Document:

Exhibit 10.1

 

AMENDMENT NO.
7

TO

SEVENTH AMENDED
AND RESTATED

AGREEMENT OF LIMITED PARTNERSHIP 

OF

ASHFORD HOSPITALITY LIMITED PARTNERSHIP

 

July 15, 2020

 

This
Amendment No. 7 to the Seventh Amended and Restated Agreement of Limited Partnership of Ashford Hospitality Limited Partnership
(this “Amendment”) is made as of July 15, 2020, by Ashford OP General Partner LLC, a Delaware limited
liability company, as general partner (the “General Partner”) of Ashford Hospitality Limited Partnership,
a Delaware limited partnership (the “Partnership”), pursuant to the authority granted in Section
11.1(b) of Seventh Amended and Restated Agreement of Limited Partnership of Ashford Hospitality Limited Partnership, dated
April 14, 2016, as amended by Amendment No. l thereto dated as of July 13, 2016, Amendment No. 2 thereto dated October 18, 2016,
Amendment No. 3 thereto dated as of August 25, 2017, Amendment No. 4 thereto dated as of November 17, 2017, Amendment No. 5 thereto
dated as of December 13, 2017 and Amendment No. 6 thereto dated as of February 26, 2019 (the “Partnership Agreement”),
for the purpose of changing and reclassifying Partnership Units. Capitalized terms used and not defined herein shall have the
meanings set forth in the Partnership Agreement.

 

WHEREAS,
the Board of Directors (the “Board”) of Ashford Hospitality Trust, Inc. (the “Corporation”)
and a duly authorized committee thereof adopted resolutions on June 16, 2020 and June 16, 2020 (i) changing and reclassifying
each of the shares of Common Stock (par value $0.01 per share) of the Corporation, which is issued and outstanding at the close
of business on the effective date of this amendment, into one-tenth of a share of Common Stock (par value $0.01 per share) and
(ii) transferring from the common stock account to the additional paid-in capital account $0.01 with respect to each share which
will no longer remain outstanding after this change and reclassification, such change, reclassification and combination to be
made as a 1-for-10 (the “Split Ratio”) reverse stock split, and that no fractional shares of Common
Stock will be or remain issued to any stockholder who, after giving effect to such reverse stock split, would otherwise have owned
any fraction of a share of Common Stock and, if such reverse stock split would result in a fractional number of shares of Common
Stock, such fractional share shall be rounded down to the nearest full share and the Company shall pay the holder otherwise entitled
to such fraction a sum in cash in an amount equal to the relevant percentage of the amount received per share upon the sale in
one or more open market transactions of the aggregate of all such fractional shares (the “Reverse Stock Split”);

 

WHEREAS,
Section 11.1(b) of the Partnership Agreement permits the General Partner to amend the Partnership Agreement without the
approval of any other Partner if such amendment is to amend and restate Exhibit A thereto;

 

WHEREAS,
the General Partner has determined that, in connection with the Reverse Stock Split, it is necessary and desirable to amend the
Partnership Agreement to change and reclassify the issued and outstanding Partnership Units consistent with the Split Ratio (the
 “Reverse Unit Split”); and

 

     

     

    

 

WHEREAS,
the General Partner desires to so amend the Partnership Agreement as of the date first set forth above.

 

NOW,
THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which
hereby are acknowledged, the General Partner hereby amends the Partnership Agreement as follows:

 

1.         
The Partnership Agreement is hereby amended to replace Exhibit A thereto with a revised Exhibit A to reflect
the Reverse Unit Split.

 

2.         
Except as modified herein, all terms and conditions of the Partnership Agreement shall remain in full force and effect,
which terms and conditions the General Partner hereby ratifies and confirms.

 

3.         
This Amendment shall be construed and enforced in accordance with and governed by the laws of the State of Delaware, without
regard to conflicts of law.

 

4.         
If any provision of this Amendment is or becomes invalid, illegal or unenforceable in any respect, the validity, legality
and enforceability of the remaining provisions contained herein shall not be affected thereby.

 

(The remainder
of this page intentionally left blank.)

 

    2

     

    

 

IN
WITNESS WHEREOF, the undersigned has executed this Amendment as of the date first set forth above.

 

	 	GENERAL PARTNER:
	 	 
	 	Ashford OP General Partner
    LLC,
	 	a Delaware limited liability
    company, as General Partner of Ashford Hospitality Limited Partnership
	 	 
	 	By:	/s/ Robert G. Haiman
	 	Name: 	 Robert G. Haiman
	 	Title: 	Executive Vice President, 

General Counsel and Secretary

 

Amendment
No. 7 to Seventh Amended and Restated LP Agreement of Ashford Hospitality Limited Partnership

 

    

     

    

 

Ashford
Hospitality Trust

Exhibit
A

As
of June 30, 2020 - Post-split

 

	 	 	%
    of Total Shares +	 
	 	Shares/Units	Units	Treasury stock
	 	 	 	 
	Total
    Common Shares	10,475,200	83.60%	1,707,914
	 	 	 	 
	Total
    Common Units	1,651,799	13.18%	 
	 	 	 	 
	Total
    LTIPs	272,959	2.18%	 
	 	 	 	 
	Total
    Performance LTIPs	129,656	1.03%	 
	 	 	 	 
	Total
    Units (All Types)	2,054,413	16.40%	 
	 	 	 	 
	Total
    Shares + Units	12,529,613	100.00%	 

 

	Preferred
    Series	 	Shares	 	 
	Series D	 	2,389,393	 	 
	Series F	 	4,800,000	 	 
	Series G	 	6,200,000	 	 
	Series H	 	3,800,000	 	 
	Series I	 	5,400,000	 	 
	 	 	 	 	 
	Total
    Preferred	 	22,589,393Exhibit 10.2

 

AMENDMENT NO. 4

to the

2011 STOCK INCENTIVE PLAN

of

ASHFORD HOSPITALITY TRUST, INC.

July 15, 2020

 

This Amendment No.
4 (this “Amendment”) to the 2011 Stock Incentive Plan of Ashford Hospitality Trust, Inc. (the “Company”)
is hereby adopted by the Board of Directors of the Company (the “Board”), effective as of the date first
referenced above.

 

WHEREAS, the
2011 Stock Incentive Plan of Ashford Hospitality Trust, Inc. (the “Original Plan”) was authorized and
approved by the stockholders of the Company and adopted for and on behalf of the Company by the Board in May 2011;

 

WHEREAS, the
Original Plan was amended by that certain Amendment No. 1, Amendment No. 2, and Amendment No. 3 to the Original Plan (as so amended,
the “Plan”);

 

WHEREAS, as
of the date first set forth above, the Company has effectuated a 1-for-10 reverse stock split (the “Reverse Split”)
of the shares of the Company’s common stock, par value $0.01 per share (“Common Stock”);

 

WHEREAS, pursuant
to Article 1.2 of the Plan, in the event that the outstanding shares of Common Stock are changed into or exchanged for a different
number or kind of securities of the Company by reason of, inter alia, a recapitalization, stock split, combination of shares,
or the like, the aggregate number of securities available under the Plan shall be ratably adjusted; and

 

WHEREAS, the
Board wishes to amend the Plan to ratably adjust the aggregate number of shares of Common Stock issuable thereunder to reflect
the Reverse Split.

 

NOW, THEREFORE,
BE IT RESOLVED,

 

		1.	Article 1.2 of the Plan is hereby amended and restated in its entirety to read as follows:

 

     

     

    

 

The aggregate number of shares of
Common Stock, $.01 par value per share, of the Company (“Common Stock”) that may be issued under
the Plan shall not exceed 1,725,000 shares of outstanding Common Stock. In the event that the outstanding shares of Common
Stock are changed into or exchanged for a different number or kind of shares or other securities of the Company by reason of
a merger, consolidation, recapitalization, reclassification, stock split, stock dividend, combination of shares or the like,
the aggregate number and class of securities available under the Plan shall be ratably adjusted by the Committee (as defined
below) or the Board, whose determination shall be final and binding upon the Company and all other interested persons. In the
event the number of shares to be delivered upon the exercise or payment of any Award granted under the Plan is reduced for
any reason whatsoever or in the event any Award granted under the Plan can no longer under any circumstances be exercised or
paid, the number of shares no longer subject to such Award shall thereupon be released from such Award and shall thereafter
be available under the Plan for the grant of additional Awards. Shares issued pursuant to the Plan (i) may be treasury
shares, authorized but unissued shares or, if applicable, shares acquired in the open market and (ii) shall be fully paid and
nonassessable.

 

		2.	Except as modified herein, all terms and conditions of the Plan shall remain in full force and
effect.

 

		3.	This Amendment shall be construed and enforced in accordance with and governed by the laws of the
State of Maryland, without regard to conflicts of law.

 

		4.	If any provision of this Amendment is or becomes invalid, illegal or unenforceable in any respect,
the validity, legality and enforceability of the remaining provisions contained herein shall not be affected thereby.

 

    -2-Exhibit 10.6

 

THIS PROMISSORY NOTE (“NOTE”)
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED
FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE
SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION
IS NOT REQUIRED.

 

PROMISSORY NOTE

 

	Principal Amount: up to U.S.$300,000	Dated as of May 19, 2020

(as set forth on the Schedule of Borrowings
attached hereto)

 

CC Neuberger Principal
Holdings II, a Cayman Islands exempted company and blank check company (the “Maker”), promises to pay to the
order of CC Neuberger Principal Holdings II Sponsor LLC, a Delaware limited liability company, or its registered assigns or successors
in interest (the “Payee”), or order, the principal sum of up to Three Hundred Thousand U.S. Dollars (U.S.$300,000)
(as set forth on the Schedule of Borrowings attached hereto) in lawful money of the United States of America, on the terms and
conditions described below. All payments on this Note shall be made by check or wire transfer of immediately available funds or
as otherwise determined by the Maker to such account as the Payee may from time to time designate by written notice in accordance
with the provisions of this Note.

 

1.           Principal.
The principal balance of this Note shall be payable by the Maker on the earlier of: (i) December 31, 2020 and (ii) the date on
which the Maker consummates an initial public offering of its securities (the “IPO”), unless accelerated upon
the occurrence of an Event of Default. The principal balance may be prepaid at any time by the Maker, at its election and without
penalty. Under no circumstances shall any individual, including but not limited to any officer, director, employee or shareholder
of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder.

 

2.           Interest. No interest shall accrue
on the unpaid principal balance of this Note. 

 

3.           Drawdown Requests. The Maker and the
Payee agree that the Maker may request up to Three Hundred Thousand U.S. Dollars (U.S.$300,000) for costs reasonably related to
the Maker’s proposed IPO. The principal of this Note may be drawn down from time to time prior to the earlier of: (i) December
31, 2020 and (ii) the date on which the Maker consummates the IPO, upon written request from the Maker to the Payee (each, a “Drawdown
Request”). Each Drawdown Request must state the amount to be drawn down, and must not be an amount less than One
Thousand U.S. Dollars (U.S.$1,000) unless agreed upon by the Maker and the Payee. The Payee shall fund each Drawdown Request no
later than one (1) business day after receipt of a Drawdown Request; provided, however, that the maximum amount of drawdowns collectively
under this Note is Three Hundred Thousand U.S. Dollars (U.S.$300,000). No fees, payments or other amounts shall be due to the Payee
in connection with, or as a result of, any Drawdown Request by the Maker.

 

4.           Application
of Payments. All payments shall be applied first
to payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable
attorney’s fees, then to the payment in full of any late charges and finally to the reduction of the unpaid principal balance
of this Note.

 

     

     

    

 

5.           Events
of Default. The following shall constitute an event
of default (“Event of Default”):

 

(a)        
Failure to Make Required Payments. Failure by the Maker to pay the principal amount due pursuant to this Note within
five (5) business days of the date specified in Section 1 above.

 

(b)        
Voluntary Bankruptcy, Etc. The commencement by the Maker of a voluntary case under any applicable bankruptcy, insolvency,
reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver,
liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of the Maker or for any substantial part of
its property, or the making by it of any assignment for the benefit of creditors, or the failure of the Maker generally to pay
its debts as such debts become due, or the taking of corporate action by the Maker in furtherance of any of the foregoing.

 

(c)        
Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises
in respect of the Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing
a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Maker or for any substantial part
of its property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed
and in effect for a period of 60 consecutive days.

 

6.          
Remedies.

 

(a)         
Upon the occurrence of an Event of Default specified in Section 5(a) hereof, the Payee may, by written notice to the Maker,
declare this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts
payable thereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind,
all of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b)        
Upon the occurrence of an Event of Default specified in Sections 5(b) or 5(c), the unpaid principal balance of this Note,
and all other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without
any action on the part of the Payee.

 

7.           Waivers.
The Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor,
protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by
the Payee under the terms of this Note, and all benefits that might accrue to the Maker by virtue of any present or future laws
exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment,
levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment;
and the Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ
of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by the Payee.

 

8.           Unconditional
Liability. The Maker hereby waives all notices in
connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees that its
liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner
by any indulgence, extension of time, renewal, waiver or modification granted or consented to by the Payee, and consents to any
and all extensions of time, renewals, waivers, or modifications that may be granted by the Payee with respect to the payment or
other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties
hereto without notice to the Maker or affecting the Maker’s liability hereunder.

 

    2

     

    

 

9.           Notices.
All notices, statements or other documents which are required or contemplated by this Note shall be: (i) in writing and delivered
personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission
to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address
or fax number as may be designated in writing by such party or (iii) by electronic mail, to the electronic mail address most recently
provided to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other
communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business
day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery
to an overnight courier service or five (5) days after mailing if sent by mail.

 

10.         Construction.
THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK.

 

11.         Severability.
Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and
any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

 

12.         Trust Waiver. Notwithstanding anything
herein to the contrary, the Payee hereby waives any and all right, title, interest or claim of any kind (“Claim”)
in or to any distribution of or from the trust account to be established in which proceeds of the IPO (including the deferred underwriters
discounts and commissions) and proceeds of the sale of the warrants issued in a private placement to occur in connection with the
consummation of the IPO are to be deposited, as described in greater detail in the registration statement and prospectus to be
filed with the Securities and Exchange Commission in connection with the IPO, and hereby agrees not to seek recourse, reimbursement,
payment or satisfaction for any Claim against the trust account for any reason whatsoever.

 

13.         Amendment; Waiver. Any amendment
hereto or waiver of any provision hereof may be made with, and only with, the written consent of the Maker and the Payee.

 

14.         Assignment.
No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of
law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required
consent shall be void.

 

[Signature page follows]

 

    3

     

    

 

IN
WITNESS WHEREOF, the Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned
as of the day and year first above written.

 

	 	CC Neuberger PRINCIPAL Holdings II
	 	a Cayman Islands exempted company
	 	 
	 	By:	/s/ Douglas Newton
	 	 	Name:	Douglas Newton
	 	 	Title:	Chief Financial Officer

 

	Agreed and Acknowledged:	 
	 	 
	CC Neuberger Principal Holdings II Sponsor LLC	 
	a Delaware limited liability company	 
	 	 
	By:	/s/ Douglas Newton	 
	 	Name:	 Douglas Newton	 
	 	Title:	Authorized Signatory	 

 

    

     

    

 

SCHEDULE OF BORROWINGS

 

The following increases or decreases in
this Promissory Note have been made:

 

	
        Date of
        Increase or Decrease
	
        Amount of
        decrease in Principal Amount of this Promissory Note
	
        Amount of
        increase in Principal Amount of this Promissory Note
	
        Principal
        Amount of this Promissory Note following such decrease or increase

  

    5

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