with the consummation of a Business Combination by private sales at prices no greater
than the price at which the Private Warrants were originally purchased, (viii) in the event of the Company’s liquidation prior
to its consummation of an initial Business Combination or (ix) in the event that, subsequent to the consummation of an initial Business
Combination, the Company completes a liquidation, merger, share exchange or other similar transaction which results in all of the Company’s
shareholders having the right to exchange their shares of Class A Common Stock for cash, securities or other property, in each case (except
for clauses (vi), (viii) or (ix) or with the Company’s prior written consent) on the condition that prior to such registration
for transfer, the Warrant Agent shall be presented with written documentation pursuant to which each transferee (each, a “Permitted
Transferee”) or the trustee or legal guardian for such transferee agrees to be bound by the transfer restrictions contained
in this section and any other applicable agreement the transferor is bound by.

 

5.7. Transfers prior
to Detachment. Prior to the Detachment Date, the Public Warrants may be transferred or exchanged only together with the Unit in which
such Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of such Unit. Furthermore,
each transfer of a Unit on the register relating to such Units shall operate also to transfer the Warrants included in such Unit. Notwithstanding
the foregoing, the provisions of this Section 5.7 shall have no effect on any transfer of Warrants on or after the Detachment Date.

 

    8 

     

    

 

6. Redemption.

 

6.1. Redemption.
Not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at any time during the Exercise Period, at
the office of the Warrant Agent, upon the notice referred to in Section 6.2, at the price of $0.01 per Warrant (“Redemption
Price”), provided that the closing price of the Ordinary equals or exceeds $18.00 per share (subject to adjustment in accordance
with Section 4 hereof), on each of twenty (20) trading days within any thirty (30) trading day period commencing after
the Warrants become exercisable and ending on the third trading day prior to the date on which notice of redemption is given and provided
that there is an effective registration statement covering the shares of Class A Common Stock issuable upon exercise of the Warrants,
and a current prospectus relating thereto, available throughout the 30-day redemption or the Company has elected to require
the exercise of the Warrants on a “cashless basis” pursuant to subsection 3.3.1(b); provided, however, that if and when the
Warrants become redeemable by the Company, the Company may not exercise such redemption right if the issuance of shares of Class A Common
Stock upon exercise of the Warrants is not exempt from registration or qualification under applicable state blue sky laws or the Company
is unable to effect such registration or qualification.

 

6.2. Date Fixed for,
and Notice of, Redemption. In the event the Company shall elect to redeem all of the Warrants that are subject to redemption, the
Company shall fix a date for the redemption (the “Redemption Date”). Notice of redemption shall be mailed by first
class mail, postage prepaid, by the Company not less than thirty (30) days prior to the Redemption Date to the registered holders
of the Warrants to be redeemed at their last addresses as they shall appear on the registration books. Any notice mailed in the manner
herein provided shall be conclusively presumed to have been duly given whether or not the registered holder received such notice.

 

6.3. Exercise After
Notice of Redemption. The Warrants may be exercised, for cash (or on a “cashless basis” in accordance with Section 3
of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant to Section 6.2 hereof and
prior to the Redemption Date. In the event the Company determines to require all holders of Warrants to exercise their Warrants on a “cashless
basis” pursuant to Section 3.3.1(b), the notice of redemption will contain the information necessary to calculate the number
of shares of Class A Common Stock to be received upon exercise of the Warrants, including the “Fair Market Value” in such
case. On and after the Redemption Date, the record holder of the Warrants shall have no further rights except to receive, upon surrender
of the Warrants, the Redemption Price.

 

7. Other Provisions
Relating to Rights of Holders of Warrants.

 

7.1. No Rights as
Stockholder. A Warrant does not entitle the registered holder thereof to any of the rights of a stockholder of the Company, including,
without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to
receive notice as shareholders in respect of the meetings of shareholders or the election of directors of the Company or any other matter.

 

7.2. Lost, Stolen,
Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant Agent may on
such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include
the surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen, mutilated, or destroyed.
Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated,
or destroyed Warrant shall be at any time enforceable by anyone.

 

    9 

     

    

 

7.3. Reservation of
Shares of Class A Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued
shares of Class A Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this
Agreement.

 

7.4. Registration
of Shares of Class A Common Stock. The Company agrees that as soon as practicable after the closing of its initial Business Combination,
it shall use its best efforts to file with the Securities and Exchange Commission a registration statement for the registration, under
the Act, of the shares of Class A Common Stock issuable upon exercise of the Warrants, and it shall use its best efforts to take such
action as is necessary to register or qualify for sale, in those states in which the Warrants were initially offered by the Company and
in those states where holders of Warrants then reside, the shares of Class A Common Stock issuable upon exercise of the Warrants, to the
extent an exemption is not available. The Company will use its best efforts to cause the same to become effective and to maintain the
effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the Warrants in accordance
with the provisions of this Agreement. If any such registration statement has not been declared effective by the 90th day following the
closing of the Business Combination, holders of the Warrants shall have the right, during the period beginning on the 91st day after the
closing of the Business Combination and ending upon such registration statement being declared effective by the Securities and Exchange
Commission, and during any other period when the Company shall fail to have maintained an effective registration statement covering the
shares of Class A Common Stock issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis” as
determined in accordance with Section 3.3.1(c). The Company shall provide the Warrant Agent with an opinion of counsel for the Company
(which shall be an outside law firm with securities law experience) stating that (i) the exercise of the Warrants on a cashless basis
in accordance with this Section 7.4 is not required to be registered under the Act and (ii) the shares of Class A Common Stock
issued upon such exercise will be freely tradable under U.S. federal securities laws by anyone who is not an affiliate (as such term is
defined in Rule 144 under the Act) of the Company and, accordingly, will not be required to bear a restrictive legend. For the avoidance
of any doubt, unless and until all of the Warrants have been exercised on a cashless basis, the Company shall continue to be obligated
to comply with its registration obligations under the first three sentences of this Section 7.4. The provisions of this Section 7.4 may
not be modified, amended, or deleted without the prior written consent of the Representatives.

 

8. Concerning the
Warrant Agent and Other Matters.

 

8.1. Payment of Taxes.
The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant Agent in respect
of the issuance or delivery of shares of Class A Common Stock upon the exercise of Warrants, but the Company shall not be obligated to
pay any transfer taxes in respect of the Warrants or such shares of Class A Common Stock.

 

8.2. Resignation,
Consolidation, or Merger of Warrant Agent.

 

8.2.1. Appointment
of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged
from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office
of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor
Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of thirty (30) days
after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder of the Warrant (who shall,
with such notice, submit his Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of
the State of New York for the County of New York for the appointment of a successor Warrant Agent at the Company’s cost. Any successor
Warrant Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the laws of the
State of New York, in good standing and having its principal office in the Borough of Manhattan, City and State of New York, and authorized
under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority. After appointment,
any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor
Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed; but if for any reason
it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument
transferring to such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon
request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for
more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties,
and obligations.

 

    10 

     

    

 

8.2.2. Notice
of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the
predecessor Warrant Agent and the transfer agent for the shares of Class A Common Stock not later than the effective date of any such
appointment.

 

8.2.3. Merger
or Consolidation of Warrant Agent. Any corporation into which the Warrant Agent may be merged or with which it may be consolidated
or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant
Agent under this Agreement without any further act.

 

8.3. Fees and Expenses
of Warrant Agent.

 

8.3.1. Remuneration.
The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and will reimburse
the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder.

 

8.3.2. Further
Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and
delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying
out or performing of the provisions of this Agreement.

 

8.4. Liability of
Warrant Agent.

 

8.4.1. Reliance
on Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall deem it necessary or
desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact
or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established
by a statement signed by the Chief Executive Officer or Chairman of the Board of Directors of the Company and delivered to the Warrant
Agent. The Warrant Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions
of this Agreement.

 

8.4.2. Indemnity.
The Warrant Agent shall be liable hereunder only for its own fraud, gross negligence, willful misconduct or bad faith. The Company agrees
to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel
fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement except as a result of the Warrant Agent’s
fraud, gross negligence, willful misconduct, or bad faith.

 

8.4.3. Exclusions.
The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution
of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition
contained in this Agreement or in any Warrant; nor shall it be responsible to make any adjustments required under the provisions of Section 4
hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining of the existence of facts that would
require any such adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization
or reservation of any shares of Class A Common Stock to be issued pursuant to this Agreement, the Amended and Restated Certificate of
Incorporation of the Company, or any Warrant or as to whether any shares of Class A Common Stock will, when issued, be valid and fully
paid and nonassessable.

 

8.5. Acceptance of
Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms and
conditions herein set forth and among other things, shall account promptly to the Company with respect to Warrants exercised and concurrently
account for, and pay to the Company, all monies received by the Warrant Agent for the purchase of shares of Class A Common Stock through
the exercise of Warrants.

 

    11 

     

    

 

9. Miscellaneous Provisions.

 

9.1. Successors.
All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the
benefit of their respective successors and assigns.

 

9.2. Notices.
Any notice, statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the holder of any Warrant
to or on the Company shall be sufficiently given (i) if by email when the email is sent, (ii) if by hand or overnight delivery, when so
delivered, or (iii) if sent by certified mail or private courier service within five (5) days after deposit of such notice, postage
prepaid, addressed (until another address is filed in writing by the Company with the Warrant Agent), as follows:

 

Super Plus Acquisition Corporation

800 3rd Avenue, Suite 2800

New York, NY 10022

Attn: Yong Li

 

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

 

Hunter Taubman Fischer & Li LLC

800 Third Avenue, Suite 2800

New York, NY 10022

Attn: Arila E. Zhou, Esq.

 

Any notice, statement or demand authorized by
this Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be sufficiently given
(i) if by email, when the email is sent, (ii) if by hand or overnight delivery, when so delivered, or (iii) if sent by certified mail
or private courier service within five days after deposit of such notice, postage prepaid, addressed (until another address is filed in
writing by the Warrant Agent with the Company), as follows:

 

[●]

[Address]

Attn: Compliance
Department

 

with a copy in each
case to:

 

[ ]

Attn:   [ ]

E-mail: [ ]

 

and

[ ]

 

9.3. Applicable Law.
The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects by the laws of the
State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of
another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any way
to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern
District of New York. The Company hereby waives any objection that such courts represent an inconvenient forum. Any such process or summons
to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested,
postage prepaid, addressed to it at the address set forth in Section 9.2 hereof. Such mailing shall be deemed personal service and
shall be legal and binding upon the Company in any action, proceeding or claim.

 

    12 

     

    

 

9.4. Persons Having
Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions hereof
is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the registered
holders of the Warrants and, for the purposes of Sections 7.4, 9.4 and 9.8 hereof, the Representatives, any right, remedy, or claim under
or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. The Representatives shall
be deemed to be a third-party beneficiary of this Agreement with respect to Sections 7.4, 9.4 and 9.8 hereof. All covenants, conditions,
stipulations, promises, and agreements contained in this Warrant Agreement shall be for the sole and exclusive benefit of the parties
hereto (and the Representatives with respect to the Sections 7.4, 9.4 and 9.8 hereof) and their successors and assigns and of the registered
holders of the Warrants.

 

9.5. Examination of
the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant Agent in the
Borough of Manhattan, City and State of New York, for inspection by the registered holder of any Warrant. The Warrant Agent may require
any such holder to submit his Warrant for inspection by it.

 

9.6. Counterparts.
This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes
be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

  

9.7. Effect of Headings.
The section headings herein are for convenience only and are not part of this Agreement and shall not affect the interpretation thereof.

 

9.8 Amendments.
This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of curing any ambiguity,
or of curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect
to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not
adversely affect the interest of the registered holders. All other modifications or amendments, including any amendment to increase the
Warrant Price or shorten the Exercise Period, shall require the written consent or vote of the registered holders of (i) a majority
of the then outstanding Public Warrants if such modification or amendment is being undertaken prior to, or in connection with, the consummation
of a Business Combination or (ii) a majority of the then outstanding Warrants if such modification or amendment is being undertaken
after the consummation of a Business Combination. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the
duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the registered holders. The provisions
of this Section 9.8 may not be modified, amended or deleted without the prior written consent of the Representatives.

 

9.9 Trust Account
Waiver. The Warrant Agent acknowledges and agrees that it shall not make any claims or proceed against the trust account established
by the Company in connection with the Public Offering (as more fully described in the Registration Statement) (“Trust Account”),
including by way of set-off, and shall not be entitled to any funds in the Trust Account under any circumstance. In the event
that the Warrant Agent has a claim against the Company under this Agreement, the Warrant Agent will pursue such claim solely against the
Company and not against the property held in the Trust Account.

 

9.10 Severability.
This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the
validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable
term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to
such invalid or unenforceable provision as may be possible and be valid and enforceable.

  

[signature page follows]

 

    13 

     

    

 

IN WITNESS WHEREOF, this Agreement has been duly
executed by the parties hereto as of the day and year first above written.

  

	 	
    SUPER PLUS ACQUISITION CORPORATION

	 	 
	 	By:	 
	 	 	Name:  	Yong Li
	 	 	Title: 	Chief Executive Officer
	 	 	 
	 	Continental Stock Transfer & Trust Company
	 	 
	 	By:	 
	 	 	Name: 	[       ]
	 	 	Title:	 [       ]

 

[signature page to the Warrant Agreement]

 

    14 

     

    

  

EXHIBIT A

 

WARRANT CERTIFICATE

 

 

 

 

 

 

 

 

    15 

     

    

 

EXHIBIT B

 

LEGEND FOR PRIVATE PLACEMENT WARRANTS

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED
OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN
EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN THE LETTER AGREEMENT
BY AND AMONG

SUPER PLUS ACQUISITION CORPORATION (THE “COMPANY”),
SUPER PLUS MANAGEMENT LLC AND THE OTHER PARTIES THERETO, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED
PRIOR TO THE DATE THAT IS THIRTY (30) DAYS AFTER THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS COMBINATION (AS DEFINED
IN SECTION 3 OF THE WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED IN SECTION 5.6 OF THE WARRANT AGREEMENT)
WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS.

 

SECURITIES EVIDENCED BY THIS CERTIFICATE AND SHARES
OF CLASS A COMMON STOCK OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION
RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.

 

 

16Exhibit 10.1

 

COMMON STOCK PURCHASE AGREEMENT

 

Dated as of September 9, 2021

 

by and among

 

ASHFORD HOSPITALITY TRUST, INC.,

 

ASHFORD HOSPITALITY LIMITED PARTNERSHIP

 

and

 

M3A LP

 

     

     

    

 

Table
of Contents

 

	 	 	Page
	 	 	 
	Article I DEFINITIONS	1
	 	 
	Article II PURCHASE AND SALE OF COMMON STOCK	1
	Section 2.1.	Purchase and Sale of Stock	1
	Section 2.2.	Closing Date; Settlements	2
	Section 2.3.	Initial Public Announcements and Required Filings	2
	 	 	 
	Article III PURCHASE TERMS	3
	Section 3.1.	VWAP Purchases	3
	Section 3.2.	Settlement	4
	Section 3.3.	Compliance with Rules of Trading Market	4
	Section 3.4.	Beneficial Ownership Limitation	5
	 	 	 
	Article IV REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE INVESTOR	5
	Section 4.1.	Organization and Standing of the Investor	5
	Section 4.2.	Authorization and Power	6
	Section 4.3.	No Conflicts	6
	Section 4.4.	Investment Purpose	6
	Section 4.5.	Accredited Investor Status	7
	Section 4.6.	Reliance on Exemptions	7
	Section 4.7.	Information	7
	Section 4.8.	No Governmental Review	7
	Section 4.9.	No General Solicitation	7
	Section 4.10.	Not an Affiliate	8
	Section 4.11.	No Prior Short Sales	8
	Section 4.12.	Statutory Underwriter Status	8
	Section 4.13.	Resales of Securities	8
	 	 	 
	Article V REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY AND THE OPERATING PARTNERSHIP	8
	Section 5.1.	Organization, Good Standing and Power	9
	Section 5.2.	Authorization, Enforcement	9
	Section 5.3.	Capitalization	10
	Section 5.4.	Issuance of Securities	10
	Section 5.5.	No Conflicts	10
	Section 5.6.	Commission Documents, Financial Statements; Disclosure Controls and Procedures; Internal Controls Over Financial Reporting; Accountants	12
	Section 5.7.	Due Authorization of Partnership Agreement	13
	Section 5.8.	Capitalization of Operating Partnership	14
	Section 5.9.	No Material Adverse Effect or Material Adverse Change	14
	Section 5.10.	Mortgages	14
	Section 5.11.	Solvency	14
	Section 5.12.	Property	15

 

    i

     

    

 

	Section 5.13.	Actions Pending	15
	Section 5.14.	Compliance With Laws	15
	Section 5.15.	Certain Fees	15
	Section 5.16.	Disclosure	15
	Section 5.17.	Regulatory Permits	15
	Section 5.18.	Environmental Compliance	16
	Section 5.19.	Material Agreements	17
	Section 5.20.	Transactions With Affiliates	17
	Section 5.21.	Intellectual Property Rights	17
	Section 5.22.	Use of Proceeds	17
	Section 5.23.	Investment Company Act Status	17
	Section 5.24.	Benefit Plans; Labor Matters	17
	Section 5.25.	Taxes	18
	Section 5.26.	Insurance	18
	Section 5.27.	Exemption from Registration	18
	Section 5.28.	No General Solicitation or Advertising	18
	Section 5.29.	No Integrated Offering	18
	Section 5.30.	Dilutive Effect	18
	Section 5.31.	Manipulation of Price	18
	Section 5.32.	Securities Act	19
	Section 5.33.	Listing and Maintenance Requirements; DTC Eligibility	19
	Section 5.34.	Application of Takeover Protections	19
	Section 5.35.	Foreign Corrupt Practices	19
	Section 5.36.	Money Laundering Laws	19
	Section 5.37.	OFAC	19
	Section 5.38.	Information Technology; Compliance With Data Privacy Laws	19
	Section 5.39.	No Disqualification Events	20
	Section 5.40.	REIT Status	20
	Section 5.41.	Authorization of Advisory Agreement	20
	Section 5.42.	Acknowledgement Regarding Investor’s Acquisition of Securities	21
	 	 	 
	Article VI ADDITIONAL COVENANTS	21
	Section 6.1.	Securities Compliance	21
	Section 6.2.	Reservation of Common Stock	21
	Section 6.3.	Registration and Listing	22
	Section 6.4.	Compliance with Laws	22
	Section 6.5.	Keeping of Records and Books of Account; Due Diligence	23
	Section 6.6.	No Frustration; No Dilutive Issuances During and Prior to Settlement of any VWAP Purchase	23
	Section 6.7.	Corporate Existence	24
	Section 6.8.	Fundamental Transaction	24
	Section 6.9.	Selling Restrictions	25
	Section 6.10.	Effective Registration Statement	25
	Section 6.11.	Blue Sky	25
	Section 6.12.	Non-Public Information	25
	Section 6.13.	Broker/Dealer	26
	Section 6.14.	Disclosure Schedule	26

 

    ii

     

    

 

	Section 6.15.	Delivery of Bring Down Opinions and Compliance Certificates Upon Occurrence of Certain Events	26
	 	 	 
	Article VII CONDITIONS TO CLOSING AND CONDITIONS TO THE SALE AND PURCHASE OF THE SHARES	27
	Section 7.1.	Conditions Precedent to Closing	27
	Section 7.2.	Conditions Precedent to Commencement	28
	Section 7.3.	Conditions Precedent to VWAP Purchases after Commencement Date	31
	 	 	 
	Article VIII TERMINATION 	35
	Section 8.1.	Automatic Termination	35
	Section 8.2.	Other Termination	35
	Section 8.3.	Effect of Termination	36
	 	 	 
	Article IX INDEMNIFICATION	37
	Section 9.1.	Indemnification of Investor	37
	Section 9.2.	Indemnification Procedures	38
	 	 	 
	Article X MISCELLANEOUS	39
	Section 10.1.	Certain Fees and Expenses	39
	Section 10.2.	Specific Enforcement, Consent to Jurisdiction, Waiver of Jury Trial	39
	Section 10.3.	Entire Agreement	40
	Section 10.4.	Notices	40
	Section 10.5.	Waivers	41
	Section 10.6.	Amendments	41
	Section 10.7.	Headings	41
	Section 10.8.	Construction	42
	Section 10.9.	Binding Effect	42
	Section 10.10.	No Third Party Beneficiaries	42
	Section 10.11.	Governing Law	42
	Section 10.12.	Survival	42
	Section 10.13.	Counterparts	42
	Section 10.14.	Publicity	43
	Section 10.15.	Severability	43
	Section 10.16.	Further Assurances	43

 

Annex I. Definitions

 

    iii

     

    

 

COMMON STOCK PURCHASE
AGREEMENT

 

This COMMON STOCK PURCHASE
AGREEMENT is made and entered into as of September 9, 2021 (this “Agreement”), by and among M3A LP, a Delaware
limited partnership (the “Investor”), Ashford Hospitality Trust, Inc., a Maryland corporation (the “Company”),
and Ashford Hospitality Limited Partnership, a Delaware limited partnership (the “Operating Partnership”).

 

RECiTALS

 

WHEREAS, the parties
desire that, upon the terms and subject to the conditions and limitations set forth herein, the Company may issue and sell to the Investor,
from time to time as provided herein, and the Investor shall purchase from the Company, up to 6,040,888 shares of the Company’s
Common Stock, par value $0.01 per share (“Common Stock”), subject to the Aggregate Limit;

 

WHEREAS, such sales
of Common Stock by the Company to the Investor will be made in reliance upon the provisions of Section 4(a)(2) of the Securities Act (“Section
4(a)(2)”), and upon such other exemption from the registration requirements of the Securities Act as may be available with
respect to any or all of the sales of Common Stock to the Investor to be made hereunder; and

 

WHEREAS, the parties
hereto are concurrently entering into a Registration Rights Agreement in the form attached as Exhibit A hereto (the “Registration
Rights Agreement”), pursuant to which the Company shall register the resale of the Registrable Securities (as defined in
the Registration Rights Agreement), upon the terms and subject to the conditions set forth therein.

 

NOW, THEREFORE, the
parties hereto, intending to be legally bound, hereby agree as follows:

 

Article
I

DEFINITIONS

 

Capitalized terms used in
this Agreement shall have the meanings ascribed to such terms in Annex I hereto, and hereby made a part hereof, or as otherwise
set forth in this Agreement.

 

Article
II

PURCHASE AND SALE OF COMMON STOCK

 

Section 2.1.        
Purchase and Sale of Stock. Upon the terms and subject to the conditions of this Agreement, during the Investment Period,
the Company, in its sole discretion, shall have the right, but not the obligation, to issue and sell to the Investor, and the Investor
shall purchase from the Company, up to 6,040,888 duly authorized, validly issued, fully paid and non-assessable shares of Common Stock
(the “Total Purchase Commitment”), subject to the Aggregate Limit, by the delivery to the Investor of VWAP Purchase
Notices as provided in Article III.

 

     

     

    

 

Section 2.2.        
Closing Date; Settlements. This Agreement shall become effective
and binding (the “Closing”) upon (a) the payment of the
Investor Expense Reimbursement to the Investor prior to the Closing pursuant to Sections 7.1 and 10.1(i), (b) the delivery of counterpart
signature pages of this Agreement and the Registration Rights Agreement executed by each of the parties hereto and thereto, and (c) the
delivery of all other documents, instruments and writings required to be delivered at the Closing, in each case as provided in Section
7.1, to the offices of Dorsey & Whitney LLP, 51 West 52nd Street, New York, NY 10019-6119, at 4:00 p.m., New York City
time, on the Closing Date. In consideration of and in express reliance upon the representations, warranties and covenants contained in,
and upon the terms and subject to the conditions of, this Agreement, during the Investment Period, the Company, at its sole option and
discretion, may issue and sell to the Investor, and, if the Company elects to so issue and sell, the Investor shall purchase from the
Company, the Shares in respect of each VWAP Purchase. The delivery of Shares in respect of each VWAP Purchase, and the payment for such
Shares, shall occur in accordance with Section 3.2, provided that all of the conditions precedent in Article VII shall have been
fulfilled at the applicable times set forth in Article VII.

 

Section 2.3.        
Initial Public Announcements and Required Filings. The Company shall, within the time period required under the Exchange
Act, file with the Commission a Current Report on Form 8-K describing the material terms of the transactions contemplated by the Transaction
Documents and attaching as exhibits thereto copies of each of this Agreement, the Registration Rights Agreement and, if applicable, any
press release issued by the Company disclosing the execution of this Agreement by the Company and the Operating Partnership (including
all exhibits thereto, the “Current Report”). The Company shall provide the Investor a reasonable opportunity
to comment on a draft of the Current Report prior to filing the Current Report with the Commission and shall give due consideration to
all such comments. From and after the filing of the Current Report with the Commission, the Company and the Operating Partnership shall
have publicly disclosed all material, nonpublic information delivered to the Investor (or the Investor’s representatives or agents)
by the Company, any of its Subsidiaries or the Operating Partnership, or any of their respective officers, directors, employees, agents
or representatives (if any) in connection with the transactions contemplated by the Transaction Documents. The Investor covenants that
until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company as described in this Section
2.3, the Investor shall maintain the confidentiality of all disclosures made to it in connection with the transactions contemplated by
the Transaction Documents (including the existence and terms of the transactions), except that the Investor may disclose the terms of
such transactions to its financial, accounting, legal and other advisors (provided that the Investor directs such Persons to maintain
the confidentiality of such information). The Company shall use its commercially reasonable efforts to prepare and, as soon as practicable,
but in no event later than the applicable Filing Deadline, file with the Commission the Initial Registration Statement and any New Registration
Statement covering only the resale by the Investor of the Registrable Securities in accordance with the Securities Act and the Registration
Rights Agreement. At or before 8:30 a.m. (New York City time) on the Trading Day immediately following the Effective Date of the Initial
Registration Statement and any New Registration Statement (or any post-effective amendment thereto), the Company shall use its commercially
reasonable efforts to file with the Commission in accordance with Rule 424(b) under the Securities Act the final Prospectus to be used
in connection with sales pursuant to such Registration Statement (or post-effective amendment thereto).

 

    2

     

    

 

Article
III

PURCHASE TERMS

 

Subject to the satisfaction
of the conditions set forth in Article VII, the parties agree as follows:

 

Section 3.1.        
VWAP Purchases. Upon the initial satisfaction of all of the conditions set forth in Section 7.2 (the “Commencement”
and the date of initial satisfaction of all of such conditions, the “Commencement Date”) and from time to time
thereafter, subject to the satisfaction of all of the conditions set forth in Section 7.3, the Company shall have the right, but not the
obligation, to direct the Investor, by its timely delivery to the Investor of a VWAP Purchase Notice, after 6:00 a.m., New York City time,
but prior to 9:00 a.m., New York City time, on a VWAP Purchase Date, to purchase the applicable VWAP Purchase Share Amount, not to exceed
the applicable VWAP Purchase Maximum Amount, at the applicable VWAP Purchase Price therefor on the applicable VWAP Purchase Date in accordance
with this Agreement in accordance with this Agreement (each such purchase, a “VWAP Purchase”). The Company may
timely deliver a VWAP Purchase Notice to the Investor as often as every Trading Day, so long as all Shares subject to all prior VWAP Purchases
have theretofore been received by the Investor as DWAC Shares under this Agreement. The Investor is obligated to accept each VWAP Purchase
Notice prepared and delivered by the Company in accordance with the terms of and subject to the satisfaction of the conditions contained
in this Agreement. If the Company delivers any VWAP Purchase Notice directing the Investor to purchase a VWAP Purchase Share Amount in
excess of the applicable VWAP Purchase Maximum Amount, such VWAP Purchase Notice shall be void ab initio to the extent of the amount
by which the VWAP Purchase Share Amount set forth in such VWAP Purchase Notice exceeds such applicable VWAP Purchase Maximum Amount, and
the Investor shall have no obligation to purchase such excess Shares in respect of such VWAP Purchase Notice; provided, however,
that the Investor shall remain obligated to purchase the applicable VWAP Purchase Maximum Amount in such VWAP Purchase. At or prior to
5:30 p.m., New York City time, on the VWAP Purchase Date for each VWAP Purchase, the Investor shall provide to the Company a written confirmation
for such VWAP Purchase (each, a “VWAP Purchase Confirmation”) setting forth the applicable VWAP Purchase Price
per Share to be paid by the Investor in such VWAP Purchase, and the total aggregate VWAP Purchase Price to be paid by the Investor for
the total VWAP Purchase Share Amount purchased by the Investor in such VWAP Purchase. Notwithstanding the foregoing, the Company shall
not deliver any VWAP Purchase Notices to the Investor during the PEA Period.

 

    3

     

    

 

Section 3.2.        
Settlement. The payment for, against delivery of, the total number of Shares constituting the applicable VWAP Purchase
Share Amount purchased by the Investor in each VWAP Purchase shall be fully settled on the Trading Day immediately following the applicable
VWAP Purchase Date for such VWAP Purchase (each such date, a “VWAP Purchase Settlement Date”). The Company
shall use reasonable best efforts to cause the Shares constituting the applicable VWAP Purchase Share Amount purchased by the Investor
in each VWAP Purchase to be delivered, as DWAC Shares, to the Investor (or to its Broker-Dealer in accordance with prior written instructions
provided by the Investor to the Company in accordance with this Agreement), as soon as possible after the Company’s receipt of
the applicable VWAP Purchase Confirmation from the Investor, and in any event not later than 1:00 p.m., New York City time, on the applicable
VWAP Purchase Settlement Date (it being acknowledged and agreed that the Company may not deliver any additional VWAP Purchase Notice
to the Investor until all such Shares subject to such VWAP Purchase, and all Shares subject to all prior VWAP Purchase Notices, have
theretofore been received by the Investor or its Broker-Dealer (as applicable) as DWAC Shares in accordance with this Agreement). For
each VWAP Purchase, the Investor shall pay to the Company an amount in cash equal to the product of (a) the total number of Shares purchased
by the Investor in such VWAP Purchase and (b) the applicable VWAP Purchase Price for such Shares, as full payment for such Shares purchased
by the Investor in such VWAP Purchase, via wire transfer of immediately available funds, not later than 5:00 p.m., New York City time,
on the applicable VWAP Purchase Settlement Date for such VWAP Purchase; provided that the Investor shall have received, not later than
1:00 p.m., New York City time, on such applicable VWAP Purchase Settlement Date, all of such Shares purchased by the Investor in such
VWAP Purchase as DWAC Shares in accordance with the second sentence of this Section 3.2; provided, further, that if any of such Shares
are received by the Investor or its Broker-Dealer after 1:00 p.m., New York City time, on the applicable VWAP Purchase Settlement Date
for such VWAP Purchase, then the Company’s receipt in its designated account of the applicable VWAP Purchase Price for such Shares
may occur on the Trading Day next following the Trading Day on which the Investor shall have received, prior to 1:00 p.m., New York City
time, all of such Shares as DWAC Shares. If the Company or the Transfer Agent shall fail for any reason to deliver to the Investor, as
DWAC Shares, any Shares purchased by the Investor in a VWAP Purchase prior to 10:30 a.m., New York City time, on the Trading Day immediately
following the applicable VWAP Purchase Settlement Date for such VWAP Purchase, and if on or after such Trading Day the Investor purchases
(in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Investor of such Shares
that the Investor anticipated receiving from the Company on such VWAP Purchase Settlement Date in respect of such VWAP Purchase, then,
within one (1) Trading Day after the Investor’s request, the Company shall, at the Investor’s election (in its sole discretion)
and in accordance with the Investor’s instructions in connection therewith: (i) pay cash to the Investor in an amount equal to
the Investor’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased (the
 “Cover Price”), at which point the Company’s obligation to deliver such Shares as DWAC Shares shall terminate,
or (ii) promptly honor its obligation to deliver to the Investor such Shares as DWAC Shares and pay cash to the Investor in an amount
equal to the excess (if any) of the Cover Price over the total purchase price paid by the Investor pursuant to this Agreement for the
Shares purchased by the Investor in such VWAP Purchase. The Company shall not issue any fraction of a share of Common Stock to the Investor
in connection with any VWAP Purchase effected pursuant to this Agreement. If the issuance would result in the issuance of a fraction
of a share of Common Stock, the Company shall round such fraction of a share of Common Stock up or down to the nearest whole share. All
payments to be made by the Investor pursuant to this Agreement shall be made by wire transfer of immediately available funds to such
account as the Company may from time to time designate by prior written notice delivered to the Investor in accordance with the provisions
of this Agreement.

 

Section 3.3.        
Compliance with Rules of Trading Market.

 

(a)               Share
Issuance Restriction. The Company shall not issue or sell any shares of Common Stock pursuant to this Agreement, and the
Investor shall not purchase or acquire any shares of Common Stock pursuant to this Agreement, to the extent that after giving effect
thereto, the aggregate number of shares of Common Stock that would be issued pursuant to this Agreement and the transactions
contemplated hereby would exceed 6,040,888 (representing 19.99% of the shares of Common Stock issued and outstanding immediately
prior to the execution of this Agreement), which number of shares shall be reduced, on a share-for-share basis, by the number of
shares of Common Stock issued or issuable pursuant to any transaction or series of transactions that may be aggregated with the
transactions contemplated by this Agreement under applicable rules of the Trading Market (such maximum number of shares of Common
Stock issuable by the Company under this Agreement, the “Aggregate Limit”).

 

    4

     

    

 

 

(b)          General.
The Company shall not issue or sell any shares of Common Stock pursuant to this Agreement if such issuance or sale would reasonably
be expected to result in (A) a violation of the Securities Act or (B) a breach of the rules of the Trading Market. The provisions of
this Section 3.3 shall be implemented in a manner otherwise than in strict conformity with the terms of this Section 3.3 only if necessary
to ensure compliance with the Securities Act and the applicable rules of the Trading Market.

 

Section 3.4.        Beneficial
Ownership Limitation. Notwithstanding anything to the contrary contained in this Agreement, the Company shall not issue
or sell, and the Investor shall not purchase or acquire, any shares of Common Stock under this Agreement which, when aggregated
with all other shares of Common Stock then beneficially owned by the Investor and its affiliates (as calculated pursuant to Section 13(d)
of the Exchange Act and Rule 13d-3 promulgated thereunder), would result in the beneficial ownership by the Investor of more
than 4.99% of the outstanding shares of Common Stock (the “Beneficial Ownership Limitation”). Upon the
written or oral request of the Investor, the Company shall promptly (but not later than the next business day on which the Transfer Agent
is open for business) confirm orally or in writing to the Investor the number of shares of Common Stock outstanding as of the most recent
date for which the Transfer Agent has such information. The Investor and the Company shall each cooperate in good faith in the determinations
required under this Section 3.4 and the application of this Section 3.4. The Investor’s written certification to the Company of
the applicability of the Beneficial Ownership Limitation, and the resulting effect thereof hereunder at any time, shall be conclusive
with respect to the applicability thereof and such result absent manifest error. The provisions of this Section 3.4 shall be construed
and implemented in a manner otherwise than in strict conformity with the terms of this Section 3.4 to the extent necessary to properly
give effect to the limitations contained in this Section 3.4.

 

Article
IV

REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE INVESTOR

 

The Investor hereby makes
the following representations, warranties and covenants to the Company and the Operating Partnership:

 

Section 4.1.         Organization
and Standing of the Investor. The Investor is a limited partnership duly organized, validly existing and in good standing under
the laws of the State of Delaware.

 

    5

     

    

 

Section 4.2.        Authorization
and Power. The Investor has the requisite limited partnership power and authority to enter into and perform its obligations
under this Agreement and the Registration Rights Agreement and to purchase or acquire the Securities in accordance with the terms
hereof. The execution, delivery and performance by the Investor of this Agreement and the Registration Rights Agreement and the
consummation by it of the transactions contemplated hereby and thereby have been duly authorized by each of the Investor General
Partner and the Investment Manager of the Investor, and no further consent or authorization of the Investor, its Investor General
Partner, its Investment Manager or its Limited Partners is required. Each of this Agreement and the Registration Rights Agreement
has been duly executed and delivered by the Investor and constitutes a valid and binding obligation of the Investor enforceable
against it in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, liquidation, conservatorship, receivership, or similar laws relating to, or affecting generally the
enforcement of, creditor’s rights and remedies or by other equitable principles of general application (including any
limitation of equitable remedies).

 

Section 4.3.         No
Conflicts. The execution, delivery and performance by the Investor of this Agreement and the Registration Rights Agreement and
the consummation by the Investor of the transactions contemplated hereby and thereby do not and shall not (i) result in a violation of
such Investor’s certificate of limited partnership, limited partnership agreement, investment management agreement or other applicable
organizational instruments, (ii) conflict with, constitute a default (or an event which, with notice or lapse of time or both, would
become a default) under, or give rise to any rights of termination, amendment, acceleration or cancellation of, any material agreement,
mortgage, deed of trust, indenture, note, bond, license, lease agreement, instrument or obligation to which the Investor is a party or
is bound, (iii) create or impose any lien, charge or encumbrance on any property of the Investor under any agreement or any commitment
to which the Investor is party or under which the Investor is bound or under which any of its properties or assets are bound, or (iv)
result in a violation of any federal, state, local or foreign statute, rule, or regulation, or any order, judgment or decree of any court
or governmental agency applicable to the Investor or by which any of its properties or assets are bound or affected, except, in the case
of clauses (ii), (iii) and (iv), for such conflicts, defaults, terminations, amendments, acceleration, cancellations and violations as
would not, individually or in the aggregate, prohibit or otherwise interfere with, in any material respect, the ability of the Investor
to enter into and perform its obligations under this Agreement and the Registration Rights Agreement. The Investor is not required under
any applicable federal, state, local or foreign law, rule or regulation to obtain any consent, authorization or order of, or make any
filing or registration with, any court or governmental agency in order for it to execute, deliver or perform any of its obligations under
this Agreement and the Registration Rights Agreement or to purchase or acquire the Securities in accordance with the terms hereof; provided,
however, that for purposes of the representation made in this sentence, the Investor is assuming and relying upon the accuracy
of the relevant representations and warranties and the compliance with the relevant covenants and agreements of the Company and the Operating
Partnership in the Transaction Documents to which it is a party.

 

Section 4.4.         Investment
Purpose. The Investor is acquiring the Securities for its own account, for investment purposes and not with a view towards, or
for resale in connection with, the public sale or distribution thereof, except pursuant to sales registered under or exempt from the
registration requirements of the Securities Act; provided, however, that by making the representations herein, the Investor
does not agree, or make any representation or warranty, to hold any of the Securities for any minimum or other specific term and reserves
the right to dispose of the Securities at any time in accordance with, or pursuant to, a registration statement filed pursuant to the
Registration Rights Agreement or an applicable exemption under the Securities Act. The Investor does not presently have any agreement
or understanding, directly or indirectly, with any Person to sell or distribute any of the Securities.

 

    6

     

    

 

Section 4.5.          Accredited
Investor Status. The Investor is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D.

 

Section 4.6.        Reliance
on Exemptions. The Investor understands that the Securities are being offered and sold to it in reliance on specific exemptions
from the registration requirements of U.S. federal and state securities laws and that the Company is relying upon the truth and accuracy
of, and the Investor’s compliance with, the representations, warranties, agreements, acknowledgments and understandings of the
Investor set forth herein in order to determine the availability of such exemptions and the eligibility of the Investor to acquire the
Securities.

 

Section 4.7.         Information.
All materials relating to the business, financial condition, management and operations of the Company, the Operating Partnership
and materials relating to the offer and sale of the Securities which have been requested by the Investor have been furnished or otherwise
made available to the Investor or its advisors, including, without limitation, the Commission Documents. The Investor understands that
its investment in the Securities involves a high degree of risk. The Investor is able to bear the economic risk of an investment in the
Securities and has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks
of a proposed investment in the Securities. The Investor and its advisors have been afforded the opportunity to ask questions of and
receive answers from representatives of the Company and the Operating Partnership concerning the financial condition and business of
the Company and other matters relating to an investment in the Securities. Neither such inquiries nor any other due diligence investigations
conducted by the Investor or its advisors, if any, or its representatives shall modify, amend or affect the Investor’s right to
rely on the Company’s representations and warranties contained in this Agreement or in any other Transaction Document to which
the Company is a party or the Investor’s right to rely on any other document or instrument executed and/or delivered in connection
with this Agreement or the consummation of the transaction contemplated hereby (including, without limitation, the opinions of the Company’s
counsel delivered pursuant to Section 7.2(xv)). The Investor has sought such accounting, legal and tax advice as it has considered necessary
to make an informed investment decision with respect to its acquisition of the Securities. The Investor understands that it (and not
the Company or the Operating Partnership) shall be responsible for its own tax liabilities that may arise as a result of this investment
or the transactions contemplated by this Agreement.

 

Section 4.8.         No
Governmental Review. The Investor understands that no United States federal or state agency or any other government or governmental
agency has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in
the Securities nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

 

Section 4.9.         No
General Solicitation. The Investor is not purchasing or acquiring the Securities as a result of any form of general solicitation
or general advertising (within the meaning of Regulation D) in connection with the offer or sale of the Securities.

 

    7

     

    

 

Section 4.10.        Not
an Affiliate. The Investor is not an officer, director or an Affiliate of the Company. As of the date of this Agreement, the
Investor does not beneficially own any shares of Common Stock or securities exercisable for or convertible into shares of Common Stock,
and during the Investment Period, the Investor will not acquire beneficial ownership of any shares of the Company’s capital stock
(including shares of Common Stock or securities exercisable for or convertible into shares of Common Stock) other than pursuant to this
Agreement; provided, however, that nothing in this Agreement shall prohibit or be deemed to prohibit the Investor from
purchasing, in an open market transaction or otherwise, shares of Common Stock necessary to make delivery by the Investor in satisfaction
of a sale by the Investor of Shares that the Investor anticipated receiving from the Company in connection with the settlement of a VWAP
Purchase if the Company or its Transfer Agent shall have failed for any reason (other than a failure of the Investor or its Broker-Dealer
to set up a DWAC and required instructions) to electronically transfer all of the Shares subject to such VWAP Purchase to the Investor
by crediting the Investor’s or its designated Broker-Dealer’s account at DTC through its DWAC delivery system within the
time period set forth in, and otherwise in compliance with, Section 3.2 of this Agreement.

 

Section 4.11.       No
Prior Short Sales. At no time prior to the date of this Agreement has any of the Investor, its agents, representatives or Affiliates
engaged in or effected, in any manner whatsoever, directly or indirectly, any (i) “short sale” (as such term is defined in
Rule 200 of Regulation SHO of the Exchange Act) of the Common Stock or (ii) hedging transaction, which establishes a net short position
with respect to the Common Stock.

 

Section 4.12.       Statutory
Underwriter Status. The Investor acknowledges that it will be disclosed as an “underwriter” and a “selling
stockholder” in each Registration Statement and in any Prospectus contained therein to the extent required by applicable law and
to the extent the Prospectus is related to the resale of Registrable Securities.

 

Section 4.13.      Resales
of Securities. The Investor represents, warrants and covenants that it will resell such Securities only pursuant to the Registration
Statement in which the resale of such Securities is registered under the Securities Act, in a manner described under the caption “Plan
of Distribution” in such Registration Statement, and in a manner in compliance with all applicable U.S. federal and state securities
laws, rules and regulations.

 

Article
V

REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY AND THE OPERATING PARTNERSHIP

 

Except as set forth in the
disclosure schedule delivered by the Company to the Investor (which is hereby incorporated by reference in, and constitutes an integral
part of, this Agreement) (the “Disclosure Schedule”), each of the Company and the Operating Partnership, jointly
and severally, hereby makes the following representations, warranties and covenants to the Investor:

 

    8

     

    

 

Section 5.1.         Organization,
Good Standing and Power. The Company and each subsidiary of the Company, including the Operating Partnership and its subsidiaries
(each, a “Subsidiary” and collectively, the “Subsidiaries”), is an entity duly incorporated
or otherwise organized, validly existing corporation, limited partnership or limited liability company, as applicable, and in good standing
under the laws of the jurisdiction of its incorporation or organization, with the requisite corporate or other power and authority to
own and use its properties and assets and to carry on its business as currently conducted.  Each of the Company and its Subsidiaries
is duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which
the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified
or in good standing, as the case may be, would not reasonably be expected to result in a Material Adverse Effect, and no proceeding has
been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority
or qualification. Except as disclosed in the Filed Commission Documents, no Subsidiary is prohibited or restricted, directly or indirectly,
from paying dividends to the Company, or from making any other distribution with respect to such Subsidiary’s capital stock or
other equity interests or from repaying to the Company or any other Subsidiary any amounts that may from time to time become due under
any loans or advances to such Subsidiary from the Company or such other Subsidiary, or from transferring any such Subsidiary’s
property or assets to the Company or to any other Subsidiary. Other than as disclosed in the Commission Documents or the Disclosure Schedules,
the Company does not own, directly or indirectly, any capital stock or other equity securities of any other corporation or any ownership
interest in any partnership, joint venture or other association. Each corporation, association or other entity that is a “significant
subsidiary” (within the meaning of Rule 1-02(w) of Regulation S-X) owned or controlled, directly or indirectly, by the Company
is set forth in the Commission Documents.

 

Section 5.2.         Authorization,
Enforcement. Each of the Company and the Operating Partnership has the requisite corporate or other power and authority to enter
into and perform its obligations under each of the Transaction Documents to which it is a party and, in the case of the Company, to issue
the Securities in accordance with the terms hereof and thereof. Except for approvals of the Company’s Board of Directors or a committee
thereof as may be required in connection with any issuance and sale of Shares to the Investor hereunder (which approvals shall be obtained
prior to the delivery of any VWAP Purchase Notice), the execution, delivery and performance by the Company and the Operating Partnership
of each of the Transaction Documents to which it is a party and the consummation by it of the transactions contemplated hereby and thereby
have been duly and validly authorized by all necessary corporate or other action (as applicable) on the part of the Company and the Operating
Partnership, and no further consent or authorization of (a) the Company or its Board of Directors or its stockholders, (b) the Operating
Partnership or any of its partners, or (c) any other Person is required in order for each of the Company and the Operating Partnership
to execute, deliver and perform its respective obligations under the Transaction Documents to which it is a party. Each of the Transaction
Documents to which the Company is a party has been duly executed and delivered by the Company and constitutes a valid and binding obligation
of the Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium, liquidation, conservatorship, receivership or similar laws relating to, or affecting
generally the enforcement of, creditor’s rights and remedies or by other equitable principles of general application (including
any limitation of equitable remedies). Each of the Transaction Documents to which the Operating Partnership is a party has been duly
executed and delivered by the Operating Partnership and constitutes a valid and binding obligation of the Operating Partnership enforceable
against the Operating Partnership in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium, liquidation, conservatorship, receivership or similar laws relating to, or affecting generally
the enforcement of, creditor’s rights and remedies or by other equitable principles of general application (including any limitation
of equitable remedies).

 

    9

     

    

 

Section 5.3.         Capitalization.
All the outstanding shares of capital stock of the Company and each of its Subsidiaries have been duly and validly authorized and
issued and are fully paid and non-assessable, and, except as otherwise set forth in the Commission Documents. Except as set forth in
the Commission Documents, this Agreement and the Registration Rights Agreement, there are no agreements or arrangements under which the
Company is obligated to register the sale of any securities under the Securities Act. Except as set forth in the Commission Documents,
no shares of capital stock of the Company are entitled to preemptive rights and there are no outstanding debt securities and no contracts,
commitments, understandings, or arrangements by which the Company is or may become bound to issue additional shares of the capital stock
of the Company or options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or
securities or rights convertible into or exchangeable for, any shares of capital stock of the Company other than those issued or granted
in the ordinary course of business pursuant to the Company’s equity incentive and/or compensatory plans or arrangements. Except
as set forth in the Commission Documents, there are no securities or instruments containing anti-dilution or similar provisions that
will be triggered by this Agreement or any of the other Transaction Documents or the consummation of the transactions described herein
or therein. The Company has filed with the Commission true and correct copies of the Company’s Certificate of Incorporation as
in effect on the Closing Date (the “Charter”), and the Company’s Bylaws as in effect on the Closing Date
(the “Bylaws”). Except as disclosed in Exhibit A to the Seventh Amended and Restated Agreement of Limited
Partnership of the Operating Partnership (as amended, the “Partnership Agreement”), all of the outstanding
shares of capital stock or partner or member interests of the Subsidiaries are directly or indirectly owned of record and beneficially
by the Company, free and clear of any pledge, lien, encumbrance, security interest or other claim, except for security interests in favor
of lenders created pursuant to or in connection with loan documents disclosed in the Commission Documents and property-level financing.

 

Section 5.4.         Issuance
of Securities. The Shares to be issued under this Agreement have been, or with respect to Shares to be purchased by the Investor
pursuant to a particular VWAP Purchase Notice, will be, prior to the delivery to the Investor hereunder of such VWAP Purchase Notice,
duly authorized by all necessary corporate action on the part of the Company. As of the date of this Agreement, 6,040,888 shares of Common
Stock have been duly authorized and reserved by the Company for issuance and sale by the Company to the Investor as Shares under this
Agreement, collectively representing a number of shares equal to 19.99% of the shares of Common Stock issued and outstanding immediately
prior to the execution of this Agreement.

 

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Section 5.5.         No
Conflicts. The execution, delivery and performance by each of the Company and the Operating Partnership of each of the Transaction
Documents to which it is a party and the consummation by the Company and the Operating Partnership of the transactions contemplated hereby
and thereby do not and shall not (i) result in a violation of any provision of the Company’s Charter or Bylaws or the Partnership
Agreement or other organizational documents of the Operating Partnership, (ii) conflict with or result in a breach or violation of any
of the terms or provisions of, or constitute a default (or an event which, with notice or lapse of time or both, would become a default)
under, or give rise to any rights of termination, amendment, acceleration or cancellation of, any material agreement, mortgage, deed
of trust, indenture, note, bond, license, lease agreement, instrument or obligation to which the Company, the Operating Partnership or
any of the Company’s Subsidiaries is a party or is bound, (iii) create or impose a lien, charge or encumbrance on any property
or assets of the Company, the Operating Partnership or any of the Company’s Subsidiaries under any agreement or any commitment
to which the Company, the Operating Partnership or any of the Company’s Subsidiaries is a party or by which the Company, the Operating
Partnership or any of the Company’s Subsidiaries is bound or to which any of their respective properties or assets is subject,
or (iv) result in a violation of any federal, state, local or foreign statute, rule, regulation, order, judgment or decree applicable
to the Company, the Operating Partnership or any of the Company’s Subsidiaries or by which any property or asset of the Company,
the Operating Partnership or any of the Company’s Subsidiaries are bound or affected (including federal and state securities laws
and regulations and the rules and regulations of the Trading Market), except, in the case of clauses (ii), (iii) and (iv), for such conflicts,
defaults, terminations, amendments, acceleration, cancellations, liens, charges, encumbrances and violations as would not, individually
or in the aggregate, have a Material Adverse Effect. Except as specifically contemplated by this Agreement or the Registration Rights
Agreement and as required under the Securities Act and any applicable state securities laws, neither the Company nor the Operating Partnership
is required under any federal, state, local or foreign law, rule or regulation to obtain any consent, authorization or order of, or make
any filing or registration with, any court or governmental agency (including, without limitation, the Trading Market) in order for it
to execute, deliver or perform any of its respective obligations under the Transaction Documents to which it is a party, or to issue
the Securities to the Investor in accordance with the terms hereof and thereof (other than such consents, authorizations, orders, filings
or registrations as have been obtained or made prior to the Closing Date); provided, however, that, for purposes of the
representation made in this sentence, each of the Company and the Operating Partnership is assuming and relying upon the accuracy of
the representations and warranties of the Investor in this Agreement and the compliance by it with its covenants and agreements contained
in this Agreement and the Registration Rights Agreement.

 

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Section 5.6.         Commission
Documents, Financial Statements; Disclosure Controls and Procedures; Internal Controls Over Financial Reporting; Accountants.

 

(a)          The
Company has timely filed (giving effect to permissible extensions in accordance with Rule 12b-25 under the Exchange Act) all
Commission Documents for the twelve months preceding the date of this Agreement (the “Filed Commission
Documents”). The Company has delivered or made available to the Investor via EDGAR or otherwise true and complete
copies of the Filed Commission Documents (including, without limitation, the 2020 Form 10-K) prior to the Closing Date. As of its
filing date, each SEC Filing (including, without limitation, the 2020 Form 10-K) complied in all material respects with the
requirements of the Securities Act or the Exchange Act, as applicable, and other federal, state and local laws, rules and
regulations applicable to it, and, as of its filing date (or, if amended or superseded by a filing prior to the Closing Date, on the
date of such amended or superseded filing). Each Registration Statement, on the date it is filed with the Commission, on the date it
is declared effective by the Commission, and at the time of delivery of a VWAP Purchase Notice on the applicable VWAP Purchase Date,
shall comply in all material respects with the requirements of the Securities Act (including, without limitation, Rule 415 under the
Securities Act) and shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary in order to make the statements therein not misleading, except that this representation and warranty shall not
apply to statements in or omissions from such Registration Statement made in reliance upon and in conformity with information
relating to the Investor furnished to the Company in writing by or on behalf of the Investor expressly for use therein. The
Prospectus and each Prospectus Supplement required to be filed pursuant to this Agreement or the Registration Rights Agreement after
the Closing Date, when taken together, on its date, and at the time of delivery of a VWAP Purchase Notice on the applicable VWAP
Purchase Date, shall comply in all material respects with the requirements of the Securities Act (including, without limitation,
Rule 424(b) under the Securities Act) and shall not contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they
were made, not misleading, except that this representation and warranty shall not apply to statements in or omissions from the
Prospectus or any Prospectus Supplement made in reliance upon and in conformity with information relating to the Investor furnished
to the Company in writing by or on behalf of the Investor expressly for use therein. Each Commission Document (other than the
Initial Registration Statement or any New Registration Statement, or the Prospectus included therein or any Prospectus Supplement
thereto) to be filed with or furnished to the Commission after the Closing Date and filed as part of or incorporated by reference in
the Initial Registration Statement or any New Registration Statement, or the Prospectus included therein or any Prospectus
Supplement thereto required to be filed pursuant to this Agreement or the Registration Rights Agreement (including, without
limitation, the Current Report), when such document is filed with or furnished to the Commission and, if applicable, when such
document becomes effective, as the case may be, shall comply in all material respects with the requirements of the Securities Act or
the Exchange Act, as applicable, and other federal, state and local laws, rules and regulations applicable to it. There are no
outstanding or unresolved comments or undertakings in such comment letters received by the Company from the Commission. The
Commission has not issued any stop order or other order suspending the effectiveness of any registration statement filed by the
Company under the Securities Act or the Exchange Act. To the Company’s Knowledge, the Commission has not commenced any
enforcement proceedings against the Company or any of its Subsidiaries.

 

(b)          The
financial statements and schedules of the Company and its consolidated Subsidiaries to be filed as part of or incorporated by reference
in the Initial Registration Statement or any New Registration Statement, or the Prospectus included therein or any Prospectus Supplement
thereto, present fairly in all material respects the financial condition, results of operations and cash flows of the Company and its
consolidated Subsidiaries as of the dates and for the periods indicated, comply as to form with the applicable accounting requirements
of Regulation S-X, and have been prepared in conformity with United States generally accepted accounting principles (“GAAP”)
applied on a consistent basis throughout the periods involved (except as otherwise noted therein). The interactive data in eXtensible
Business Reporting Language included or incorporated by reference in the Commission Documents, the Initial Registration Statement or
any New Registration Statement fairly present the information called for in all material respects and have been prepared in accordance
with the Commission’s rules and guidelines applicable thereto. The statistical and market-related data included or incorporated
by reference in the Commission Documents, the Initial Registration Statement or any New Registration Statement are based on or derived
from sources that the Company believes, after reasonable inquiry, to be reliable and accurate and, to the extent required, the Company
has obtained the written consent to the use of such data from such source.

 

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(c)          The Company, the Operating Partnership and the Subsidiaries have established and maintain disclosure controls and procedures (as
such term is defined in Rule 13a-15 and 15d-15 under the Exchange Act). Except as disclosed in Commission Documents, such disclosure
controls and procedures are designed to ensure that material information relating to the Company and its Subsidiaries is made known to
the Company’s Chief Executive Officer and its Chief Financial Officer by others within those entities, and such disclosure controls
and procedures are effective to perform the functions for which they were established. The Company, the Operating Partnership and the
Subsidiaries have established and maintain internal control over financial reporting (as such term is defined in Rule 13a-15 and 15d-15
under the Exchange Act). Except as disclosed in Commission Documents, such internal control over financial reporting is designed to provide
reasonable assurance that (A) transactions are executed in accordance with management’s general or specific authorization;
(B) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability
for assets; (C) access to assets is permitted only in accordance with management’s general or specific authorization; (D) the
recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with
respect to any differences; and (E) the interactive data in eXtensible Business Reporting Language in the Commission Documents fairly
presents the information called for in all material respects and are prepared in accordance with the Commission’s rules and guidelines
applicable thereto. The Company’s auditors and the Audit Committee of the Board of Directors of the Company have been advised of:
(i) any significant deficiencies and material weaknesses in the design or operation of internal controls which could adversely affect
the Company’s ability to record, process, summarize, and report financial data; and (ii) any fraud, whether or not material,
that involves management or other employees who have a role in the Company’s internal controls. Since the date of the most recent
evaluation of such disclosure controls and procedures, except as disclosed in Commission Documents, there have been (A) no material
weakness in the Company’s internal control over financial reporting (whether or not remediated) and (B) no significant changes
in internal controls or in other factors that could significantly affect internal controls, including any corrective actions with regard
to significant deficiencies.

 

(d)          The
Company is in compliance with all provisions of the Sarbanes-Oxley Act of 2002, as amended, and the rules and regulations thereunder,
which are applicable to it as of the date hereof.

 

(e)          The
Company’s accountants are set forth in the Commission Documents and, to the Knowledge of the Company, such accountants are an independent
registered public accounting firm as required by the Securities Act.

 

Section 5.7.         Due
Authorization of Partnership Agreement. The Partnership Agreement has been duly and validly authorized, executed and delivered
by or on behalf of the partners of the Operating Partnership and constitutes a valid and binding agreement of the parties thereto, enforceable
in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar
laws affecting creditors’ rights generally or by general principles of equity.

 

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Section 5.8.         Capitalization
of Operating Partnership. (A) Ashford OP Limited Partner LLC (the “Limited Partner”) is a holder
of the common limited partnership interests in the Operating Partnership (the “Common Units”) representing
a majority limited partner ownership interest in the Operating Partnership and such units of preferred limited partner interest in the
Operating Partnership (the “Preferred Units”) as described in the Filed Commission Documents, (B) Ashford
OP General Partner LLC (the “General Partner”) is the holder of the sole general partner interest in the Operating
Partnership, and (C) the Company owns a 100% member interest in the General Partner and in the Limited Partner, in each case free
and clear of any pledge, lien, encumbrance, security interest or other claim, except for security interests in favor of lenders created
pursuant to or in connection with loan documents disclosed in the Commission Documents. The Common Units to be issued by the Operating
Partnership to the Company in connection with the contribution of the cash proceeds from the sale of the Shares to the Investor from
time to time pursuant to this Agreement have been duly authorized and, when issued and delivered by the Operating Partnership in accordance
with the Partnership Agreement against payment therefor of the consideration set forth therein, will be validly issued and non-assessable
(except to the extent set forth in Section 17-303, 17-607 and 17-804 of the Delaware Revised Uniform Limited Partnership Act). The holders
of outstanding Common Units are not entitled pursuant to the Delaware Revised Uniform Limited Partnership Act or the Partnership Agreement
to preemptive or other rights to subscribe for the Securities or the Common Units to be issued by the Operating Partnership to the Company
in connection with the contribution of the cash proceeds from the sale of the Shares to the Investor from time to time pursuant to this
Agreement.

 

Section 5.9.         No
Material Adverse Effect or Material Adverse Change. Except as disclosed in the Commission Documents, since December 31, 2020,
there has not been (A) any change, or any development or event that would reasonably be expected to result in a change, that has
or would reasonably be expected to have a Material Adverse Effect, whether or not arising in the ordinary course of business, (B) any
transaction that is material to the Company and the Subsidiaries taken as a whole entered into or agreed to be entered into by the Company
or any of the Subsidiaries, (C) any obligation, contingent or otherwise, directly or indirectly incurred by the Company or any Subsidiary
that is material to the Company and Subsidiaries taken as a whole or (D) except for regular quarterly dividends on the Common Stock
and shares of the Company’s preferred stock, par value $0.01 per share, and regular quarterly distributions on the Common Units
and the Preferred Units, any dividend or distribution of any kind declared, paid or made by the Company on any class of its capital stock
or by the Operating Partnership on any of its partnership interests.

 

Section 5.10.       Mortgages.
The mortgages and deeds of trust encumbering any Real Property (as defined in Section 5.18) owned in fee or leased by the Company or
a Subsidiary (A) are not convertible (in the absence of foreclosure) into an equity interest in the Real Property or in the Company,
the Operating Partnership or any Subsidiary, and none of the Company, the Operating Partnership or the Subsidiaries hold a participating
interest therein, (B) except as set forth in the Commission Documents, are not and will not be cross-defaulted to any indebtedness
other than indebtedness of the Company or any of the Subsidiaries, and (C) are not and will not be cross-collateralized to any property
not owned by the Company, the Operating Partnership or any of the Subsidiaries.

 

Section 5.11.       Solvency.
The Company has not taken any steps, and does not currently expect to take any steps, to seek protection pursuant to any Bankruptcy Law,
nor does the Company or the Operating Partnership have any Knowledge that the Company’s creditors intend to initiate involuntary
bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings for relief under any Bankruptcy Law. The Company
is financially solvent and is generally able to pay its debts as they become due.

 

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Section 5.12.    
Property; Real Property. The Company and the Subsidiaries have good and indefeasible title in fee simple to, or a valid
leasehold interest in, all Real Property described in the Commission Documents, and good title to all personal property owned by them,
in each case free and clear of all liens, security interests, pledges, charges, encumbrances, encroachments, restrictions, mortgages and
defects, except such as are disclosed in the Commission Documents or such as do not materially and adversely affect the value of such
property and do not interfere with the use made or proposed to be made of such property by the Company and the Subsidiaries. Any Real
Property, improvements, equipment and personal property held under lease by the Company or any Subsidiary are held under valid, existing
and enforceable leases, with such exceptions as are disclosed in the Commission Documents or are not material and do not interfere with
the use made or proposed to be made of such Real Property, improvements, equipment and personal property by the Company or such Subsidiary.
The Company or a Subsidiary has obtained an owner’s or leasehold title insurance policy, from a title insurance company licensed
to issue such policy, on any Real Property owned in fee or leased, as the case may be, by the Company or any Subsidiary, that insures
the Company’s or the Subsidiary’s fee or leasehold interest, as the case may be, in such Real Property, which policies include
only commercially reasonable exceptions, and with coverages in amounts at least equal to amounts that are generally deemed in the Company’s
industry to be commercially reasonable in the markets where the Company’s properties are located, or a lender’s title insurance
policy insuring the lien of its mortgage securing the Real Property with coverage equal to the maximum aggregate principal amount of any
indebtedness held by the Company or a Subsidiary and secured by the Real Property. All Real Property owned or leased by the Company or
a Subsidiary is free of material structural defects and all building systems contained therein are in good working order in all material
respects, subject to ordinary wear and tear or, in each instance, the Company has created an adequate reserve to effect reasonably required
repairs, maintenance and capital expenditures. To the Knowledge of the Company and the Operating Partnership, water, storm water, sanitary
sewer, electricity and telephone service are all available at the property lines of such property over duly dedicated streets or perpetual
easements of record benefiting such property. Except as described in the Commission Documents, to the Knowledge of the Company and the
Operating Partnership, there is no pending or threatened special assessment, tax reduction proceeding or other action that, individually
or in the aggregate, would reasonably be expected to increase or decrease the Real Property taxes or assessments of any of such property,
that, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect.

 

Section 5.13.    
Actions Pending. Except as disclosed in Commission Documents, there is no action, suit, proceeding, inquiry or investigation
before or by any court, public board, government agency, self-regulatory organization or body pending or, to the Knowledge of the Company
or the Operating Partnership, threatened against or affecting the Company or any of the Subsidiaries, or any of their respective officers
or directors in their capacities as such, which would reasonably be expected to have a Material Adverse Effect.

 

Section 5.14.    Compliance
With Laws. During the 12-month period immediately preceding the date hereof, except as described in the Filed Commission
Documents, the Company and each of its Subsidiaries is and at all times has been in material compliance with all applicable U.S. and
foreign statutes, rules, or regulations applicable to Company and its Subsidiaries (“Applicable Laws”),
except as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

 

Section 5.15.    
Certain Fees. No brokerage or finder’s fees or commissions are or will be payable by the Company, the Operating
Partnership or any of the Subsidiaries to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank
or other Person with respect to the transactions contemplated by the Transaction Documents. None of the Investor, its Investor General
Partner, its Investment Manager or its Limited Partners, or any of their respective officers, managers, members, partners, directors or
Affiliates, shall have any obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for
fees of a type contemplated in this Section 5.15 incurred by the Company, the Operating Partnership or any of the Subsidiaries that may
be due or payable in connection with the transactions contemplated by the Transaction Documents.

 

Section 5.16.    
Disclosure. Each of the Company and the Operating Partnership confirms that neither it nor any other Person acting on
its behalf has provided the Investor, its Investor General Partner, its Investment Manager, or any of their agents, advisors or counsel
with any information that constitutes or could reasonably be expected to constitute material, nonpublic information concerning the Company,
the Operating Partnership or any of the Subsidiaries, other than the existence of the transactions contemplated by the Transaction Documents.
Each of the Company and the Operating Partnership understands and confirms that the Investor will rely on the foregoing representations
in effecting resales of Securities under the Registration Statement. All disclosure provided to Investor, its Investor General Partner,
its Investment Manager, and their agents, advisors or counsel regarding the Company, the Operating Partnership and the Subsidiaries, their
businesses and the transactions contemplated by the Transaction Documents (including, without limitation, the representations and warranties
of the Company and the Operating Partnership contained in the Transaction Documents to which it is a party (as modified by the Disclosure
Schedule)) furnished in writing by or on behalf of the Company or the Operating Partnership for purposes of or in connection with the
Transaction Documents (other than forward-looking information and projections and information of a general economic nature and general
information about the Company’s industry), taken together, is true and correct in all material respects on the date on which such
information is dated or certified, and does not contain any untrue statement of a material fact or omit to state any material fact necessary
in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading at such time.
Each press release issued by the Company or any of its Subsidiaries during the 12 months preceding the Closing Date did not at the time
of release (or, if amended or superseded by a later dated press release issued by the Company or any of its Subsidiaries prior to the
Closing Date or by a later dated Commission Document filed with or furnished to the Commission by the Company prior to the Closing Date,
at the time of issuance of such later dated press release or filing or furnishing of such Commission Document, as applicable) contain
any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the
statements therein, in the light of the circumstances under which they are made, not misleading.

 

Section 5.17.    
Regulatory Permits. Each of the Company and the Subsidiaries has all necessary licenses, authorizations, consents
and approvals and has made all necessary filings required under any federal, state, local or foreign law, regulation or rule, and has
obtained all necessary authorizations, consents and approvals from other persons, required in order to conduct their respective businesses
as described in the Commission Documents, except to the extent that any failure to have any such licenses, authorizations, consents or
approvals, to make any such filings or to obtain any such authorizations, consents or approvals would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. Neither the Company nor any of the Subsidiaries is in violation of, in default
under, or has received any written notice regarding a possible violation, default or revocation of any such license, authorization, consent
or approval or any federal, state, local or foreign law, regulation or rule or any decree, judgment or order applicable to the Company
or any of the Subsidiaries, the effect of which would reasonably be expected to result in a Material Adverse Effect. No such license,
authorization, consent or approval contains a materially burdensome restriction that is not adequately disclosed in the Commission Documents.
Neither the Company nor any of the Subsidiaries is required by any applicable law to obtain accreditation or certification from any governmental
agency or authority in order to provide the products and services that it currently provides or that it proposes to provide as set forth
in the Commission Documents, except to the extent that any failure to have such accreditation or certification would not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect. This Section 5.17 does not relate to environmental matters,
such items being the subject of Section 5.18.

 

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Section 5.18.     Environmental
Compliance. Neither the Company nor any of the Subsidiaries is in violation, or has received written notice of any violation
with respect to, any applicable environmental, safety or similar law, regulation or rule applicable to the business of the Company
or any of the Subsidiaries, except any such violation of law, regulation or rule that individually or in the aggregate, would not
reasonably be expected to have a Material Adverse Effect. The Company and the Subsidiaries have received all permits, licenses or
other approvals required of them under applicable federal and state occupational safety and health and environmental laws,
regulations and rules to conduct their respective businesses, and the Company and the Subsidiaries are in compliance with all terms
and conditions of any such permit, license or approval, except any such violation of law, regulation or rule, failure to receive
required permits, licenses or other approvals or failure to comply with the terms and conditions of such permits, licenses or
approvals that individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. Except as
otherwise disclosed in the Commission Documents, (A) none of the Operating Partnership, the Company, any of the Subsidiaries nor, to
the Knowledge of the Operating Partnership and the Company, any other owners of the property at any time or any other party has at
any time, handled, stored, treated, transported, manufactured, spilled, leaked, or discharged, dumped, transferred or otherwise
disposed of or dealt with, Hazardous Materials (as hereinafter defined) on, in, under, to or from any real property leased, owned or
controlled, including any real property underlying any loan held or to be held by the Company or the Subsidiaries (collectively, the
 “Real Property”), other than by any such action taken in compliance with all applicable Environmental
Statutes (hereinafter defined) or by the Operating Partnership, the Company, any of the Subsidiaries or any other party in
connection with the ordinary use of residential, retail or commercial properties owned by the Operating Partnership; (B) the
Operating Partnership and the Company do not intend to use the Real Property or any subsequently acquired properties for the purpose
of using, handling, storing, treating, transporting, manufacturing, spilling, leaking, discharging, dumping, transferring or
otherwise disposing of or dealing with Hazardous Materials other than by any such action taken in compliance with all applicable
Environmental Statues or by the Operating Partnership, the Company, any of the Subsidiaries or any other party in connection with
the ordinary use of residential, retail or commercial properties owned by the Operating Partnership; (C) none of the Operating
Partnership, the Company, nor any of the Subsidiaries knows of any seepage, leak, discharge, release, emission, spill, or dumping of
Hazardous Materials into waters on or adjacent to the Real Property or any other real property owned or occupied by any such party,
or onto lands from which Hazardous Materials might seep, flow or drain into such waters; (D) none of the Operating Partnership, the
Company, nor any of the Subsidiaries has received any written notice of, or has any Knowledge of any occurrence or circumstance
that, with notice or passage of time or both, would give rise to a claim under or pursuant to any federal, state or local
environmental statute, regulation or rule or under common law, pertaining to Hazardous Materials on or originating from any of the
Real Property or any assets described in the Commission Documents or any other real property owned or occupied by any such party or
arising out of the conduct of any such party, including without limitation a claim under or pursuant to any Environmental Statute;
(E) the Real Property is not included or, to the Company’s and the Operating Partnership’s Knowledge, proposed for
inclusion on the National Priorities List issued pursuant to the Comprehensive Environmental Response, Compensation, and Liability
Act of 1980, as amended, 42 U.S.C. Sections 9601-9675 (the “CERCLA”) by the United States Environmental
Protection Agency or, to the Operating Partnership’s and the Company’s Knowledge, proposed for inclusion on any similar
list or inventory issued pursuant to any other Environmental Statute or issued by any other Governmental Authority (as hereinafter
defined); and (F) in the operation of the Company’s and the Operating Partnership’s businesses, the Company acquires,
before acquisition of any real property, an environmental assessment of the real property and, to the extent they become aware of
any condition that would reasonably be expected to result in liability associated with the presence or release of a Hazardous
Material, or any violation or potential violation of any Environmental Statute, the Company and the Operating Partnership take all
commercially reasonable action necessary or advisable (including any capital improvements) for clean-up, closure or other compliance
with such Environmental Statute. There are no costs or liabilities associated with the Real Property pursuant to any Environmental
Statute (including, without limitation, any capital or operating expenditures required for clean-up, closure of properties or
compliance with any Environmental Statute or any permit, license or approval, any related constraints on operating activities and
any potential liabilities to third parties) that, individually or in the aggregate, would reasonably be expected to have a Material
Adverse Effect. None of the entities that prepared Phase I or other environmental assessments with respect to the Real Property was
employed for such purpose on a contingent basis or has any substantial interest in the Company or any of the Subsidiaries, and none
of their directors, officers or employees is connected with the Company or any of the Subsidiaries as a promoter, selling agent,
trustee, officer, director or employee. None of the Operating Partnership, the Company nor any Subsidiary knows of any violation of
any municipal, state or federal law, rule or regulation (including those pertaining to environmental matters) concerning the Real
Property or any part thereof that, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect.
The Real Property complies with all applicable zoning laws, ordinances, regulations and deed restrictions or other covenants in all
material respects and, if and to the extent there is a failure to comply, such failure does not materially impair the value of any
of the Real Property and will not result in a forfeiture or reversion of title. None of the Operating Partnership, the Company nor
any Subsidiary has received from any governmental authority any written notice of any condemnation of or zoning change affecting the
Real Property or any part thereof, and none of the Operating Partnership, the Company nor any Subsidiary knows of any such
condemnation or zoning change which is threatened and which, individually or in the aggregate, if consummated would reasonably be
expected to have a Material Adverse Effect. All liens, charges, encumbrances, claims, or restrictions on or affecting the properties
and assets (including the Real Property) of the Operating Partnership or any of the Subsidiaries that are required to be described
in the Commission Documents are disclosed therein. No lessee of any portion of any of the Real Property is in default under any of
the leases governing such properties and there is no event which, but for the passage of time or the giving of notice or both would
constitute a default under any of such leases, except such defaults that individually or in the aggregate, would not reasonably be
expected to have a Material Adverse Effect. No tenant under any lease pursuant to which the Operating Partnership or any of the
Subsidiaries leases any Real Property has an option or right of first refusal to purchase the premises leased thereunder or the
building of which such premises are a part, except as such options or rights of first refusal that, individually or in the
aggregate, if exercised, would not reasonably be expected to have a Material Adverse Effect. As used herein, “Hazardous
Material” includes, without limitation any flammable explosives, radioactive materials, hazardous materials, hazardous
wastes, toxic substances, or related materials, asbestos or any hazardous material as defined by any federal, state or local
environmental law, regulation or rule including, without limitation, the CERCLA, the Hazardous Materials Transportation Act, as
amended, 49 U.S.C. Sections 1801-1819, the Resource Conservation and Recovery Act, as amended, 42 U.S.C. Sections 6901-6992K, the
Emergency Planning and Community Right-to-Know Act of 1986, 42 U.S.C. Sections 11001-11050, the Toxic Substances Control Act, 15
U.S.C. Sections 2601-2671, the Federal Insecticide, Fungicide and Rodenticide Act, 7 U.S.C. Sections 136-136y, the Clean Air Act, 42
U.S.C. Sections 7401-7642, the Clean Water Act (Federal Water Pollution Control Act), 33 U.S.C. Sections 1251-1387, the Safe
Drinking Water Act, 42 U.S.C. Sections 300f-300j-26, and the Occupational Safety and Health Act, 29 U.S.C. Sections 651-678, as any
of the above statutes may be amended from time to time, and in the regulations promulgated pursuant to each of the foregoing
(individually, an “Environmental Statute” and collectively the “Environmental
Statutes”) or by any federal, state or local governmental authority having or claiming jurisdiction over the
properties and assets described in the Commission Documents (a “Governmental Authority”).

 

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Section
5.19.     Material Agreements.
Except as set forth in the Commission Documents, neither the Company nor any Subsidiary of the Company is a party to any written or oral
contract, instrument, agreement commitment, obligation, plan or arrangement, a copy of which would be required to be filed with the Commission
as an exhibit to an annual report on Form 10-K (collectively, “Material Agreements”).
Each of the Material Agreements described in the Commission Documents conform in all material respects to the descriptions thereof contained
or incorporated by reference therein. Except as set forth in the Commission Documents, the Company and each of its Subsidiaries have
performed in all material respects all the obligations then required to be performed by them under the Material Agreements, have received
no notice of default or an event of default by the Company or any of its Subsidiaries thereunder and are not aware of any basis for the
assertion thereof, and neither the Company or any of its Subsidiaries nor, to the Knowledge of the Company and the Operating Partnership,
any other contracting party thereto are in default under any Material Agreement now in effect, the result of which would have a Material
Adverse Effect. Except as set forth in the Commission Documents, each of the Material Agreements is in full force and effect,
and constitutes a legal, valid and binding obligation enforceable in accordance with its terms against the Company and/or any of its
Subsidiaries and, to the Knowledge of the Company and the Operating Partnership, each other contracting party thereto, except as such
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation, conservatorship, receivership
or similar laws relating to, or affecting generally the enforcement of, creditor’s rights and remedies or by other equitable principles
of general application.

 

Section 5.20.   
Transactions With Affiliates. Except as disclosed in the Commission Documents, none of the Company’s, officers
or directors, or to the Company’s or the Operating Partnership’s Knowledge, none of the Company’s stockholders or any
family member or affiliate of any of the foregoing, has either directly or indirectly an interest in, or is a party to, any transaction
that would be required to be disclosed as a related party transaction pursuant to Item 404 of Regulation S-K promulgated under the Securities
Act.

 

Section 5.21.   
Intellectual Property Rights. The Company and its Subsidiaries own or possess adequate rights or licenses to use all
material trademarks, trade names, service marks, service mark registrations, service names, patents, patent rights, copyrights, inventions,
licenses, approvals, governmental authorizations, trade secrets and rights necessary to conduct their respective businesses as now conducted,
except as would not reasonably be expected to have a Material Adverse Effect. None of the Company’s material trademarks, trade names,
service marks, service mark registrations, service names, patents, patent rights, copyrights, inventions, licenses, approvals, government
authorizations, trade secrets or other intellectual property rights have expired or terminated, or, by the terms and conditions thereof,
will expire or terminate within two years from the date of this Agreement, except as would not reasonably be expected to have a Material
Adverse Effect. Neither the Company nor the Operating Partnership has any Knowledge of any infringement by the Company, the Operating
Partnership or the Subsidiaries of any material trademark, trade name rights, patents, patent rights, copyrights, inventions, licenses,
service names, service marks, service mark registrations, trade secret or other similar rights of others, or of any such development of
similar or identical trade secrets or technical information by others, and there is no claim, action or proceeding being made or brought
against, or to the Company’s or the Operating Partnership’s Knowledge, being threatened against, the Company, the Operating
Partnership or the Subsidiaries regarding trademark, trade name, patents, patent rights, invention, copyright, license, service names,
service marks, service mark registrations, trade secret or other infringement, which would reasonably be expected to have a Material Adverse
Effect.

 

Section 5.22.    
Use of Proceeds. The proceeds from the sale of the Shares by the Company to the Investor shall be used by the Company
in the manner as will be set forth in the Prospectus included in any Registration Statement (and any post-effective amendment thereto)
and any Prospectus Supplement thereto filed pursuant to the Registration Rights Agreement.

 

Section 5.23.    
Investment Company Act Status. The Company is not required to be registered as, and immediately after receipt of payment
for the Shares will not be required to be registered as, an “investment company” within the meaning of the Investment Company
Act of 1940, as amended.

 

Section 5.24.   
Benefit Plans; Labor Matters. Each benefit and compensation plan, agreement, policy and arrangement that is maintained,
administered or contributed to by the Company for current or former employees or directors of, or independent contractors with respect
to, the Company has been maintained in material compliance with its terms and the requirements of any applicable statutes, orders, rules
and regulations, and the Company has complied in all material respects with all applicable statutes, orders, rules and regulations in
regard to such plans, agreements, policies and arrangements. Each stock option granted under any equity incentive plan of the Company
(each, a “Stock Plan”) was granted with a per share exercise price no less than the market price per common
share on the grant date of such option in accordance with the rules of the Trading Market, and no such grant involved any “back-dating,”
 “forward-dating” or similar practice with respect to the effective date of such grant; each such option (i) was granted
in compliance in all material respects with Applicable Laws and with the applicable Stock Plan(s), (ii) was duly approved by the Company’s
Board of Directors, and (iii) has been properly accounted for in the Company’s financial statements and disclosed, to the
extent required, in the Company’s filings or submissions with the Commission, and the Trading Market. Neither the Company nor any
Subsidiary is in violation of or has received written notice of any violation with respect to any federal or state law, regulation or
rule relating to discrimination in the hiring, termination, promotion, employment or pay of employees, nor any applicable federal or
state wages and hours law, nor any state law, regulation or rule precluding the denial of credit due to the neighborhood in which a property
is situated, the violation of any of which, individually or in the aggregate, would reasonably be expected to have a Material Adverse
Effect. There are no existing or, to the Knowledge of the Company or the Operating Partnership, threatened labor disputes with the employees
of the Company or any of the Subsidiaries that would reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect.

 

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Section 5.25.    
Taxes.  Each of the Company, the Operating Partnership and the Subsidiaries has filed on a timely basis (including
in accordance with any applicable extensions) all material necessary federal, state, local and foreign income and franchise tax returns
required to be filed through the date hereof or have properly requested extensions thereof, and have paid all taxes shown as due thereon,
and if due and payable, any related or similar assessment, fine or penalty levied against the Company, the Operating Partnership or any
of the Subsidiaries. Except as disclosed in the Commission Documents, no material tax deficiency has been asserted against any such entity,
and neither the Company nor the Operating Partnership have any Knowledge of any tax deficiency that is likely to be asserted against any
such entity that, individually or in the aggregate, if determined adversely to any such entity, would reasonably be expected to have a
Material Adverse Effect. All material tax liabilities are adequately provided for on the respective books of the Company and the Subsidiaries.

 

Section 5.26.     Insurance.
The Company and each of its Subsidiaries are insured by insurers of recognized financial responsibility against such losses and
risks and in such amounts as management of the Company believes to be prudent and customary in the businesses in which the Company
and its Subsidiaries are engaged, including, but not limited to, insurance covering real and personal property owned or leased by
the Company and the Subsidiaries against theft, damage, destruction, environmental liabilities, acts of vandalism, terrorism,
earthquakes, flood and all other risks customarily insured against, all of which insurance is in full force and effect. Neither the
Company nor any such Subsidiary has been refused any insurance coverage sought or applied for and neither the Company nor any such
Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage
expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not
reasonably be expected to have a Material Adverse Effect.

 

Section 5.27.     
Exemption from Registration. Subject to, and in reliance on, the representations, warranties and covenants made herein
by the Investor, the offer and sale of the Securities to the Investor in accordance with the terms and conditions of this Agreement is
exempt from the registration requirements of the Securities Act pursuant to Section 4(a)(2); provided, however, that at
the request of and with the express agreements of the Investor (including, without limitation, the representations, warranties and covenants
of Investor set forth in Sections 4.9 through 4.13), the Securities to be issued from and after Commencement to or for the benefit of
the Investor pursuant to this Agreement shall be issued to the Investor or its designee only as DWAC Shares and will not bear legends
noting restrictions as to resale of such securities under federal or state securities laws, nor will any such securities be subject to
stop transfer instructions.

 

Section 5.28.     
No General Solicitation or Advertising. None of the Company, its Subsidiaries or the Operating Partnership, or any of
their respective Affiliates, or any Person acting on its or their behalf, has engaged in any form of general solicitation or general advertising
(within the meaning of Regulation D) in connection with the offer or sale of the Securities.

 

Section 5.29.     
No Integrated Offering. None of the Company, its Subsidiaries or the Operating Partnership, or any of their respective
Affiliates, or any Person acting on its or their behalf, has, directly or indirectly, made any offers or sales of any security or solicited
any offers to buy any security, under circumstances that would require registration of the issuance of any of the Securities under the
Securities Act, whether through integration with prior offerings or otherwise, or cause this offering of the Securities to require approval
of stockholders of the Company under any applicable stockholder approval requirements under Maryland law, any stockholder approval provisions
of the Charter or the Bylaws, or under applicable rules of the Trading Market. None of the Company, its Subsidiaries or the Operating
Partnership, or any of their respective Affiliates, or any Person acting on its or their behalf, will take any action or steps referred
to in the preceding sentence that would require registration of the issuance of any of the Securities under the Securities Act or cause
the offering of any of the Securities to be integrated with other offerings.

 

Section 5.30.    
Dilutive Effect. The Company is aware and acknowledges that issuance of the Securities could cause dilution to existing
stockholders and could significantly increase the outstanding number of shares of Common Stock. The Company further acknowledges that
its obligation to issue the Shares pursuant to the terms of a VWAP Purchase in accordance with this Agreement is, in each case, absolute
and unconditional regardless of the dilutive effect that such issuance may have on the ownership interests of other stockholders of the
Company.

 

Section
5.31.     Manipulation of Price.
The Company has not, and to its knowledge no Person acting on its behalf has, (i) taken, directly
or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company
to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases
of, any of the Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other
securities of the Company. Neither the Company nor any of its officers, directors or Affiliates will during the term of this Agreement,
and, to the Knowledge of the Company, no Person acting on their behalf will during the term of this Agreement, take any of the actions
referred to in the immediately preceding sentence.

 

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Section 5.32.      
Securities Act. Except as set forth in the Disclosure Schedule, the Company has complied and shall comply with all applicable
federal and state securities laws in connection with the offer, issuance and sale of the Securities hereunder, including, without limitation,
the applicable requirements of the Securities Act. Each Registration Statement, upon filing with the Commission and at the time it is
declared effective by the Commission, shall satisfy all of the requirements of the Securities Act to register the resale of the Registrable
Securities included therein by the Investor in accordance with the Registration Rights Agreement on a delayed or continuous basis under
Rule 415 under the Securities Act at then-prevailing market prices, and not fixed prices. The Company is not, and has not previously been
at any time, an issuer identified in, or subject to, Rule 144(i).

 

Section 5.33.     
Listing and Maintenance Requirements; DTC Eligibility. The Common Stock is registered pursuant to Section 12(b) of the
Exchange Act, and the Company has taken no action designed to, or which to its Knowledge is likely to have the effect of, terminating
the registration of the Common Stock pursuant to the Exchange Act nor has the Company received any notification that the Commission is
currently contemplating terminating such registration. Except as disclosed in the Filed Commission Documents, the Company has not, in
the twelve (12) months preceding the date hereof, received any written notice from any Person to the effect that the Company is not in
compliance with the listing or maintenance requirements of the Trading Market. Except as disclosed in the Commission Documents, the Company
is in compliance with all such listing and maintenance requirements of the Trading Market. The Common Stock is eligible for participation
in the DTC book entry system and has shares on deposit at DTC for transferred electronically to third parties via DTC through its Deposit/Withdrawal
at Custodian (“DWAC”) delivery system. The Company has not received notice from DTC to the effect that a suspension
of, or restriction on, accepting additional deposits of the Common Stock, electronic trading or book-entry services by DTC with respect
to the Common Stock is being imposed or is contemplated.

 

Section 5.34.     
Application of Takeover Protections. The Company and its Board of Directors have taken all necessary action, if any,
in order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights
agreement) or other similar anti-takeover provision under the Company’s Charter or the laws of the State of Maryland that is or
could become applicable to the Investor as a result of the Investor and the Company fulfilling their respective obligations or exercising
their respective rights under the Transaction Documents (as applicable), including, without limitation, as a result of the Company’s
issuance of the Securities and the Investor’s ownership of the Securities.

 

Section 5.35.     Foreign
Corrupt Practices. Neither the Company, the Operating Partnership or any Subsidiary, nor to the Knowledge of the Company or
the Operating Partnership, any agent or other Person acting on behalf of the Company or the Operating Partnership, has (i) directly
or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or
domestic political activity, (ii) made any unlawful payment to foreign or domestic government officials or employees or to any
foreign or domestic political parties or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the
Company or the Operating Partnership (or made by any Person acting on its behalf of which the Company is aware) which is in
violation of law, or (iv) violated in any material respect any provision of the Foreign Corrupt Practices Act of 1977, as amended
(the “FCPA”).

 

Section 5.36.    
Money Laundering Laws. The operations of the Company and its Subsidiaries are and have been conducted at all times in
compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of
1970, as amended, the money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar
rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money Laundering
Laws”); and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator
involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the Knowledge of the Company, threatened.

 

Section 5.37.     
OFAC. Neither the Company nor any of its Subsidiaries nor, to the Knowledge of the Company, any director, officer, agent,
employee or Affiliate of the Company or any of its Subsidiaries (i) is currently subject to any sanctions administered by the U.S. government,
including the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”) or the U.S. Department
of State, the United Nations Security Council, the European Union, or the United Kingdom (including sanctions administered or controlled
by Her Majesty’s Treasury) (collectively, “Sanctions” and such persons, “Sanctioned Persons”)
or other relevant sanctions authority, and (ii) will use the proceeds of this offering, directly or indirectly, to fund or facilitate
the activities of any Sanctioned Persons or entity or any country, region or territory that is, at the time of such funding or facilitation,
subject to Sanctions or any person or entity located in a country, region or territory subject to Sanctions (including any administered
or enforced by OFAC or the U.S. Department of State), the United Nations Security Council, the European Union, or the United Kingdom (including
sanctions administered or controlled by Her Majesty’s Treasury). Neither the Company nor any of its subsidiaries nor, to the Knowledge
of the Company, any director, officer, agent, employee or Affiliate of the Company or any of its subsidiaries, is a person that is, or
is 50% or more owned or otherwise controlled by a person that is: (i) the subject of any Sanctions; or (ii) located, organized or resident
in a country, region or territory that is, or whose government is, the subject of Sanctions that broadly prohibit dealings with that country,
region or territory (including at the time of this agreement, Cuba, Iran, North Korea, Syria and Crimea) (collectively, “Sanctioned
Countries” and each, a “Sanctioned Country”). The Company and its Subsidiaries have not engaged
in any dealings or transactions with or for the benefit of Sanctioned Persons, or with or in a Sanctioned Country, in the preceding 3
years, nor does the Company or any of its subsidiaries have any plans to deal or transact with Sanctioned Persons, or with or in Sanctioned
Countries.

 

Section 5.38.     Information
Technology; Compliance With Data Privacy Laws. (i) There have been no material breaches or violations of (or unauthorized
access to) the Company, the Operating Partnership’s or the Subsidiaries’ information technology assets and equipment,
computers, systems, networks, hardware, software, websites, applications and databases (collectively, the “IT
Systems”) or any personal, personally identifiable, sensitive, confidential or regulated data (collectively,
 “Personal Data”) processed or stored by or on behalf of the Company, the Operating Partnership or the
Subsidiaries, except for those that have been remedied without material cost or liability or the duty to notify any regulator, nor
are there any pending internal investigations of the Company, the Operating Partnership or the Subsidiaries relating to the same and
(ii) the Company, the Operating Partnership and the Subsidiaries are presently in compliance in all material respects with all
applicable laws, statutes and regulations and contractual obligations relating to the privacy and security of IT Systems and
Personal Data.

 

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Section 5.39.   
No Disqualification Events. None of the Company, the Operating Partnership, any of their predecessors, any affiliated
issuer, any director, general partner executive officer, other officer of the Company or the Operating Partnership participating in the
offering contemplated hereby, any beneficial owner of 20% or more of the Company’s outstanding voting equity securities, calculated
on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the Securities Act) connected with the Company
or the Operating Partnership in any capacity at the time of sale (each, an “Issuer Covered Person”) is subject
to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a “Disqualification
Event”), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3) under the Securities Act. The Company and
the Operating Partnership have exercised reasonable care to determine whether any Issuer Covered Person is subject to a Disqualification
Event.

 

Section 5.40.    
REIT Status. Commencing with the Company’s taxable year ended December 31, 2003, the Company has been organized
and operated in conformity with the requirements for qualification as a real estate investment trust (a “REIT”)
under the Code, and the current and proposed method of operation of the Company and the Subsidiaries described in the Commission Documents
will enable the Company to meet the requirements for qualification and taxation as a REIT under the Code, and the Operating Partnership
is treated as a partnership for federal income tax purposes and not as a corporation or association taxable as a corporation; the Company
intends to continue to qualify as a REIT for all subsequent years, and neither the Company nor the Operating Partnership has any Knowledge
of any event that would reasonably be expected to cause the Company to fail to qualify as a REIT at any time.

 

Section 5.41.    
Authorization of Advisory Agreement. The Second Amended and Restated Advisory Agreement, dated January 14, 2021, by
and among the Company, the Operating Partnership, Ashford Hospitality Advisors LLC, a Delaware limited liability company, Ashford TRS
Corporation and Ashford Inc., which amends and restates the terms of the Amended and Restated Advisory
Agreement, dated as of June 10, 2015, as amended by the Enhanced Return Funding Program Agreement and Amendment No. 1 to the Amended
and Restated Advisory Agreement, dated as of June 26, 2018, has been duly authorized, executed and delivered by the Company
and the Operating Partnership and constitutes a legal, valid and binding agreement of the Company and the Operating Partnership enforceable
against the Company and the Operating Partnership in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting creditors’ rights generally, and by general principles of equity.

 

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Section 5.42.    Acknowledgement
Regarding Investor’s Acquisition of Securities. Each of the Company and the Operating Partnership acknowledges and
agrees that the Investor is acting solely in the capacity of an arm’s-length purchaser with respect to this Agreement and the
transactions contemplated by the Transaction Documents. Each of the Company and the Operating Partnership further acknowledges that
none of the Investor, its Investor General Partner or its Investment Manager is acting as a financial advisor or fiduciary of the
Company or the Operating Partnership (or in any similar capacity) with respect to this Agreement and the transactions contemplated
by the Transaction Documents, and any advice given by the Investor, its Investor General Partner, its Investment Manager or any of
their representatives or agents in connection therewith is merely incidental to the Investor’s acquisition of the Securities.
Each of the Company and the Operating Partnership further represents to the Investor that the Company’s and the Operating
Partnership’s decision to enter into the Transaction Documents to which it is a party has been based solely on the independent
evaluation of the transactions contemplated thereby by the Company and the Operating Partnership, respectively, and their respective
representatives. Each of the Company and the Operating Partnership acknowledges and agrees that the Investor has not made and does
not make any representations or warranties with respect to the transactions contemplated by the Transaction Documents other than
those specifically set forth in Article IV.

 

Article
VI

ADDITIONAL COVENANTS

 

Each of the Company and the
Operating Partnership, jointly and severally, covenants with the Investor, and the Investor covenants with the Company and the Operating
Partnership, as follows, which covenants of the Company and the Operating Partnership, jointly and severally, are for the benefit of the
Investor and which covenants of the Investor are for the benefit of the Company and the Operating Partnership, during the Investment Period
(and with respect to the Company and the Operating Partnership, jointly and severally, for the period following the termination of this
Agreement specified in Section 8.3 pursuant to and in accordance with Section 8.3):

 

Section 6.1.        
Securities Compliance. The Company shall notify the Commission and the Trading Market, if and as applicable, in accordance
with their respective rules and regulations, of the transactions contemplated by the Transaction Documents, and shall take all necessary
action, undertake all proceedings and obtain all registrations, permits, consents and approvals for the legal and valid issuance of the
Securities to the Investor in accordance with the terms of the Transaction Documents, as applicable.

 

Section 6.2.      
Reservation of Common Stock. The Company has available and the Company shall reserve and keep available at all times,
free of preemptive and other similar rights of stockholders, the requisite aggregate number of authorized but unissued shares of Common
Stock to enable the Company to timely effect the issuance, sale and delivery of all Shares pursuant to this Agreement. Without limiting
the generality of the foregoing, as of the date of this Agreement the Company has reserved, and as of the Commencement Date shall have
continued to reserve, out of its authorized and unissued Common Stock, 6,040,888 shares of Common Stock solely for the purpose of effecting
VWAP Purchases under this Agreement. The number of shares of Common Stock so reserved for the purpose of effecting VWAP Purchases under
this Agreement may be increased from time to time by the Company from and after the Commencement Date, and such number of reserved shares
may be reduced from and after the Commencement Date only by the number of Shares actually issued, sold and delivered to the Investor pursuant
to any VWAP Purchase effected from and after the Commencement Date pursuant to this Agreement.

 

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Section 6.3.       
Registration and Listing. The Company shall use its commercially
reasonable efforts to cause the Common Stock to continue to be registered as a class of securities under Sections 12(b) of the Exchange
Act, and to comply with its reporting and filing obligations under the Exchange Act, and shall not take any action or file any document
(whether or not permitted by the Securities Act or the Exchange Act) to terminate or suspend such registration or to terminate or suspend
its reporting and filing obligations under the Exchange Act or Securities Act, except as permitted herein. The Company shall use its
commercially reasonable efforts to continue the listing and trading of its Common Stock and the listing of the Securities purchased by
the Investor hereunder on the Trading Market and to comply with the Company’s reporting, filing and other obligations under the
rules and regulations of the Trading Market. The Company shall not take any action which could be reasonably expected to result in the
delisting or suspension of the Common Stock on the Trading Market. If the Company receives any final and non-appealable notice that the
listing or quotation of the Common Stock on the Trading Market shall be terminated on a date certain, the Company shall promptly (and
in any case within 24 hours) notify the Investor of such fact in writing and shall use its commercially reasonable efforts to cause the
Common Stock to be listed or quoted on another Eligible Market.

 

Section 6.4.        
Compliance with Laws.

 

(i)         
During the Investment Period, (a) each of the Company and the Operating Partnership shall comply, and the Company shall cause each
Subsidiary to comply, with all laws, rules, regulations and orders applicable to the business and operations of the Company, the Operating
Partnership and the Subsidiaries, except as would not have a Material Adverse Effect, and (b) the Company shall comply with all applicable
provisions of the Securities Act and the Exchange Act, including Regulation M thereunder, applicable state securities or “Blue Sky”
laws, and applicable listing rules of the Trading Market or Eligible Market, except as would not, individually or in the aggregate, prohibit
or otherwise interfere with the ability of the Company to enter into and perform its obligations under this Agreement in any material
respect or for Investor to conduct resales of Securities under the Registration Statement in any material respect. Without limiting the
foregoing, none of the Company, the Operating Partnership, or any of the Subsidiaries, nor to the Knowledge of the Company and the Operating
Partnership, any of their respective directors, officers, agents, employees or any other Persons acting on their behalf shall, in connection
with the operation of the respective businesses of the Company, the Operating Partnership and the Subsidiaries, (1) use any corporate
funds for unlawful contributions, payments, gifts or entertainment or to make any unlawful expenditures relating to political activity
to government officials, candidates or members of political parties or organizations, (2) pay, accept or receive any unlawful contributions,
payments, expenditures or gifts, or (3) violate or operate in noncompliance with any export restrictions, anti-boycott regulations, embargo
regulations or other applicable domestic or foreign laws and regulations, including, without limitation, the FCPA and the Money Laundering
Laws.

 

(ii)         The
Investor shall comply with all laws, rules, regulations and orders applicable to the performance by it of its obligations under this
Agreement and its investment in the Securities, except as would not, individually or in the aggregate, prohibit or otherwise
interfere with the ability of the Investor to enter into and perform its obligations under this Agreement in any material respect.
Without limiting the foregoing, the Investor shall comply with all applicable provisions of the Securities Act and the Exchange Act,
including Regulation M thereunder, and all applicable state securities or “Blue Sky” laws.

 

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Section 6.5.        
Keeping of Records and Books of Account; Due Diligence.

 

(i)          The Investor and the Company shall each maintain records showing the remaining Total Purchase Commitment, the remaining Aggregate
Limit and the dates and VWAP Purchase Share Amount for each VWAP Purchase.

 

(ii)         Subject to the requirements of Section 6.12, the Investor, its Investor General Partner and its Investment Manager shall have the
right, from time to time as the Investor may reasonably deem appropriate, and upon reasonable advance notice to the Company, to perform
reasonable due diligence on the Company and the Operating Partnership during normal business hours; provided, however, that
after the Closing Date, the Investor’s continued due diligence of the Company and the Operating Partnership shall not be a condition
precedent to, or otherwise impair, delay or modify in any respect, the Company’s right to deliver to the Investor any VWAP Purchase
Notice, or the Investor’s obligation to purchase the Shares subject thereto, pursuant to this Agreement. The Company and its officers
and employees shall provide information on a reasonably timely basis and otherwise reasonably cooperate with the Investor, its Investor
General Partner and its Investment Manager in connection with any reasonable request by any of them related to the Investor’s due
diligence of the Company and the Operating Partnership. 

 

Section 6.6.       
No Frustration; No Dilutive Issuances During and Prior to Settlement of any VWAP Purchase.

 

(i)          No Frustration. Neither the Company nor the Operating Partnership shall enter into, announce or recommend to the
Company’s stockholders any agreement, plan, arrangement or transaction in or of which the terms thereof would restrict, materially
delay, conflict with or impair the ability or right of the Company or the Operating Partnership to perform its obligations under the Transaction
Documents to which it is a party, including, without limitation, the obligation of the Company to deliver the Shares to the Investor in
respect of an VWAP Purchase as DWAC Shares not later than 1:00 p.m., New York City time, on the applicable VWAP Purchase Settlement Date
for such VWAP Purchase in accordance with Section 3.2 of this Agreement. For the avoidance of doubt, nothing in this Section 6.6(i) shall
in any way limit the Company’s right to terminate this Agreement in accordance with Section 8.2 (subject in all cases to Section
8.3).

 

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(ii)         No
Dilutive Issuances During and Prior to Settlement of any VWAP Purchase. None of the Company, the Operating Partnership or
any Subsidiary shall issue, sell or grant any right, option or warrant to purchase, or issue, sell or grant any right to reprice (or
reset the purchase price therefor), or otherwise dispose of for cash (or enter into any agreement, plan or arrangement contemplating
any of the foregoing, or seek to utilize any existing agreement, plan or arrangement to effect any of the foregoing), or announce
any offer, issuance, sale or grant of any option or warrant to purchase or other disposition for cash (or any agreement, plan or
arrangement therefor), at any time during the period beginning at 5:30 p.m., New York City time, on the Trading Day immediately
preceding a VWAP Purchase Date under this Agreement, and ending at 5:30 p.m., New York City time, on the Trading Day immediately
following the Trading Day on which the Investor shall have received, as DWAC Shares, all of the Shares purchased by the Investor
pursuant to such VWAP Purchase Notice for such VWAP Purchase (each such period, a “Reference Period”), any
Common Stock or Common Stock Equivalents, at an effective price per share of Common Stock less than the applicable VWAP Purchase
Price per Share (such price, the “Reference Price”) to be sold to the Investor in the applicable VWAP
Purchase to which such Reference Period relates (each such issuance, a “Dilutive Issuance”), other than an
Exempt Issuance (it being understood and agreed that if the holder of the Common Stock or Common Stock Equivalents so issued shall
at any time, whether by operation of purchase price adjustments, reset provisions, floating conversion, exercise or exchange prices
or otherwise, or due to warrants, options or rights per share which are issued in connection with such issuance, be entitled to
receive shares of Common Stock at an effective price per share of Common Stock that is less than the applicable Reference Price,
such issuance shall be deemed to have occurred for less than the applicable Reference Price on such date of the Dilutive Issuance at
such effective price). If the Company enters into a Variable Rate Transaction, the Company shall be deemed to have issued Common
Stock or Common Stock Equivalents at the lowest possible conversion or exercise price at which such securities may be converted or
exercised. The Investor shall be entitled to seek injunctive relief against the Company, the Operating Partnership and the
Subsidiaries to preclude any such Dilutive Issuance that does not constitute an Exempt Issuance, which remedy shall be in addition
to any right to collect damages, without the necessity of showing economic loss and without any bond or other security being
required. For the avoidance of doubt, other than as may be restricted or prohibited under the terms of this Agreement, including as
set forth in Section 6.7 or Section 6.8 of this Agreement or in subsection (i) or (ii) of this Section 6.6, the Company may, during
the term of this Agreement and thereafter, issue and allot, or undertake to issue and allot, any shares and/or securities and/or
convertible notes, bonds, debentures, options to acquire shares or other securities and/or other facilities which may be converted
into or replaced by Common Stock or other securities of the Company, and may extend, renew and/or recycle any bonds and/or
debentures, and/or grant any rights with respect to its existing and/or future share capital.

 

Section 6.7.        
Corporate Existence. Each of the Company and the Operating Partnership shall take all steps necessary to preserve and
continue the corporate existence of the Company; provided, however, that, except as provided in Section 6.8, nothing in
this Agreement shall be deemed to prohibit the Company from engaging in any Fundamental Transaction with another Person. For the avoidance
of doubt, nothing in this Section 6.7 shall in any way limit the Company’s right to terminate this Agreement in accordance with
Section 8.2 (subject in all cases to Section 8.3).

 

Section 6.8.         Fundamental
Transaction. If a VWAP Purchase Notice has been delivered by the Company to the Investor under Article III and the
applicable VWAP Purchase has not yet been fully settled in accordance with this Agreement (including, without limitation, the
delivery by the Investor to the Company of the applicable total purchase price for all of the Shares purchased by the Investor in
such VWAP Purchase as contemplated by Section 3.2), the Company shall not effect any Fundamental Transaction until the expiration of
three (3) Trading Days following the Trading Day on which the VWAP Purchase has been fully settled in accordance with this Agreement
(which, for the avoidance of doubt shall be the first Trading Day on which all of the Shares purchased by the Investor thereunder
shall have been received by the Investor as DWAC Shares, and the Investor shall have delivered to the Company the applicable total
VWAP Purchase Price for all such Shares purchased by the Investor thereunder, in each case in accordance with Section 3.2).

 

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Section 6.9.        
Selling Restrictions. The Investor agrees that beginning on the date of this Agreement
and ending on the date of termination of this Agreement as provided in Article VIII, none of the Investor, its Investor General Partner,
its Investment Manager, nor any of their respective Affiliates, agents or representatives, shall in any manner whatsoever enter into or
effect, directly or indirectly, any (i) Short Sales of the Common Stock or (ii) hedging transaction, which establishes a net short position
with respect to the Common Stock. In addition to the foregoing, in connection with any resale of Securities, each of the Investor, its
Investor General Partner and its Investment Manager shall comply in all respects with all applicable laws, rules, regulations and orders,
including, without limitation, the requirements of the Securities Act and the Exchange Act.

 

Section 6.10.    
Effective Registration Statement. During the Investment Period, the Company shall use its commercially reasonable efforts
to maintain the continuous effectiveness of the Initial Registration Statement and each New Registration Statement filed with the Commission
under the Securities Act for the applicable Registration Period pursuant to and in accordance with the Registration Rights Agreement.

 

Section 6.11.    
Blue Sky. The Company shall take such action, if any, as is necessary by the Company in order to obtain an exemption
for or to qualify the Securities for sale by the Company to the Investor pursuant to the Transaction Documents, and at the request of
the Investor, the subsequent resale of Registrable Securities by the Investor, in each case, under applicable state securities or “Blue
Sky” laws and shall provide evidence of any such action so taken to the Investor from time to time following the Closing Date; provided,
however, that the Company shall not be required in connection therewith or as a condition thereto to (x) qualify to do business
in any jurisdiction where it would not otherwise be required to qualify but for this Section 6.11, (y) subject itself to general taxation
in any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction.

 

Section 6.12.     Non-Public
Information. None of the Company, the Operating Partnership or any of the Subsidiaries, nor any of their respective
directors, officers, employees or agents shall disclose any material non-public information about the Company, the Operating
Partnership or the Subsidiaries to the Investor, unless a simultaneous public announcement thereof is made by the Company in the
manner contemplated by Regulation FD. In the event of a breach of the foregoing covenant by the Company, the Operating Partnership
or any of the Subsidiaries, or any of their respective directors, officers, employees and agents (as determined in the reasonable
good faith judgment of the Investor), (i) the Investor shall promptly provide written notice of such breach to the Company and (ii)
after such notice has been provided to the Company and, provided that the Company shall have failed to publicly disclose such
material, non-public information within 24 hours following demand therefor by the Investor, in addition to any other remedy provided
herein or in the other Transaction Documents, the Investor shall have the right to make a public disclosure, in the form of a press
release, public advertisement or otherwise, of such material, non-public information without the prior approval by the Company, the
Operating Partnership, any of the Subsidiaries, or any of their respective directors, officers, employees or agents. The Investor
shall not have any liability to the Company, the Operating Partnership, any of the Subsidiaries, or any of their respective
directors, officers, employees, stockholders or agents, for any such disclosure.

 

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Section 6.13.    
Broker/Dealer. The Investor shall use one or more broker-dealers to effectuate all sales, if any, of the Shares that
it may purchase or otherwise acquire from the Company pursuant to the Transaction Documents, as applicable, which (or whom) shall be unaffiliated
with the Investor, its Investor General Partner and its Investment Manager, and not then currently engaged or used by the Company, and
a DTC participant (collectively, the “Broker-Dealer”). The Investor shall, from time to time, provide the Company
and its transfer agent with all information regarding the Broker-Dealer reasonably requested by the Company. The Investor shall be solely
responsible for all fees and commissions of the Broker-Dealer, which shall not exceed customary brokerage fees and commissions and shall
be responsible for designating only a DTC participant eligible to receive DWAC Shares.

 

Section 6.14.    
Disclosure Schedule.

 

(i)          The Company may, from time to time, update the Disclosure Schedule as may be required to satisfy the conditions set forth in Section
7.2(i) and Section 7.3(i) (to the extent such condition set forth in Section 7.3(i) relates to the condition in Section 7.2(i) as of a
specific VWAP Purchase Condition Satisfaction Time). For purposes of this Section 6.14, any disclosure made in a schedule to the Compliance
Certificate shall be deemed to be an update of the Disclosure Schedule. Notwithstanding anything in this Agreement to the contrary, no
update to the Disclosure Schedule pursuant to this Section 6.14 shall cure any breach of a representation or warranty of the Company or
the Operating Partnership contained in this Agreement and made prior to the update and shall not affect any of the Investor’s rights
or remedies with respect thereto.

 

(ii)         Notwithstanding anything to the contrary contained in the Disclosure Schedule or in this Agreement, the information and disclosure
contained in any Schedule of the Disclosure Schedule shall be deemed to be disclosed and incorporated by reference in any other Schedule
of the Disclosure Schedule as though fully set forth in such Schedule for which applicability of such information and disclosure is reasonably
apparent. The fact that any item of information is disclosed in the Disclosure Schedule shall not be construed to mean that such information
is required to be disclosed by this Agreement. Except as expressly set forth in this Agreement, such information and the thresholds (whether
based on quantity, qualitative characterization, dollar amounts or otherwise) set forth herein shall not be used as a basis for interpreting
the terms “material” or “Material Adverse Effect” or other similar terms in this Agreement.

 

Section 6.15.     Delivery
of Bring Down Opinions and Compliance Certificates Upon Occurrence of Certain Events. Within three (3) Trading Days
immediately following (i) the end of each PEA Period, if the Company is required under the Securities Act to file with the
Commission (A) a post-effective amendment to the Initial Registration Statement required to be filed by the Company with the
Commission pursuant to Section 2(a) of the Registration Rights Agreement, (B) a New Registration Statement required to be filed by
the Company with the Commission pursuant to Section 2(c) of the Registration Rights Agreement, or (C) a post-effective amendment to
a New Registration Statement required to be filed by the Company with the Commission pursuant to Section 2(c) of the Registration
Rights Agreement, in each case with respect to a fiscal year ending after the Commencement Date, to register the resale of
Securities by the Investor under the Securities Act pursuant to this Agreement and the Registration Rights Agreement, and (ii) the
date the Company files with the Commission (A) a Prospectus Supplement to the Prospectus contained in the Initial Registration
Statement or any New Registration Statement under the Securities Act, (B) an annual report on Form 10-K under the Exchange Act with
respect to a fiscal year ending after the Commencement Date, (C) an amendment on Form 10-K/A to an annual report on Form 10-K under
the Exchange Act with respect to a fiscal year ending after the Commencement Date, which contains amended material financial
information (or a restatement of material financial information) or an amendment to other material information contained in a
previously filed Form 10-K, and (D) a Commission Document under the Exchange Act (other than those referred to in clauses (ii)(A)
and (ii)(B) of this Section 6.15), which contains amended material financial information (or a restatement of material financial
information) or an amendment to other material information contained or incorporated by reference in the Initial Registration
Statement, any New Registration Statement, or the Prospectus or any Prospectus Supplement contained in the Initial Registration
Statement or any New Registration Statement (it being hereby acknowledged and agreed that the filing by the Company with the
Commission of a quarterly report on Form 10-Q that includes only updated financial information as of the end of the Company’s
most recent fiscal quarter shall not, in and of itself, constitute an “amendment” or “restatement” for
purposes of clause (ii) of this Section 6.15), in each case of this clause (ii) if the Company is not also then required under the
Securities Act to file a post-effective amendment to the Initial Registration Statement, any New Registration Statement or a
post-effective amendment to any New Registration Statement, in each case with respect to a fiscal year ending after the Commencement
Date, to register the resale of Securities by the Investor under the Securities Act pursuant to this Agreement and the Registration
Rights Agreement, and in any case of this clause (ii), not more than once per calendar quarter, the Company shall (I) deliver to the
Investor a Compliance Certificate, dated such date, and (II) cause to be furnished to the Investor an opinion “bring
down” from outside counsel to the Company substantially in the form mutually agreed to by the Company and the Investor prior
to the date of this Agreement, modified, as necessary, to relate to such Registration Statement or post-effective amendment, or the
Prospectus contained therein as then amended or supplemented by such Prospectus Supplement, as applicable (each such opinion, a
 “Bring Down Opinion”).

 

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Article
VII

CONDITIONS TO CLOSING AND CONDITIONS TO THE SALE AND

PURCHASE OF THE SHARES

 

Section 7.1.        Conditions Precedent to Closing. The Closing is subject to the satisfaction of each of the conditions set forth in this
Section 7.1 on the Closing Date.

 

(i)          Accuracy of the Investor’s Representations and Warranties. The representations and warranties of the Investor
contained in this Agreement (a) that are not qualified by “materiality” shall be true and correct in all material respects
as of the Closing Date, except to the extent such representations and warranties are as of another date, in which case, such representations
and warranties shall be true and correct in all material respects as of such other date and (b) that are qualified by “materiality”
shall be true and correct as of the Closing Date, except to the extent such representations and warranties are as of another date, in
which case, such representations and warranties shall be true and correct as of such other date.

 

(ii)         Accuracy
of the Company’s and Operating Partnership’s Representations and Warranties. The representations and warranties of
the Company and the Operating Partnership contained in this Agreement (a) that are not qualified by “materiality” or “Material
Adverse Effect” shall be true and correct in all material respects as of the Closing Date, except to the extent such representations
and warranties are as of another date, in which case, such representations and warranties shall be true and correct in all material respects
as of such other date and (b) that are qualified by “materiality” or “Material Adverse Effect” shall be
true and correct as of the Closing Date, except to the extent such representations and warranties are as of another date, in which case,
such representations and warranties shall be true and correct as of such other date.

 

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(iii)        Payment
of Investor Expense Reimbursement. Prior to the Closing Date, the Company shall have paid by wire transfer of immediately available
funds to an account designated by the Investor, the Investor Expense Reimbursement in accordance with Section 10.1(i), all of which Investor
Expense Reimbursement shall be fully earned and non-refundable as of the Closing Date, regardless of whether any VWAP Purchases are made
or settled hereunder or any subsequent termination of this Agreement.

 

(iv)       Closing Deliverables. At the Closing, counterpart signature pages of this Agreement and the Registration Rights Agreement
executed by each of the parties hereto shall be delivered as provided in Section 2.2. Simultaneously with the execution and delivery of
this Agreement and the Registration Rights Agreement, the Investor’s counsel shall have received the closing certificate from the
Company and the Operating Partnership, dated the Closing Date, in the form of Exhibit B hereto.

 

Section 7.2.       Conditions Precedent to Commencement. The right of the Company to commence delivering VWAP Purchase Notices under this
Agreement, and the obligation of the Investor to accept VWAP Purchase Notices delivered to the Investor by the Company under this Agreement,
are subject to the initial satisfaction, at the time of Commencement, of each of the conditions set forth in this Section 7.2.

 

(i)          Accuracy of the Company’s and the Operating Partnership’s Representations and Warranties. The representations
and warranties of the Company and the Operating Partnership contained in this Agreement (a) that are not qualified by “materiality”
or “Material Adverse Effect” shall have been true and correct in all material respects when made and shall be true and correct
in all material respects as of the Commencement Date with the same force and effect as if made on such date, except to the extent such
representations and warranties are as of another date, in which case, such representations and warranties shall be true and correct in
all material respects as of such other date and (b) that are qualified by “materiality” or “Material Adverse Effect”
shall have been true and correct when made and shall be true and correct as of the Commencement Date with the same force and effect as
if made on such date, except to the extent such representations and warranties are as of another date, in which case, such representations
and warranties shall be true and correct as of such other date.

 

(ii)         Performance
of the Company and the Operating Partnership. Each of the Company and the Operating Partnership shall have performed,
satisfied and complied in all material respects with all covenants, agreements and conditions required by this Agreement and the
Registration Rights Agreement to be performed, satisfied or complied with by the Company and the Operating Partnership,
respectively, at or prior to the Commencement. The Company shall deliver to the Investor on the Commencement Date the compliance
certificate substantially in the form attached hereto as Exhibit C (the “Compliance
Certificate”).

 

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(iii)        Initial Registration Statement Effective. The Initial Registration Statement covering the resale by the Investor
of the Registrable Securities included therein required to be filed by the Company with the Commission pursuant to Section 2(a) of the
Registration Rights Agreement shall have been declared effective under the Securities Act by the Commission, and the Investor shall be
permitted to utilize the Prospectus therein to resell all of the Shares included in such Prospectus.

 

(iv)       No Material Notices. None of the following events shall have occurred and be continuing: (a) receipt of any request
by the Commission or any other federal or state governmental authority for any additional information relating to the Initial Registration
Statement, the Prospectus contained therein or any Prospectus Supplement thereto, or for any amendment of or supplement to the Initial
Registration Statement, the Prospectus contained therein or any Prospectus Supplement thereto; (b) the issuance by the Commission or any
other federal or state governmental authority of any stop order suspending the effectiveness of the Initial Registration Statement or
prohibiting or suspending the use of the Prospectus contained therein or any Prospectus Supplement thereto, or of the suspension of qualification
or exemption from qualification of the Securities for offering or sale in any jurisdiction, or the initiation or contemplated initiation
of any proceeding for such purpose; or (c) the occurrence of any event or the existence of any condition or state of facts, which makes
any statement of a material fact made in the Initial Registration Statement, the Prospectus contained therein or any Prospectus Supplement
thereto untrue or which requires the making of any additions to or changes to the statements then made in the Initial Registration Statement,
the Prospectus contained therein or any Prospectus Supplement thereto in order to state a material fact required by the Securities Act
to be stated therein or necessary in order to make the statements then made therein (in the case of the Prospectus or any Prospectus Supplement,
in light of the circumstances under which they were made) not misleading, or which requires an amendment to the Initial Registration Statement
or a supplement to the Prospectus contained therein or any Prospectus Supplement thereto to comply with the Securities Act or any other
law. Neither the Company nor the Operating Partnership shall have any Knowledge of any event that would reasonably be expected to have
the effect of causing the suspension of the effectiveness of the Initial Registration Statement or the prohibition or suspension of the
use of the Prospectus contained therein or any Prospectus Supplement thereto in connection with the resale of the Registrable Securities
by the Investor.

 

(v)         Other Commission Filings. The Current Report shall have been filed with the Commission as required pursuant to Section
2.3. The final Prospectus included in the Initial Registration Statement shall have been filed with the Commission prior to Commencement
in accordance with Section 2.3 and the Registration Rights Agreement. All reports, schedules, registrations, forms, statements, information
and other documents required to have been filed by the Company with the Commission pursuant to the reporting requirements of the Exchange
Act, including all material required to have been filed pursuant to Section 13(a) or 15(d) of the Exchange Act, prior to Commencement
shall have been filed with the Commission.

 

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(vi)           No Suspension of Trading in or Notice of Delisting of Common Stock. Trading in the Common Stock shall not have been
suspended by the Commission, the Trading Market or the FINRA (except for any suspension of trading of limited duration agreed to by the
Company, which suspension shall be terminated prior to the Commencement Date), the Company shall not have received any final and non-appealable
notice that the listing or quotation of the Common Stock on the Trading Market shall be terminated on a date certain (unless, prior to
such date certain, the Common Stock is listed or quoted on any other Eligible Market), nor shall there have been imposed any suspension
of, or restriction on, accepting additional deposits of the Common Stock, electronic trading or book-entry services by DTC with respect
to the Common Stock that is continuing, the Company shall not have received any notice from DTC to the effect that a suspension of, or
restriction on, accepting additional deposits of the Common Stock, electronic trading or book-entry services by DTC with respect to the
Common Stock is being imposed or is contemplated (unless, prior to such suspension or restriction, DTC shall have notified the Company
in writing that DTC has determined not to impose any such suspension or restriction).

 

(vii)         Compliance
with Laws. Each of the Company and the Operating Partnership shall have complied in all material respects with all applicable
federal, state and local governmental laws, rules, regulations and ordinances in connection with the execution, delivery and performance
of this Agreement and the other Transaction Documents to which it is a party and the consummation of the transactions contemplated hereby
and thereby, including, without limitation, the Company shall have obtained all permits and qualifications required by any applicable
state securities or “Blue Sky” laws for the offer and sale of the Securities by the Company to the Investor and the subsequent
resale of the Registrable Securities by the Investor (or shall have the availability of exemptions therefrom).

 

(viii)        No
Injunction. No statute, regulation, order, decree, writ, ruling or injunction shall have been enacted, entered, promulgated,
threatened or endorsed by any court or governmental authority of competent jurisdiction which prohibits the consummation of or which
would materially modify or delay any of the transactions contemplated by the Transaction Documents.

 

(ix)           No
Proceedings or Litigation. No action, suit or proceeding before any arbitrator or any court or governmental authority shall have
been commenced, and no inquiry or investigation by any governmental authority shall have been commenced, against the Company, the Operating
Partnership or any Subsidiary, or any of the officers, directors or Affiliates of the Company, the Operating Partnership or any Subsidiary,
seeking to restrain, prevent or change the transactions contemplated by the Transaction Documents, or seeking material damages in connection
with such transactions.

 

(x)            Listing
of Securities. All of the Securities that have been and may be issued pursuant to this Agreement shall have been approved for
listing or quotation on the Trading Market as of the Commencement Date, subject only to notice of issuance.

 

(xi)           No
Material Adverse Effect. No condition, occurrence, state of facts or event constituting a Material Adverse Effect shall have
occurred and be continuing.

 

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(xii)          No Bankruptcy Proceedings. No Person shall have commenced a proceeding against the Company or the Operating Partnership
pursuant to or within the meaning of any Bankruptcy Law. Neither the Company nor the Operating Partnership shall have, pursuant to or
within the meaning of any Bankruptcy Law, (a) commenced a voluntary case, (b) consented to the entry of an order for relief against it
in an involuntary case, (c) consented to the appointment of a Custodian of the Company or the Operating Partnership or for all or substantially
all of the Company’s or the Operating Partnership’s property, or (d) made a general assignment for the benefit of its creditors.
A court of competent jurisdiction shall not have entered an order or decree under any Bankruptcy Law that (I) is for relief against the
Company or the Operating Partnership in an involuntary case, (II) appoints a Custodian of the Company or of the Operating Partnership
or for all or substantially all of the Company’s or the Operating Partnership’s property, or (III) orders the liquidation
of the Company, the Operating Partnership or any of the Subsidiaries.

 

(xiii)         Delivery
of Commencement Irrevocable Transfer Agent Instructions and Notice of Effectiveness. The Commencement Irrevocable Transfer Agent
Instructions shall have been executed by the Company and delivered to acknowledged in writing by the Transfer Agent, and the Notice of
Effectiveness relating to the Initial Registration Statement shall have been executed by the Company’s outside counsel and delivered
to the Transfer Agent, in each case directing the Transfer Agent to issue to the Investor or its designated Broker-Dealer all of the
Shares included in the Initial Registration Statement as DWAC Shares in accordance with this Agreement and the Registration Rights Agreement.

 

(xiv)         Reservation
of Shares. As of the Commencement Date, the Company shall have reserved out of its authorized and unissued Common Stock, 6,040,888
shares of Common Stock solely for the purpose of effecting VWAP Purchases under this Agreement.

 

(xv)          Opinions
of Company Counsel. On the Commencement Date, the Investor shall have received the opinion and negative assurances from outside
counsel to the Company and the Operating Partnership, dated the Commencement Date, in the forms mutually agreed to by the Company and
the Investor prior to the date of this Agreement.

 

Section 7.3.          Conditions
Precedent to VWAP Purchases after Commencement Date. The right of the Company to deliver VWAP Purchase Notices under this Agreement
after the Commencement Date, and the obligation of the Investor to accept VWAP Purchase Notices under this Agreement after the Commencement
Date, are subject to the satisfaction of each of the conditions set forth in this Section 7.3 at the applicable VWAP Purchase Commencement
Time for the VWAP Purchase to be effected pursuant to the applicable VWAP Purchase Notice timely delivered by the Company to the Investor
in accordance with this Agreement (each such time, a “VWAP Purchase Condition Satisfaction Time”).

 

(i)             Satisfaction
of Certain Prior Conditions. Each of the conditions set forth in subsections (i), (ii), and (vii) through (xiv) set forth in
Section 7.2 shall be satisfied at the applicable VWAP Purchase Condition Satisfaction Time after the Commencement Date (with the terms
 “Commencement” and “Commencement Date” in the conditions set forth in subsections (i) and (ii) of Section 7.2
replaced with “applicable VWAP Purchase Condition Satisfaction Time”); provided, however, that the Company
shall not be required to deliver the Compliance Certificate after the Commencement Date, except as provided in Section 6.15 and Section
7.3(v).

 

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(ii)            Initial Registration Statement Effective. The Initial Registration Statement covering the resale by the Investor
of the Registrable Securities included therein filed by the Company with the Commission pursuant to Section 2(a) of the Registration
Rights Agreement, and any post-effective amendment thereto required to be filed by the Company with the Commission after the Commencement
Date and prior to the applicable VWAP Purchase Date (as applicable) pursuant to the Registration Rights Agreement, in each case shall
have been declared effective under the Securities Act by the Commission and shall remain effective for the applicable Registration Period
(as defined in the Registration Rights Agreement), and the Investor shall be permitted to utilize the Prospectus therein, and any Prospectus
Supplement thereto, to resell (a) all of the Shares included in the Initial Registration Statement, and any post-effective amendment
thereto, that have been issued and sold to the Investor hereunder pursuant to all VWAP Purchase Notices (as applicable) delivered by
the Company to the Investor prior to such VWAP Purchase Date, and (b) all of the Shares included in the Initial Registration Statement,
and any post-effective amendment thereto, that are issuable pursuant to the applicable VWAP Purchase Notice delivered by the Company
to the Investor with respect to a VWAP Purchase to be effected hereunder on such applicable VWAP Purchase Date.

 

(iii)           Any
Required New Registration Statement Effective. Any New Registration Statement covering the resale by the Investor of the Registrable
Securities included therein, and any post-effective amendment thereto, required to be filed by the Company with the Commission pursuant
to the Registration Rights Agreement after the Commencement Date and prior to the applicable VWAP Purchase Date, in each case shall have
been declared effective under the Securities Act by the Commission and shall remain effective for the applicable Registration Period,
and the Investor shall be permitted to utilize the Prospectus therein, and any Prospectus Supplement thereto, to resell (a) all of the
Shares included in such New Registration Statement, and any post-effective amendment thereto, that have been issued and sold to the Investor
hereunder pursuant to all VWAP Purchase Notices delivered by the Company to the Investor prior to such applicable VWAP Purchase Date,
and (b) all of the Shares included in such new Registration Statement, and any post-effective amendment thereto, that are issuable pursuant
to the applicable VWAP Purchase Notice delivered by the Company to the Investor with respect to a VWAP Purchase to be effected hereunder
on such applicable VWAP Purchase Date.

 

(iv)          Delivery
of Subsequent Irrevocable Transfer Agent Instructions and Notice of Effectiveness. With respect to any post-effective amendment
to the Initial Registration Statement, any New Registration Statement or any post-effective amendment to any New Registration Statement,
in each case declared effective by the Commission after the Commencement Date, the Company shall have delivered or caused to be delivered
to the Transfer Agent (a) irrevocable instructions in the form substantially similar to the Commencement Irrevocable Transfer Agent Instructions
executed by the Company and acknowledged in writing by the Transfer Agent and (b) the Notice of Effectiveness, in each case modified
as necessary to refer to such Registration Statement or post-effective amendment and the Registrable Securities included therein, to
issue the Registrable Securities included therein as DWAC Shares in accordance with the terms of this Agreement and the Registration
Rights Agreement.

 

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(v)           No
Material Notices. None of the following events shall have occurred and be continuing: (a) receipt of any request by the Commission
or any other federal or state governmental authority for any additional information relating to the Initial Registration Statement or
any post-effective amendment thereto, any New Registration Statement or any post-effective amendment thereto, or the Prospectus contained
in any of the foregoing or any Prospectus Supplement thereto, or for any amendment of or supplement to the Initial Registration Statement
or any post-effective amendment thereto, any New Registration Statement or any post-effective amendment thereto, or the Prospectus contained
in any of the foregoing or any Prospectus Supplement thereto; (b) the issuance by the Commission or any other federal or state governmental
authority of any stop order suspending the effectiveness of the Initial Registration Statement or any post-effective amendment thereto,
any New Registration Statement or any post-effective amendment thereto, or prohibiting or suspending the use of the Prospectus contained
in any of the foregoing or any Prospectus Supplement thereto, or of the suspension of qualification or exemption from qualification of
the Securities for offering or sale in any jurisdiction, or the initiation or contemplated initiation of any proceeding for such purpose;
or (c) the occurrence of any event or the existence of any condition or state of facts, which makes any statement of a material fact
made in the Initial Registration Statement or any post-effective amendment thereto, any New Registration Statement or any post-effective
amendment thereto, or the Prospectus contained in any of the foregoing or any Prospectus Supplement thereto untrue or which requires
the making of any additions to or changes to the statements then made in the Initial Registration Statement or any post-effective amendment
thereto, any New Registration Statement or any post-effective amendment thereto, or the Prospectus contained in any of the foregoing
or any Prospectus Supplement thereto in order to state a material fact required by the Securities Act to be stated therein or necessary
in order to make the statements then made therein (in the case of the Prospectus or any Prospectus Supplement, in light of the circumstances
under which they were made) not misleading, or which requires an amendment to the Initial Registration Statement or any post-effective
amendment thereto, any New Registration Statement or any post-effective amendment thereto, or the Prospectus contained in any of the
foregoing or any Prospectus Supplement thereto to comply with the Securities Act or any other law (other than the transactions contemplated
by the applicable VWAP Purchase Notice delivered by the Company to the Investor with respect to a VWAP Purchase to be effected hereunder
on such applicable VWAP Purchase Date and the settlement thereof). Neither the Company nor the Operating Partnership shall have any Knowledge
of any event that would reasonably be expected to have the effect of causing the suspension of the effectiveness of the Initial Registration
Statement or any post-effective amendment thereto, any New Registration Statement or any post-effective amendment thereto, or the prohibition
or suspension of the use of the Prospectus contained in any of the foregoing or any Prospectus Supplement thereto in connection with
the resale of the Registrable Securities by the Investor.

 

(vi)          Other
Commission Filings. The final Prospectus included in any post-effective amendment to the Initial Registration Statement, and
any Prospectus Supplement thereto, required to be filed by the Company with the Commission pursuant to Section 2.3 and the
Registration Rights Agreement after the Commencement Date and prior to the applicable VWAP Purchase Date, shall have been filed with
the Commission in accordance with Section 2.3 and the Registration Rights Agreement. The final Prospectus included in any New
Registration Statement and in any post-effective amendment thereto, and any Prospectus Supplement thereto, required to be filed by
the Company with the Commission pursuant to Section 2.3 and the Registration Rights Agreement after the Commencement Date and prior
to the applicable VWAP Purchase Date, shall have been filed with the Commission in accordance with Section 2.3 and the Registration
Rights Agreement. All reports, schedules, registrations, forms, statements, information and other documents required to have been
filed by the Company with the Commission pursuant to the reporting requirements of the Exchange Act, including all material required
to have been filed pursuant to Section 13(a) or 15(d) of the Exchange Act, after the Commencement Date and prior to the applicable
VWAP Purchase Date, shall have been filed with the Commission and, if any Registrable Securities are covered by a Registration
Statement on Form S-3, such filings shall have been made within the applicable time period prescribed for such filing under the
Exchange Act.

 

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(vii)         No
Suspension of Trading in or Notice of Delisting of Common Stock. Trading in the Common Stock shall not have been suspended by
the Commission, the Trading Market or the FINRA (except for any suspension of trading of limited duration agreed to by the Company, which
suspension shall be terminated prior to the applicable VWAP Purchase Date), the Company shall not have received any final and non-appealable
notice that the listing or quotation of the Common Stock on the Trading Market shall be terminated on a date certain (unless, prior to
such date certain, the Common Stock is listed or quoted on any other Eligible Market), nor shall there have been imposed any suspension
of, or restriction on, accepting additional deposits of the Common Stock, electronic trading or book-entry services by DTC with respect
to the Common Stock that is continuing, the Company shall not have received any notice from DTC to the effect that a suspension of, or
restriction on, accepting additional deposits of the Common Stock, electronic trading or book-entry services by DTC with respect to the
Common Stock is being imposed or is contemplated (unless, prior to such suspension or restriction, DTC shall have notified the Company
in writing that DTC has determined not to impose any such suspension or restriction).

 

(viii)        Certain
Limitations. The issuance and sale of the Shares issuable pursuant to the applicable VWAP Purchase Notice shall not (a) exceed
the applicable VWAP Purchase Maximum Amount, or (b) cause the Aggregate Limit or the Beneficial Ownership Limitation to be exceeded.

 

(ix)           Shares
Authorized and Delivered. All of the Shares issuable pursuant to the applicable VWAP Purchase Notice shall have been duly authorized
by all necessary corporate action of the Company. All Shares relating to all prior VWAP Purchase Notices required to have been received
by the Investor as DWAC Shares under this Agreement prior to the applicable VWAP Purchase Condition Satisfaction Time for the applicable
VWAP Purchase shall have been delivered to the Investor as DWAC Shares in accordance with this Agreement.

 

(x)            Bring-Down Opinions of Company Counsel. The Investor shall have received (a) all Bring Down Opinions from outside
counsel to the Company and the Operating Partnership for which the Company and the Operating Partnership were obligated to instruct their
outside counsel to deliver to the Investor prior to the applicable VWAP Purchase Condition Satisfaction Time for the applicable VWAP Purchase
and (b) all Compliance Certificates from the Company and the Operating Partnership that the Company and the Operating Partnership were
obligated to deliver to the Investor prior to the applicable prior to the applicable VWAP Purchase Condition Satisfaction Time for the
applicable VWAP Purchase, in each case in accordance with Section 6.15.

 

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Article
VIII 

TERMINATION

 

Section 8.1.           Automatic Termination. Unless earlier terminated as provided hereunder, this Agreement shall terminate automatically
on the earliest to occur of (i) the first day of the month next following the 36-month anniversary of the Commencement Date, (ii) the
earlier of (A) date on which the Investor shall have purchased the Total Purchase Commitment of Shares pursuant to this Agreement and
(B) the Company shall have issued the Aggregate Limit of shares of Common Stock pursuant to this Agreement, (iii) the date on which the
Common Stock shall have failed to be listed or quoted on the Trading Market or any other Eligible Market, and (iv) the date on which,
pursuant to or within the meaning of any Bankruptcy Law, the Company or the Operating Partnership commences a voluntary case or any Person
commences a proceeding against the Company or the Operating Partnership, a Custodian is appointed for the Company or for the Operating
Partnership or for all or substantially all of their respective property, or the Company or the Operating Partnership makes a general
assignment for the benefit of its creditors.

 

Section 8.2.          Other
Termination. Subject to Section 8.3, the Company may terminate this Agreement after the Commencement Date effective upon ten
(10) Trading Days’ prior written notice to the Investor in accordance with Section 10.4; provided, however, that
prior to issuing any press release, or making any public statement or announcement, with respect to such termination, the Company
shall consult with the Investor and its counsel on the form and substance of such press release or other disclosure. Subject to
Section 8.3, this Agreement may be terminated at any time by the mutual written consent of the parties, effective as of the date of
such mutual written consent unless otherwise provided in such written consent. Subject to Section 8.3, the Investor shall have the
right to terminate this Agreement effective upon ten (10) Trading Days’ prior written notice to the Company in accordance with
Section 10.4, if: (a) any condition, occurrence, state of facts or event constituting a Material Adverse Effect has occurred and is
continuing; (b) a Fundamental Transaction shall have occurred; (c) the Initial Registration Statement and any New Registration
Statement is not filed by the applicable Filing Deadline therefor or declared effective by the Commission by the applicable
Effectiveness Deadline (as defined in the Registration Rights Agreement) therefor, or the Company is otherwise in breach or default
in any material respect under any of the other provisions of the Registration Rights Agreement, and, if such failure, breach or
default is capable of being cured, such failure, breach or default is not cured within 10 Trading Days after notice of such failure,
breach or default is delivered to the Company pursuant to Section 10.4; (d) while a Registration Statement, or any post-effective
amendment thereto, is required to be maintained effective pursuant to the terms of the Registration Rights Agreement and the
Investor holds any Registrable Securities, the effectiveness of such Registration Statement, or any post-effective amendment
thereto, lapses for any reason (including, without limitation, the issuance of a stop order by the Commission) or such Registration
Statement or any post-effective amendment thereto, the Prospectus contained therein or any Prospectus Supplement thereto otherwise
becomes unavailable to the Investor for the resale of all of the Registrable Securities included therein in accordance with the
terms of the Registration Rights Agreement, and such lapse or unavailability continues for a period of 20 consecutive Trading Days,
other than due to acts of the Investor; (e) trading in the Common Stock on the Trading Market (or if the Common Stock is then listed
on an Eligible Market, trading in the Common Stock on such Eligible Market) shall have been suspended and such suspension continues
for a period of three (3) consecutive Trading Days; or (f) the Company or the Operating Partnership is in material breach or default
of this Agreement, and, if such breach or default is capable of being cured, such breach or default is not cured within 10 Trading
Days after notice of such breach or default is delivered to the Company or the Operating Partnership (as applicable) pursuant to
Section 10.4. Unless notification thereof is required elsewhere in this Agreement (in which case such notification shall be provided
in accordance with such other provision), the Company shall promptly (but in no event later than 24 hours) notify the Investor (and,
if required under applicable law, including, without limitation, Regulation FD promulgated by the Commission, or under the
applicable rules and regulations of the Trading Market (or if the Common Stock is then listed on an Eligible Market, the rules and
regulations of such Eligible Market), the Company shall publicly disclose such information in accordance with Regulation FD and the
applicable rules and regulations of the Trading Market, or the applicable rules and regulations of such Eligible Market, as
applicable) upon becoming aware of any of the events set forth in the immediately preceding sentence.

 

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Section 8.3.          Effect of Termination. In the event of termination by the Company or the Investor (other than by mutual termination)
pursuant to Section 8.2, written notice thereof shall forthwith be given to the other party as provided in Section 10.4 and the transactions
contemplated by this Agreement shall be terminated without further action by either party. If this Agreement is terminated as provided
in Section 8.1 or Section 8.2, this Agreement shall become void and of no further force and effect, except that (i) the provisions of
Article V (Representations, Warranties and Covenants of the Company and the Operating Partnership), Article IX (Indemnification), Article
X (Miscellaneous) and this Article VIII (Termination) shall remain in full force and effect indefinitely notwithstanding such termination,
and, (ii) so long as the Investor owns any Securities, the covenants and agreements of the Company and the Operating Partnership contained
in Article VI (Additional Covenants) shall remain in full force and notwithstanding such termination for a period of six (6) months following
such termination. Notwithstanding anything in this Agreement to the contrary, no termination of this Agreement by any party shall (i)
become effective prior to the first Trading Day immediately following the Trading Day on which any then outstanding VWAP Purchase has
been fully settled in accordance with Section 3.2 of this Agreement (for the avoidance of doubt, such VWAP Purchase shall be considered
 “fully settled” when all of the Shares purchased by the Investor thereunder shall have been received by the Investor as DWAC
Shares, and the Investor shall have delivered to the Company the applicable total VWAP Purchase Price for all such Shares purchased by
the Investor thereunder, in each case in accordance with Section 3.2), (ii) limit, alter, modify, change or otherwise affect the parties’
respective rights or obligations under the Registration Rights Agreement, all of which shall survive any such termination, or (iii) affect
the Investor Expense Reimbursement paid to the Investor, all of which shall be non-refundable when paid as of the Closing Date pursuant
to Section 10.1(i), regardless of whether any VWAP Purchases are made or settled hereunder or any subsequent termination of this Agreement.
Nothing in this Section 8.3 shall be deemed to release the Company, the Operating Partnership or the Investor from any liability for any
breach or default under this Agreement or any of the other Transaction Documents to which it is a party, or to impair the respective rights
of the Company, the Operating Partnership and the Investor to compel specific performance by the other party of its obligations under
the Transaction Documents to which it is a party.

 

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Article
IX 

INDEMNIFICATION

 

Section 9.1.        
Indemnification of Investor. In consideration of the Investor’s execution and delivery of this Agreement and acquiring
the Securities hereunder and in addition to all of the other respective obligations of the Company and the Operating Partnership under
the Transaction Documents to which it is a party, subject to the provisions of this Section 9.1, the Company and the Operating Partnership,
jointly and severally, shall indemnify and hold harmless the Investor, its Investor General Partner, its Investment Manager, and each
of their respective directors, officers, shareholders, members, partners, employees, representatives, agents and advisors (and any other
Persons with a functionally equivalent role of a Person holding such titles notwithstanding the lack of such title or any other title),
each Person, if any, who controls the Investor, its Investor General Partner or its Investment Manager (within the meaning of Section
15 of the Securities Act or Section 20(a) of the Exchange Act), and the respective directors, officers, shareholders, members, partners,
employees, representatives, agents and advisors (and any other Persons with a functionally equivalent role of a Person holding such titles
notwithstanding the lack of such title or any other title) of such controlling Persons (each, an “Investor Party”),
from and against all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses (including all judgments, amounts
paid in settlement, court costs, reasonable attorneys’ fees and costs of defense and investigation) (collectively, “Damages”)
that any Investor Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants
or agreements made by the Company or the Operating Partnership in this Agreement or in the other Transaction Documents to which it is
a party or (b) any action, suit, claim or proceeding (including for these purposes a derivative action brought on behalf of the Company)
instituted against such Investor Party arising out of or resulting from the execution, delivery, performance or enforcement of the Transaction
Documents, other than claims for indemnification within the scope of Section 6 of the Registration Rights Agreement; provided,
however, that (x) the foregoing indemnity shall not apply to any Damages to the extent, but only to the extent, that such Damages
resulted directly and primarily from any acts or failures to act, undertaken or omitted to be taken by such Investor Party through its
fraud, bad faith, gross negligence, or willful or reckless misconduct.

 

The Company and the Operating
Partnership, jointly and severally, shall reimburse any Investor Party promptly upon demand (with accompanying presentation of documentary
evidence) for all legal and other costs and expenses reasonably incurred by such Investor Party in connection with (i) any action, suit,
claim or proceeding, whether at law or in equity, to enforce compliance by the Company or the Operating Partnership with any provision
of the Transaction Documents to which it is a party or (ii) any other any action, suit, claim or proceeding, whether at law or in equity,
with respect to which it is entitled to indemnification under this Section 9.1; provided that the Investor shall promptly reimburse
the Company or the Operating Partnership, as applicable, for all such legal and other costs and expenses to the extent a court of competent
jurisdiction determines that any Investor Party was not entitled to such reimbursement.

 

An Investor
Party’s right to indemnification or other remedies based upon the representations, warranties, covenants and agreements of the
Company and the Operating Partnership set forth in the Transaction Documents to which it is a party shall not in any way be affected
by any investigation or knowledge of such Investor Party. Such representations, warranties, covenants and agreements shall not be
affected or deemed waived by reason of the fact that an Investor Party knew or should have known that any representation or warranty
might be inaccurate or that the Company or the Operating Partnership, as applicable, failed to comply with any agreement or
covenant. Any investigation by such Investor Party shall be for its own protection only and shall not affect or impair any right or
remedy hereunder.

 

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To the extent that the foregoing
joint and several undertakings by the Company and the Operating Partnership set forth in this Section 9.1 may be unenforceable for any
reason, the Company and the Operating Partnership, jointly and severally, shall make the maximum contribution to the payment and satisfaction
of each of the Damages which is permissible under applicable law.

  

Section 9.2.        
Indemnification Procedures. Promptly after an Investor Party receives notice of a claim or the commencement of an action
for which the Investor Party intends to seek indemnification under Section 9.1, the Investor Party will notify the Company or the Operating
Party in writing of the claim or commencement of the action, suit or proceeding; provided, however, that failure to notify
the Company and the Operating Party will not relieve the Company and the Operating Party from liability under Section 9.1, except to the
extent it has been materially prejudiced by the failure to give notice. Each of the Company and the Operating Partnership will be entitled
to participate in the defense of any claim, action, suit or proceeding as to which indemnification is being sought, and if each of the
Company and the Operating Partnership acknowledges in writing the joint and severable obligation to indemnify the Investor Party against
whom the claim or action is brought, either the Company or the Operating Partnership, or both, may (but will not be required to) assume
the defense against the claim, action, suit or proceeding with counsel satisfactory to it. After the Company or the Operating Partnership
notifies the Investor Party that the Company and/or the Operating Party wishes to assume the defense of a claim, action, suit or proceeding,
neither the Company nor the Operating Party will be liable for any further legal or other expenses incurred by the Investor Party in connection
with the defense against the claim, action, suit or proceeding except that if, in the opinion of counsel to the Investor Party, it would
be inappropriate under the applicable rules of professional responsibility for the same counsel to represent both the Company and/or the
Operating Partnership and such Investor Party. In such event, the Company and the Operating Partnership, jointly and severally, will pay
the reasonable fees and expenses of no more than one separate counsel for all such Investor Parties promptly as such fees and expenses
are incurred. Each Investor Party, as a condition to receiving indemnification as provided in Section 9.1, will cooperate in all reasonable
respects with the Company and the Operating Partnership, as applicable, in the defense of any action or claim as to which indemnification
is sought. Neither the Company nor the Operating Partnership will be liable for any settlement of any action effected without its prior
written consent, which consent shall not be unreasonably withheld, delayed or conditioned. Neither the Company nor the Operating Party
will, without the prior written consent of the Investor Party, effect any settlement of a pending or threatened action with respect to
which an Investor Party is, or is informed that it may be, made a party and for which it would be entitled to indemnification, unless
the settlement includes an unconditional release of the Investor Party from all liability and claims which are the subject matter of the
pending or threatened action.

 

The remedies provided for
in this Article IX are not exclusive and shall not limit any rights or remedies which may otherwise be available to any Investor Party
at law or in equity.

 

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Article
X

MISCELLANEOUS

 

Section 10.1.       Certain Fees and Expenses Each party shall bear its own fees and expenses related to the
transactions contemplated by this Agreement; provided, however, that the Company shall have paid, prior to the date of this Agreement,
by wire transfer of immediately available funds to an account designated by the Investor, an amount equal to $50,000 to be applied against
the Investor’s reasonable out-of-pocket expenses, including the legal fees and disbursements of the Investor’s legal counsel,
incurred by the Investor in connection with the preparation, negotiation, execution and delivery of the Transaction Documents by the Investor
and its due diligence investigation of the Company and the Operating Partnership (such amount, the “Investor Expense Reimbursement”).
For the avoidance of doubt, the Investor Expense Reimbursement shall be non-refundable when paid as of the Closing Date, regardless of
whether any VWAP Purchases are made or settled hereunder or any subsequent termination of this Agreement. The Company shall pay all U.S.
federal, state and local stamp and other similar transfer and other taxes and duties levied in connection with issuance of the Securities
pursuant hereto.

 

Section 10.2.        Specific
Enforcement, Consent to Jurisdiction, Waiver of Jury Trial.

 

(i)             The
Company, the Operating Partnership and the Investor acknowledge and agree that irreparable damage would occur in the event that any of
the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly
agreed that the Company and the Operating Partnership, on the one hand, and the Investor, on the other hand, shall be entitled to an
injunction or injunctions to prevent or cure breaches of the provisions of this Agreement by the other party and to enforce specifically
the terms and provisions hereof (without the necessity of showing economic loss and without any bond or other security being required),
this being in addition to any other remedy to which either party may be entitled by law or equity.

 

(ii)            Each
of the Company, the Operating Partnership and the Investor (a) hereby irrevocably submits to the jurisdiction of the U.S. District Court
and other courts of the United States sitting in the State of New York for the purposes of any suit, action or proceeding arising out
of or relating to this Agreement, and (b) hereby waives, and agrees not to assert in any such suit, action or proceeding, any claim that
it is not personally subject to the jurisdiction of such court, that the suit, action or proceeding is brought in an inconvenient forum
or that the venue of the suit, action or proceeding is improper. Each of the Company, the Operating Partnership and the Investor consents
to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address in effect for notices
to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing
in this Section 10.2 shall affect or limit any right to serve process in any other manner permitted by law.

 

(iii)           EACH
OF THE COMPANY, THE OPERATING PARTNERSHIP AND THE INVESTOR HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY OR DISPUTES RELATING HERETO. EACH OF THE COMPANY, THE OPERATING PARTNERSHIP AND THE INVESTOR
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY
WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO
HAVE BEEN TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10.2.

 

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Section 10.3.     Entire
Agreement. The Transaction Documents set forth the entire agreement and understanding of the parties with respect to the subject
matter hereof and supersedes all prior and contemporaneous agreements, negotiations and understandings between the parties, both oral
and written, with respect to such matters. There are no promises, undertakings, representations or warranties by either party relative
to subject matter hereof not expressly set forth in the Transaction Documents. The Disclosure Schedule and all exhibits to this Agreement
are hereby incorporated by reference in, and made a part of, this Agreement as if set forth in full herein.

 

Section 10.4.    
Notices. Any notice, demand, request, waiver or other communication required or permitted to be given hereunder shall
be in writing and shall be effective (a) upon hand delivery or electronic mail delivery at the address or number designated below (if
delivered on a business day during normal business hours where such notice is to be received), or the first business day following such
delivery (if delivered other than on a business day during normal business hours where such notice is to be received) or (b) on the second
business day following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt
of such mailing, whichever shall first occur. The address for such communications shall be:

 

If to the Company or the Operating
Partnership:

 

Ashford Hospitality Trust, Inc.

14185 Dallas Parkway Suite 1200

Dallas, TX 75254

Telephone Number: (972) 778-9451

Email: deubanks@ashfordinc.com

Attention: Deric S. Eubanks

 

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

 

Cadwalader, Wickersham & Taft LLP

200 Liberty Street

New York, NY 10291

Telephone Number: (212) 504-6780

Facsimile: (212) 494-6596

Email: greg.patti@cwt.com

Attention: Gregory P. Patti, Jr., Esq.

 

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If to the Investor:

 

M3A LP

c/o 3i Management LLC

140 Broadway, 38th Floor

New York, NY 10005

Telephone Number: (646) 845-0040

Email: mjtarlow@3ifund.com

Attention: Maier J. Tarlow, Manager

 

With copies (which shall not
constitute notice) to:

 

Obsidian Global Partners, LLC

150 Greenwich Street, 29th Floor

New York, NY 10007

Telephone Number: (516) 286-4237

Email: amorris@obsidiangp.com

Attention: Ari Morris, Managing Member

 

and

 

Dorsey & Whitney
LLP

51 West 52nd
Street

New York, NY 10019

Telephone Number:
(212) 415-9214

Facsimile: (212)
953-7201

Email: marsico.anthony@dorsey.com

Attention: Anthony J. Marsico, Esq.

 

Either party hereto may from time to time change
its address for notices by giving at least five (5) days’ advance written notice of such changed address to the other party hereto.

 

Section 10.5.    
Waivers. No provision of this Agreement may be waived by the parties from and after the date that is one (1) Trading
Day immediately preceding the filing of the Initial Registration Statement with the Commission. Subject to the immediately preceding sentence,
no provision of this Agreement may be waived other than in a written instrument signed by the party against whom enforcement of such waiver
is sought. No failure or delay in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor shall
any single or partial exercise of any such power, right or privilege preclude other or further exercises thereof or of any other right,
power or privilege.

 

Section 10.6.     Amendments.
No provision of this Agreement may be amended by the parties from and after the date that is one (1) Trading Day immediately preceding
the filing of the Initial Registration Statement with the Commission. Subject to the immediately preceding sentence, no provision of
this Agreement may be amended other than by a written instrument signed by both parties hereto.

 

Section 10.7.     Headings.
The article, section and subsection headings in this Agreement are for convenience only and shall not constitute a part of this
Agreement for any other purpose and shall not be deemed to limit or affect any of the provisions hereof. Unless the context clearly
indicates otherwise, each pronoun herein shall be deemed to include the masculine, feminine, neuter, singular and plural forms
thereof. The terms “including,” “includes,” “include” and words of like import shall be
construed broadly as if followed by the words “without limitation.” The terms “herein,”
 “hereunder,” “hereof” and words of like import refer to this entire Agreement instead of just the provision
in which they are found.

 

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Section 10.8.    
Construction. The parties agree that each of them and their respective counsel has reviewed and had an opportunity to
revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved
against the drafting party shall not be employed in the interpretation of the Transaction Documents. In addition, each and every reference
to share prices and number of shares of Common Stock in any Transaction Document shall, in all cases, be subject to adjustment for any
stock splits, stock combinations, stock dividends, recapitalizations, reorganizations and other similar transactions that occur on or
after the date of this Agreement. Any reference in this Agreement to “Dollars” or “$” shall mean the lawful currency
of the United States of America. Any references to “Section” or “Article” in this Agreement shall, unless otherwise
expressly stated herein, refer to the applicable Section or Article of this Agreement.

 

Section 10.9.      Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors.
None of the Company, the Operating Partnership or the Investor may assign this Agreement or any of their respective rights or obligations
hereunder to any Person.

 

Section 10.10.   No Third
Party Beneficiaries. Except as expressly provided in Article IX, this Agreement is intended only for the benefit of the parties
hereto and their respective successors, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

Section 10.11.   Governing
Law. This Agreement shall be governed by and construed in accordance with the internal procedural and substantive laws of the
State of New York, without giving effect to the choice of law provisions of such state that would cause the application of the laws of
any other jurisdiction.

 

Section 10.12.   Survival.
The representations, warranties, covenants and agreements of the Company, the Operating Partnership and the Investor contained in this
Agreement shall survive the execution and delivery hereof until the termination of this Agreement; provided, however, that
(i) the provisions of Article V (Representations, Warranties and Covenants of the Company and the Operating Partnership), Article VIII
(Termination), Article IX (Indemnification) and this Article X (Miscellaneous) shall remain in full force and effect indefinitely notwithstanding
such termination, and, (ii) so long as the Investor owns any Securities, the covenants and agreements of the Company, the Operating Partnership
and the Investor contained in Article VI (Additional Covenants), shall remain in full force and effect notwithstanding such termination
for a period of six (6) months following such termination.

 

Section 10.13.   Counterparts. This Agreement may be executed in two or more identical counterparts, all of which shall be
considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to
the other party; provided that a facsimile signature or signature delivered by e-mail in a “.pdf” format data
file, including any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com,
www.echosign.adobe.com, etc., shall be considered due execution and shall be binding upon the signatory thereto with the same force
and effect as if the signature were an original signature.

 

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Section 10.14.   Publicity.
The Company shall afford the Investor and its counsel with a reasonable opportunity to review and comment upon, shall consult with the
Investor and its counsel on the form and substance of, and shall give due consideration to all such comments from the Investor or its
counsel on, any press release, Commission filing or any other public disclosure made by or on behalf of the Company relating to the Investor,
its purchases hereunder or any aspect of the Transaction Documents or the transactions contemplated thereby, prior to the issuance, filing
or public disclosure thereof. For the avoidance of doubt, the Company shall not be required to submit for review any such disclosure
(i) contained in periodic reports filed with the Commission under the Exchange Act if it shall have previously provided the same disclosure
to the Investor or its counsel for review in connection with a previous filing or (ii) any Prospectus Supplement if it contains disclosure
that does not reference the Investor, its purchases hereunder or any aspect of the Transaction Documents or the transactions contemplated
thereby.

 

Section 10.15.   Severability.
The provisions of this Agreement are severable and, in the event that any court of competent jurisdiction shall determine that any one
or more of the provisions or part of the provisions contained in this Agreement shall, for any reason, be held to be invalid, illegal
or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision or part of a provision
of this Agreement, and this Agreement shall be reformed and construed as if such invalid or illegal or unenforceable provision, or part
of such provision, had never been contained herein, so that such provisions would be valid, legal and enforceable to the maximum extent
possible.

 

Section 10.16.   Further
Assurances. From and after the Closing Date, upon the request of the Investor, the Operating Partnership or the Company, each
of the Company, the Operating Partnership and the Investor shall execute and deliver such instrument, documents and other writings as
may be reasonably necessary or desirable to confirm and carry out and to effectuate fully the intent and purposes of this Agreement.

 

[Signature Pages Follow]

 

    43

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed by their respective authorized officer as of the date first above written.

 

	 	THE COMPANY:
	 	 
	 	ASHFORD HOSPITALITY TRUST, INC.
	 	 
	 	By:	/s/ J. Robison Hays, III                  
	 	Name: J. Robison Hays, III
	 	Title: President and Chief Executive
    Officer
	 	 
	 	THE OPERATING PARTNERSHIP:
	 	 
	 	ASHFORD HOSPITALITY LIMITED PARTNERSHIP
	 	 
	 	By: Ashford OP General Partner
    LLC, its sole general partner
	 	 
	 	By: Ashford Hospitality Trust,
    Inc., its sole member
	 	 
	 	By:	/s/ Deric S. Eubanks
	 	Name: Deric S. Eubanks
	 	Title: Chief Financial Officer and
    Treasurer
	 	 
	 	THE INVESTOR:
	 	 
	 	M3A LP
	 	 
	 	By: 3i Management LLC, its sole
    general partner
	 	 
	 	By:	/s/ Maier J. Tarlow
	 	Name: Maier J. Tarlow
	 	Title: Manager

 

    A-1

     

    

 

ANNEX I TO THE

COMMON STOCK PURCHASE
AGREEMENT

DEFINITIONS

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common control
with a Person, as such terms are used in and construed under Rule 144. With respect to the Investor, without limitation, any Person owning,
owned by, or under common ownership with the Investor, and any investment fund or managed account that is managed on a discretionary basis
by the same investment manager as the Investor will be deemed to be an Affiliate.

 

“Aggregate Limit”
shall have the meaning assigned to such term in Section 3.3(a).

 

“Agreement”
shall have the meaning assigned to such term in the preamble of this Agreement.

 

“Bankruptcy Law”
means Title 11, U.S. Code, or any similar U.S. federal or state law for the relief of debtors.

 

“Beneficial Ownership
Limitation” shall have the meaning assigned to such term in Section 3.4.

 

“Bloomberg”
means Bloomberg, L.P.

 

“Bring Down Opinion”
shall have the meaning assigned to such term in Section 6.15.

 

“Broker-Dealer”
shall have the meaning assigned to such term in Section 6.13.

 

“Bylaws”
shall have the meaning assigned to such term in Section 5.3.

 

“CERCLA”
shall have the meaning assigned to such term in Section 5.18.

 

“Charter”
shall have the meaning assigned to such term in Section 5.3.

 

“Common Stock”
shall have the meaning assigned to such term in the recitals of this Agreement.

 

“Common Stock
Equivalents” means any securities of the Company, the Operating Partnership or the Subsidiaries which would entitle the
holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or
other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to
receive, Common Stock.

 

“Closing”
shall have the meaning assigned to such term in Section 2.2.

 

“Closing Date”
means the date of this Agreement.

 

    A-2

     

    

 

“Closing
Sale Price” means, for the Common Stock as of any date, the last closing trade price for the Common Stock on the
Trading Market (or, if the Common Stock is then listed on an Eligible Market, on such Eligible Market), as reported by Bloomberg,
or, if the Trading Market (or such Eligible Market, as applicable) begins to operate on an extended hours basis and does not
designate the closing trade price for the Common Stock, then the last trade price for the Common Stock prior to 4:00 p.m., New York
City time, as reported by Bloomberg. All such determinations shall be appropriately adjusted for any stock splits, stock dividends,
stock combinations, recapitalizations or other similar transactions during such period.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Commencement”
shall have the meaning assigned to such term in Section 3.1.

 

“Commencement
Date” shall have the meaning assigned to such term in Section 3.1.

 

“Commencement
Irrevocable Transfer Agent Instructions” shall have the meaning assigned to such term in Section 10.1(iv).

 

“Commission”
means the U.S. Securities and Exchange Commission or any successor entity.

 

“Commission Documents”
shall mean (1) all reports, schedules, registrations, forms, statements, information and other documents filed with or furnished to the
Commission by the Company pursuant to the reporting requirements of the Exchange Act, including all material filed with or furnished to
the Commission pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act, since December 31, 2020, including, without limitation,
the Annual Report on Form 10-K filed by the Company for its fiscal year ended December 31, 2020 (the “2020 Form 10-K”),
and which hereafter shall be filed with or furnished to the Commission by the Company, including, without limitation, the Current Report,
(2) each Registration Statement, as the same may be amended from time to time, the Prospectus contained therein and each Prospectus Supplement
thereto and (3) all information contained in such filings and all documents and disclosures that have been and heretofore shall be incorporated
by reference therein.

 

“Common Stock”
shall have the meaning assigned to such term in the recitals of this Agreement.

 

“Common Stock
Equivalents” means any securities of the Company, the Operating Partnership or the Subsidiaries which would entitle the
holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or
other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to
receive, Common Stock.

 

“Common Units”
shall have the meaning assigned to such term in Section 5.8.

 

“Company”
shall have the meaning assigned to such term in the preamble of this Agreement.

 

“Compliance Certificate”
shall have the meaning assigned to such term in Section 7.2(ii).

 

“Current Report”
shall have the meaning assigned to such term in Section 2.3.

 

    A-3

     

    

 

“Cover Price”
shall have the meaning assigned to such term in Section 3.2.

 

“Custodian”
shall mean any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

“Damages”
shall have the meaning assigned to such term in Section 9.1.

 

“Dilutive Issuance”
shall have the meaning assigned to such term in Section 6.6(ii).

 

“Disclosure Schedule”
shall have the meaning assigned to such term in the preamble to Article V.

 

“Disqualification
Event” shall have the meaning assigned to such term in Section 5.39.

 

“DTC”
means The Depository Trust Company, a subsidiary of The Depository Trust & Clearing Corporation, or any successor thereto.

 

“DWAC”
shall have the meaning assigned to such term in Section 5.33.

 

“DWAC Shares”
means shares of Common Stock issued pursuant to this Agreement that are (i) issued in electronic form, (ii) freely tradable and transferable
and without restriction on resale and without stop transfer instructions maintained against the transfer thereof and (iii) timely credited
by the Company to the Investor’s or its designated Broker-Dealer at which the account or accounts to be credited with the Securities
being purchased by Investor are maintained specified DWAC account with DTC under its Fast Automated Securities Transfer (FAST) Program,
or any similar program hereafter adopted by DTC performing substantially the same function.

 

“EDGAR”
means the Commission’s Electronic Data Gathering, Analysis and Retrieval System.

 

“Effective Date”
means, with respect to the Initial Registration Statement filed pursuant to Section 2(a) of the Registration Rights Agreement (or any
post-effective amendment thereto) or any New Registration Statement filed pursuant to Section 2(c) of the Registration Rights Agreement
(or any post-effective amendment thereto), as applicable, the date on which the Initial Registration Statement (or any post-effective
amendment thereto) or any New Registration Statement (or any post-effective amendment thereto) is declared effective by the Commission.

 

“Effectiveness
Deadline” shall have the meaning assigned to such term in the Registration Rights Agreement.

 

“Eligible Market”
means The Nasdaq Capital Market, The Nasdaq Global Market, The Nasdaq Global Select Market or the NYSE American (or any nationally recognized
successor to any of the foregoing).

 

“Environmental
Laws” shall have the meaning assigned to such term in Section 5.18 hereof.

 

    A-4

     

    

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder.

 

“Exempt Issuance”
means the issuance of (a) Common Stock, options or other equity incentive awards to employees, officers, directors or vendors of the Company
pursuant to any equity incentive plan duly adopted for such purpose, by the Company’s Board of Directors or a majority of the members
of a committee of the Board of Directors established for such purpose, (b) (1) any Securities issued to the Investor pursuant to this
Agreement, (2) any securities issued upon the exercise or exchange of or conversion of any shares of Common Stock or Common Stock Equivalents
held by the Investor or an Affiliate of the Investor at any time, or (3) any securities issued upon the exercise or exchange of or conversion
of any Common Stock Equivalents issued and outstanding on the date of this Agreement, provided that such securities referred to in this
clause (3) have not been amended since the date of this Agreement to increase the number of such securities or to decrease the exercise
price, exchange price or conversion price of such securities, (c) securities issued pursuant to acquisitions or strategic transactions
approved by a majority of the disinterested directors of the Company, provided that such securities are issued as “restricted securities”
(as defined in Rule 144) and carry no registration rights that require or permit the filing of any registration statement in connection
therewith, and, provided that any such issuance shall only be to a Person (or to the equityholders of a Person) which is, itself or through
its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business of the Company and shall provide
to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in which the Company is
issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing in securities, (d)
any securities issued by the Company at any time from and after the date of this Agreement in exchange for any shares of its 8.45% Series
D Cumulative Preferred Stock, par value $0.01 per share, shares of its 7.375% Series F Cumulative Preferred Stock, par value $0.01 per
share, shares of its 7.375% Series G Cumulative Preferred Stock, par value $0.01 per share, shares of its 7.50% Series H Cumulative Preferred
Stock, par value $0.01 per share, and/or shares of 7.50% Series I Cumulative Preferred Stock, par value $0.01 per share, issued and outstanding
as of the date of this Agreement, pursuant to one or more privately negotiated exchange agreements with existing holders of such securities,
in reliance on the exemption from the registration requirements of the Securities Act contained in Section 3(a)(9) of the Securities Act
on the basis that such transactions constitute an exchange of securities by the Company with existing holders of the Company’s securities
exclusively where no commission or other remuneration is paid or given directly or indirectly to any party for soliciting such exchange,
or (e) any convertible preferred stock issued by the Company at any time from and after the date of this Agreement, and any Common Stock
issued by the Company upon any optional conversion of such convertible preferred stock by the holder of such convertible preferred stock
into shares of the Company’s Common Stock pursuant to and in accordance with the terms of such convertible preferred stock set forth
in the Articles Supplementary establishing and fixing the rights and preferences of such convertible preferred stock (it being hereby
acknowledged and agreed that any required, forced, mandated or optional conversion of any shares of any such convertible preferred stock
at the direction, request, notice or other action of, by or on behalf of the Company, is excluded from this clause (e) and shall not be
an “Exempt Issuance” under any circumstances for all purposes of this Agreement, including, without limitation, for purposes
of determining whether a “Dilutive Issuance” or a “Variable Rate Transaction” has occurred in violation of Section
6.6 of this Agreement).

 

    A-5

     

    

 

“FCPA”
shall have the meaning assigned to such term in Section 5.35.

 

“Filed Commission
Document” shall have the meaning assigned to such term in Section 5.6.

 

“Filing Deadline”
shall have the meaning assigned to such term in the Registration Rights Agreement.

 

“FINRA”
means the Financial Industry Regulatory Authority.

 

“Fundamental Transaction”
means that (i) the Company shall, directly or indirectly, in one or more related transactions, (1) consolidate or merge with or into (whether
or not the Company is the surviving corporation) another Person, with the result that the holders of the Company’s capital stock
immediately prior to such consolidation or merger together beneficially own less than 50% of the outstanding voting power of the surviving
or resulting corporation, or (2) sell, lease, license, assign, transfer, convey or otherwise dispose of all or substantially all of the
properties or assets of the Company to another Person, or (3) take action to facilitate a purchase, tender or exchange offer by another
Person that is accepted by the holders of the Company’s Voting Stock representing more than 50% of the total voting power of the
Company’s Voting Stock (excluding any Voting Stock held by the Person or Persons making or party to, or associated or affiliated
with the Persons making or party to, such purchase, tender or exchange offer), or (4) consummate a stock or share purchase agreement or
other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with
another Person whereby such other Person acquires Voting Stock of the Company representing more than 50% of the total voting power of
the Company’s Voting Stock (not including any Voting Stock held by the other Person or other Persons making or party to, or associated
or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination), or (5)
reorganize, recapitalize or reclassify its Common Stock, or (ii) any “person” or “group” (as these terms are used
for purposes of Sections 13(d) and 14(d) of the Exchange Act) is or shall become the “beneficial owner” (as defined in Rule
13d-3 under the Exchange Act), directly or indirectly, of Voting Stock of the Company representing more than 50% of the total voting power
of the Company’s Voting Stock.

 

“GAAP”
shall have the meaning assigned to such term in Section 5.6(b).

 

“General Partner”
shall have the meaning assigned to such term in Section 5.8.

 

“Governmental
Authority” shall have the meaning assigned to such term in Section 5.18.

 

“Hazardous Material”
shall have the meaning assigned to such term in Section 5.18.

 

“Initial Registration
Statement” shall have the meaning assigned to such term in the Registration Rights Agreement.

 

“Investment Manager”
means Obsidian Global Partners, LLC, a Delaware limited liability company.

 

    A-6

     

    

 

 

“Investment Period”
means the period commencing on the Effective Date of the Initial Registration Statement and expiring on the date this Agreement is terminated
pursuant to Article VIII.

 

“Investor”
shall have the meaning assigned to such term in the preamble of this Agreement.

 

“Investor Expense
Reimbursement” shall have the meaning assigned to such term in Section 10.1(i).

 

“Investor General
Partner” means 3i Management LLC, a Delaware limited liability company.

 

“Investor Party”
shall have the meaning assigned to such term in Section 9.1.

 

“Issuer Covered
Person” shall have the meaning assigned to such term in Section 5.39.

 

“IT Systems”
shall have the meaning assigned to such term in Section 5.38.

 

“Knowledge”
means, with respect to the Company and the Operating Partnership, the actual knowledge of the Company’s Chief Executive Officer
and President, its Chief Financial Officer and Treasurer, and its General Counsel, in each case after reasonable inquiry of all officers,
directors and employees of the Company and its Subsidiaries under their direct supervision who would reasonably be expected to have knowledge
or information with respect to the matter in question.

 

“Limited Partner”
shall have the meaning assigned to such term in Section 5.8.

 

“Material Adverse
Effect” means any material adverse effect on (i) the enforceability of any Transaction Document, (ii) the results of operations,
assets, business or financial condition of the Company, the Operating Partnership and its Subsidiaries, taken as a whole, other than any
material adverse effect that resulted primarily from (A) any change in the United States or foreign economies or securities or financial
markets in general, (B) any change that generally affects the industry in which the Company, the Operating Partnership and its Subsidiaries
operate, (C) any change arising in connection with earthquakes, hostilities, acts of war, sabotage or terrorism or military actions or
any escalation or material worsening of any such hostilities, acts of war, sabotage or terrorism or military actions existing as of the
date hereof, (D) any action taken by the Investor, its affiliates or its or their successors and assigns with respect to the transactions
contemplated by this Agreement and the Registration Rights Agreement, (E) the effect of any change in applicable laws or accounting rules,
or (F) any change resulting from compliance with terms of this Agreement or the Registration Rights Agreement or the consummation of the
transactions contemplated by this Agreement and the Registration Rights Agreement, or (iii) the Company’s or the Operating Partnership’s
ability to perform in any material respect on a timely basis its obligations under any Transaction Document to which it is a party to
be performed as of the date of determination.

 

“Material Agreements”
shall have the meaning assigned to such term in Section 5.19.

 

“Money Laundering
Laws” shall have the meaning assigned to such term in Section 5.36.

 

    A-7 

     

    

 

“New Registration
Statement” shall have the meaning assigned to such term in the Registration Rights Agreement.

 

“Notice of Effectiveness”
shall have the meaning assigned to such term in Section 10.1(iv).

 

“OFAC”
shall have the meaning assigned to such term in Section 5.37.

 

“Operating Partnership”
shall have the meaning assigned to such term in the preamble.

 

“Partnership Agreement”
shall have the meaning assigned to such term in Section 5.3.

 

“PEA Period”
means the period commencing at 9:30 a.m., New York City time, on the fifth (5th) Trading Day immediately prior to the filing
of any post-effective amendment to the Initial Registration Statement or any New Registration Statement, and ending at 9:30 a.m., New
York City time, on the Trading Day immediately following, the Effective Date of such post-effective amendment.

 

“Person”
means any person or entity, whether a natural person, trustee, corporation, partnership, limited partnership, limited liability company,
trust, unincorporated organization, business association, firm, joint venture, governmental agency or authority.

 

“Personal Data”
shall have the meaning assigned to such term in Section 5.38.

 

“Preferred Units”
shall have the meaning assigned to such term in Section 5.8.

 

“Prospectus”
means the prospectus in the form included in a Registration Statement, as supplemented from time to time by any Prospectus Supplement,
including the documents incorporated by reference therein.

 

“Prospectus Supplement”
means any prospectus supplement to the Prospectus filed with the Commission from time to time pursuant to Rule 424(b) under the Securities
Act, including the documents incorporated by reference therein.

 

“Real Property”
shall have the meaning assigned to such term in Section 5.18.

 

“Reference Period”
shall have the meaning assigned to such term in Section 6.6(ii).

 

“Reference Price”
shall have the meaning assigned to such term in Section 6.6(ii).

 

“Registrable Securities”
shall have the meaning assigned to such term in the Registration Rights Agreement.

 

“Registration
Rights Agreement” shall have the meaning assigned to such term in the recitals hereof.

 

“Registration
Statement” shall have the meaning assigned to such term in the Registration Rights Agreement.

 

    A-8 

     

    

 

“Regulation D”
shall mean Regulation D promulgated by the Commission under the Securities Act.

 

“REIT”
shall have the meaning assigned to such term in Section 5.40.

 

“Rule 144”
means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the Commission having substantially the same effect.

 

“Sanctions”
shall have the meaning assigned to such term in Section 5.37.

 

“Sanctioned Countries”
shall have the meaning assigned to such term in Section 5.37.

 

“Sanctioned Country”
shall have the meaning assigned to such term in Section 5.37.

 

“Sanctioned Persons”
shall have the meaning assigned to such term in Section 5.37.

 

“Section 4(a)(2)”
shall have the meaning assigned to such term in the recitals of this Agreement.

 

“Securities”
means the Shares.

 

“Securities Act”
shall mean the Securities Act of 1933, as amended, and the rules and regulations of the Commission thereunder.

 

“Shares”
shall mean the shares of Common Stock that are and/or may be purchased by the Investor under this Agreement pursuant to one or more VWAP
Purchase Notices.

 

“Short Sales”
shall mean “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act.

 

“Stock Plan”
shall have the meaning assigned to such term in Section 5.24.

 

“Subsidiary”
and “Subsidiaries” shall have the meanings assigned to such terms in Section 5.1.

 

“Total Purchase
Commitment” shall have the meaning assigned to such term in Section 2.1.

 

“Trading Day”
shall mean any day on which the Trading Market or, if the Common Stock is then listed on an Eligible Market, such Eligible Market is open
for trading (regular way), including any day on which the Trading Market (or such Eligible Market, as applicable) is open for trading
(regular way) for a period of time less than the customary time.

 

“Trading Market”
means the New York Stock Exchange (or any nationally recognized successor thereto).

 

“Transaction
Documents” means, collectively, this Agreement (as qualified by the Disclosure Schedule) and the exhibits hereto, the Registration
Rights Agreement and each of the other agreements, documents, certificates and instruments entered into or furnished by the parties hereto
in connection with the transactions contemplated hereby and thereby.

 

    A-9 

     

    

 

“Transfer Agent”
means Computershare Trust Company, or such other Person who is then serving as the transfer agent for the Company in respect of the Common
Stock.

 

“Variable Rate
Transaction” means a transaction in which the Company (i) issues or sells any equity or debt securities that are convertible
into, exchangeable or exercisable for, or include the right to receive additional shares of Common Stock or Common Stock Equivalents either
(A) at a conversion price, exercise price, exchange rate or other price that is based upon and/or varies with the trading prices of or
quotations for the Common Stock at any time after the initial issuance of such equity or debt securities, or (B) with a conversion, exercise
or exchange price that is subject to being reset at some future date after the initial issuance of such equity or debt security or upon
the occurrence of specified or contingent events directly or indirectly related to the business of the Company or the market for the Common
Stock (including, without limitation, any “full ratchet” or “weighted average” anti-dilution provisions, but not
including any standard anti-dilution protection for any reorganization, recapitalization, non-cash dividend, stock split or other similar
transaction), (ii) issues or sells any equity or debt securities, including without limitation, Common Stock or Common Stock Equivalents,
either (A) at a price that is subject to being reset at some future date after the initial issuance of such debt or equity security or
upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company or the market for
the Common Stock (other than standard anti-dilution protection for any reorganization, recapitalization, non-cash dividend, stock split
or other similar transaction), or (B) that are subject to or contain any put, call, redemption, buy-back, price-reset or other similar
provision or mechanism (including, without limitation, a “Black-Scholes” put or call right, other than in connection with
a “fundamental transaction”) that provides for the issuance of additional equity securities of the Company or the payment
of cash by the Company, or (iii) enters into any agreement with any Person other than the Investor or an Affiliate of the Investor, including,
but not limited to, an “equity line of credit” or “at the market offering” or other continuous offering or similar
offering of Common Stock or Common Stock Equivalents, whereby the Company may sell Common Stock or Common Stock Equivalents at a future
determined price.

 

“Voting Stock”
means securities of any class or kind having the power to vote generally for the election of directors, managers or other voting members
of the governing body of the Company or any successor thereto.

 

“VWAP”
means, for the Common Stock for a specified period, the dollar volume-weighted average price for the Common Stock on the Trading Market
(or, if the Common Stock is then listed on an Eligible Market, on such Eligible Market), for such period, as reported by Bloomberg through
its “AQR” function. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination,
recapitalization or other similar transaction during such period.

 

“VWAP Purchase”
shall have the meaning assigned to such term in Section 3.1.

 

“VWAP Purchase
Condition Satisfaction Time” shall have the meaning assigned to such term in Section 7.3.

 

    A-10 

     

    

 

“VWAP Purchase
Confirmation” shall have the meaning assigned to such term in Section 3.1.

 

“VWAP Purchase
Commencement Time” means, with respect to a VWAP Purchase made pursuant to Section 3.1, 9:30:01 a.m., New York City time,
on the applicable VWAP Purchase Date, or such later time on such VWAP Purchase Date publicly announced by the Trading Market (or, if the
Common Stock is then listed on an Eligible Market, by such Eligible Market) as the official open (or commencement) of trading (regular
way) on the Trading Market (or such Eligible Market, as applicable) on such VWAP Purchase Date.

 

“VWAP Purchase
Date” means, with respect to a VWAP Purchase made pursuant to Section 3.1, the Trading Day on which the Investor receives,
after 6:00 a.m., New York City time, but prior to 9:00 a.m., New York City time, on such Trading Day, a valid VWAP Purchase Notice for
such VWAP Purchase in accordance with this Agreement.

 

“VWAP Purchase
Maximum Amount” means, with respect to a VWAP Purchase made pursuant to Section 3.1, a number of shares of Common Stock
equal to the lesser of (i) a number of shares of Common Stock which, when aggregated with all other shares of Common Stock then beneficially
owned by the Investor and its affiliates (as calculated pursuant to Section 13(d) of the Exchange Act and Rule 13d-3 promulgated thereunder),
would result in the beneficial ownership by the Investor of more than the Beneficial Ownership Limitation and (ii) a number
of Shares equal to (A) the VWAP Purchase Share Percentage multiplied by (B) the average daily trading volume reported for the Common Stock
on the Trading Market (or, if the Common Stock is then listed on an Eligible Market, on such Eligible Market) for the five (5) Trading
Day period ending on (and including) the Trading Day immediately preceding the applicable VWAP Purchase Date for such VWAP Purchase.

 

“VWAP Purchase
Notice” means, with respect to a VWAP Purchase made pursuant to Section 3.1, an irrevocable written notice delivered by
the Company to the Investor directing the Investor to purchase a VWAP Purchase Share Amount (such specified VWAP Purchase Share Amount
subject to adjustment as set forth in Section 3.1 as necessary to give effect to the VWAP Purchase Maximum Amount), at the applicable
VWAP Purchase Price therefor on the applicable VWAP Purchase Date for such VWAP Purchase in accordance with this Agreement.

 

“VWAP Purchase
Period” means, with respect to a VWAP Purchase made pursuant to Section 3.1, the period on the applicable VWAP Purchase
Date for such VWAP Purchase beginning at the applicable VWAP Purchase Commencement Time and ending at the applicable VWAP Purchase Termination
Time.

 

“VWAP Purchase
Price” means, with respect to a VWAP Purchase made pursuant to Section 3.1, the purchase price per Share to be purchased
by the Investor in such VWAP Purchase equal to ninety-six and a half percent (96.5%) of the VWAP over the applicable VWAP Purchase Period
on the applicable VWAP Purchase Date for such VWAP Purchase (to be appropriately adjusted for any reorganization, recapitalization, non-cash
dividend, stock split, reverse stock split or other similar transaction).

 

    A-11 

     

    

 

“VWAP Purchase
Settlement Date” shall have the meaning assigned to such term in Section 3.2.

 

“VWAP Purchase
Share Amount” means, with respect to a VWAP Purchase made pursuant to Section 3.1, the number of Shares to be purchased
by the Investor in such VWAP Purchase as specified by the Company in the applicable VWAP Purchase Notice, which number of Shares shall
not exceed the applicable VWAP Purchase Maximum Amount.

 

“VWAP Purchase
Share Percentage” means, with respect to a VWAP Purchase made pursuant to Section 3.1, twenty percent (20%).

 

“VWAP Purchase
Termination Time” means, with respect to a VWAP Purchase made pursuant to Section 3.1, 4:00 p.m., New York City time, on
the applicable VWAP Purchase Date, or such earlier time publicly announced by the Trading Market (or, if the Common Stock is then listed
on an Eligible Market, by such Eligible Market) as the official close of trading (regular way) on the Trading Market on such applicable
VWAP Purchase Date.

 

    A-12 

     

    

 

EXHIBIT A TO THE

COMMON STOCK PURCHASE AGREEMENT

 

[TO BE FURNISHED SEPARATELY]

 

    A-13 

     

    

 

EXHIBIT B TO THE

COMMON STOCK PURCHASE AGREEMENT

CERTiFICATE OF THE COMPANY

 

CLOSING CERTIFICATE

 

September 9, 2021

 

The undersigned, the Corporate
Secretary of Ashford Hospitality Trust, Inc., a Maryland corporation (the “Company”), delivers this certificate
in connection with the Common Stock Purchase Agreement, dated as of September 9, 2021 (the “Agreement”), by
and between the Company, Ashford Hospitality Limited Partnership, a Delaware limited partnership (the “Operating Partnership”),
and M3A LP, a Delaware limited partnership (the “Investor”), and hereby certifies on the date hereof that (capitalized
terms used herein without definition have the meanings assigned to them in the Agreement):

 

1.       Attached
hereto as Exhibit A is a true, complete and correct copy of the Certificate of Incorporation of the Company, as amended through
the date hereof, as filed with the Secretary of State of the State of Maryland. The Certificate of Incorporation of the Company has not
been further amended or restated, and no document with respect to any amendment to the Certificate of Incorporation of the Company has
been filed in the office of the Secretary of State of the State of Maryland since the date shown on the face of the state certification
relating to the Company’s Certificate of Incorporation, which is in full force and effect on the date hereof, and no action has
been taken by the Company in contemplation of any such amendment or the dissolution, merger or consolidation of the Company.

 

2.       Attached
hereto as Exhibit B is a true and complete copy of the Bylaws of the Company, as amended and restated through, and as in full force
and effect on, the date hereof, and no proposal for any amendment, repeal or other modification to the Bylaws of the Company has been
taken or is currently pending before the Board of Directors or stockholders of the Company.

 

3.       The
Board of Directors of the Company has approved the transactions contemplated by the Transaction Documents; said approval has not been
amended, rescinded or modified and remains in full force and effect as of the date hereof. Attached hereto as Exhibit C are true,
correct and complete copies of the resolutions duly adopted by the Board of Directors of the Company via unanimous written consent on
July 7, 2021.

 

4.       Each
person who, as an officer of the Company, or as attorney-in-fact of an officer of the Company, signed the Transaction Documents to which
the Company is a party, was duly elected, qualified and acting as such officer or duly appointed and acting as such attorney-in-fact,
and the signature of each such person appearing on any such document is his genuine signature.

 

IN WITNESS WHEREOF,
I have signed my name as of the date first above written.

 

	 	 
	 	Name:
	 	Title:

 

    B-1 

     

    

 

EXHIBIT C TO THE

COMMON STOCK PURCHASE AGREEMENT

COMPLIANCE CERTIFICATE

 

The undersigned, the Executive
Vice President, General Counsel and Secretary of Ashford Hospitality Trust, Inc., a Maryland corporation (the “Company”),
delivers this certificate in connection with the Common Stock Purchase Agreement, dated as of September 9, 2021 (the “Agreement”),
by and between the Company, Ashford Hospitality Limited Partnership, a Delaware limited partnership (the “Operating Partnership”),
and M3A LP, a Delaware limited partnership (the “Investor”), and hereby certifies on the date hereof that, to
the best of his knowledge after reasonable investigation, on behalf of the Company and the Operating Partnership (capitalized terms used
herein without definition have the meanings assigned to them in the Agreement):

 

1.       The
undersigned is the duly appointed Executive Vice President, General Counsel

and Secretary of the Company.

 

2.       Except
as set forth in the attached Disclosure Schedule, the representations and warranties of the Company and the Operating Partnership set
forth in Article V of the Agreement (i) that are not qualified by “materiality” or “Material Adverse Effect” are
true and correct in all material respects as of the Commencement Date with the same force and effect as if made on the Commencement Date,
except to the extent such representations and warranties are as of another date, in which case, such representations and warranties are
true and correct in all material respects as of such other date and (ii) that are qualified by “materiality” or “Material
Adverse Effect” are true and correct as of the Commencement Date with the same force and effect as if made on the Commencement Date,
except to the extent such representations and warranties are as of another date, in which case, such representations and warranties are
true and correct as of such other date.

 

3.       Each
of the Company and the Operating Partnership has performed, satisfied and complied in all material respects with all covenants, agreements
and conditions required by the Agreement and the Registration Rights Agreement to be performed, satisfied or complied with by the Company
and the Operating Partnership, respectively, at or prior to Commencement.

 

4.       The
Shares issuable in respect of each VWAP Purchase Notice effected pursuant to the Agreement shall be delivered to the Investor electronically
as DWAC Shares, and shall be freely tradable and transferable and without restriction on resale and without any stop transfer instructions
maintained against such Shares.

 

5.       As
of the Commencement Date, neither the Company nor the Operating Partnership possesses any material non-public information.

 

6.       As
of the Commencement Date, the Company has reserved out of its authorized and unissued Common Stock, 6,040,888 shares of Common Stock solely
for the purpose of effecting VWAP Purchases under the Agreement.

 

7.       No
stop order suspending the effectiveness of the Registration Statement or the use of the Prospectus under the Securities Act has been issued
and no proceedings for such purpose or pursuant to Section 8A of the Securities Act are pending before or, to the Knowledge of the Company
and the Operating Partnership, threatened by the Commission.

 

The undersigned has executed
this Certificate this 9th day of September, 2021.

 

    C-1 

     

    

 

		By:	

		Name:	

		Title:	

 

    C-2 

     

    

 

DISCLOSURE
SCHEDULE

RELATING TO THE COMMON STOCK

PURCHASE AGREEMENT, DATED AS OF SEPTEMBER 9, 2021

BY AND AMONG ASHFORD HOSPITALITY TRUST, INC., ASHFORD 

HOSPITALITY LIMITED PARTNERSHIP AND M3A LP

 

This disclosure schedule is
made and given pursuant to Article V of the Common Stock Purchase Agreement, dated as of September 9, 2021 (the “Agreement”),
by and between Ashford Hospitality Trust, Inc., a Maryland corporation (the “Company”), Ashford Hospitality
Limited Partnership, a Delaware limited partnership (the “Operating Partnership”), and M3A LP, a Delaware limited
partnership (the “Investor”). Unless the context otherwise requires, all capitalized terms are used herein as
defined in the Agreement. The numbers below correspond to the section numbers of representations and warranties in the Agreement most
directly modified by the below exceptions.

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