Document:

EXHIBIT 10.21

 

EMPLOYMENT AGREEMENT

 

EMPLOYMENT AGREEMENT (the
 “Agreement”), dated as of July 9, 2021, between Cadre Holdings, Inc., a Delaware corporation (the “Company”),
and Blaine Browers (the “Employee”).

 

W I T N E S S E T H :

 

WHEREAS, each of the
Company and its subsidiaries, including Safariland, LLC, desires to employ the Employee as the Chief Financial Officer of the Company
and to be assured of his services on the terms and conditions hereinafter set forth; and

 

WHEREAS, the Employee
is willing to be employed as the Chief Financial Officer of the Company on such terms and conditions.

 

NOW THEREFORE, in consideration
of the mutual covenants and agreements set forth in this Agreement, the Company and the Employee hereby agree as follows:

 

	 	1.	Employment and Term.

 

The Company hereby employs the Employee as the Chief
Financial Officer of the Company, and the Employee accepts such employment, upon the terms and subject to the conditions set forth in
this Agreement. The term of this Agreement shall commence and be effective only upon the closing of the Company’s initial public
offering of shares of its common stock provided that Employee remains in the employ of the Company and this Agreement has not been terminated
as of such date (the “Commencement Date”), and shall terminate on the third anniversary of the Commencement Date (the “Term”),
subject to earlier termination as provided herein. This Agreement shall automatically terminate prior to the Commencement Date (x) if
the Employee is not employed by the Company at any time between the date hereof and the Commencement Date, or (y) if the Company does
not complete its initial public offering on or before September 30, 2021.

 

	 	2.	Duties; Work Site.

 

(a)  During the Term of this Agreement,
the Employee shall serve as the Chief Financial Officer of the Company and shall perform all duties commensurate with his positions and
as may be assigned to him by the Chief Executive Officer and Executive Chairman of the Board of Directors of the Company (the “Board”)
or his designee. The Employee shall devote his full business time and energies to the business and affairs of the Company and shall use
his best efforts, skills and abilities to promote the interests of the Company, and to diligently and competently perform the duties of
his positions.

 

(b)  The Employee shall report to and shall
communicate regularly with the Chief Executive Officer and Executive Chairman of the Board or his designee.

 

(c)  The Employee and the Company agree
that the Employee’s duties will be discharged from the Company’s Jacksonville, Florida location. The Employee agrees to travel
for business purposes in such amount as is necessary in order for the Employee to fully and competently perform his duties hereunder.

 

	 	3.	Compensation, Bonus, Benefits, etc.

 

(a)  Salary. During the Term
of this Agreement, the Company shall pay to the Employee, and the Employee shall accept from the Company, as compensation for the performance
of services under this Agreement and the Employee’s observance and performance of all of the provisions hereof, an annual salary
at the rate of $340,000 (the “Base Compensation”). The Base Compensation shall be payable in accordance with the normal payroll
practices of the Company.

 

     

     

    

 

(b)  Bonus.
In addition to the Base Compensation described above, the Employee shall, in the sole and absolute discretion of the Board or the
Compensation Committee of the Board, be entitled to an annual performance bonus of up to one hundred percent (100%) of the Base
Compensation which may be based upon a variety of factors, including qualitative and quantitative Company objectives, all as
determined annually in the sole and absolute discretion of the Board or Compensation Committee of the Board. In addition, the
Employee may be entitled to participate in such other bonus plans, during the Term of this Agreement, as the Board or the
Compensation Committee of the Board may, in its sole and absolute discretion, determine. Any such bonus, as determined by the Board
or the Compensation Committee of the Board, shall be payable to the Employee no later than 21⁄2
months after the end of the fiscal year in question during the Term.  

 

(c)  Phantom Plan. The Employee
has received under the Safariland Group 2021 Phantom Restricted Share Plan (the “Phantom Plan”) a Phantom Share Award Agreement,
dated March 18, 2021, for 3,320 Phantom Shares, which will continue to remain outstanding and be subject to the vesting and other terms
as set forth in the Phantom Plan and related Award Agreement.

 

(d)  LTIP Plan. The Employee
has received under the Safariland Group Long-Term Incentive Plan (the “LTIP Plan”) an Award Agreement, dated March 15, 2021,
of $329,600 and another Award Agreement, dated March 15, 2021, of $329,600, each of which will continue to remain outstanding and be subject
to the vesting and other terms as set forth in the LTIP Plan and the related respective Award Agreements.

 

(e) Stock Options; Restricted Stock.
The Employee shall also be entitled to participate, at the sole and absolute discretion of the Compensation Committee of the Board, in
the Company’s 2021 Stock Incentive Plan, or such other stock incentive plan as the Company may have in effect from time to time
(the “Stock Incentive Plan”). Such participation and awards shall be based upon, among other things, the Employee’s
performance and the Company’s performance, all as determined by the Compensation Committee of the Board. In addition, the Employee
may be entitled, during the Term of this Agreement, to receive additional options, restricted stock and Stock Bonus Awards at such prices
and other terms, and/or to participate in such other bonus plans, whether during the term of this Agreement or upon termination pursuant
to Section 7 hereof, as the Compensation Committee of the Board may, in its sole and absolute discretion, determine. Furthermore, and
without limiting the foregoing, on the Commencement Date, the Company shall issue to the Employee 150,000 restricted shares of Common
Stock (the “Restricted Stock”), which shall be subject to the vesting and lapse of restrictions on such Restricted Stock based
on the timing set forth below:

 

(A) The Restricted Stock shall vest upon the achievement
of both: (i) a closing price of at least $40.00 per share of Common Stock on the New York Stock Exchange or other national or regional
stock exchange on which such securities are then listed for a period of twenty (20) consecutive trading days, and (ii) the Employee
having been continuously employed by the Company for a period of five years from and after the Commencement Date;

 

(B) Any shares not vested based on the foregoing
closing share price of Common Stock prior to the tenth anniversary of the Commencement Date shall be forfeited and be null and void; and

 

(C) The forfeiture of the Restricted Stock may be
accelerated in accordance with the terms of this Agreement, provided that, notwithstanding any provision in this Agreement to the contrary,
the vesting of the Restricted Stock shall not be accelerated unless and until the conditions set forth in clause (A) above are satisfied.

 

The terms and provisions of the Restricted Stock
shall be set forth in a restricted stock agreement in form and substance satisfactory to the Company.

 

 

(f)  Benefits. During the
Term of this Agreement, the Employee shall be entitled to participate in or benefit from, in accordance with the eligibility and other
provisions thereof, the Company’s medical insurance and other fringe benefit plans or policies as the Company may make available
to, or have in effect for, its senior executive officers from time to time. The Company and its affiliates retain the right to terminate
or alter any such plans or policies from time to time. The Employee shall also be entitled to four weeks paid vacation each year, sick
leave and other similar benefits in accordance with policies of the Company from time to time in effect for its senior executive officers.

 

    2

     

    

 

(g)  Reimbursement of Business Expenses. During
the Term of this Agreement, upon submission of proper invoices, receipts or other supporting documentation reasonably satisfactory to
the Company and in accordance with and subject to the Company’s expense reimbursement policies, the Employee shall be reimbursed
by the Company for all reasonable business expenses actually and necessarily incurred by the Employee on behalf of the Company in connection
with the performance of services under this Agreement.

 

(h)  Taxes. The Base
Compensation and any other compensation paid to Employee, including, without limitation, any bonus, shall be subject to withholding for
applicable taxes and other amounts.

 

	 	4.	Representations of Employee.

 

The Employee represents and warrants that he is
not party to, or bound by, any agreement or commitment, or subject to any restriction, including but not limited to agreements related
to previous employment containing confidentiality or noncompetition covenants, which limit the ability of the Employee to perform his
duties under this Agreement. The Employee further represents and warrants that he is not presently nor has he ever been the subject of
or a party to any charge, complaint, government agency investigation or proceeding, disciplinary action, arbitration or litigation involving
a claim of employment discrimination, retaliation or harassment, including sexual harassment.

 

5.    Confidentiality,
Noncompetition, Nonsolicitation and Non-Disparagement.

 

For purposes of this Section 5, all references
to the Company shall be deemed to include the Company’s affiliates and subsidiaries and their respective subsidiaries, whether now
existing or hereafter established or acquired. In consideration for the compensation and benefits provided to the Employee pursuant to
this Agreement, the Employee agrees with the provisions of this Section 5.

 

(a)  Confidential Information.

 

               (i) The
Employee acknowledges that as a result of his retention by the Company, the Employee has and will continue to have knowledge of, and access
to, proprietary and confidential information of the Company including, without limitation, research and development plans and results,
software, databases, technology, inventions, trade secrets, technical information, know-how, plans, specifications, methods of operations,
product and service information, product and service availability, pricing information (including pricing strategies), financial, business
and marketing information and plans, and the identity of customers, clients and suppliers (collectively, the “Confidential Information”),
and that the Confidential Information, even though it may be contributed, developed or acquired by the Employee, constitutes valuable,
special and unique assets of the Company developed at great expense which are the exclusive property of the Company. Accordingly, the
Employee shall not, at any time, either during or subsequent to the Term of this Agreement, use, reveal, report, publish, transfer or
otherwise disclose to any person, corporation, or other entity, any of the Confidential Information without the prior written consent
of the Company, except to responsible officers and employees of the Company and other responsible persons who are in a contractual or
fiduciary relationship with the Company and who have a need for such Confidential Information for purposes in the best interests of the
Company, and except for such Confidential Information which is or becomes of general public knowledge from authorized sources other than
by or through the Employee.

 

             (ii)  The
Employee acknowledges that the Company would not enter into this Agreement without the assurance that all the Confidential Information
will be used for the exclusive benefit of the Company.

 

            (iii)
Employee shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade
secret (as defined in section 1839 of title 18, United States Code) that (A) is made (i) in confidence to a federal, state, or local
government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating
a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing
is made under seal. If Employee files a lawsuit for retaliation by the Company for reporting a suspected violation of law, Employee
may disclose the trade secret to Employee’s attorney and use the trade secret information in the court proceeding if Employee
(A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except as permitted by
court order.

 

    3

     

    

 

(b)  Return of Confidential Information.
Upon the termination of this Agreement or upon the request of the Company, the Employee shall promptly return to the Company all Confidential
Information in his possession or control, including but not limited to all drawings, manuals, computer printouts, computer databases,
disks, data, files, lists, memoranda, letters, notes, notebooks, reports and other writings and copies thereof and all other materials
relating to the Company’s business, including, without limitation, any materials incorporating Confidential Information.

 

(c)  Inventions, etc. During
the Term and for a period of one year thereafter, the Employee will promptly disclose to the Company all designs, processes, inventions,
improvements, developments, discoveries, processes, techniques, and other information related to the business of the Company conceived,
developed, acquired, or reduced to practice by him alone or with others during the Term of this Agreement, whether or not conceived during
regular working hours, through the use of Company time, material or facilities or otherwise (“Inventions”).

 

The Employee agrees that all copyrights created
in conjunction with his service to the Company and other Inventions, are “works made for hire” (as that term is defined under
the Copyright Act of 1976, as amended). All such copyrights, trademarks, and other Inventions shall be the sole and exclusive property
of the Company, and the Company shall be the sole owner of all patents, copyrights, trademarks, trade secrets, and other rights and protection
in connection therewith. To the extent any such copyright and other Inventions may not be works for hire, the Employee hereby assigns
to the Company any and all rights he now has or may hereafter acquire in such copyrights and any other Inventions. Upon request the Employee
shall deliver to the Company all drawings, models and other data and records relating to such copyrights, trademarks and Inventions. The
Employee further agrees as to all such Inventions, to assist the Company in every proper way (but at the Company’s expense) to obtain,
register, and from time to time enforce patents, copyrights, trademarks, trade secrets, and other rights and protection relating to said
Inventions in any and all countries, and to that end the Employee shall execute all documents for use in applying for and obtaining such
patents, copyrights, trademarks, trade secrets and other rights and protection on and enforcing such Inventions, as the Company may reasonably
request, together with any assignments thereof to the Company or persons designated by it. Such obligation to assist the Company shall
continue beyond the termination of the Employee’s service to the Company, but the Company shall compensate the Employee at a reasonable
rate after termination of service for time actually spent by the Employee at the Company’s request for such assistance. In the event
the Company is unable, after reasonable effort, to secure the Employee’s signature on any document or documents needed to apply
for or prosecute any patent, copyright, trademark, trade secret, or other right or protection relating to an Invention, whether because
of the Employee’s physical or mental incapacity or for any other reason whatsoever, the Employee hereby irrevocably designates and
appoints the Company and its duly authorized officers and agents, during the Term of this Agreement and for a period of two years after
termination of this Agreement, as his agent coupled with an interest and attorney-in-fact, to act for and in his behalf and stead to execute
and file any such application or applications and to do all other lawfully permitted acts to further the prosecution and issuance of patents,
copyrights, trademarks, trade secrets, or similar rights or protection thereon with the same legal force and effect as if executed by
the Employee.

 

(d)  Non-Competition. The
Employee agrees not to utilize his special knowledge of the Business and his relationships with customers, prospective customers, suppliers
and others or otherwise to compete with the Company in the Business during the Restricted Period. During the Restricted Period, the Employee
shall not, and shall not permit any of his respective employees, agents or others under his control, directly or indirectly, on behalf
of the Employee or any other Person, to engage or have an interest, anywhere in the world in which the Company conducts business or markets
or sells its products, alone or in association with others, as principal, officer, agent, employee, director, partner or stockholder (except
as an owner of two percent or less of the stock of any company listed on a national securities exchange or traded in the over-the-counter
market), whether through the investment of capital, lending of money or property, rendering of services or capital, or otherwise, in any
Competitive Business. During the Restricted Period, the Employee shall not, and shall not permit any of his respective employees, agents
or others under his control, directly or indirectly, on behalf of the Employee or any other Person, to accept Competitive Business from,
or solicit the Competitive Business of any Person who is a customer of the Business conducted by the Company, or, to the Employee’s
knowledge, is a customer of the Business conducted by the Company at any time during the Restricted Period.

 

    4

     

    

 

(e)  Non-Disparagement and Non-Interference. The
Employee shall not, either directly or indirectly, (i) during the Restricted Period, make or cause to be made, any statements that are
disparaging or derogatory concerning the Company or its business, reputation or prospects; (ii) during the Restricted Period, request,
suggest, influence or cause any party, directly or indirectly, to cease doing business with or to reduce its business with the Company
or do or say anything which could reasonably be expected to damage the business relationships of the Company; or (iii) at any time during
or after the Restricted Period, use or purport to authorize any Person to use any Intellectual Property owned by the Company or exclusively
licensed to the Company or to otherwise infringe on the intellectual property rights of the Company.

 

(f)  Non-Solicitation. During
the Restricted Period, the Employee shall not recruit or otherwise solicit or induce any Person who is an employee or consultant of, or
otherwise engaged by Company, to terminate his or her employment or other relationship with the Company, or such successor, or hire any
person who has left the employ of the Company during the preceding one year.

 

(g)  Certain Definitions. For
purposes of this Agreement: (i) the term “Business” shall mean the business of (A) manufacturing and distributing safety and
survivability equipment for first responders; and (B) any other business that the Company or its subsidiaries may be engaged in during
the Term of this Agreement; (ii) the term “Competitive Business” shall mean any business competitive with the Business; and
(iii) the term “Restricted Period” shall mean the Term of this Agreement and a period of two years after termination of this
Agreement; provided, that, if Employee breaches the covenants set forth in this Section 5, the Restricted Period shall be extended for
a period equal to the period that a court having jurisdiction has determined that such covenant has been breached. “Person”
shall mean an individual, a partnership, a joint venture, a corporation, a limited liability company, a trust, an unincorporated organization
or other entity and a government or any department or agency thereof.

 

6.    Remedies. The
restrictions set forth in Section 5 are considered by the parties to be fair and reasonable. The Employee acknowledges that the restrictions
contained in Section 5 will not prevent him from earning a livelihood. The Employee further acknowledges that the Company would be irreparably
harmed and that monetary damages would not provide an adequate remedy in the event of a breach of the provisions of Section 5. Accordingly,
the Employee agrees that, in addition to any other remedies available to the Company, the Company shall be entitled to injunctive and
other equitable relief to secure the enforcement of these provisions. In connection with seeking any such equitable remedy, including,
but not limited to, an injunction or specific performance, the Company shall not be required to post a bond as a condition to obtaining
such remedy. In any such litigation, the prevailing party shall be entitled to receive an award of reasonable attorneys’ fees and
costs. If any provisions of Sections 5 or 6 relating to the time period, scope of activities or geographic area of restrictions is declared
by a court of competent jurisdiction to exceed the maximum permissible time period, scope of activities or geographic area, the maximum
time period, scope of activities or geographic area, as the case may be, shall be reduced to the maximum which such court deems enforceable.
If any provisions of Sections 5 or 6 other than those described in the preceding sentence are adjudicated to be invalid or unenforceable,
the invalid or unenforceable provisions shall be deemed amended (with respect only to the jurisdiction in which such adjudication is made)
in such manner as to render them enforceable and to effectuate as nearly as possible the original intentions and agreement of the parties.
For purposes of this Section 6, all references to the Company shall be deemed to include the Company's affiliates and subsidiaries, whether
now existing or hereafter established or acquired.

 

7.    Termination. This
Agreement shall terminate at the end of the Term set forth in Section 1. In addition, this Agreement may be terminated prior to the end
of the Term set forth in Section 1 upon the occurrence of any of the events set forth in, and subject to the terms of, this Section 7.
For purposes of this Section 7, the term “stock options” shall include the Stock Options and the term “restricted stock”
shall include the Restricted Stock.

 

    5

     

    

 

(a)  Death or Permanent
Disability. If the Employee dies or becomes permanently disabled, this Agreement shall terminate effective upon the
Employee’s death or when his disability is deemed to have become permanent. If the Employee is unable to perform his normal
duties for the Company because of illness or incapacity (whether physical or mental) for 45 consecutive days during the Term of this
Agreement, or for 60 days (whether or not consecutive) out of any calendar year during the Term of this Agreement, his disability
shall be deemed to have become permanent. If this Agreement is terminated on account of the death or permanent disability of the
Employee, then the Employee or his estate shall be entitled to receive accrued Base Compensation through the date of such
termination, all granted but unvested stock options and unvested restricted stock (but not including the Restricted Stock awarded
pursuant to Section 3(e)) held by the Employee shall immediately vest, awards under the Phantom Plan and the LTIP Plan shall be
subject to the terms of the respective Plan and Award Agreement under which they were awarded and the Employee or the
Employee’s estate, as applicable, shall have no further entitlement to Base Compensation, bonus, stock options or benefits
from the Company following the effective date of such termination, except as provided in Section 3(b) of this
Agreement; provided, however, that any bonus pursuant to Section 3(b) of this Agreement shall be paid only
for the year in which such termination occurred pro rated for the portion of such year prior to such termination and shall be paid
at such time as the Board determines the bonuses for all senior executive officers of the Company for such year, but no later than
the date that is two weeks after the filing of the Company’s Form 10-K for the year in which it was earned.

 

(b)  Cause. This Agreement
may be terminated at the Company’s option, immediately upon notice to the Employee, upon the occurrence of any of the following
(“Cause”): (i) breach by the Employee of any material provision of this Agreement and the expiration of a 10-business day
cure period for such breach after written notice thereof has been given to the Employee (which cure period shall not be applicable to
clauses (ii) through (vii) of this Section 7(b)); (ii) gross negligence or willful misconduct of the Employee in connection with the performance
of his duties under this Agreement; (iii) Employee’s failure to perform any reasonable directive of the Board; (iv) fraud, criminal
conduct, dishonesty or embezzlement by the Employee; (v) Employee’s violation of the Company’s Code of Business Conduct and
Ethics and/or Code of Ethics for Senior Executive Officers and Senior Financial Officers (each as currently in effect and/or as amended
from time to time); (vi) Employee’s violation of the Company’s policies prohibiting unlawful employment discrimination, retaliation
or harassment, including sexual harassment which includes but is not limited to engaging in or aiding and abetting any act of employment
discrimination, retaliation or harassment including sexual harassment; (vii) Employee’s misappropriation for personal use of any
assets (having in excess of nominal value) or business opportunities of the Company; (viii) Employee’s violation of any contractual,
statutory, or fiduciary duty owed by Employee to the Company or any of its affiliates; or (ix) Employee’s failure to cooperate in
good faith with a governmental or internal investigation of the Company, its subsidiaries or affiliates, or their directors, officers
or employees, if the Company has reasonably requested Employee’s cooperation. If this Agreement is terminated by the Company for
Cause, then the Employee shall be entitled to receive accrued Base Compensation through the date of such termination, all stock options,
whether vested or unvested, will be forfeited by the Employee and be null and void, all granted but unvested restricted stock shall be
forfeited and be null and void, awards under the Phantom Plan and the LTIP Plan shall be subject to the terms of the respective Plan and
Award Agreement under which they were awarded and the Employee shall have no further entitlement to Base Compensation, bonus, stock options,
or benefits from the Company following the effective date of such termination; provided, however, that in the event of a termination for
Cause pursuant to Section 7(b)(iii) hereof, the Employee shall be entitled to retain any vested stock options, but subject to the terms
and conditions thereof. 

 

(c)  Without Cause. This
Agreement may be terminated, at any time by the Company without Cause immediately upon giving written notice to the Employee of such termination.
Upon the termination of this Agreement by the Company without Cause, the Employee shall be entitled to receive one year of Base Compensation
and reimbursement of any COBRA premium payments made by the Employee during such one-year period provided the Employee executes a Separation
Agreement and General Release Agreement that is satisfactory to the Company and upon receipt of a COBRA billing statement, in each case
payable in accordance with the Company’s normal payroll practices, subject to withholding for applicable taxes and other amounts.
All granted but unvested stock options and all unvested restricted stock (but not including the Restricted Stock awarded pursuant to Section
3(e)) held by the Employee shall immediately vest, awards under the Phantom Plan and the LTIP Plan shall be subject to the terms of the
respective Plan and Award Agreement under which they were awarded and the Employee shall have no further entitlement to Base Compensation,
bonus, stock options or benefits from the Company following the effective date of such termination. This Section 7(c) shall not apply
if the Employee is terminated by the Company and Section 7(e) applies. 

 

(d)  By Employee. The
Employee may terminate this Agreement at any time upon providing the Company with 90 days’ prior written notice. If this
Agreement is terminated by the Employee pursuant to this Section 7(d), then the Employee shall be entitled to receive his accrued
Base Compensation and benefits through the effective date of such termination, all granted but unvested stock options and all
unvested restricted stock shall be forfeited and be null and void, awards under the Phantom Plan and the LTIP Plan shall be subject
to the terms of the respective Plan and Award Agreement under which they were awarded and the Employee shall have no further
entitlement to Base Compensation, bonus, stock options, or benefits from the Company following the effective date of such
termination.

 

    6

     

    

 

(e)  Change in Control. Upon
the occurrence of a Change in Control (as hereinafter defined), the Employee shall have the right to terminate this Agreement within 30
days following the occurrence of such Change in Control; provided, however, that if requested to do so by the
Company or the acquiror of the business of the Company in such Change of Control, the Employee shall provide consulting services to the
Company or such acquiror, as applicable, for transition purposes for a period of up to six months following the effective date of such
Change in Control and his termination of this Agreement, and the Company or such acquiror shall pay consulting fees to the Employee for
such six month period in an amount equal to the compensation he would have otherwise received under this Agreement had it been in effect
for such six month period. Upon the termination of this Agreement by either party within 30 days following the occurrence of a Change
in Control (other than a termination by the Company for Cause during such period, in which event the provisions of Section 7(b) shall
apply), the Employee shall be entitled to receive one year of Base Compensation in one lump sum within five business days after the effective
date of such termination and reimbursement of any COBRA premium payments made by the Employee during such one-year period provided the
Employee executes a Separation Agreement and General Release Agreement that is satisfactory to the Company and upon receipt of a COBRA
billing statement, subject to withholding for applicable taxes and other amounts, all granted but unvested stock options and all unvested
restricted stock (but not including the Restricted Stock awarded pursuant to Section 3(e)) held by the Employee shall immediately vest,
and awards under the Phantom Plan and the LTIP Plan shall be subject to the terms of the respective Plan and Award Agreement under which
they were awarded; provided, however, that if the Company or the acquiror described above requests Employee to
provide the consulting services described above, then the one year of Base Compensation that is payable in one lump sum shall become due
and payable in one lump sum upon the expiration of such consulting period, and shall not be payable if the Employee does not render such
consulting services. For purposes of this Agreement, a “Change in Control” of the Company shall be deemed to have occurred
in the event that: (i) individuals who, as of the date hereof, constitute the Board cease for any reason to constitute at least a majority
of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election,
or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of the directors then comprising
the Board shall be considered as though such individual was a member of the Board as of the date hereof; (ii) the Company shall have been
sold by either (A) a sale of all or substantially all its assets, or (B) a merger or consolidation, other than any merger or consolidation
pursuant to which the Company acquires another entity, or (C) a tender offer, whether solicited or unsolicited; or (iii) any party, other
than the Company, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934,
as amended), directly or indirectly, of voting securities of the Company representing 40% or more of the total voting power of all the
then-outstanding voting securities of the Company; provided, that no event shall constitute a Change in Control unless such event is a
change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the assets of the Company,
pursuant to Section 409A(a)(2)(A)(v) of the Internal Revenue Code of 1986, as amended (the “Code”).

 

(f)  Return of Payments and Cancellation
of Benefits. In the event that the Employee fails to comply with any of his obligations under this Agreement, including,
without limitation, the covenants contained in Section 5 hereof, or it is determined that the Employee engaged in conduct which would
constitute cause for termination as set forth in 7(b) of this Agreement, the Employee shall repay to the Company any payments received
by the Employee in respect of the one year Base Compensation required to be paid pursuant to Section 7(c) or Section 7(e) hereof as of
the date of such failure to comply, the Company’s obligation to provide the remainder, if any, of such one year Base Compensation
shall terminate and be null and void as of such date, and the Employee will have no further rights in or to such amounts and benefits.

 

(g) Cooperation.  Following
the expiration and/or termination of this Agreement for any reason, Employee shall provide his reasonable cooperation in connection
with any action or proceeding (or any appeal from any action or proceeding) which relates to events occurring during
Employee’s employment hereunder; provided the Company shall reimburse Employee for Employee’s reasonable costs and
expenses incurred in connection therewith and such cooperation shall not unreasonably burden Employee or unreasonably interfere with
any subsequent employment that Employee may undertake.

 

    7

     

    

 

	 	8.	Parachute Payments.

 

(a)       Notwithstanding
any other provisions of this Agreement or any other Company plan, arrangement or agreement (“Company Arrangement”), in the
event that any payment or benefit by the Company or otherwise to or for the benefit of Employee, whether paid or payable or distributed
or distributable pursuant to the terms of this Agreement or otherwise (all such payments and benefits, including the payments and benefits
under Section 7 above, being hereinafter referred to as the “Total Payments”), would be subject (in whole or in part) to the
excise tax (the “Excise Tax”) imposed by Section 4999 of the Code, then the Total Payments shall be reduced (but not
below zero) to the minimum extent necessary to avoid the imposition of the Excise Tax on the Total Payments. Any such reduction shall
be made by the Company in its sole discretion consistent with the requirements of Section 409A of the Code (“Section 409A”).

 

(b)       Any
determination required under this Section 8, including whether any payments or benefits are parachute payments, shall be made by the Company
in its sole discretion. The Employee shall provide the Company with such information and documents as the Company may reasonably request
in order to make a determination under this Section 8. The Company’s determinations shall be final and binding on the Company and
the Employee.

 

(c)       In the
event it is later determined that to implement the objective and intent of this Section 8, (i) a greater reduction in the Total Payments
should have been made, the excess amount shall be returned promptly by Employee to the Company or (ii) a lesser reduction in the Total
Payments should have been made, the excess amount shall be paid or provided promptly by the Company to Employee, except to the extent
the Company reasonably determines would result in imposition of an excise tax under Section 409A.

 

	 	9.	Miscellaneous.

 

(a)  Survival. The provisions
of Sections 4, 5, 6, 7, 8 and 9 shall survive the termination of this Agreement.

 

(b)  Entire Agreement. This
Agreement sets forth the entire understanding of the parties and, except as specifically set forth herein, merges and supersedes any prior
or contemporaneous agreements between the parties pertaining to the subject matter hereof.

 

(c)  Modification. This
Agreement may not be modified or terminated orally, and no modification, termination or attempted waiver of any of the provisions hereof
shall be binding unless in writing and signed by the party against whom the same is sought to be enforced.

 

(d)  Waiver. Failure
of a party to enforce one or more of the provisions of this Agreement or to require at any time performance of any of the obligations
hereof shall not be construed to be a waiver of such provisions by such party nor to in any way affect the validity of this Agreement
or such party’s right thereafter to enforce any provision of this Agreement, nor to preclude such party from taking any other action
at any time which it would legally be entitled to take.

 

(e)  Successors and Assigns. Neither
party shall have the right to assign this Agreement, or any rights or obligations hereunder, without the consent of the other party; provided, however,
that upon the sale of all or substantially all of the assets, business and goodwill of the Company to another company, or upon the merger
or consolidation of the Company with another company, this Agreement shall inure to the benefit of, and be binding upon, both Employee
and the company purchasing such assets, business and goodwill, or surviving such merger or consolidation, as the case may be, in the same
manner and to the same extent as though such other company were the Company; and provided, further, that the Company
shall have the right to assign this Agreement to any affiliate or subsidiary of the Company. Subject to the foregoing, this Agreement
shall inure to the benefit of, and be binding upon, the parties hereto and their legal representatives, heirs, successors and assigns.

 

    8

     

    

 

(f)  Communications. All
notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been given at
the time personally delivered, sent by electronic mail or facsimile transmission provided the receiving party has a compatible device
or confirms receipt thereof (which forms of notice shall be deemed delivered upon confirmed transmission or confirmation of receipt),
or when mailed in any United States post office enclosed in a registered or certified postage prepaid envelope and addressed to the addresses
set forth below, or to such other address as any party may specify by notice to the other party; provided, however, that any notice of
change of address shall be effective only upon receipt.

 

	
    If to the Company:

     

    Cadre Holdings, Inc.

    13386 International Pkwy

    Jacksonville, FL 32218

    Facsimile:

    Email: brad.williams@safariland.com

    Attention: Brad Williams

     

    With a copy to:

     

    Kane Kessler, P.C.

    600 Third Avenue, 35th Floor

    New York, New York 10016

    Facsimile: (212) 245-3009

    Email: rlawrence@kanekessler.com

    Attention: Robert L. Lawrence, Esq.

     
	 
	
    If to the Employee:

     

    Blaine Browers

    132 Clearlake Drive

    Ponte Vedra, FL 32082

    Email:

     
	
     

     

(g)  Severability. If
any provision of this Agreement is held to be invalid or unenforceable by a court of competent jurisdiction, such invalidity or unenforceability
shall not affect the validity and enforceability of the other provisions of this Agreement and the provisions held to be invalid or unenforceable
shall be enforced as nearly as possible according to its original terms and intent to eliminate such invalidity or unenforceability.

 

(h)  Jurisdiction; Venue; Waiver
of Jury Trial. This Agreement shall be subject to the non-exclusive jurisdiction of the federal courts or state courts of
the State of Delaware, County of New Castle, for the purpose of resolving any disputes among them relating to this Agreement or the transactions
contemplated by this Agreement and waive any objections on the grounds of forum non conveniens or otherwise. The parties hereto agree
to service of process by certified or registered United States mail, postage prepaid, addressed to the party in question. The prevailing
party in any proceeding instituted in connection with this Agreement shall be entitled to an award of its/his reasonable attorneys’
fees and costs. The parties hereto irrevocably waive the right to a jury trial in connection with any action arising under this Agreement
or the employment of Employee.

 

(i)  Governing Law. This
Agreement is made and executed and shall be governed by the laws of the State of Delaware, without regard to the conflicts of law principles
thereof.

 

(j)  Counterparts. This
Agreement may be executed in any number of counterparts (and by facsimile or other electronic signature), but all counterparts will together
constitute but one agreement.

 

    9

     

    

 

(k)  Third Party Beneficiaries. This
Agreement is for the sole and exclusive benefit of the parties hereto and, except as provided herein, shall not be deemed for the benefit
of any other person or entity.

 

(l)   Headings and References. The
headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of
this Agreement. References in this Agreement to any section refer to such section of this Agreement unless the context otherwise requires.

 

(m)   Section 409A. 

 

(i)       General.
The parties to this Agreement intend that the Agreement complies with Section 409A, where applicable, and this Agreement shall be
interpreted in a manner consistent with that intention. Except as otherwise permitted under Section 409A, no payment hereunder shall be
accelerated or deferred unless such acceleration or deferral would not result in additional tax or interest pursuant to Section 409A.

 

(ii)       Separation
from Service. Notwithstanding anything in this Agreement to the contrary, any compensation or benefits payable under this
Agreement that is considered nonqualified deferred compensation under Section 409A and is designated under this Agreement as payable upon
Employee’s termination of employment, the termination of this Agreement or the termination of Employee’s consulting services
shall be payable only upon Employee’s “separation from service” with the Company within the meaning of Section 409A
(a “Separation from Service”).

 

(iii)       Specified
Employee. Notwithstanding anything in this Agreement to the contrary, if Employee is deemed by the Company at the time of Employee’s
Separation from Service to be a “specified employee” for purposes of Section 409A, to the extent delayed commencement of any
portion of the benefits to which Employee is entitled under this Agreement is required in order to avoid a prohibited distribution under
Section 409A, such portion of Employee’s benefits shall not be provided to Employee prior to the earlier of (A) the expiration
of the six (6)-month period measured from the date of Employee’s Separation from Service with the Company or (B) the date of Employee’s
death. Upon the first business day following the expiration of the applicable Section 409A period, all payments deferred pursuant to the
preceding sentence shall be paid in a lump sum to Employee (or Employee’s estate or beneficiaries), and any remaining payments due
to Employee under this Agreement shall be paid as otherwise provided herein.

 

(iv)       Expense
Reimbursements. To the extent that any reimbursements under this Agreement are subject to Section 409A, any such reimbursements
payable to Employee shall be paid to Employee no later than December 31st of the year following the year in which the expense
was incurred; provided, that Employee submits Employee’s reimbursement request promptly following the date the expense is
incurred, the amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year,
other than medical expenses referred to in Section 105(b) of the Code, and Employee’s right to reimbursement under this Agreement
will not be subject to liquidation or exchange for another benefit.

 

(v)       Installments.
Employee’s right to receive any installment payments under this Agreement, including without limitation any continuation salary
payments that are payable on Company payroll dates, shall be treated as a right to receive a series of separate payments and, accordingly,
each such installment payment shall at all times be considered a separate and distinct payment as permitted under Section 409A.

 

    10

     

    

 

(vi)       Release. Notwithstanding
anything to the contrary in this Agreement, to the extent that any payments due under this Agreement as a result of Employee’s
Separation from Service are subject to Employee’s execution and delivery of a Separation Agreement and General Release
Agreement (“Release”), in any case where Employee’s date of Separation from Service and Release Expiration Date
(as defined below) fall in two separate taxable years, any payments required to be made to Employee that are conditioned on the
Release and are treated as nonqualified deferred compensation for purposes of Section 409A shall be made in the later taxable
year. For purposes hereof, “Release Expiration Date” shall mean the date that is twenty-one (21) days following
the date upon which the Company timely delivers the Release to Employee, or, in the event that Employee’s Separation from
Service is “in connection with an exit incentive or other employment termination program” (as such phrase is defined in
the Age Discrimination in Employment Act of 1967), the date that is forty-five (45) days following such delivery date. To the extent
that any payments of nonqualified deferred compensation (within the meaning of Section 409A) due under this Agreement as a
result of Employee’s Separation from Service are delayed pursuant to this Section 9(m)(vi), such amounts shall be paid in a
lump sum on the first payroll period to occur in the subsequent taxable year.

 

(n)  Recovery of Compensation. All
payments and benefits provided under this Agreement shall be subject to any compensation recovery or clawback policy as required under
applicable law, rule or regulation or otherwise adopted by the Company from time to time.

 

(o)  Participation of the Parties. The
parties hereto acknowledge and agree that (i) this Agreement and all matters contemplated herein have been negotiated among all parties
hereto and their respective legal counsel, if any, (ii) each party has had, or has been afforded the opportunity to have, this Agreement
and the transactions contemplated hereby reviewed by independent counsel of its own choosing, (iii) all such parties have participated
in the drafting and preparation of this Agreement from the commencement of negotiations at all times through the execution hereof, and
(iv) any ambiguities contained in this Agreement shall not be construed against any party hereto.

 

[SIGNATURE PAGE FOLLOWS]

 

    11

     

    

 

IN WITNESS WHEREOF, each of the parties
hereto has duly executed this Employment Agreement as of the date set forth above.

 

	 	CADRE
    HOLDINGS, INC.
	 	 
	 	By:	 /s/ WARREN B. KANDERS
	 	 	Name: Warren B. Kanders
	 	 	Title: Chief Executive Officer
	 	
	 	/s/
    BLAINE BROWERS
	 	Blaine
    Browers

 

(Signature
Page to Employment Agreement of BB)Exhibit 10.1

 

BRAEMAR HOTELS & RESORTS INC.

 

Up to

 

$100,000,000

 

of Common Stock

 

EQUITY DISTRIBUTION AGREEMENT

 

Dated: July 12, 2021

 

     

     

    

 

TABLE
OF CONTENTS

 

Page

 

	SECTION 1. Description of Securities	 	 	1
	SECTION 2. Placements	 	 	3
	SECTION 3. Sale of Placement Securities by the Agent	 	 	3
	SECTION 4. Suspension of Sales	 	 	4
	SECTION 5. Representations and Warranties	 	 	4
	SECTION 6. Sale and Delivery to the Agent; Settlement	 	 	25
	SECTION 7. Covenants of the Company, the Operating Partnership and the Advisor	 	 	28
	SECTION 8. Payment of Expenses	 	 	35
	SECTION 9. Conditions of the Agent’s Obligations	 	 	35
	SECTION 10. Indemnification and Contribution by the Company, the Operating Partnership, the Advisor and the Agent	 	 	37
	SECTION 11. Representations, Warranties and Agreements to Survive Delivery	 	 	40
	SECTION 12. Termination of Agreement	 	 	41
	SECTION 13. Notices	 	 	42
	SECTION 14. Parties	 	 	42
	SECTION 15. Adjustments for Stock Splits	 	 	42
	SECTION 16. Governing Law and Time	 	 	42
	SECTION 17. Effect of Headings	 	 	42
	SECTION 18. Permitted Free Writing Prospectuses	 	 	42
	SECTION 19. Counterparts	 	 	43
	SECTION 20. Absence of Fiduciary Relationship	 	 	43

 

	EXHIBIT A	FORM OF PLACEMENT NOTICE
	EXHIBIT B	AUTHORIZED INDIVIDUALS FOR PLACEMENT NOTICES AND ACCEPTANCES
	EXHIBIT C	COMPENSATION
	EXHIBIT D	FORM OF CORPORATE OPINION AND NEGATIVE ASSURANCE LETTER OF CADWALADER, WICKERSHAM & TAFT LLP
	EXHIBIT E	FORM OF TAX OPINION OF LOCKE LORD LLP
	EXHIBIT F	FORM OF OPINION OF HOGAN LOVELLS US LLP
	EXHIBIT G	OFFICERS’ CERTIFICATE OF COMPANY
	EXHIBIT H	OFFICERS’ CERTIFICATE OF ADVISOR
	EXHIBIT I	ISSUER FREE WRITING PROSPECTUSES
	EXHIBIT J	SIGNIFICANT SUBSIDIARIES

 

     

     

    

 

Braemar Hotels & Resorts Inc.

 

Common Stock

 

EQUITY DISTRIBUTION AGREEMENT

 

	Virtu Americas LLC	 	July 12, 2021

One Liberty Plaza

165 Broadway

New York, NY 10006

 

Ladies and Gentlemen:

 

Each of Braemar Hotels &
Resorts Inc., a Maryland corporation (the “Company”), and Braemar Hospitality Limited Partnership, a Delaware limited
partnership (the “Operating Partnership”), and Ashford Hospitality Advisors LLC, a Delaware limited liability company
(the “Advisor”) confirms its agreement (this “Agreement”) with Virtu Americas LLC (the “Agent”),
as follows:

 

SECTION 1. Description
of Securities. The Company agrees that, from time to time during the term of this Agreement, on the terms and subject to the conditions
set forth herein, it may issue and sell through the Agent, acting as agent and/or principal, shares (the “Securities”)
of the Company’s common stock, par value $0.01 per share (the “Common Stock”), having an aggregate offering price
of up to $100,000,000 (the “Maximum Amount”). The issuance and sale of the Securities through the Agent will be effected
pursuant to the Registration Statement (as defined below) that was filed by the Company and declared effective by the Securities and Exchange
Commission (the “Commission”), although nothing in this Agreement shall be construed as requiring the Company to use
the Registration Statement to offer, sell or issue the Securities.

 

    1

     

    

 

The Company has filed, in
accordance with the provisions of the Securities Act of 1933, as amended, and the rules and regulations thereunder (collectively,
the “Securities Act”), with the Commission a shelf registration statement on Form S-3 (File No.  333-254588),
including a base prospectus, relating to certain securities, including the Securities to be issued from time to time by the Company, and
which incorporates by reference documents that the Company has filed or will file in accordance with the provisions of the Securities
Exchange Act of 1934, as amended, and the rules and regulations thereunder (collectively, the “Exchange Act”).
The Company has prepared a prospectus supplement to the base prospectus included as part of such registration statement specifically relating
to the Securities (the “Prospectus Supplement”). The Company will furnish to the Agent, for use by the Agent, copies
of the prospectus included as part of such registration statement, as supplemented by the Prospectus Supplement, relating to the Securities.
Except where the context otherwise requires, such registration statement, as amended when it became effective, including all documents
filed as part thereof or incorporated by reference therein, and including any information contained in a Prospectus (as defined below)
subsequently filed with the Commission pursuant to Rule 424(b) under the Securities Act or deemed to be a part of such registration
statement pursuant to Rule 430B of the Securities Act, is herein called the “Registration Statement.” The base
prospectus, including all documents incorporated therein by reference, included in the Registration Statement, as it may be supplemented
by the Prospectus Supplement, in the form in which such base prospectus and/or Prospectus Supplement have most recently been filed by
the Company with the Commission pursuant to Rule 424(b) under the Securities Act is herein called the “Prospectus.”
Any reference herein to the Registration Statement, the Prospectus or any amendment or supplement thereto shall be deemed to refer to
and include the documents incorporated by reference therein, and any reference herein to the terms “amend,” “amendment”
or “supplement” with respect to the Registration Statement or the Prospectus shall be deemed to refer to and include the filing
after the execution hereof of any document with the Commission deemed to be incorporated by reference therein. Any reference herein to
financial statements and schedules and other information that is “contained,” “included” or “stated”
in the Registration Statement or the Prospectus (and all other references of like import) shall be deemed to mean and include all such
financial statements and schedules and other information that is incorporated by reference in the Registration Statement or the Prospectus,
as the case may be. Any reference herein to the Registration Statement, the Prospectus or any amendment or supplement to any of the foregoing
shall be deemed to include the copy filed with the Commission pursuant to the Commission’s Electronic Data Gathering, Analysis and
Retrieval system (“EDGAR”); all references in this Agreement to any Issuer Free Writing Prospectus (as defined below)
(other than any Issuer Free Writing Prospectuses that, pursuant to Rule 433 under the Securities Act, are not required to be filed
with the Commission) shall be deemed to include the copy thereof filed with the Commission pursuant to EDGAR.

 

The Company, the Operating
Partnership and the Advisor may also in the future enter into additional equity distribution agreements (if any, the “Alternative
Distribution Agreements”) with one or more additional agents and/or principals (if any, the “Alternative Agents”).
The aggregate offering price of the Securities that may be sold pursuant to this Agreement and the Alternative Distribution Agreements
shall not exceed the Maximum Amount.

 

    2

     

    

 

SECTION 2. Placements.
Each time that the Company wishes to issue and sell the Securities hereunder (each, a “Placement”), it will notify
the Agent by email notice (or other method mutually agreed to in writing by the parties) containing the parameters in accordance with
which it desires the Securities to be sold, which shall at a minimum include the number of Securities to be issued (the “Placement
Securities”), the time period during which sales are requested to be made, any limitation on the number of Securities that may
be sold in any one day and any minimum price below which sales may not be made or a formula pursuant to which such minimum price shall
be determined (a “Placement Notice”), a form of which containing such minimum sales parameters necessary is attached
hereto as Exhibit A. The Placement Notice shall originate from any of the individuals from the Company set forth on Exhibit B
(with a copy to each of the other individuals from the Company listed on such schedule), and shall be addressed to each of the individuals
from the Agent set forth on Exhibit B, as such Exhibit B may be amended from time to time. If the Agent wishes
to accept such proposed terms included in the Placement Notice (which it may decline to do for any reason in its sole discretion) or,
following discussion with the Company, wishes to accept amended terms, the Agent will, prior to 4:30 p.m.  (Eastern time) on the
Business Day (as defined below) following the Business Day on which such Placement Notice is delivered to the Agent, issue to the Company
a notice by email (or other method mutually agreed to in writing by the parties) addressed to all of the individuals from the Company
and the Agent set forth on Exhibit B setting forth the terms that the Agent is willing to accept. Where the terms provided
in the Placement Notice are amended as provided for in the immediately preceding sentence, such terms will not be binding on the Company
or the Agent until the Company delivers to the Agent an acceptance by email (or other method mutually agreed to in writing by the parties)
of all of the terms of such Placement Notice, as amended (the “Acceptance”), which email shall be addressed to all
of the individuals from the Company and the Agent set forth on Exhibit B. The Placement Notice (as amended by the corresponding
Acceptance, if applicable) shall be effective upon receipt by the Company of the Agent’s acceptance of the terms of the Placement
Notice or upon receipt by the Agent of the Company’s Acceptance, as the case may be, unless and until (i) the entire amount
of the Placement Securities has been sold, (ii) in accordance with the Placement Notice requirements set forth in the second sentence
of this paragraph, the Company terminates the Placement Notice, (iii) the Company issues a subsequent Placement Notice with parameters
superseding those on the earlier dated Placement Notice, (iv) this Agreement has been terminated under the provisions of Section 9
or Section 12 or (v) either party shall have suspended the sale of the Placement Securities in accordance with Section 4
below. The amount of any discount, commission or other compensation to be paid by the Company to the Agent, when the Agent is acting as
agent, in connection with the sale of the Placement Securities shall be determined in accordance with the terms set forth in Exhibit C.
The amount of any commission, discount or other compensation to be paid by the Company to the Agent, when the Agent is acting as principal,
in connection with the sale of the Placement Securities shall be as separately agreed among the parties hereto at the time of any such
sales. It is expressly acknowledged and agreed that neither the Company nor the Agent will have any obligation whatsoever with respect
to a Placement or any Placement Securities unless and until the Company delivers a Placement Notice to the Agent and either (i) the
Agent accepts the terms of such Placement Notice or (ii) where the terms of such Placement Notice are amended, the Company accepts
such amended terms by means of an Acceptance pursuant to the terms set forth above, and then only upon the terms specified in the Placement
Notice (as amended by the corresponding Acceptance, if applicable) and herein. In the event of a conflict between the terms of this Agreement
and the terms of a Placement Notice (as amended by the corresponding Acceptance, if applicable), the terms of the Placement Notice (as
amended by the corresponding Acceptance, if applicable) will control. The term “Business Day” means each Monday, Tuesday,
Wednesday, Thursday or Friday that is not a day on which banking institutions in New York City are generally authorized or obligated by
law or executive order to close.

 

SECTION 3. Sale of
Placement Securities by the Agent. Subject to the provisions of Section 6(a), the Agent, for the period specified in the Placement
Notice (as amended by the corresponding Acceptance, if applicable), will use its commercially reasonable efforts consistent with its normal
trading and sales practices to sell the Placement Securities, at prevailing market prices, up to the amount specified, and otherwise in
accordance with the terms of such Placement Notice (as amended by the corresponding Acceptance, if applicable). The Agent will provide
written confirmation to the Company no later than the opening of the Trading Day (as defined below) immediately following the Trading
Day on which it has made sales of Placement Securities hereunder setting forth the number of Placement Securities sold on such day, the
compensation payable by the Company to the Agent pursuant to Section 2 with respect to such sales, and the Net Proceeds (as defined
in Section 6(b)) payable to the Company, with an itemization of the deductions made by the Agent (as set forth in Section 6(b))
from the Gross Proceeds (as defined in Section 6(b)) that the Agent receives from such sales. Subject to the terms of the Placement
Notice (as amended by the corresponding Acceptance, if applicable), the Agent may sell Placement Securities by any method permitted by
law deemed to be an “at the market” offering as defined in Rule 415 under the Securities Act, including, without limitation,
sales made directly on the New York Stock Exchange (the “NYSE”), on any other existing trading market for the Common
Stock or to or through a market maker. Subject to the terms of the Placement Notice (as amended by the corresponding Acceptance, if applicable),
the Agent may also sell Placement Securities by any other method permitted by law, including but not limited to in privately negotiated
transactions. For the purposes hereof, “Trading Day” means any day on which shares of Common Stock are purchased and
sold on the principal market on which the Common Stock is listed or quoted and during which there has been no market disruption of, unscheduled
closing of or suspension of trading on such principal market.

 

    3

     

    

 

SECTION 4. Suspension
of Sales. The Company or the Agent may, upon notice to the other party in writing (including by email correspondence to each of the
individuals of the other party set forth on Exhibit B, if receipt of such correspondence is actually acknowledged by any of
the individuals to whom the notice is sent, other than via auto-reply) or by telephone (confirmed immediately by verifiable facsimile
transmission or email correspondence to each of the individuals of the other party set forth on Exhibit B), suspend any sale
of Placement Securities; provided, however, that such suspension shall not affect or impair either party’s obligations with respect
to any Placement Securities sold hereunder prior to the receipt of such notice or any Placement Securities sold under any of the Alternative
Distribution Agreements. Each of the parties agrees that no such notice under this Section 4 shall be effective against the other
unless it is made to one of the individuals named on Exhibit B hereto, as such Exhibit may be amended from time to time.

 

SECTION 5. Representations
and Warranties.

 

(a)            By
the Company and the Operating Partnership. Each of the Company and the Operating Partnership, jointly and severally, represents and
warrants to the Agent as of the date hereof and as of each Representation Date (as defined in Section 7(o)) on which a certificate
is required to be delivered pursuant to Section 7(o) of this Agreement, as of the time of each sale of any Securities pursuant
to this Agreement (the “Applicable Time”) and as of each Settlement Date (as defined in Section 6(b)), and agrees
with the Agent, as follows:

 

(1)            Capitalization.
The authorized, issued and outstanding shares of capital stock of the Company are as set forth in the Registration Statement and the Prospectus
(except for subsequent issuances, if any, pursuant to this Agreement or the Alternative Distribution Agreements, pursuant to reservations,
agreements or employee benefit plans referred to in the Registration Statement and the Prospectus, or pursuant to the exercise, redemption,
or exchange of convertible or exchangeable securities, options or warrants referred to in the Registration Statement and the Prospectus,
including units of common limited partner interest in the Operating Partnership (the “Common Units”), or unregistered
issuances not required to be disclosed pursuant to the Exchange Act, the Securities Act or any regulation promulgated thereunder); the
outstanding shares of capital stock or partner or member interests, of the Company and each subsidiary of the Company, including the Operating
Partnership and its subsidiaries (each, a “Subsidiary” and collectively, the “Subsidiaries”),
as applicable, have been duly and validly authorized and issued and are fully paid and, with respect to shares of capital stock, member
interests and limited partner interests, non-assessable (except to the extent such non-assessability may be affected by Sections 17-303,
17-607 and 17-804 of the Delaware Revised Uniform Limited Partnership Act or Sections 18-607 and 18-804 of the Delaware Limited Liability
Company Act), and, except as disclosed in Exhibit A to the Third Amended and Restated Agreement of Limited Partnership of the Operating
Partnership dated March 7, 2017, as amended by Amendment No.  1, dated April 23, 2018, by Amendment No.  2, dated
November 20, 2018 and Amendment No.  3, dated December 4, 2019, Amendment No.  4, dated January 24, 2020 and
Amendment No.  5, dated April 2, 2021 (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 Registration Statement and the Prospectus, and, except as disclosed
in the Registration Statement and the Prospectus, there are no outstanding (A) securities or obligations of the Company or any of
the Subsidiaries convertible into or exchangeable or redeemable for any capital stock or other equity interests of the Company or any
Subsidiary, (B) warrants, rights or options to subscribe for or purchase from the Company or any Subsidiary any such capital stock
or other equity interests or any such convertible or exchangeable securities or obligations, or (C) obligations of the Company or
any Subsidiary to issue any shares of capital stock or other equity interests, any convertible or exchangeable or redeemable securities
or obligation, or any warrants, rights or options.

 

    4

     

    

 

(2)            Good
Standing of the Company and Subsidiaries. Each of the Company and the Subsidiaries has been duly incorporated or organized and is
validly existing as a corporation, limited partnership or limited liability company, as applicable, in good standing under the laws of
its respective jurisdiction of incorporation or organization with full corporate or other power and authority to own its respective properties
and to conduct its respective businesses as described in the Registration Statement and the Prospectus and, in the case of each of the
Company and the Operating Partnership, to execute and deliver this Agreement and to consummate the transactions contemplated herein. The
Company does not own or control, directly or indirectly, any corporation, association or other entity that is a “significant subsidiary”
(within the meaning of Rule 1-02(w) of Regulation S-X) other than the entities listed on Exhibit J hereto.

 

(3)            Foreign
Good Standings. Each of the Company and the Subsidiaries is duly qualified or licensed and is in good standing in each jurisdiction
in which the nature or conduct of its business requires such qualification or license and in which the failure, individually or in the
aggregate, to be so qualified or licensed could reasonably be expected to have a material adverse effect on the assets, business, operations,
earnings, properties, condition (financial or otherwise) or prospects of the Company and the Subsidiaries taken as a whole (a “Material
Adverse Effect”). Except as disclosed in the Registration Statement and the Prospectus, 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 Registration Statement and the Prospectus,
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.

 

    5

     

    

 

(4)            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.

 

(5)          Capitalization
of Operating Partnership. (A) Braemar OP Limited Partner LLC (the “Limited Partner”) is a holder of 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 Registration Statement and the Prospectus,
(B) Braemar 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 Registration Statement and the Prospectus. The Common
Units to be issued by the Operating Partnership to the Company in connection with the contribution of the Net Proceeds from the sale of
the Securities 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 Net Proceeds from the sale of the Securities from time
to time pursuant to this Agreement.

 

(6)          Compliance
with Laws. The Company and the Subsidiaries are in compliance with all applicable federal, state, local or foreign laws, regulations,
rules, decrees, judgments and orders, including those relating to transactions with affiliates, except where any failures to be in compliance
could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(7)            No
Defaults. Neither the Company nor any Subsidiary is in breach of or in default under (nor has any event occurred which with notice,
lapse of time, or both would constitute a breach of, or default under) (A) its respective organizational documents, or (B) in
the performance or observance of any obligation, agreement, covenant or condition contained in any license, indenture, mortgage, deed
of trust, loan or credit agreement or other agreement or instrument to which the Company or any Subsidiary is a party or by which any
of them or their respective properties is bound, except in the case of clause (B), for such breaches or defaults that, individually or
in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

 

    6

     

    

 

(8)            No
Conflicts. The execution, delivery and performance of this Agreement and consummation of the transactions contemplated herein will
not (i) conflict with, or result in any breach of, or constitute a default under (nor constitute any event which with notice, lapse
of time, or both would constitute a breach of, or default under), (A) any provision of the organizational documents of the Company
or any Subsidiary, or (B) any provision of any license, indenture, mortgage, deed of trust, loan or credit agreement or other agreement
or instrument to which the Company or any Subsidiary is a party or by which any of them or their respective assets or properties may be
bound or affected, or under any federal, state, local or foreign law, regulation or rule or any decree, judgment or order applicable
to the Company or any Subsidiary, except in the case of this clause (B) for such breaches or defaults that, individually or in the
aggregate, could not reasonably be expected to have a Material Adverse Effect; or (ii) result in the creation or imposition of any
lien, charge, claim or encumbrance upon any property or asset of the Company or any Subsidiary.

 

(9)           Due
Authorization of Agreement. This Agreement has been duly authorized, executed and delivered by the Company and the Operating Partnership
and is a legal, valid and binding agreement of the Company and the Operating Partnership.

 

(10)            No
Consents; No Approvals. No approval, authorization, consent or order of or filing with any federal, state, local or foreign governmental
or regulatory commission, board, body, authority or agency or any other third party is required in connection with the Company’s
or the Operating Partnership’s execution, delivery and performance of this Agreement, their consummation of the transactions contemplated
herein or the Company’s sale and delivery of the Securities, other than (A) such as have been obtained, or will have been obtained
under the Securities Act, the Securities Act Regulations, the Exchange Act and the Exchange Act Regulations, (B) such approvals as
have been obtained in connection with the approval of the listing of the Securities on the NYSE, (C) any necessary qualification
under the securities or blue sky laws of the various state jurisdictions in which the Securities are being offered by the Agent, and (D) such
approvals, authorizations, consents or orders or filings, the absence of which could not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect.

 

(11)           Licenses.
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 Registration Statement
and the Prospectus, 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 could 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 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 could 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 Registration Statement and the Prospectus. 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 Registration Statement and the Prospectus, except to the extent that any failure to have such accreditation or certification could
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

    7

     

    

 

(12)           Registration
Statement; Form S-3 Eligibility. The Company and the transactions contemplated by this Agreement meet the requirements for the
use of Form S-3 under the Securities Act and the Securities have been and remain eligible for inclusion by the Company on such shelf
registration statement. Each of the Registration Statement and any post-effective amendment thereto has been declared effective by the
Commission under the Securities Act. No stop order suspending the effectiveness of the Registration Statement or any post-effective amendment
thereto has been issued under the Securities Act, no order preventing or suspending the use of any base prospectus, the Prospectus Supplement,
the Prospectus or any Permitted Free Writing Prospectus (as defined below) has been issued and no proceedings for any of those purposes
or pursuant to Section 8A of the Securities Act have been instituted or are pending or, to the knowledge of the Company, are threatened
by the Commission, and, to the knowledge of the Company, the Company has complied to the Commission’s satisfaction with any request
on the part of the Commission for additional information.

 

Each of the Registration Statement
and any post-effective amendment thereto, at the time of its effectiveness, as of the date hereof, at each deemed effective date with
respect to the Agent pursuant to Rule 430B(f)(2) under the Securities Act and as of each Settlement Date, complied and will
comply in all material respects with the requirements of the Securities Act and the Securities Act Regulations. The conditions for the
use of Form S-3, as set forth in the General Instructions thereto, have been complied with and the Registration Statement meets,
and the offering and sale of the Securities as contemplated hereby complies with, the requirements of Rule 415(a)(1)(x) under
the Securities Act (including without limitation, Rule 415(a)(5)). Each preliminary prospectus (including the prospectus filed as
part of the Registration Statement as originally filed or as part of any amendment or supplement thereto), any supplement thereto or any
prospectus wrapper prepared in connection therewith, and the Prospectus complied in all material respects at the time it was filed with
the Securities Act and the Securities Act Regulations. Each document incorporated by reference in the Registration Statement or the Prospectus
heretofore filed, when it was filed (or, if any amendment with respect to any such document was filed, when such amendment was filed),
conformed in all material respects with the requirements of the Exchange Act, and any further documents so filed and incorporated after
the date of this Agreement will, when they are filed, conform in all material respects with the requirements of the Exchange Act.

 

    8

     

    

 

(13)            Disclosure.
Neither the Registration Statement nor any amendment thereto, at its effective time, at each deemed effective date with respect to the
Agent pursuant to Rule 430B(f)(2) under the Securities Act, at each Applicable Time and as of each Settlement Date, contained,
contains or will contain an untrue statement of a material fact or omitted, omits or will omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading. As of the Applicable Time, no individual Issuer Free Writing
Prospectus, included, includes or will include an untrue statement of a material fact or omitted, omits or will omit to state a material
fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.
Neither the Prospectus nor any amendment or supplement thereto (including any prospectus wrapper), as of its issue date, at the time of
any filing with the Commission pursuant to Rule 424(b), at each Applicable Time and as of each Settlement Date, included, includes
or will include an untrue statement of a material fact or omitted, omits or will omit to state a material fact necessary in order to make
the statements therein, in the light of the circumstances under which they were made, not misleading.

 

The copies of the Registration
Statement and any amendments thereto, any other preliminary prospectus, each Issuer Free Writing Prospectus that is required to be filed
with the Commission pursuant to Rule 433 under the Securities Act and the Prospectus and any amendments or supplements thereto delivered
and to be delivered to the Agent (electronically or otherwise) in connection with the offering of the Securities were and will be identical
to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation
S-T. “Issuer Free Writing Prospectus” means any “issuer free writing prospectus,” as defined in Rule 433
under the Securities Act, relating to the Securities that (i) is required to be filed with the Commission by the Company, (ii) is
a “road show” that is a “written communication” within the meaning of Rule 433(d)(8)(i) under the Securities
Act whether or not required to be filed with the Commission, or (iii) is exempt from filing pursuant to Rule 433(d)(5)(i) under
the Securities Act because it contains a description of the Securities or of the offering that does not reflect the final terms, and all
free writing prospectuses that are listed in Exhibit I hereto, in each case in the form furnished (electronically or otherwise)
to the Agent for use in connection with the offering of the Securities.

 

The representations and warranties
in this subsection shall not apply to statements in or omissions from the Registration Statement (or any amendment thereto), any Issuer
Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto (including any prospectus wrapper)), made in reliance
upon and in conformity with written information furnished to the Company by the Agent expressly for use therein

 

(14)         Issuer
Free Writing Prospectus. No Issuer Free Writing Prospectus conflicts or will conflict with the information contained in the Registration
Statement or the Prospectus, including any document incorporated by reference therein, and any preliminary or other prospectus deemed
to be a part thereof that has not been superseded or modified. Any offer of the Securities that was a written communication relating to
the Securities made prior to the initial filing of the Registration Statement by the Company or any person acting on its behalf (within
the meaning, for this paragraph only, of Rule 163(c) of the Securities Act Regulations) has been filed with the Commission in
accordance with the exemption provided by Rule 163 under the Securities Act Regulations (“Rule 163”) and
otherwise complied with the requirements of Rule 163, including without limitation the legending requirement, to qualify such offer
for the exemption from Section 5(c) of the Securities Act provided by Rule 163.

 

(15)          Ineligible
Issuer. At the earliest time after the filing of the Registration Statement and any post-effective amendment thereto, that the Company
or another offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) of the Securities Act Regulations)
of the Securities and at the date hereof, the Company was not and is not an “ineligible issuer,” as defined in Rule 405,
without taking account of any determination by the Commission pursuant to Rule 405 that it is not necessary that the Company be considered
an ineligible issuer.

 

    9

     

    

 

(16)            Certain
Documents. Each document incorporated by reference in the Registration Statement or the Prospectus, when it became effective or was
filed with the Commission, as the case may be, conformed in all material respects to the requirements of the Securities Act and the Securities
Act Regulations or the Exchange Act and the Exchange Act Regulations, as applicable.

 

(17)            No
Litigation. There are no actions, suits, proceedings, inquiries or investigations pending or, to the knowledge of the Company, threatened
against the Company or any Subsidiary or any of their respective officers and directors or to which the properties, assets or rights of
any such entity are subject, at law or in equity, before or by any federal, state, local or foreign governmental or regulatory commission,
board, body, authority, arbitral panel or agency, where in any such case (A) there is a reasonable possibility that such action,
suit or proceeding will be determined adversely to the Company or such Subsidiary and (B) if so determined adversely, could reasonably
be expected to result in a judgment, decree, award or order having a Material Adverse Effect.

 

(18)           Financial
Statements. The financial statements, including the related supporting schedules and notes thereto, included in (or incorporated by
reference into) the Registration Statement or the Prospectus present fairly the consolidated financial position of the entities to which
such financial statements relate (the “Covered Entities”) as of the dates indicated and the consolidated results of
operations and changes in financial position and cash flows of the Covered Entities for the periods specified. Such financial statements
have been prepared in conformity with generally accepted accounting principles as applied in the United States and on a consistent basis
during the periods involved and in accordance with Regulation S-X promulgated by the Commission. Any summary or selected financial data
included or incorporated by reference in the Registration Statement and the Prospectus fairly present the information shown therein and
have been compiled on a basis consistent with the financial statements included or incorporated by reference in the Registration Statement
and the Prospectus. The pro forma financial statements and the related notes thereto included or incorporated by reference in the Registration
Statement and the Prospectus, if any, present fairly the information shown therein, have been prepared in accordance with the Commission’s
rules and guidelines with respect to pro forma financial statements and have been properly compiled on the bases described therein,
and the assumptions used in the preparation thereof are reasonable and the adjustments used therein are appropriate to give effect to
the transactions and circumstances referred to therein. The pro forma financial statements in the Registration Statement comply as to
form in all material respects with the applicable requirements of Regulation S-X of the Securities Act. No other financial statements
or supporting schedules are required to be included or incorporated by reference in the Registration Statement or the Prospectus. All
disclosures contained in the Registration Statement or the Prospectus regarding “non-GAAP financial measures” (as such term
is defined by the rules and regulations of the Commission) comply in all material respects with Regulation G of the Exchange Act
and the Exchange Act Regulations and Item 10 of Regulation S-K under the Securities Act, to the extent applicable. The interactive data
in eXtensible Business Reporting Language incorporated by reference in the Registration Statement and the Prospectus fairly presents the
information called for in all material respects and has been prepared in accordance with the Commission’s rules and guidelines
applicable thereto.

 

    10

     

    

 

(19)          Independent
Public Accountants. The accountants who certified the financial statements and supporting schedules (including financial statements
of subsidiaries or acquired properties or businesses) included or incorporated by reference in the Registration Statement and the Prospectus
are, and were during the periods covered by their reports, registered independent public accountants as and to the extent required by
the Securities Act, the Securities Act Regulations, the Exchange Act, the Exchange Act Regulations and the Public Company Accounting Oversight
Board (United States).

 

(20)            Testing-the-Waters
Materials. The Company (A) has not engaged in any oral or written communication with potential investors undertaken in reliance
on Section 5(d) of the Securities Act (“Testing-the-Waters Communication”) and (B) has not authorized
anyone to engage in Testing-the-Waters Communications. The Company has not distributed any Testing- the-Waters Communication that is a
written communication within the meaning of Rule 405 under the Securities Act.

 

(21)           No
Material Adverse Change. Subsequent to the respective dates as of which information is given in the Registration Statement and the
Prospectus, and except as may be otherwise stated in the Registration Statement and the Prospectus, there has not been (A) any change,
or any development or event that reasonably could be expected to result in a change, that has or reasonably could 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 $.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.

 

(22)            Description
of Securities. The Securities conform in all material respects to the description thereof contained in the Registration Statement
and the Prospectus.

 

(23)           No
Registration Rights. Except as disclosed in the Registration Statement and the Prospectus, there are no persons with registration
or other similar rights to have any equity or debt securities, including securities that are convertible into or exchangeable or redeemable
for equity securities, registered pursuant to the Registration Statement or otherwise registered by the Company or the Operating Partnership
under the Securities Act.

 

(24)            Valid
Issuance of Securities. The Securities have been duly authorized for issuance and sale to the Agent pursuant to this Agreement and,
when issued and duly delivered against payment therefor as contemplated by this Agreement, will be validly issued, fully paid and non-
assessable, free and clear of any pledge, lien, encumbrance, security interest or other claim, and the issuance and sale of the Securities
by the Company is not subject to preemptive or other similar rights arising by operation of law, under the organizational documents of
the Company or under any agreement to which the Company or any Subsidiary is a party or otherwise.

 

    11

     

    

 

(25)            Registration
and Listing of Securities. As of each Settlement Date, the Securities to be sold by the Company from time to time hereunder will have
been registered under Section 12(b) of the Exchange Act and approved for listing on the NYSE, subject to official notice of
issuance.

 

(26)            Absence
of Manipulation. Neither the Company nor any affiliate of the Company has taken, nor will the Company or any affiliate take, directly
or indirectly, any action which is designed, or would be expected, to cause or result in, or which constitutes, the stabilization or manipulation
of the price of any security of the Company to facilitate the sale or resale of the Securities or to result in a violation of Regulation
M under the Exchange Act.

 

(27)            No
Registration as Broker. Neither the Company nor any of its affiliates (i) is required to register as a “broker” or
 “dealer” in accordance with the provisions of the Exchange Act or the Exchange Act Regulations, or (ii) directly, or
indirectly through one or more intermediaries, controls or has any other association with (within the meaning of Article I of the
By-laws of the Financial Industry Regulatory Authority, Inc. (“FINRA”)) any member firm of FINRA.

 

(28)           Certificates.
Any certificate signed by any officer of the Company or any Subsidiary delivered to the Agent or to counsel for the Agent pursuant to
or in connection with this Agreement shall be deemed a representation and warranty by the Company to the Agent as to the matters covered
thereby.

 

(29)             No
Exempt Sales. Except as described in the Registration Statement and the Prospectus, neither the Company nor any Subsidiary has sold
or issued any securities during the six-month period preceding the date of the Prospectus, including any sales pursuant to Rule 144A
under, or Regulations D or S of, the Securities Act, other than shares issued pursuant to employee benefit plans, qualified stock options
plans or other employee compensation plans or pursuant to outstanding options, rights or warrants, that would not be required to be integrated
with the sale of the Securities.

 

(30)          Form of
Certificate. The form of certificate used to evidence the Common Stock complies in all material respects with all applicable statutory
requirements, with any applicable requirements of the organizational documents of the Company and the requirements of the NYSE.

 

    12

     

    

 

(31)          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 Registration Statement and the Prospectus, 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 Registration Statement and the Prospectus 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 Registration Statement and the Prospectus 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.

 

(32)             Condition
of 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 Registration Statement and the Prospectus, 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, could reasonably
be expected to increase or decrease the real property taxes or assessments of any of such property, that, individually or in the aggregate,
could reasonably be expected to have a Material Adverse Effect.

 

(33)          Mortgages.
The mortgages and deeds of trust encumbering any real property 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 Registration Statement and the Prospectus, 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.

 

(34)            Description
and Enforceability of Contracts. The descriptions in the Registration Statement and the Prospectus of the contracts, leases and other
legal documents therein described present fairly the information required to be shown, and there are no contracts, leases, or other documents
of a character required to be described in the Registration Statement or the Prospectus or to be filed as exhibits to the Registration
Statement that are not described or filed as required; all agreements between the Company or any of the Subsidiaries and third parties
expressly referenced in the Registration Statement and the Prospectus are legal, valid and binding obligations of the Company or one or
more of the Subsidiaries, enforceable in accordance with their respective terms, except to the extent enforceability may be limited by
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by general equitable
principles and, to the knowledge of the Company and the Operating Partnership, no party is in breach or default under any such agreements.

 

    13

     

    

 

(35)             Intellectual
Property. The Company and each Subsidiary owns or possesses adequate licenses or other rights to use all patents, trademarks, service
marks, trade names, copyrights, software and design licenses, trade secrets, manufacturing processes, other intangible property rights
and know-how (collectively, “Intangibles”) necessary to entitle the Company and each Subsidiary to conduct its business
as described in the Registration Statement and the Prospectus, and neither the Company nor any Subsidiary has received notice of infringement
of or conflict with (and the Company knows of no such infringement of or conflict with) asserted rights of others with respect to any
Intangibles that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

 

(36)          Disclosure
Controls; Internal Controls. 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). 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).
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 incorporated by reference in the Registration Statement and the Prospectus 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, 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.

 

    14

     

    

 

 

(37)            Compliance
with the Sarbanes-Oxley Act. There is and has been no failure on the part of the Company or any of the Company’s directors or
officers, in their capacities as such, to comply in all material respects with any provision of the Sarbanes-Oxley Act of 2002 and the
rules and regulations promulgated in connection therewith (the “Sarbanes-Oxley Act”), including Section 402
related to loans and Sections 302 and 906 related to certifications.

 

(38)            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 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
Registration Statement and the Prospectus, no tax deficiency has been asserted against any such entity, and the Company and the Subsidiaries
do not know 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, could reasonably be expected to have a Material Adverse Effect. All tax liabilities are adequately provided
for on the respective books of the Company and the Subsidiaries.

 

(39)            Insurance.
Each of the Company and the Subsidiaries maintains insurance (issued by insurers of recognized financial responsibility) of the types
and in the amounts generally deemed adequate for their respective businesses and consistent with insurance coverage maintained by similar
companies in similar businesses, 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.

 

    15

     

    

 

(40)            Environmental
Law Compliance. Neither the Company nor any of the Subsidiaries is in violation, or has received 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, could 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, could
not reasonably be expected to have a Material Adverse Effect. Except as otherwise disclosed in the Registration Statement and the Prospectus,
(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 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 Prospectus 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 could 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, could 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, could 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 could 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 Prospectus 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, could 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, could not reasonably be expected to have
a Material Adverse Effect.

 

    16

     

    

 

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 Registration Statement and the Prospectus (a “Governmental Authority”).

 

(41)            Labor
Laws; No Labor Disputes. Neither the Company nor any Subsidiary is in violation of or has received 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, could
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 could reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect.

 

    17

     

    

 

(42)            ERISA.
The Company and each of the Subsidiaries are in compliance in all material respects with all presently applicable provisions of the Employee
Retirement Income Security Act of 1974, as amended, including the regulations and published interpretations thereunder (“ERISA”).
No “reportable event” (as defined in ERISA) has occurred with respect to any “pension plan” (as defined in ERISA)
for which the Company or any of the Subsidiaries would have any material liability. The Company and each of the Subsidiaries have not
incurred and do not expect to incur material liability under (A) Title IV of ERISA with respect to termination of, or withdrawal
from, any “pension plan” or (B) Section 412 or 4971 of the Internal Revenue Code of 1986, as amended, including
the regulations and published interpretations thereunder (the “Code”). Each “pension plan” for which the
Company or any of its Subsidiaries would have any material liability that is intended to be qualified under Section 401(a) of
the Code is so qualified in all material respects and nothing has occurred, whether by action or by failure to act, that would cause the
loss of such qualification.

 

(43)            Past
Issuances of Securities. All securities issued by the Company, any of the Subsidiaries or any trusts established by the Company or
any Subsidiary, have been issued and sold in compliance with (A) all applicable federal and state securities laws and the laws of
the applicable jurisdiction of incorporation of the issuing entity, except as, individually or in the aggregate, could not reasonably
be expected to have a Material Adverse Effect, and (B) to the extent applicable to the issuing entity, the requirements of the NYSE.

 

(44)            Securities
Act Compliance. In connection with this offering, the Company has not offered and will not offer its Common Stock or any other securities
convertible into or exchangeable or exercisable or redeemable for Common Stock in a manner in violation of the Securities Act. The Company
has not distributed and will not distribute any prospectus or other offering material in connection with the offering of the Securities
other than the Registration Statement, the Prospectus Supplement dated July 12, 2021, and filed with the Commission on July 12,
2021, pursuant to Rule 424(b), the Prospectus and any Issuer Free Writing Prospectus.

 

(45)            No
Broker. The Company has not incurred any liability for any finder’s fees or similar payments in connection with the transactions
herein contemplated.

 

(46)            No
Relationships. There is no relationship, direct or indirect, between or among the Company or any of the Subsidiaries on the one hand,
and the directors, officers, stockholders, customers or suppliers of the Company or any of the Subsidiaries on the other hand, that is
required by the Securities Act and the Securities Act Regulations to be described in the Registration Statement and the Prospectus and
that is not so described.

 

(47)            Investment
Company Act. Neither the Company nor any of the Subsidiaries is required, or after giving effect to the offering and sale of the Securities
will be required, to register as an “investment company” or an entity “controlled” by an “investment company,”
as such terms are defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”).

 

    18

     

    

 

(48)            REIT
Status. Commencing with the taxable year ended December 31, 2013, 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 Registration Statement and the Prospectus 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 the Company does not know of any event that could reasonably be expected
to cause the Company to fail to qualify as a REIT at any time.

 

(49)            Ashford
Trust REIT Status. Ashford Hospitality Trust, Inc. qualified to be taxed as a REIT for its taxable years ended December 31,
2009 through December 31, 2013.

 

(50)            Statistical
and Market Data. Any statistical and market-related data included in the Registration Statement or the Prospectus 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 sources.

 

(51)            Governmental
Oversight. The conduct of business by the Company and the Subsidiaries as presently and proposed to be conducted is not subject to
continuing oversight, supervision, regulation or examination by any governmental official or body of the United States or any other jurisdiction
wherein the Company or the Subsidiaries conduct or propose to conduct such business, except as described in the Registration Statement
and the Prospectus and except such regulation as is applicable to commercial enterprises generally.

 

(52)            Authorization
of Advisory Agreement. The Fifth Amended and Restated Advisory Agreement, dated April 23, 2018, and Amendment No.  1 to
the Fifth Amended and Restated Advisory Agreement, dated January 15, 2019, each by and among the Company, the Operating Partnership,
the Advisor, Braemar TRS Corporation and Ashford Inc. (as amended, the “Advisory Agreement”) 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.

 

(53)            Foreign
Corrupt Practices Act. None of the Company, any of its Subsidiaries, or, to the knowledge of the Company, any director, officer, agent,
employee, affiliate or other person acting on behalf of such entity is aware of or has taken any action, directly or indirectly, that
would result in a violation by such persons of either (i) the Foreign Corrupt Practices Act of 1977, as amended, and the rules and
regulations thereunder (the “FCPA”), including, without limitation, making use of the mails or any means or instrumentality
of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or
other property, gift, promise to give, or authorization of the giving of anything of value to any “foreign official” (as such
term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in contravention
of the FCPA, and (ii) the U.K. Bribery Act of 2010 (the “Bribery Act”), and the Company and, to the knowledge
of the Company, its affiliates have conducted their businesses in compliance with the FCPA and the Bribery Act and have instituted and
maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.

 

    19

     

    

 

(54)            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 best knowledge of the Company, threatened.

 

(55)            No
Conflict with OFAC Laws. None of the Company, any of its Subsidiaries or, to the knowledge of the Company, any director, officer,
agent, employee, affiliate or representatives of the Company or any of its Subsidiaries is an individual or entity (“Person”)
currently the subject or target of any sanctions administered or enforced by the United States Government, including, without limitation,
the U.S. Department of the Treasury’s Office of Foreign Assets Control, the United Nations Security Council, the European Union,
Her Majesty’s Treasury, or other relevant sanctions authority (collectively, “Sanctions”), nor is the Company
located, organized or resident in a country or territory that is the subject of Sanctions; and the Company will not directly or indirectly
use the proceeds of the sale of the Shares, or lend, contribute or otherwise make available such proceeds to any subsidiaries, joint venture
partners or other Person, to fund any activities of or business with any Person, or in any country or territory, that, at the time of
such funding, is the subject of Sanctions or in any other manner that will result in a violation by any Person (including any Person participating
in the transaction, whether as agent, underwriter, advisor, investor or otherwise) of Sanctions.

 

(56)            Actively
Traded Security. The Common Stock is an “actively traded security” excepted from the requirements of Rule 101 of
Regulation M under the Exchange Act by subsection (c)(1) of such rule.

 

(57)            Miscellaneous.
To the knowledge of the Company and the Operating Partnership, and except as disclosed in the Registration Statement and the Prospectus:

 

(i)            no
material agreement to which any Subsidiary is a party prohibits or restricts any Subsidiary, directly or indirectly, from paying dividends
to the Company, or from making any other distribution with respect to such Subsidiary’s capital stock, partnership interests, membership
interests or other equity interests, as applicable, or from repaying to the Company or any other Subsidiary any amounts which 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;

 

    20

     

    

 

(ii)            neither
the Company nor any of the Subsidiaries is in violation of any term or provision of its organizational documents, is in breach of, or
in default under (nor has any event occurred which with notice, lapse of time, or both would constitute a breach of, or default under)
any material agreement of such entity or under any law, regulation or rule or any decree, judgment or order applicable to the Company
or any of the Subsidiaries, except such breaches or defaults that, individually or in the aggregate, could not reasonably be expected
to have a material adverse effect on the assets, business, operations, earnings, properties or condition (financial or otherwise) of the
Company and the Subsidiaries taken as a whole;

 

(iii)           there
are no actions, suits or proceedings, inquiries, or investigations pending or threatened against the Company or any of the Subsidiaries
or any of their respective officers and directors or to which the properties, assets or rights of any such entity are subject, at law
or in equity, before or by any federal, state, local or foreign governmental or regulatory commission, board, body, authority, arbitral
panel or agency that are required to be disclosed in the Registration Statement or the Prospectus but are not so disclosed or that would
reasonably be expected to materially and adversely affect the ability of the Company or any of the Subsidiaries to carry out the transactions
contemplated by this Agreement;

 

(iv)           no
individual or entity has the right, which has not been waived, to require the registration under the Securities Act of any sale of securities
issued by the Company, by reason of the filing or effectiveness of the Registration Statement;

 

(v)            the
execution, delivery and performance of the Equity Distribution Agreement by the Company and the Operating Partnership and the consummation
by the Company and the Operating Partnership of the transactions contemplated by the Equity Distribution Agreement do not and will not
conflict with, or result in any breach of, or constitute a default under (nor constitute any event which with notice, lapse of time, or
both would constitute a breach of or default under), any material agreement to which the Company or any of the Subsidiaries is a party;

 

(vi)           the
issuance and sale of the Securities and the issuance of the Common Units underlying the Securities are not subject to preemptive or other
similar rights arising under any agreement known to such counsel to which the Company or any of the Subsidiaries is a party;

 

(vii)          none
of the issued and outstanding common units representing limited partner interests in the Operating Partnership or Preferred Units representing
limited partner interests in the Operating Partnership have been issued or sold in violation of preemptive or similar rights arising under
any material agreement of the Operating Partnership, and the issuance of the Common Units representing limited partner interests in the
Operating Partnership to the Company in connection with the Company’s sale of the Securities is not subject to preemptive or similar
rights arising under any material agreement of the Operating Partnership; and

 

    21

     

    

 

(viii)         all
descriptions in the Registration Statement or the Prospectus of contracts and other documents that constitute material agreements of the
Company or any Subsidiary (including the Operating Partnership) are accurate in all material respects.

 

(b)          Representations
and Warranties of the Advisor. The Advisor represents and warrants to the Agent as of the date hereof and as of each Representation
Date on which a certificate is required to be delivered pursuant to Section 7(o) of this Agreement, as of each Applicable Time
and as of each Settlement Date, and agrees with the Agent, as follows:

 

(1)          Advisor.
The Advisor has been duly formed and is validly existing as a limited liability company in good standing under the laws of the State of
Delaware, with full limited liability company power and authority to own its properties and to conduct its business as described in the
Registration Statement, the Prospectus and in the reports filed or furnished by the Advisor pursuant to the Exchange Act (the “Advisor’s
Public Disclosures”) and to execute and deliver this Agreement and to consummate the transactions contemplated herein. The Advisor
has no subsidiaries.

 

(2)          Foreign
Good Standings. The Advisor is duly qualified or licensed and is in good standing in each jurisdiction in which the nature or conduct
of its business requires such qualification or license and in which the failure, individually or in the aggregate, to be so qualified
or licensed could reasonably be expected to have a material adverse effect on the assets, business, operations, earnings, management,
properties, condition (financial or otherwise) or prospects of the Advisor (an “Advisor Material Adverse Effect”).

 

(3)          Compliance
with Laws. The Advisor is in compliance with all applicable federal, state, local or foreign laws, regulations, rules, decrees, judgments
and orders, including those relating to transactions with affiliates, except where any failures to be in compliance could not, individually
or in the aggregate, reasonably be expected to have an Advisor Material Adverse Effect.

 

(4)          No
Defaults. The Advisor is not in breach of or in default under (nor has any event occurred which with notice, lapse of time, or both
would constitute a breach of, or default under) (A) its organizational documents, or (B) in the performance or observance of
any obligation, agreement, covenant or condition contained in any license, indenture, mortgage, deed of trust, loan or credit agreement
or other agreement or instrument to which the Advisor is a party or by which it or its properties is bound, except in the case of clause
(B), for such breaches or defaults that, individually or in the aggregate, could not reasonably be expected to have an Advisor Material
Adverse Effect.

 

(5)          No
Conflicts. The execution, delivery and performance of this Agreement and consummation of the transactions contemplated herein will
not (i) conflict with, or result in any breach of, or constitute a default under (nor constitute any event which with notice, lapse
of time, or both would constitute a breach of, or default under), (A) any provision of the certificate of formation or limited liability
company agreement of the Advisor, or (B) any provision of any license, indenture, mortgage, deed of trust, loan or credit agreement
or other agreement or instrument to which the Advisor is a party or by which the Advisor or its assets or properties may be bound or affected,
or under any federal, state, local or foreign law, regulation or rule or any decree, judgment or order applicable to the Advisor,
except in the case of this clause (B) for such breaches or defaults that, individually or in the aggregate, could not reasonably
be expected to have an Advisor Material Adverse Effect; or (ii) result in the creation or imposition of any lien, charge, claim or
encumbrance upon any property or asset of the Company or any Subsidiary.

 

    22

     

    

 

(6)          Due
Authorization of Agreement. This Agreement has been duly authorized, executed and delivered by the Advisor and is a legal, valid and
binding agreement of the Advisor.

 

(7)          Licenses.
The Advisor 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 the portion of its business as described in the Registration Statement and the Prospectus or the Advisor’s
Public Disclosures, 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 could not, individually or in the aggregate, reasonably be expected
to have an Advisor Material Adverse Effect. The Advisor is not in violation of, in default under, and has not 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 Advisor, the effect of which could reasonably
be expected to result in an Advisor Material Adverse Effect. No such license, authorization, consent or approval contains a materially
burdensome restriction that is not adequately disclosed in the Registration Statement and the Prospectus or the Advisor’s Public
Disclosures. The Advisor is not 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
Registration Statement and the Prospectus or the Advisor’s Public Disclosures, except to the extent that any failure to have such
accreditation or certification could not, individually or in the aggregate, reasonably be expected to have an Advisor Material Adverse
Effect.

 

(8)          Securities
Act Compliance. The Advisor has not distributed and will not distribute any prospectus or other offering material in connection with
the offering of the Securities other than the Registration Statement, the Prospectus Supplement dated July 12, 2021, and filed with
the Commission on July 12, 2021, pursuant to Rule 424(b), the Prospectus and any Issuer Free Writing Prospectus.

 

(9)          No
Litigation. There are no actions, suits, proceedings, inquiries or investigations pending or, to the knowledge of the Advisor, threatened
against the Company, any Subsidiary or the Advisor or any of their respective officers and directors or to which the properties, assets
or rights of any such entity are subject, at law or in equity, before or by any federal, state, local or foreign governmental or regulatory
commission, board, body, authority, arbitral panel or agency, which is required to be disclosed in the Registration Statement, or where
in any such case (A) there is a reasonable possibility that such action, suit or proceeding will be determined adversely to the Advisor
and (B) if so determined adversely, could reasonably be expected to result in a judgment, decree, award or order having a Material
Adverse Effect.

 

    23

     

    

 

(10)        No
Material Adverse Change. Subsequent to the respective dates as of which information is given in the Registration Statement and the
Prospectus or the Advisor’s Public Disclosures, and except as may be otherwise stated in the Registration Statement and the Prospectus
or the Advisor’s Public Disclosures, there has not been (A) any change, or any development or event that reasonably could be
expected to result in a change, that has or reasonably could be expected to have an Advisor Material Adverse Effect, whether or not arising
in the ordinary course of business, and (B) any transaction that is material to the Advisor entered into or agreed to be entered
into by the Advisor.

 

(11)        Absence
of Manipulation. Neither the Advisor nor any affiliate of the Advisor has taken, nor will the Advisor or any affiliate of the Advisor
take, directly or indirectly, any action which is designed, or would be expected, to cause or result in, or which constitutes, the stabilization
or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities or to result in a violation
of Regulation M under the Exchange Act.

 

(12)        Internal
Controls. The Advisor maintains a system of internal control in place sufficient to provide reasonable assurance that: (A) transactions
that may be effectuated by the Advisor under the Advisory Agreement are executed in accordance with its management’s general or
specific authorization and (B) access to the Company’s assets is permitted only in accordance with the internal policies, controls
and procedures of the Advisor.

 

(13)        Insurance.
The Advisor maintains insurance (issued by insurers of recognized financial responsibility) of the types and in the amounts generally
deemed adequate for its businesses and consistent with insurance coverage maintained by similar companies in similar businesses, including,
but not limited to, insurance covering real and personal property owned or leased by the Advisor 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.

 

(14)        Labor
Laws; Absence of Labor Dispute. Except as described in the Registration Statement and the Prospectus or the Advisor’s Public
Disclosures, the Advisor has not been notified that any officer or other key person of the Company, or a significant number of employees
of the Advisor and its affiliates, plan to terminate his, her or their employment. Neither the Advisor nor, to the Advisor’s knowledge,
any officer or other key person of the Company, is subject to any noncompete, nondisclosure, confidentiality, employment, consulting or
similar agreement that would be violated by the present or proposed business activities of the Company or the Advisor as described in
the Registration Statement and the Prospectus or the Advisor’s Public Disclosures. The Advisor is not in violation of and has not
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, could reasonably be expected to have an Advisor Material Adverse Effect. There are
no existing or, to the knowledge of the Advisor, threatened labor disputes with the employees of the Advisor that could reasonably be
expected to have, individually or in the aggregate, an Advisor Material Adverse Effect.

 

    24

     

    

 

(15)        Absence
of Certain Relationships. No relationship, direct or indirect, exists between or among the Advisor, on the one hand, and the directors,
officers, stockholders, customers or suppliers of the Advisor, on the other, that is required by the Securities Act or the Securities
Act Regulations to be described in the Registration Statement and the Prospectus or the Advisor’s Public Disclosures that is not
so described in such documents.

 

(16)        Investment
Advisers Act. The Advisor is not prohibited by the Investment Advisers Act of 1940, as amended, or the rules and regulations
thereunder, from performing its obligations under the Advisory Agreement, as described in the Registration Statement and the Prospectus
or the Advisor’s Public Disclosures.

 

(17)        No
Consents; No Approvals. No approval, authorization, consent or order of or filing with any federal, state, local or foreign governmental
or regulatory commission, board, body, authority or agency or any other third party is required in connection with the Advisor’s
execution, delivery and performance of this Agreement and its consummation of the transactions contemplated herein.

 

(18)        Access
to Resources. The Advisor has access to the personnel and other resources necessary for the performance of the duties of the Advisor
set forth in the Advisory Agreement to which the Advisor is a party and as disclosed in the Registration Statement and the Prospectus
or the Advisor’s Public Disclosures.

 

(19)        No
Finder’s Fee. Except for the Agent’s discounts and commissions payable by the Company to the Agent in connection with
the offering of the Securities contemplated herein or as otherwise disclosed in the Registration Statement and the Prospectus or the Advisor’s
Public Disclosures, the Advisor has not incurred any liability for any brokerage commission, finder’s fees or similar payments in
connection with the offering of the Securities contemplated hereby.

 

(20)        Statistical
and Market Data. Any statistical and market-related data included in the Registration Statement or the Prospectus or the Advisor’s
Public Disclosures are based on or derived from sources that the Advisor believes, after reasonable inquiry, to be reliable and accurate.

 

(21)        Advisory
Agreement. The Advisory Agreement has been duly authorized, executed and delivered by the Advisor and constitutes a legal, valid and
binding agreement of the Advisor enforceable against the Advisor 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.

 

SECTION 6. Sale and
Delivery to the Agent; Settlement.

 

(a)          Sale
of Placement Securities. On the basis of the representations and warranties herein contained and subject to the terms and conditions
herein set forth, upon the Agent’s acceptance of the terms of a Placement Notice or upon receipt by the Agent of an Acceptance,
as the case may be, and unless the sale of the Placement Securities described therein has been declined, suspended, or otherwise terminated
in accordance with the terms of this Agreement, the Agent, for the period specified in the Placement Notice (as amended by the corresponding
Acceptance, if applicable), will use its commercially reasonable efforts consistent with its normal trading and sales practices to sell
such Placement Securities at prevailing market prices up to the amount specified, and otherwise in accordance with the terms of such Placement
Notice (as amended by the corresponding Acceptance, if applicable). Each of the Company and the Operating Partnership acknowledges and
agrees that (i) there can be no assurance that the Agent will be successful in selling Placement Securities, (ii) the Agent
will incur no liability or obligation to the Company, the Operating Partnership or any other person or entity if it does not sell Placement
Securities for any reason other than a failure by the Agent to use its commercially reasonable efforts consistent with its normal trading
and sales practices to sell such Placement Securities as required under this Section 6, and (iii) the Agent shall be under no
obligation to purchase Securities on a principal basis pursuant to this Agreement, except as otherwise agreed by the Agent in the Placement
Notice (as amended by the corresponding Acceptance, if applicable).

 

    25

     

    

 

(b)         Settlement
of Placement Securities. Unless otherwise specified in the applicable Placement Notice (as amended by the corresponding Acceptance,
if applicable), settlement for sales of Placement Securities will occur on the second (2nd) Trading Day (or such earlier day
as is industry practice for regular- way trading) following the date on which such sales are made (each, a “Settlement Date”).
The amount of proceeds to be delivered to the Company on a Settlement Date against receipt of the Placement Securities sold will be equal
to (i) the aggregate offering price received by the Agent at which such Placement Securities were sold (the “Gross Proceeds”),
after deduction for (A) the Agent’s commission, discount or other compensation for such sales payable by the Company pursuant
to Section 2 hereof, (B) any other amounts due and payable by the Company to the Agent hereunder pursuant to Section 8
hereof, and (C) any transaction fees imposed by any governmental or self-regulatory organization in respect of such sales (the “Net
Proceeds”), or (ii) the Gross Proceeds. In the event that the Agent delivers the Gross Proceeds to the Company at a Settlement
Date, the amounts set forth in clauses (i)(A), (B) and (C) of the preceding sentence shall be set forth and invoiced in a periodic
statement from the Agent to the Company and payment of such amounts shall be made promptly by the Company after its receipt thereof.

 

(c)          Delivery
of Placement Securities. On or before each Settlement Date, the Company will, or will cause its transfer agent to, electronically
transfer the Placement Securities being sold by crediting the Agent’s or its designee’s account (provided the Agent shall
have given the Company written notice of such designee prior to the Settlement Date) at The Depository Trust Company, through its Deposit
and Withdrawal at Custodian System or by such other means of delivery as may be mutually agreed upon by the parties hereto, which in all
cases shall be freely tradable, transferable, registered shares in good deliverable form. On each Settlement Date, the Agent will deliver
the related Net Proceeds or Gross Proceeds, as applicable, in same day funds to an account designated by the Company on, or prior to,
the Settlement Date. The Company agrees that if the Company, or its transfer agent (if applicable), defaults in its obligation to deliver
Placement Securities on a Settlement Date, the Company agrees that, in addition to and in no way limiting the rights and obligations set
forth in Sections 10(a) and (e) hereto, it will (i) hold the Agent harmless against any loss, liability, claim, damage,
or expense (including reasonable legal fees and expenses and the reasonable costs and expense of enforcing this Section 6(c)), as
incurred, arising out of or in connection with such default by the Company or its transfer agent (if applicable) and (ii) pay to
the Agent any commission, discount, or other compensation to which it would otherwise have been entitled absent such default.

 

    26

     

    

 

(d)          Denominations;
Registration. The Securities shall be in such denominations and registered in such names as the Agent may request in writing at least
one full Business Day before the Settlement Date. The Company shall deliver the Securities, if any, through the facilities of The Depository
Trust Company unless the Agent shall otherwise instruct.

 

(e)          Limitations
on Offering Size. Under no circumstances shall the Company cause or request the offer or sale of any Securities, if after giving effect
to the sale of such Securities, the aggregate offering price of the Securities sold pursuant to this Agreement would exceed the lesser
of (A) together with all sales of Securities under this Agreement and each of the Alternative Distribution Agreements, including
any separate underwriting or similar agreement covering principal transactions described in Section 1 of this Agreement and the Alternative
Distribution Agreements, the Maximum Amount, (B) the amount available for offer and sale under the Prospectus and the then currently
effective Registration Statement, and (C) the amount authorized from time to time to be issued and sold under this Agreement and
each of the Alternative Distribution Agreements by the Company and notified to the Agent in writing. In addition, under no circumstances
shall the Company cause or request the offer or sale of any Securities pursuant to this Agreement at a price lower than the minimum price
authorized from time to time by the Company and notified to the Agent in writing.

 

(f)           Limitation
on Agents. The Company agrees that any offer to sell, any solicitation of an offer to buy or any sales of Securities shall only be
effected by or through only one of the Agent or an Alternative Agent on any single given day, but in no event more than one, and the Company
shall in no event request that the Agent and one or more of the Alternative Agents sell Securities on the same day; provided, however,
that (i) the foregoing limitation shall not apply to (A) exercise of any option, warrant, right or any conversion privilege
set forth in the instrument governing such security or (B) sales solely to employees or security holders of the Company or its Subsidiaries,
or to a trustee or other person acquiring such securities for the accounts of such persons, and (ii) such limitation shall not apply
on any day during which no sales are made pursuant to this Agreement.

 

(g)          Limitations
on Sales. Notwithstanding any other provision of this Agreement, the Company shall not offer, sell or deliver, or request the offer
or sale of, any Securities and, by notice to the Agent given by telephone (confirmed promptly by facsimile transmission or email), shall
cancel any instructions for the offer or sale of any Securities, and the Agent shall not be obligated to offer or sell any Securities
during any other period in which the Company is in possession of material non-public information.

 

    27

     

    

 

SECTION 7. Covenants
of the Company, the Operating Partnership and the Advisor. Each of the Company, the Operating Partnership and the Advisor hereby,
jointly and severally, agrees with the Agent as follows:

 

(a)          Registration
Statement Amendments. After the date of this Agreement and during any period in which a Prospectus relating to any Placement Securities
is required to be delivered by the Agent under the Securities Act (including in circumstances where such requirement may be satisfied
pursuant to Rule 172 under the Securities Act), (i) the Company will notify the Agent promptly of the time when any subsequent
amendment to the Registration Statement, other than documents incorporated by reference, has been filed with the Commission and/or has
become effective or any subsequent supplement to the Prospectus has been filed and of any comment letter from the Commission or any request
by the Commission for any amendment or supplement to the Registration Statement or Prospectus or for additional information; (ii) the
Company will prepare and file with the Commission, promptly upon the Agent’s request, any amendments or supplements to the Registration
Statement or Prospectus that, in the Agent’s reasonable opinion, may be necessary or advisable in connection with the distribution
of the Placement Securities by the Agent (provided, however, that the failure of the Agent to make such request shall not relieve the
Company of any obligation or liability hereunder, or affect the Agent’s right to rely on the representations and warranties made
by the Company, the Operating Partnership and the Advisor in this Agreement); (iii) the Company will not file any amendment or supplement
to the Registration Statement or Prospectus, other than documents incorporated by reference, relating to the Placement Securities or a
security convertible into the Placement Securities unless a copy thereof has been submitted to the Agent within a reasonable period of
time before the filing and the Agent has not reasonably objected thereto (provided, however, that the failure of the Agent to make such
objection shall not relieve the Company of any obligation or liability hereunder, or affect the Agent’s right to rely on the representations
and warranties made by the Company, the Operating Partnership and the Advisor in this Agreement) and the Company will furnish to the Agent
at the time of filing thereof a copy of any document that upon filing is deemed to be incorporated by reference into the Registration
Statement or Prospectus, except for those documents available via EDGAR; and (iv) the Company will cause each amendment or supplement
to the Prospectus, other than documents incorporated by reference, to be filed with the Commission as required pursuant to the applicable
paragraph of Rule 424(b) under the Securities Act (without reliance on Rule 424(b)(8) under the Securities Act).

 

(b)          Notice
of Commission Stop Orders. The Company will advise the Agent, promptly after it receives notice or obtains knowledge thereof, of the
issuance or threatened issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or of any
other order preventing or suspending the use of the Prospectus or any Issuer Free Writing Prospectus, or of the suspension of the qualification
of the Placement Securities for offering or sale in any jurisdiction or of the loss or suspension of any exemption from any such qualification,
or of the initiation or threatening of any proceedings for any of such purposes, or of any examination pursuant to Section 8(e) of
the Securities Act concerning the Registration Statement or if the Company becomes the subject of a proceeding under Section 8A of
the Securities Act in connection with the offering of the Securities. The Company will make commercially reasonable efforts to prevent
the issuance of any stop order, the suspension of any qualification of the Securities for offering or sale and any loss or suspension
of any exemption from any such qualification, and if any such stop order is issued or any such suspension or loss occurs, to obtain the
lifting thereof at the earliest possible moment.

 

(c)          Delivery
of Registration Statement and Prospectus. Except to the extent such documents have been publicly filed with the Commission pursuant
to EDGAR, the Company will furnish to the Agent and its counsel (at the expense of the Company) copies of the Registration Statement,
the Prospectus (including all documents incorporated by reference therein) and all amendments and supplements to the Registration Statement
or Prospectus, and any Issuer Free Writing Prospectuses, that are filed with the Commission during any period in which a Prospectus relating
to the Placement Securities is required to be delivered under the Securities Act (including all documents filed with the Commission during
such period that are deemed to be incorporated by reference therein), in each case as soon as reasonably practicable and in such quantities
and at such locations as the Agent may from time to time reasonably request.

 

    28

     

    

 

(d)          Continued
Compliance with Securities Laws. If at any time when a Prospectus is required by the Securities Act or the Exchange Act to be delivered
in connection with a pending sale of the Placement Securities (including, without limitation, pursuant to Rule 172 under the Securities
Act), any event shall occur or condition shall exist as a result of which it is necessary, in the opinion of counsel for the Agent or
for the Company, to (i) amend the Registration Statement in order that the Registration Statement will not include an untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading,
(ii) amend or supplement the Prospectus in order that the Prospectus will not include any untrue statement of a material fact or
omit to state a material fact necessary in order to make the statements therein not misleading in the light of the circumstances existing
at the time it is delivered to a purchaser, or (iii) amend the Registration Statement or amend or supplement the Prospectus in order
to comply with the requirements of the Securities Act, the Company will promptly notify the Agent to suspend the offering of Placement
Securities during such period until the Company has prepared and filed with the Commission such amendment or supplement as may be necessary
to correct such statement or omission or to make the Registration Statement or the Prospectus comply with such requirements, and the Company
will furnish to the Agent such number of copies of such amendment or supplement as the Agent may reasonably request. If at any time following
the issuance of an Issuer Free Writing Prospectus there occurred or occurs an event or development as a result of which such Issuer Free
Writing Prospectus conflicted, conflicts or would conflict with the information contained in the Registration Statement or the Prospectus
or included, includes or would include an untrue statement of a material fact or together with the Prospectus omitted, omits or would
omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were
made, prevailing at that subsequent time, not misleading, the Company will promptly notify the Agent to suspend the offering of Placement
Securities during such period and the Company will, subject to Section 7(a) hereof, promptly amend or supplement such Issuer
Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.

 

(e)          Blue
Sky and Other Qualifications. The Company will use its commercially reasonable efforts, in cooperation with the Agent, to qualify
the Placement Securities for offering and sale, or to obtain an exemption for the Securities to be offered and sold, under the applicable
securities laws of such states and other jurisdictions (domestic or foreign) as the Agent may designate and to maintain such qualifications
and exemptions in effect for so long as required for the distribution of the Placement Securities (but in no event for less than one year
from the date of this Agreement); provided, however, that the Company shall not be obligated to file any general consent to service of
process or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified or to
subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject. In each jurisdiction
in which the Placement Securities have been so qualified or exempt, the Company will file such statements and reports as may be required
by the laws of such jurisdiction to continue such qualification or exemption, as the case may be, in effect for so long as required for
the distribution of the Placement Securities (but in no event for less than one year from the date of this Agreement).

 

    29

     

    

 

(f)          Rule 158.
The Company will timely file such reports pursuant to the Exchange Act as are necessary in order to make generally available to its securityholders
as soon as practicable an earnings statement for the purposes of, and to provide to the Agent the benefits contemplated by, the last paragraph
of Section 11(a) of the Securities Act.

 

(g)         Use
of Proceeds. The Company and the Operating Partnership will use the Net Proceeds received by them from the sale of the Securities
in the manner specified in the Prospectus under “Use of Proceeds.”

 

(h)          Listing.
During any period in which the Prospectus relating to the Placement Securities is required to be delivered by the Agent under the Securities
Act with respect to a pending sale of the Placement Securities (including in circumstances where such requirement may be satisfied pursuant
to Rule 172 under the Securities Act), the Company will use its commercially reasonable efforts to cause the Placement Securities
to be listed on the NYSE.

 

(i)           Filings
with the NYSE. The Company will timely seek to file with the NYSE all material documents and notices required by the NYSE of companies
that have or will issue securities traded on the NYSE.

 

(j)           Reporting
Requirements. The Company, during any period when the Prospectus is required to be delivered under the Securities Act and the Exchange
Act (including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act), will file
all documents required to be filed with the Commission pursuant to the Exchange Act within the time periods required by the Exchange Act.

 

(k)          Notice
of Other Sales. During the pendency of any Placement Notice (as amended by the corresponding Acceptance, if applicable) given hereunder,
the Company shall provide the Agent notice as promptly as reasonably possible (and, in any event, at least one (1) Business Day)
before it offers to sell, contracts to sell, sells, grants any option to sell or otherwise disposes of any shares of Common Stock (other
than Placement Securities offered pursuant to the provisions of this Agreement or the Alternative Distribution Agreements) or securities
convertible into or exchangeable for Common Stock, warrants or any rights to purchase or acquire Common Stock; provided, that such notice
shall not be required in connection with the (i) issuance, grant or sale of restricted stock, Common Stock, LTIP units, options to
purchase Common Stock, or Common Stock issuable upon the exercise of options or other equity awards pursuant to any stock option, stock
bonus or other stock or compensatory plan or arrangement described in the Prospectus, including Common Stock issuable upon redemption
of Common Units, (ii) the issuance of securities in connection with an acquisition, merger or sale or purchase of assets described
in the Prospectus, or (iii) the issuance or sale of Common Stock pursuant to any dividend reinvestment plan that the Company may
adopt from time to time, provided the implementation of such plan is disclosed to the Agent in advance.

 

    30

     

    

 

 

(l)           Change
of Circumstances. The Company will, at any time during a fiscal quarter in which the Company intends to tender a Placement Notice
or sell Placement Securities, advise the Agent promptly after it shall have received notice or obtained knowledge thereof, of any information
or fact that would alter or affect in any material respect any opinion, certificate, letter or other document provided to the Agent pursuant
to this Agreement during such fiscal quarter.

 

(m)          Due
Diligence Cooperation. The Company will cooperate with any reasonable due diligence review conducted by the Agent or its agents in
connection with the transactions contemplated hereby, including, without limitation, providing information and making available documents
and senior officers, during regular business hours and at the Company’s principal offices, as the Agent may reasonably request.

 

(n)          Disclosure
of Sales. The Company will disclose in its Quarterly Reports on Form 10-Q, in its Annual Reports on Form 10-K and/or, at
the Company’s option, in a Current Report on Form 8-K, the number of Placement Securities sold through the Agent during the
most recent fiscal quarter, the Net Proceeds to the Company and the compensation paid or payable by the Company to the Agent with respect
to such Placement Securities. The Company will prepare and file with the Commission, promptly upon the Agent’s reasonable request,
any amendments or supplements to the Registration Statement or Prospectus that, in the Agent’s reasonable opinion, may be necessary
or advisable in connection with the sale of the Common Stock pursuant to this Agreement.

 

(o)          Representation
Dates; Certificates. On or prior to the date that the first Securities are sold pursuant to the terms of this Agreement and as promptly
as possible and in no event later than two (2) Trading Days after each of the following:

 

(1)          each
time the Company:

 

(i)           files
the Prospectus relating to the Securities or amends or supplements the Registration Statement or the Prospectus relating to the Securities
by means of a post-effective amendment, sticker, or supplement but not by means of incorporation of documents by reference into the Registration
Statement or the Prospectus relating to the Securities;

 

(ii)           files
an Annual Report on Form 10-K under the Exchange Act;

 

(iii)          files
a Quarterly Report on Form 10-Q under the Exchange Act; or

 

(iv)         files
a Current Report on Form 8-K containing amended financial information (other than information “furnished” pursuant to
Item 2.02 or 7.01 of Form 8-K or to provide disclosure pursuant to Item 8.01 of Form 8-K relating to the reclassifications of
certain properties as discontinued operations in accordance with Statement of Financial Accounting Standards No.  144) under the
Exchange Act; and

 

    31

     

    

 

(2)          at
any other time reasonably requested by the Agent (each such date of filing of one or more of the documents referred to in clauses (1)(i) through
(iv) and any time of request pursuant to this Section 7(o) shall be a “Representation Date”), the Company
shall furnish the Agent with a certificate, in the form attached hereto as Exhibit G and the Advisor shall furnish the Agent
with a certificate, in the form attached hereto as Exhibit H. The requirement to provide a certificate under this Section 7(o) shall
be waived for any Representation Date occurring at a time at which no Placement Notice (as amended by the corresponding Acceptance, if
applicable) is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Placement Notice hereunder
(which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation Date. Notwithstanding
the foregoing, if the Company subsequently decides to sell Placement Securities following a Representation Date when the Company relied
on such waiver and did not provide the Agent with a certificate under this Section 7(o), then before the Company delivers the Placement
Notice or the Agent sells any Placement Securities, the Company shall provide the Agent with a certificate, in the form attached hereto
as Exhibit G and the Advisor shall furnish the Agent with a certificate, in the form attached hereto as Exhibit H,
each dated the date of the Placement Notice.

 

(p)          Opinion
of Counsel for Company, the Operating Partnership and the Advisor. On or prior to the date that the first Securities are sold pursuant
to the terms of this Agreement, and as promptly as practicable after the Company files a Quarterly Report on Form 10-Q under the
Exchange Act, the Company shall cause to be furnished to the Agent a written opinion of Cadwalader, Wickersham & Taft LLP, counsel
for the Company, the Operating Partnership and the Advisor, dated the date that the opinion is required to be delivered, in the form attached
hereto as Exhibit D, modified, as necessary, to relate to the Registration Statement and the Prospectus as then amended or
supplemented; provided, however, that in lieu of such opinions, such counsel may furnish the Agent with a letter to the effect
that the Agent may rely on a prior opinion delivered under this Section 7(p) to the same extent as if it were dated the date
of such letter (except that statements in such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus
as amended or supplemented at such time).

 

(q)          Opinion
of Tax Counsel for Company and the Operating Partnership. On or prior to the date that the first Securities are sold pursuant to the
terms of this Agreement, and as promptly as possible after the Company files a Quarterly Report on Form 10-Q under the Exchange Act,
the Company shall cause to be furnished to the Agent a written opinion of Locke Lord LLP, tax counsel for the Company and the Operating
Partnership, dated the date that the opinion is required to be delivered, in the form attached hereto as Exhibit E, modified,
as necessary, to relate to the Registration Statement and the Prospectus as then amended or supplemented; provided, however,
that in lieu of such opinions, such counsel may furnish the Agent with a letter to the effect that the Agent may rely on a prior opinion
delivered under this Section 7(q) to the same extent as if it were dated the date of such letter (except that statements in
such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented at such time).

 

    32

     

    

 

(r)          Opinion
of Maryland Counsel for the Company. On or prior to the date that the first Securities are sold pursuant to the terms of this Agreement,
and as promptly as possible after the Company files a Quarterly Report on Form 10-Q under the Exchange Act, the Company shall cause
to be furnished to the Agent a written opinion of Hogan Lovells US LLP, Maryland counsel for the Company, dated the date that the opinion
is required to be delivered, in the form attached hereto as Exhibit F, modified, as necessary, to relate to the Registration
Statement and the Prospectus as then amended or supplemented; provided, however, that in lieu of such opinions, such counsel
may furnish the Agent with a letter to the effect that the Agent may rely on a prior opinion delivered under this Section 7(r) to
the same extent as if it were dated the date of such letter (except that statements in such prior opinion shall be deemed to relate to
the Registration Statement and the Prospectus as amended or supplemented at such time).

 

(s)           Comfort
Letters. As promptly as practicable after the Company files an Annual Report on Form 10-K under the Exchange Act, the Company
shall cause its independent accountants (and any other independent accountants whose report is included in the Prospectus) to furnish
the Agent letters (the “Comfort Letters”), dated the date of the Comfort Letters are delivered, in form and substance satisfactory
to the Agent, (i) confirming that they are independent registered public accounting firms within the meaning of the Securities Act,
the Exchange Act and the PCAOB, (ii) stating, as of such date, the conclusions and findings of such firms with respect to the financial
information and other matters ordinarily covered by accountants’ “comfort letters” to underwriters in connection with
registered public offerings.

 

(t)            Chief
Financial Officer’s Certificate. On or prior to the date that the first Securities are sold pursuant to the terms of this Agreement,
and as promptly as possible and in no event later than two (2) Trading Days of each Representation Date with respect to which the
Company is obligated to deliver a certificate in the form attached hereto as Exhibit G for which no waiver is applicable,
the Company shall cause to be furnished to the Agent a certificate of the Chief Financial Officer of the Company, in form and substance
satisfactory to the Agent and its counsel, dated the date that the certificate is required to be delivered.

 

(u)         Market
Activities. Neither the Company nor the Operating Partnership will, directly or indirectly, (i) take any action designed to cause
or result in, or that constitutes or might reasonably be expected to constitute, the stabilization or manipulation of the price of any
security of the Company to facilitate the sale or resale of the Placement Securities or (ii) sell, bid for, or purchase the Securities
to be issued and sold pursuant to this Agreement, or pay anyone any compensation for soliciting purchases of the Placement Securities
to be issued and sold pursuant to this Agreement other than the Agent.

 

(v)          Investment
Company Act. The Company will conduct its affairs in such a manner so as to reasonably ensure that neither it nor its Subsidiaries
will be or become, at any time prior to the termination of this Agreement, an “investment company,” as such term is defined
in the Investment Company Act, assuming no change in the Commission’s current interpretation as to entities that are not considered
an investment company.

 

(w)         Securities
Act and Exchange Act. The Company will use its best efforts to comply with all requirements imposed upon it by the Securities Act
and the Exchange Act as from time to time in force, so far as necessary to permit the continuance of sales of, or dealings in, the Placement
Securities as contemplated by the provisions hereof and the Prospectus.

 

    33

     

    

 

(x)           No
Offer to Sell. Other than a free writing prospectus (as defined in Rule 405 under the Securities Act) approved in advance in
writing by the Company and the Agent in its capacity as principal or agent hereunder, the Company (including its agents and representatives,
other than the Agent in its capacity as such) will not, directly or indirectly, make, use, prepare, authorize, approve or refer to any
free writing prospectus relating to the Securities to be sold by the Agent as principal or agent hereunder.

 

(y)         Sarbanes-Oxley
Act. The Company and its Subsidiaries will use their best efforts to comply with all effective applicable provisions of the Sarbanes-Oxley
Act.

 

(z)          Regulation
M. If the Company has reason to believe that the exemptive provisions set forth in Rule 101(c)(1) of Regulation M under
the Exchange Act are not satisfied with respect to the Company or the Common Stock, it shall promptly notify the Agent and sales of the
Placement Securities under this Agreement shall be suspended until that or other exemptive provisions have been satisfied in the judgment
of each party.

 

(aa)       REIT
Qualification. The Company and the Operating Partnership will use their best efforts to enable the Company to continue to qualify
for taxation as a REIT under the Code and will not take any action to revoke or otherwise terminate the Company’s REIT election,
unless the Company’s board of directors determines in good faith that it is no longer in the best interests of the Company and its
stockholders to be so qualified.

 

(bb)       [Reserved].

 

(cc)       Renewal
of Registration Statement. The date of this Agreement is not more than three years subsequent to the initial effective date of the
Registration Statement (the “Renewal Date”). If, immediately prior to the Renewal Date, this Agreement has not terminated
and a prospectus is required to be delivered or made available by the Agent under the Securities Act or the Exchange Act in connection
with the sale of such Securities, the Company will, prior to the Renewal Date, file, if it has not already done so, a new shelf registration
statement or, if applicable, an automatic shelf registration statement relating to such Securities, and, if such registration statement
is not an automatic shelf registration statement, will use its commercially reasonable efforts to cause such registration statement to
be declared effective within 180 days after the Renewal Date, and will take all other reasonable actions necessary or appropriate to permit
the public offer and sale of such Securities to continue as contemplated in the expired registration statement relating to such Securities.
References herein to the “Registration Statement” shall include such new shelf registration statement or automatic shelf registration
statement, as the case may be, and each new or additional shelf registration statement or automatic shelf registration statement filed
by the Company for the purpose of registering the Securities to be sold pursuant to this Agreement.

 

    34

     

    

 

SECTION 8. Payment
of Expenses.

 

The Company agrees to pay
all costs and expenses incident to the performance of its obligations under this Agreement, whether or not the transactions contemplated
hereunder are consummated or this Agreement is terminated, including expenses, fees and taxes in connection with: (i) the preparation
and filing of the Registration Statement, each preliminary prospectus, any Issuer Free Writing Prospectus, the Prospectus, and any amendments
or supplements thereto, and the printing and furnishing of copies of each thereof to the Agent and to dealers (including costs of mailing
and shipment); (ii) the preparation, issuance and delivery of the certificates for the Placement Securities to the Agent, including
any stock or other transfer taxes or duties payable upon the sale of the Placement Securities to the Agent; (iii) the printing of
this Agreement and any dealer agreements and furnishing copies of each to the Agent and to dealers (including costs of mailing and shipment);
(iv) the qualification of the Securities for offering and sale under state laws that the Company and the Agent have mutually agreed
are appropriate and the determination of their eligibility for investment under state law as aforesaid, and the printing and furnishing
of copies of any blue sky surveys or legal investment surveys to the Agent and to dealers; (v) the filing for review of the public
offering of the Securities by FINRA; (vi) the fees and expenses of any transfer agent or registrar for the Securities and miscellaneous
expenses referred to in the Registration Statement, (vii) the fees and expenses incurred in connection with the listing of the Securities
on the NYSE, (viii) the fees and disbursements of the counsel, accountants and other advisors to the Company, and (ix) any other
transactional fees, charges or taxes imposed by any governmental body or self-regulatory organization.

 

SECTION 9. Conditions
of the Agent’s Obligations. The obligations of the Agent hereunder with respect to a Placement will be subject to the continuing
accuracy and completeness of the representations and warranties of the Company contained in this Agreement or in certificates of any officer
of the Company or any Subsidiary of the Company delivered pursuant to the provisions hereof, to the performance by the Company of its
covenants and other obligations hereunder, and to the following further conditions:

 

(a)          Opinion
of Counsel for Company, the Operating Partnership and the Advisor. The Agent shall have received the favorable opinions of Cadwalader,
Wickersham & Taft LLP, counsel for the Company, the Operating Partnership and the Advisor, required to be delivered pursuant
to Section 7(p) on or before the date on which such delivery of such opinion is required pursuant to Section 7(p).

 

(b)          Opinion
of Tax Counsel for Company and the Operating Partnership. The Agent shall have received the favorable opinions of Locke Lord LLP,
counsel for the Company and the Operating Partnership, required to be delivered pursuant to Section 7(q) on or before the date
on which such delivery of such opinion is required pursuant to Section 7(q).

 

(c)           Opinion
of Maryland Counsel for the Company. The Agent shall have received the favorable opinions of Hogan Lovells US LLP, counsel for the
Company, required to be delivered pursuant to Section 7(r) on or before the date on which such delivery of such opinion is required
pursuant to Section 7(r).

 

    35

     

    

 

(d)          No
Material Notices. None of the following events shall have occurred and be continuing: (i) receipt by the Company or any of its
Subsidiaries of any request for additional information from the Commission during the period of effectiveness of the Registration Statement,
the response to which would require any post-effective amendments or supplements to the Registration Statement or the Prospectus; (ii) the
issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings
for that purpose; (iii) receipt by the Company of any notification with respect to the suspension of the qualification or exemption
from qualification of any of the Placement Securities for sale in any jurisdiction or the initiation or threatening of any proceeding
for such purpose; (iv) the occurrence of any event that makes any material statement made in the Registration Statement or the Prospectus,
or any Issuer Free Writing Prospectus, or any material document incorporated or deemed to be incorporated therein by reference untrue
in any material respect or that requires the making of any changes in the Registration Statement, the Prospectus, or any Issuer Free Writing
Prospectus, or such documents so that, in the case of the Registration Statement, it will not contain any materially untrue statement
of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading
and, that in the case of the Prospectus and any Issuer Free Writing Prospectus, it will not contain any materially untrue statement of
a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light
of the circumstances under which they were made, not misleading.

 

(e)           No
Misstatement or Material Omission. The Agent shall not have advised the Company that the Registration Statement or Prospectus, or
any Issuer Free Writing Prospectus, or any amendment or supplement thereto, contains an untrue statement of fact that in the Agent’s
reasonable opinion is material, or omits to state a fact that in the Agent’s opinion is material and is required to be stated therein
or is necessary to make the statements therein not misleading.

 

(f)           Material
Changes. Except as contemplated in the Prospectus, or disclosed in the Company’s reports filed with the Commission, there shall
not have been any material adverse change in the condition (financial or otherwise) or in the assets, business, operations, earnings,
properties or prospects of the Company and the Subsidiaries, taken as a whole, whether or not arising in the ordinary course of business.

 

(g)         Company
and Advisor Representation Certificates. The Agent shall have received the certificates required to be delivered pursuant to Section 7(o) on
or before the date on which delivery of such certificates is required pursuant to Section 7(o).

 

(h)          Accountant’s
Comfort Letters. The Agent shall have received the Comfort Letters required to be delivered pursuant Section 7(s) on or
before the date on which such delivery of such opinion is required pursuant to Section 7(s).

 

(i)            Chief
Financial Officer’s Certificate. The Agent shall have received the certificate of the Chief Financial Officer of the Company
required to be delivered pursuant to Section 7(t) on or before the date on which delivery of such certificate is required pursuant
to Section 7(t).

 

(j)            Approval
for Listing. The Placement Securities shall have been approved for listing on the NYSE, subject only to official notice of issuance.

 

(k)           No
Suspension. Trading in the Securities shall not have been suspended on the NYSE.

 

(l)           Additional
Documents. On each date on which the Company is required to deliver a certificate pursuant to Section 7(o), counsel for the Agent
shall have been furnished with such documents and opinions as they may reasonably require for the purpose of enabling them to pass upon
the issuance and sale of the Securities as herein contemplated, or in order to evidence the accuracy of any of the representations or
warranties, or the fulfillment of any of the conditions, contained in this Agreement.

 

    36

     

    

 

(m)          Securities
Act Filings Made. All filings with the Commission required by Rule 424 under the Securities Act to have been filed prior to the
issuance of any Placement Notice hereunder shall have been made within the applicable time period prescribed for such filing by Rule 424
under the Securities Act.

 

(n)          Termination
of Agreement. If any condition specified in this Section 9 shall not have been fulfilled when and as required to be fulfilled,
this Agreement may be terminated by the Agent by notice to the Company, and such termination shall be without liability of any party to
any other party except as provided in Section 8 hereof and except that, in the case of any termination of this Agreement, Sections
5, 10, 11 and 20 hereof shall survive such termination and remain in full force and effect.

 

(o)          Effectiveness
of Registration Statement; Payment of Filing Fee. The Registration Statement shall be effective and shall be available for (i) all
sales of Placement Securities issued pursuant to all prior Placement Notices (each as amended by a corresponding Acceptance, if applicable)
and (ii) the sale of all Placement Securities contemplated to be issued by any Placement Notice. The Company shall have paid the
required Commission filing fees relating to the Securities within the applicable time required under the Securities Act.

 

SECTION 10. Indemnification
and Contribution by the Company, the Operating Partnership, the Advisor and the Agent.

 

(a)          Indemnification
by the Company, the Operating Partnership and the Advisor. The Company, the Operating Partnership and the Advisor, jointly and severally,
agree to indemnify and hold harmless the Agent, its affiliates, as such term is defined in Rule 501(b) under the Securities
Act (each an “Affiliate”), its selling agents and each person, if any, who controls the Agent within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act as follows:

 

(1)           against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of any untrue statement or alleged untrue
statement of a material fact contained in the Registration Statement (or any amendment thereto), or the omission or alleged omission therefrom
of a material fact required to be stated therein or necessary to make the statements therein not misleading, or arising out of any untrue
statement or alleged untrue statement of a material fact included in any Issuer Free Writing Prospectus or the Prospectus (or any amendment
or supplement thereto), or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein,
in light of the circumstances under which they were made, not misleading;

 

(2)          against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement
of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever
based upon any such untrue statement or omission, or any such alleged untrue statement or omission; provided, that, (subject to Section 10(e) below)
any such settlement is effected with the written consent of the Company, which written consent shall not be unreasonably withheld; and

 

    37

     

    

 

(3)           against
any and all expense whatsoever, as incurred (including the fees and disbursements of counsel chosen by the Agent) reasonably incurred
in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body,
commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement
or omission, to the extent that any such expense is not paid under (i) or (ii) above;

 

provided, however, that this indemnity
agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or omission
or alleged untrue statement or omission made in the Registration Statement (or any amendment thereto) or the Prospectus (or any amendment
or supplement thereto) in reliance upon and in conformity with written information furnished to the Company by the Agent expressly for
use in the Registration Statement (or any amendment thereto), or in any Issuer Free Writing Prospectus or the Prospectus (or any amendment
or supplement thereto).

 

(b)          Indemnification
by the Agent. The Agent agrees to indemnify and hold harmless the Company, the Operating Partnership and the Advisor, each of their
respective directors, each of the Company’s officers who signed the Registration Statement, and each person, if any, who controls
the Company or the Advisor within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, against
any and all loss, liability, claim, damage and expense described in the indemnity contained in subsection (a) of this Section 10,
as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration
Statement (or any amendment thereto), any Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto) in
reliance upon and in conformity with written information furnished to the Company by the Agent expressly for use therein.

 

(c)           Actions
against Parties; Notification. Each indemnified party shall give notice as promptly as reasonably practicable to each indemnifying
party of any action commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying
party shall not relieve such indemnifying party from any liability hereunder to the extent it is not materially prejudiced as a result
thereof and in any event shall not relieve it from any liability which it may have otherwise than on account of this indemnity agreement.
In the case of parties indemnified pursuant to Section 10(a) above, counsel to the indemnified parties shall be selected by
the Agent, and, in the case of parties indemnified pursuant to Section 10(b) above, counsel to the indemnified parties shall
be selected by the Company. An indemnifying party may participate at its own expense in the defense of any such action; provided,
however, that counsel to the indemnifying party shall not (except with the consent of the indemnified party) also be counsel to
the indemnified party. In no event shall the indemnifying parties be liable for fees and expenses of more than one counsel (in addition
to any local counsel) separate from their own counsel for all indemnified parties in connection with any one action or separate but similar
or related actions in the same jurisdiction arising out of the same general allegations or circumstances. No indemnifying party shall,
without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect
to any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever
in respect of which indemnification or contribution could be sought under this Section 10 hereof (whether or not the indemnified
parties are actual or potential parties thereto), unless such settlement, compromise or consent (i) includes an unconditional release
of each indemnified party from all liability arising out of such litigation, investigation, proceeding or claim and (ii) does not
include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.

 

    38

     

    

 

(d)          Settlement
without Consent if Failure to Reimburse. If at any time an indemnified party shall have requested an indemnifying party to reimburse
the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the
nature contemplated by Section 10(a)(2) effected without its written consent if (i) such settlement is entered into more
than 45 days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall have received
notice of the terms of such settlement at least 30 days prior tosuch settlement being entered into and (iii) such indemnifying party
shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement.

 

(e)          Contribution.
If the indemnification provided for in this Section 10 is for any reason unavailable to or insufficient to hold harmless an indemnified
party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying party shall contribute
to the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such indemnified party, as incurred, (i) in
such proportion as is appropriate to reflect the relative benefits received by the Company, the Operating Partnership and the Advisor,
on the one hand, and the Agent, on the other hand, from the offering of the Securities pursuant to this Agreement or (ii) if the
allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the
relative benefits referred to in clause (i) above but also the relative fault of the Company, the Operating Partnership and the Advisor,
on the one hand, and of the Agent, on the other hand, in connection with the statements or omissions that resulted in such losses, liabilities,
claims, damages or expenses, as well as any other relevant equitable considerations.

 

The relative benefits received
by the Company, the Operating Partnership and the Advisor, on the one hand, and the Agent, on the other hand, in connection with the offering
of the Securities pursuant to this Agreement shall be deemed to be in the same respective proportions as the total net proceeds from the
offering of the Securities pursuant to this Agreement (before deducting expenses) received by the Company (which, for purposes of this
subsection, account for the relative benefits received by the Operating Partnership), on the one hand, and the total commissions received
by the Agent, on the other hand, bear to the aggregate public offering price of the Securities.

 

The relative fault of the
Company, the Operating Partnership and the Advisor, on the one hand, and the Agent, on the other hand, shall be determined by reference
to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state
a material fact relates to information supplied by the Company, the Operating Partnership or the Advisor or by the Agent and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

 

    39

     

    

 

The Company, the Operating
Partnership, the Advisor and the Agent agree that it would not be just and equitable if contribution pursuant to this Section 10
were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations
referred to above in this Section 10. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified
party and referred to above in this Section 10 shall be deemed to include any legal or other expenses reasonably incurred by such
indemnified party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental
agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or
alleged omission.

 

Notwithstanding the provisions
of this Section 10, the Agent shall not be required to contribute any amount in excess of the amount by which the total underwriting
discounts and commissions with respect to the offering of the Securities received by it under this Agreement exceeds the amount of any
damages that the Agent has otherwise been required to pay by reason of any such untrue or alleged untrue statement or omission or alleged
omission.

 

No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation.

 

For purposes of this Section 10,
each person, if any who controls the Agent within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act and the Agent’s Affiliates and selling agents shall have the same rights to contribution as the Agent, and each director of
the Company, each officer of the Company who signed the Registration Statement, and each person, if any, who controls the Company within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act shall have the same rights to contribution
as the Company.

 

SECTION 11. Representations,
Warranties and Agreements to Survive Delivery. All representations, warranties and agreements contained in this Agreement or in certificates
of officers of the Company, the Operating Partnership, the Advisor or any of their respective subsidiaries submitted pursuant hereto,
shall remain operative and in full force and effect, regardless of any investigation made by or on behalf of the Agent or its Affiliates
or selling agents, any person controlling the Agent or its officers or directors, or by or on behalf of the Company, the Operating Partnership
or the Advisor or any person controlling the Company, the Operating Partnership or the Advisor, and shall survive delivery of the Securities
to the Agent.

 

    40

     

    

 

SECTION 12. Termination
of Agreement.

 

(a)          Termination;
General. The Agent may terminate this Agreement, by notice to the Company, as hereinafter specified at any time (i) if there
has been, since the time of execution of this Agreement or since the date as of which information is given in the Prospectus, any material
adverse change in the condition (financial or otherwise) or in the assets, business, operations, earnings, properties or prospects of
the Company and the Subsidiaries, taken as a whole, whether or not arising in the ordinary course of business, (ii) if there has
occurred any material adverse change in the financial markets in the United States or the international financial markets, any outbreak
of hostilities or escalation thereof or other calamity or crisis or any change or development involving a prospective change in national
or international political, financial or economic conditions, in each case the effect of which is such as to make it, in the judgment
of the Agent, impracticable or inadvisable to market the Securities or to enforce contracts for the sale of the Securities, (iii) if
trading in the Placement Securities has been suspended or limited by the Commission or the NYSE, (iv) if trading generally on the
NYSE, the NYSE American LLC or the Nasdaq Global Market has been suspended or limited, or minimum or maximum prices for trading have been
fixed, or maximum ranges for prices have been required, by any of said exchanges or by order of the Commission, the FINRA or any other
governmental authority, or a material disruption has occurred in commercial banking or securities settlement or clearance services in
the United States or in Europe, or (v) if a banking moratorium has been declared by either Federal or New York authorities.

 

(b)         Termination
by the Company. Subject to Section 12(f) hereof, the Company shall have the right to terminate this Agreement in its sole
discretion at any time after the date of this Agreement.

 

(c)          Termination
by the Agent. Subject to Section 12(f) hereof, the Agent shall have the right to terminate this Agreement in its sole discretion
at any time after the date of this Agreement.

 

(d)           Automatic
Termination. Unless earlier terminated pursuant to this Section 12, this Agreement shall automatically terminate upon the issuance
and sale of Placement Securities through the Agent on the terms and subject to the conditions set forth herein with an aggregate sale
price equal to the Maximum Amount.

 

(e)          Continued
Force and Effect. This Agreement shall remain in full force and effect unless terminated pursuant to Sections 12(a), (b), (c), or
(d) above or otherwise by mutual agreement of the parties.

 

(f)          Effectiveness
of Termination. Any termination of this Agreement shall be effective on the date specified in such notice of termination; provided,
however, that such termination shall not be effective until the close of business on the date of receipt of such notice by the Agent or
the Company, as the case may be. If such termination shall occur prior to the Settlement Date for any sale of Placement Securities, such
Placement Securities shall settle in accordance with the provisions of this Agreement.

 

(g)          Liabilities.
If this Agreement is terminated pursuant to this Section 12, such termination shall be without liability of any party to any other
party except as provided in Section 8 hereof, and except that, in the case of any termination of this Agreement, Sections 5, 10,
11 and 20 hereof shall survive such termination and remain in full force and effect.

 

    41

     

    

 

SECTION 13. Notices.
Except as otherwise provided in this Agreement, all notices and other communications hereunder shall be in writing and shall be deemed
to have been duly given if mailed or transmitted by any standard form of telecommunication. Notices to the Agent shall be directed to
the Agent at Virtu Americas LLC, Prospectus Department, One Liberty Plaza, 165 Broadway, New York, NY 10006, with a copy to (which shall
not constitute notice) Hunton Andrews Kurth LLP, Riverfront Plaza, 951 E Byrd Street, Richmond, VA 23219 Attention: James Davidson, Esq.
and notices to the Company, the Operating Partnership or the Advisor shall be directed to the offices of the Company at 14185 Dallas Parkway,
Suite 1200, Dallas, Texas 75254, fax no. (972) 490-9605, Attention of General Counsel, with a copy to (which shall not constitute
notice) Cadwalader, Wickersham & Taft LLP, 200 Liberty Street, New York, NY 10281, Attention: Gregory P. Patti, Jr.

 

SECTION 14. Parties.
This Agreement shall inure to the benefit of and be binding upon the Agent, the Company, the Operating Partnership and the Advisor and
their respective successors. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person, firm
or corporation, other than the Agent, the Company, the Operating Partnership, the Advisor and their respective successors and the controlling
persons and officers and directors referred to in Section 10 and their heirs and legal representatives, any legal or equitable right,
remedy or claim under or in respect of this Agreement or any provision herein contained. This Agreement and all conditions and provisions
hereof are intended to be for the sole and exclusive benefit of the Agent, the Company, the Operating Partnership, the Advisor and their
respective successors, and said controlling persons and officers and directors and their heirs and legal representatives, and for the
benefit of no other person, firm or corporation. No purchaser of Securities from the Agent shall be deemed to be a successor by reason
merely of such purchase.

 

SECTION 15. Adjustments
for Stock Splits. The parties acknowledge and agree that all stock- related numbers contained in this Agreement shall be adjusted
to take into account any stock split, stock dividend or similar event effected with respect to the Securities.

 

SECTION 16. Governing
Law and Time. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD
FOR CONFLICTS OF LAWS PRINCIPLES. SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME.

 

SECTION 17. Effect
of Headings. The Section and Exhibit headings herein are for convenience only and shall not affect the construction hereof.

 

SECTION 18. Permitted
Free Writing Prospectuses. Each of the Company and the Operating Partnership represents, warrants and agrees that, unless it obtains
the prior consent of the Agent, and the Agent represents, warrants and agrees that, unless it obtains the prior consent of the Company,
it has not made and will not make any offer relating to the Securities that would constitute an Issuer Free Writing Prospectus, or that
would otherwise constitute a “free writing prospectus,” as defined in Rule 405 under the Securities Act, required to
be filed with the Commission. Any such free writing prospectus consented to by the Agent or by the Company, as the case may be, is hereinafter
referred to as a “Permitted Free Writing Prospectus.” The Company represents and warrants that it has treated and agrees
that it will treat each Permitted Free Writing Prospectus as an “issuer free writing prospectus,” as defined in Rule 433
under the Securities Act, and has complied and will comply with the requirements of Rule 433 under the Securities Act applicable
to any Permitted Free Writing Prospectus, including timely filing with the Commission where required, legending and record keeping. For
the purposes of clarity, the parties hereto agree that all free writing prospectuses, if any, listed in Exhibit I hereto are
Permitted Free Writing Prospectuses.

 

    42

     

    

 

SECTION 19. Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts
shall together constitute one and the same Agreement.

 

SECTION 20. Absence
of Fiduciary Relationship. Each of the Company, the Operating Partnership and the Advisor, severally and not jointly, acknowledges
and agrees that:

 

(a)          The
Agent is acting solely as agent and/or principal in connection with the public offering of the Securities and in connection with each
transaction contemplated by this Agreement and the process leading to such transactions, and no fiduciary or advisory relationship between
the Company, the Operating Partnership and the Advisor or any of their respective affiliates, stockholders (or other equity holders),
creditors or employees or any other party, on the one hand, and the Agent, on the other hand, has been or will be created in respect of
any of the transactions contemplated by this Agreement, irrespective of whether or not the Agent has advised or is advising the Company,
the Operating Partnership and/or the Advisor on other matters, and the Agent has no obligation to the Company, the Operating Partnership
or the Advisor with respect to the transactions contemplated by this Agreement except the obligations expressly set forth in this Agreement;

 

(b)           the
public offering price of the Securities was not established by the Agent;

 

(c)           it
is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions of the transactions contemplated
by this Agreement;

 

(d)          the
Agent has not provided any legal, accounting, regulatory or tax advice with respect to the transactions contemplated by this Agreement
and it has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate;

 

(e)           it
is aware that the Agent and its respective affiliates are engaged in a broad range of transactions which may involve interests that differ
from those of the Company, the Operating Partnership and the Advisor and the Agent has no obligation to disclose such interests and transactions
to the Company, the Operating Partnership or the Advisor by virtue of any fiduciary, advisory or agency relationship or otherwise;

 

(f)           the
Agent and its respective affiliates may engage in trading in the Common Stock for their own account or for the account of its clients
at the same time as sales of the Placement Securities occur pursuant to this Agreement; and

 

(g)           it
waives, to the fullest extent permitted by law, any claims it may have against the Agent for breach of fiduciary duty or alleged breach
of fiduciary duty and agrees that the Agent shall not have any liability (whether direct or indirect, in contract, tort or otherwise)
to it in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on its behalf or in right of it or the
Company, the Operating Partnership, the Advisor or their respective employees or creditors.

 

    43

     

    

 

[Signature Page Follows]

 

    44

     

    

 

If the foregoing is in accordance
with your understanding of our agreement, please sign and return to the Company a counterpart hereof, whereupon this instrument , along
with all counterparts, will become a binding agreement by and among the Agent, the Company, the Operating Partnership and the Advisor
in accordance with its terms.

 

	 	Very truly yours,
	 	 
	 	 
	 	 
	 	BRAEMAR HOTELS & RESORTS INC.
	 	 
	 	 
	 	 
	 	By:	/s/ Richard J. Stockton
	 	Name:	Richard J. Stockton
	 	Title: 	President and Chief Executive Officer
	 	 
	 	 
	 	 
	 	BRAEMAR HOSPITALITY LIMITED PARTNERSHIP
	 	By: 	Braemar OP General Partner LLC, its sole
	 	general partner
	 	By: 	Braemar Hotels & Resorts Inc., its sole
	 	managing member
	 	 
	 	 
	 	 
	 	By:	/s/ Richard J. Stockton
	 	Name:	Richard J. Stockton
	 	Title: 	President and Chief Executive Officer
	 	 
	 	 
	 	 
	 	ASHFORD HOSPITALITY ADVISORS LLC
	 	 
	 	 
	 	 
	 	By:	/s/ Deric S. Eubanks
	 	Name:	Deric S. Eubanks
	 	Title: 	Chief Financial Officer and Treasurer

 

[Signature
Page to Equity Distribution Agreement]

 

     

     

    

 

CONFIRMED AND ACCEPTED, as of the date first above
written:

 

	VIRTU AMERICAS LLC	 
	 	 
	By:	/s/ Joshua R. Feldman	 
	Name:	Joshua R. Feldman	 
	Title: 	Managing Director	 

 

[Signature
Page to Equity Distribution Agreement]

 

     

     

    

 

 

EXHIBIT A

 

FORM OF
PLACEMENT NOTICE

 

From: [ ] 

Cc: [ ] 

To: [ ]

 

Subject: Equity Distribution—Placement Notice

 

Gentlemen:

 

Pursuant to the terms and
subject to the conditions contained in the Equity Distribution Agreement among Braemar Hotels & Resorts Inc. (the “Company”),
Braemar Hospitality Limited Partnership, Ashford Hospitality Advisors LLC, and Virtu Americas LLC (the “Agent”) dated
July 12, 2021 (the “Agreement”), I hereby request on behalf of the Company that the Agent sell up to [ ]
shares of the Company’s common stock, par value $0.01 per share, at a minimum market price of $[ ] per share.

 

The Company hereby confirms
that, as of the date of this Placement Notice, neither the Prospectus, nor any Issuer Free Writing Prospectus, when taken together with
the Prospectus, includes an untrue statement of a material fact or omits to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading

 

[ADDITIONAL SALES PARAMETERS
MAY BE ADDED, SUCH AS THE MAXIMUM AGGREGATE OFFERING PRICE, THE TIME PERIOD IN WHICH SALES ARE REQUESTED TO BE MADE, SPECIFIC DATES
THE SHARES MAY NOT BE SOLD ON, THE MANNER IN WHICH SALES ARE TO BE MADE BY THE AGENT, AND/OR THE CAPACITY IN WHICH THE AGENT MAY ACT
IN SELLING SHARES (AS PRINCIPAL, AGENT, OR BOTH).]

 

    	 	A-1	 

     

    

 

EXHIBIT B

 

AUTHORIZED
INDIVIDUALS FOR PLACEMENT NOTICES AND ACCEPTANCES

 

Virtu Americas LLC*

 

	Name	E-mail
	Jeffrey Lumby	JLumby@Virtu.com
	Joshua R. Feldman	JFeldman@Virtu.com
	Conor Lumby	CLumby@virtu.com

 

*With copies to ATM@Virtu.com

 

Braemar Hotels & Resorts Inc.

 

Richard J. Stockton, President and Chief Executive
Officer (rstockton@ashfordinc.com) 

Alex Rose, General Counsel and Secretary (arose@ashfordinc.com) 

Deric S. Eubanks, Chief Financial Officer and
Treasurer (deubanks@ashfordinc.com)

 

    	 	B-1	 

     

    

 

EXHIBIT C

 

COMPENSATION

 

The Agent shall be paid compensation at a mutually
agreed rate, not to exceed 1.00% of the Gross Proceeds pursuant to the terms of this Agreement.

 

    	 	C-1	 

     

    

 

EXHIBIT D

 

FORM OF
CORPORATE OPINION AND NEGATIVE ASSURANCE LETTER OF CADWALADER, WICKERSHAM & TAFT LLP

 

		1.	The Common Units underlying the Securities have been duly authorized and, when issued and delivered by
the Operating Partnership in accordance with the OP 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 DRULPA). The
holders of outstanding Common Units are not entitled pursuant to the DRULPA or the OP Partnership Agreement to preemptive or other rights
to subscribe for (i) the Securities, or (ii) the Common Units underlying the Securities.

 

		2.	Each of the Operating Partnership and the Advisor is validly existing and of good standing as a limited
partnership under the laws of the State of Delaware, and has full limited partnership power and authority, as applicable, to own its respective
properties and to conduct its respective businesses as described in the Disclosure Package and the Prospectus and to consummate the transactions
described in the Equity Distribution Agreement.

 

		3.	The Equity Distribution Agreement has been duly authorized, executed and delivered by the Operating Partnership
and the Advisor.

 

		4.	The Equity Distribution Agreement (assuming the due authorization, execution and delivery of the Equity
Distribution Agreement by the underwriters) constitutes a legal, valid and binding agreement of the Company, enforceable against the Company
in accordance with its terms, (i) subject to (A) applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium,
receivership or other laws relating to or affecting creditors’ rights generally and (B) general principles of equity (regardless
of whether enforcement is sought in a proceeding at law or in equity), and (ii) except that the enforcement of rights with respect
to indemnification and contribution obligations and provisions (a) purporting to waive or limit rights to trial by jury, oral amendments
to written agreements or rights of set-off and (b) relating to submission to jurisdiction, venue or service of process may be limited
by applicable law or considerations of public policy.

 

		5.	None of the execution, delivery and performance by the Company of the Equity Distribution Agreement to
which it is a party, including the (i) execution and delivery by the Company, the Operating Partnership or the Advisor of the Equity
Distribution Agreement, (ii) consummation by the Company of the issuance and sale of the Securities pursuant to the Equity Distribution
Agreement, or (iii) issuance of the Common Units underlying the Securities, will (a) require any notice to or any filing, consent,
approval, authorization, registration or qualification of or with any federal governmental authority of the United States of America or
any state governmental authority of the State of New York that in our experience is normally applicable to general business entities with
respect to such consummation or sale, (b) result in a breach or violation of any of the terms and provisions of, or constitute a
default under, the Certificate of Incorporation or Bylaws of the Company, as amended, or (c) result in a violation of any United
States federal or New York State law or published rule or regulation that in our experience is normally applicable to general business
entities with respect to such consummation or sale.

 

    	 	D-1	 

     

    

 

		6.	The Company is not or, assuming the net proceeds of the offering of the Securities are applied as described
in the Prospectus, will not be an “investment company” within the meaning of said term as used in the Investment Company Act
of 1940, as amended.

 

		7.	The statements under the captions “Partnership Agreement” in the Disclosure Package and the
Prospectus, insofar as such statements purport to summarize certain provisions of documents and legal matters referred to therein and
reviewed by us as described above, fairly summarize such provisions and legal matters in all material respects, subject to the qualifications
and assumptions stated therein.

 

In addition, we hereby advise
you that, in the course of our participation and review as discussed above, considered in light of our understanding of applicable United
States federal securities laws and the experience we have gained through our practice, no facts came to our attention that cause us to
believe that:

 

(1)             As
of the date hereof, the Registration Statement contained any untrue statement of a material fact or omitted to state any material fact
required to be stated therein or necessary to make the statements therein not misleading, or

 

(2)             As
of the date hereof, the Prospectus contained or contains any untrue statement of a material fact or omitted or omits to state any material
fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;

 

provided, however,
that we express no view or belief as to (a) any financial, accounting, statistical, market or computational information (including
without limitation any related description of methodology and assumptions) included in or omitted from the Registration Statement or the
Prospectus or (b) any information contained in or omitted from any electronic media accompanying the Registration Statement or the
Prospectus.

 

Furthermore, we advise you
that according to the effectiveness order of the SEC (regarding the Registration Statement) appearing in the SEC’s Electronic Data
Gathering, Analysis, and Retrieval system, the Registration Statement was declared effective under the Securities Act on April 14,
2021.

 

In addition, based solely on our review of the
information made available by the SEC at http://www.sec.gov/litigation/stoporders.shtml, we confirm that the SEC has not issued any stop
order suspending the effectiveness of the Registration Statement. To our knowledge, based solely on our participation in the conferences
mentioned above regarding the Registration Statement and our review of the information made available by the SEC at https://www.sec.gov/litigation/admin.shtml,
no proceedings for that purpose are pending or have been instituted or threatened by the SEC.

 

    	 	D-2	 

     

    

 

EXHIBIT E

 

FORM OF
TAX OPINION OF LOCKE LORD LLP

 

		1.	commencing with the Company’s taxable year ended December 31, 2013 through its taxable year
ended December 31, 2020, the Company has been organized and operated in conformity with the requirements for qualification as a REIT
under the Code, and the Company’s organization and current and proposed method of operation will enable it to continue to meet the
requirements for qualification and taxation as a REIT under the Code for its taxable year ending December 31, 2021 and thereafter;

 

		2.	the Operating Partnership is classified as a partnership for United States federal income tax purposes
and not as an association taxable as a corporation or a “publicly traded partnership” taxable as a corporation under the Code;
and

 

		3.	the statements under the caption “Material U.S. Federal Income Tax Considerations” in the
Prospectus, insofar as such statements purport to summarize certain provisions of documents and legal matters referred to therein and
reviewed by us as described above, are correct and fairly summarize such provisions and legal matters in all material respects, subject
to the qualifications and assumptions stated therein.

 

    	 	E-1	 

     

    

 

EXHIBIT F

 

FORM OF
OPINION OF HOGAN LOVELLS US LLP

 

		1.	The Company is validly existing as a corporation and in good standing under the MGCL as of the date of
the Good Standing Certificate.

 

		2.	The Company has the corporate power to own, lease and operate its properties and to conduct its business
as described in the General Disclosure Package and the Prospectus, and to enter into and perform its obligations under the Equity Distribution
Agreement.

 

		3.	The authorized capital stock of the Company as of the date hereof consists of 250,000,000 shares of Common
Stock, 5,200,000 Shares of 5.50% Series B Cumulative Convertible Preferred Stock, 10,000,000 shares of Series C Preferred Stock,
1,840,000 shares of 8.25% Series D Cumulative Preferred Stock, 28,000,000 shares of Series E Redeemable Preferred Stock, 28,000,000
shares of Series M Redeemable Preferred Stock, and 6,960,000 shares of unclassified preferred stock.

 

		4.	The execution and delivery by the Company, and the performance on the date hereof by the Company of its
obligations under, the Equity Distribution Agreement have been duly authorized by the Company.

 

		5.	The Equity Distribution Agreement has been duly executed and delivered by the Company.

 

		6.	Following (i) issuance and delivery of the Securities in the manner contemplated by the Equity Distribution
Agreement and (ii) receipt by the Company of the consideration for the Securities specified in the Equity Distribution Agreement
and the resolutions of the Board of Directors and the Pricing Committee of the Board of Directors, the Securities will be validly issued,
fully paid and nonassessable.

 

		7.	No holder of outstanding shares of capital stock of the Company has any statutory preemptive right under
the MGCL, or any similar right under the Charter or the By-Laws of the Company to subscribe for any of the Securities.

 

		8.	No holder of shares of Common Stock is subject to personal liability as such under the laws of the State
of Maryland, which is the jurisdiction in which the Company is organized.

 

		9.	The execution, delivery and performance on the date hereof by the Company of the Equity Distribution Agreement
and the consummation of the transactions contemplated thereunder do not violate (i) Applicable Maryland Law or the Charter or the
By-Laws of the Company or (ii) violate any Maryland court or administrative order, judgment or decree listed on Schedule 2
hereto that names the Company and is specifically directed to it or any of its property.

 

		10.	No approval or consent of, or registration or filing with, any Maryland court, governmental authority
or regulatory agency is required to be obtained or made by the Company under the MGCL in connection with the execution, delivery and performance
on the date hereof by the Company of the Equity Distribution Agreement and the consummation of the transactions contemplated thereunder.

 

    	 	F-1	 

     

    

 

		11.	The Advisory Agreement has been duly authorized by the Company and, solely to the extent the MGCL applies
thereto, duly executed and delivered by the Company.

 

		12.	The form of certificate evidencing the Securities complies with the requirements of Section 2-211
of the MGCL and the Charter and By-Laws of the Company.

 

		13.	The information set forth in the Prospectus under the captions: “Description of Common Stock,”
 “Restrictions on Ownership and Transfer,” “Material Provisions of Maryland Law and our Charter and Bylaws,” “Risks
Related to our Organization and Structure—Our charter contains provisions that may delay or prevent a change of control transaction,”
 “Risks Related to our Organization and Structure—Our board of directors may create and issue a class or series of preferred
stock without stockholder approval,” “Risks Related to our Organization and Structure—Certain provisions of Maryland
law could inhibit changes in control,” “Risks Related to our Organization and Structure— Our board of directors can
take many actions without stockholder approval,” and “Risks Related to our Organization and Structure—Our rights and
the rights of our stockholders to take action against our directors and officers are limited,” to the extent that such information
constitutes matters of law or legal conclusions, has been reviewed by us and is accurate and complete in all material respects. The Shares
conform as to legal matters in all material respects to the description thereof set forth in the Prospectus under the caption “Description
of Common Stock.”

 

    	 	F-2	 

     

    

 

EXHIBIT G

 

OFFICERS’
CERTIFICATE OF COMPANY

 

We, Richard J. Stockton, the
duly elected, qualified and acting President and Chief Executive Officer, and Deric S. Eubanks, the duly elected, qualified and acting
Chief Financial Officer and Treasurer, of Braemar Hotels & Resorts Inc., a Maryland corporation (the “Company”),
are familiar with the facts herein certified and are authorized to execute this Officers’ Certificate on behalf of the Company and
on behalf of Braemar OP General Partner LLC, in its capacity as general partner of Braemar Hospitality Limited Partnership, a Delaware
limited partnership (the “Operating Partnership”), pursuant to Section 7(o) of that certain Equity
Distribution Agreement, dated July 12, 2021 (the “Agreement”), by and among the Company, the Operating
Partnership, Ashford Hospitality Advisors LLC, a Delaware limited liability company, and Virtu Americas LLC (the “Agent”).
Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.

 

We do hereby certify in our
capacities as officers of the Company that:

 

(i)              The
representations and warranties of the Company and the Operating Partnership in Agreements are true and correct, as if made on and as of
the date hereof, and the Company and the Operating Partnership have complied with all the agreements and satisfied all the conditions
on their part to be performed or satisfied at or prior to the date hereof.

 

(ii)             No
stop order suspending the effectiveness of the Registration Statement or any post- effective amendment thereto or order suspending or
preventing the use of the Prospectus has been issued and no proceedings for that purpose have been instituted or are pending or threatened
under the Securities Act.

 

(iii)            Subsequent
to the respective dates as of which information was given in the Prospectus, there has not been (a) any change, or any development
or event that reasonably could be expected to result in a change, that has or reasonably could 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
considered as one enterprise, (c) any obligation, direct or contingent, that is material to the Company and the Subsidiaries considered
as one enterprise, incurred by the Company or the Subsidiaries, (d) any change in the capital stock or outstanding indebtedness
of the Company or any Subsidiary that is material to the Company and the Subsidiaries considered as one enterprise, (e) any dividend
or distribution of any kind declared, paid or made on the capital stock or other equity interests of the Company or any Subsidiary, or
(f) any loss or damage (whether or not insured) to the property of the Company or any Subsidiary that has been sustained or will
have been sustained that has or may reasonably be expected to have a Material Adverse Effect.

 

(iv) We have specific
knowledge of the Company’s financial matters, and, based on our examination of the Company’s financial records and schedules
undertaken by ourselves or members of our staff who are responsible for the Company’s financial accounting matters and such other
procedures as we have determined are necessary to make this certification, we hereby certify to the Agent, in our capacities as executive
officers of the Company and without personal liability, that: A) we have read the Company’s most recent Annual Report on Form 10-K
and Quarterly Reports on Form 10-Q that are incorporated by reference in the Prospectus (the “Incorporated Reports”)
, B) nothing has come to our attention subsequent to the respective dates of the Incorporated Reports that cause us to believe that the
audited or unaudited pro forma financial statements, as applicable, contained in the Incorporate Reports and thereby incorporated by reference
into the Prospectus (the “Incorporated Financial Statements”) do not comply as to form in all material respects
with the applicable accounting requirements of the Securities Act and the related rules and regulations adopted by the Commission,
and C) we are unaware of changes in the Company’s capital stock, and increases in long-term indebtedness subsequent to the date
of the most recent Incorporated Financial Statements other than what has been disclosed to the Agent.

 

    	 	G-1	 

     

    

 

EXHIBIT H

 

OFFICERS’
CERTIFICATE OF ADVISOR

 

We, Alex Rose, the duly elected,
qualified General Counsel and Secretary, and Deric S. Eubanks, the duly elected, qualified and acting Chief Financial Officer and Treasurer,
of Ashford Hospitality Advisors LLC, a Delaware limited liability company (the “Advisor”), are familiar with
the facts herein certified and are authorized to execute this Officers’ Certificate on behalf of the Advisor, pursuant to Section 7(o) of
that certain Equity Distribution Agreement, dated July 12, 2021 (the “Agreement”), by and among Braemar
Hotels & Resorts Inc., a Maryland corporation, Ashford Hospitality Advisors LLC, a Delaware limited liability company (the “Advisor”),
Braemar Hospitality Limited Partnership, a Delaware limited partnership and Virtu Americas LLC. Capitalized terms used but not defined
herein shall have the meanings set forth in the Agreement.

 

We do hereby certify in our
capacities as officers of the Advisor that:

 

(i)            The
representations and warranties of the Advisor in the Agreement are true and correct, as if made on and as of the date hereof, and the
Advisor has complied with the Agreement and satisfied all the conditions on its part to be performed or satisfied at or prior to the date
hereof.

 

(ii)            No
stop order suspending the effectiveness of the Registration Statement or any post- effective amendment thereto or order suspending or
preventing the use of the Prospectus has been issued and no proceedings for that purpose have been instituted or are pending or threatened
under the Securities Act.

 

(ii) Subsequent to the
respective dates as of which information was given in the Prospectus, there has not been (a) any change, or any development or event
that reasonably could be expected to result in a change, that has or reasonably could be expected to have an Advisor Material Adverse
Effect, whether or not arising in the ordinary course of business, or (b) any transaction that is material to the Advisor.

 

    	 	H-1	 

     

    

 

EXHIBIT I

 

ISSUER
FREE WRITING PROSPECTUSES

 

None.

 

    	 	I-1	 

     

    

 

EXHIBIT J

 

SIGNIFICANT
SUBSIDIARIES

 

Braemar Hotels & Resorts Inc. 

Braemar Hospitality Limited Partnership 

Braemar OP Limited Partner LLC 

Braemar OP General Partner LLC 

Braemar TRS Corporation 

Ashford BC GP LLC 

Ashford BC LP 

Ashford TRS BC LLC 

Ashford Sarasota GP LLC 

Ashford Sarasota Holding Company LLC 

Ashford Sarasota LP 

Ashford TRS Sarasota Holding Company LLC 

Ashford TRS Sarasota LLC 

Ashford Thomas LLC 

RC Hotels (Virgin Islands), Inc. 

BHR Tahoe GP LLC 

BHR Tahoe LP 

BHR TRS Tahoe LLC

 

    	 	J-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00330-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00330-of-00352.parquet"}]]