Document:

EX-10.1

 Exhibit 10.1 

AMENDED AND RESTATED 

AGREEMENT OF LIMITED PARTNERSHIP 

OF 
 ASHFORD HOSPITALITY
PRIME LIMITED PARTNERSHIP 
 DATED: November 19, 2013 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	PAGE	 
		
	ARTICLE I DEFINED TERMS	  	 	2	  
		
	 ARTICLE II PARTNERSHIP CONTINUATION; ADMISSION OF LIMITED PARTNERS; NAME; PLACE OF BUSINESS AND REGISTERED
AGENT
	  	 	12	  
	 Section 2.1
	 	 CONTINUATION
	  	 	12	  
	 Section 2.2
	 	 CERTIFICATE OF LIMITED PARTNERSHIP; OTHER FILINGS
	  	 	12	  
	 Section 2.3
	 	 ADDITIONAL LIMITED PARTNERS
	  	 	12	  
	 Section 2.4
	 	 NAME, OFFICE AND REGISTERED AGENT
	  	 	12	  
		
	 ARTICLE III BUSINESS AND TERM OF PARTNERSHIP
	  	 	12	  
	 Section 3.1
	 	 BUSINESS
	  	 	12	  
	 Section 3.2
	 	 TERM
	  	 	13	  
		
	 ARTICLE IV CAPITAL CONTRIBUTIONS
	  	 	13	  
	 Section 4.1
	 	 GENERAL PARTNER
	  	 	13	  
	 Section 4.2
	 	 LIMITED PARTNERS
	  	 	13	  
	 Section 4.3
	 	 ADDITIONAL CAPITAL CONTRIBUTIONS AND ISSUANCES OF ADDITIONAL PARTNERSHIP INTERESTS
	  	 	13	  
	 Section 4.4
	 	 ADDITIONAL FUNDING
	  	 	19	  
	 Section 4.5
	 	 INTEREST
	  	 	19	  
	 Section 4.6
	 	 RETURN OF CAPITAL
	  	 	19	  
	 Section 4.7
	 	 PERCENTAGE INTEREST
	  	 	19	  
		
	 ARTICLE V PROFITS, LOSSES AND ACCOUNTING
	  	 	19	  
	 Section 5.1
	 	 ALLOCATION OF PROFITS AND LOSSES
	  	 	19	  
	 Section 5.2
	 	 ACCOUNTING
	  	 	20	  
	 Section 5.3
	 	 PARTNERS’ CAPITAL ACCOUNTS
	  	 	22	  
	 Section 5.4
	 	 SECTION 754 ELECTIONS
	  	 	23	  
	 Section 5.5
	 	 SPECIAL ALLOCATION OF GAIN TO LTIP UNITHOLDERS
	  	 	23	  
		
	 ARTICLE VI POWERS, DUTIES, LIABILITIES, COMPENSATION AND VOTING OF GENERAL PARTNER
	  	 	24	  
	 Section 6.1
	 	 POWERS OF GENERAL PARTNER
	  	 	24	  
	 Section 6.2
	 	 DELEGATION OF AUTHORITY
	  	 	27	  
	 Section 6.3
	 	 DUTIES OF GENERAL PARTNER
	  	 	27	  
	 Section 6.4
	 	 LIABILITIES OF GENERAL PARTNER; INDEMNIFICATION
	  	 	28	  
	 Section 6.5
	 	 COMPENSATION OF GENERAL PARTNER; REIMBURSEMENT
	  	 	31	  
	 Section 6.6
	 	 RELIANCE ON ACT OF GENERAL PARTNER
	  	 	31	  
	 Section 6.7
	 	 OUTSIDE SERVICES; DEALINGS WITH AFFILIATES; OUTSIDE ACTIVITIES
	  	 	31	  
	 Section 6.8
	 	 ADDITIONAL LOANS TO THE PARTNERSHIP
	  	 	32	  
	 Section 6.9
	 	 CONTRIBUTION OF ASSETS
	  	 	32	  

  
 i 

							
	 ARTICLE VII RIGHTS, PROHIBITIONS AND REPRESENTATIONS WITH RESPECT TO LIMITED PARTNERS
	  	 	33	  
	 Section 7.1
	 	 RIGHTS OF LIMITED PARTNERS
	  	 	33	  
	 Section 7.2
	 	 PROHIBITIONS WITH RESPECT TO THE LIMITED PARTNERS
	  	 	34	  
	 Section 7.3
	 	 OWNERSHIP BY LIMITED PARTNER OF CORPORATE GENERAL PARTNER OR AFFILIATE
	  	 	34	  
	 Section 7.4
	 	 REDEMPTION RIGHT
	  	 	34	  
	 Section 7.5
	 	 BASIS ANALYSIS
	  	 	37	  
	 Section 7.6
	 	 LIMITED PARTNER GUARANTEES
	  	 	37	  
	 Section 7.7
	 	 CONVERSION OF LTIP UNITS
	  	 	38	  
	 Section 7.8
	 	 VOTING RIGHTS OF LTIP UNITS
	  	 	41	  
		
	 ARTICLE VIII DISTRIBUTIONS AND PAYMENTS TO PARTNERS
	  	 	42	  
	 Section 8.1
	 	 DISTRIBUTIONS OF CASH FLOW
	  	 	42	  
	 Section 8.2
	 	 REIT DISTRIBUTION REQUIREMENTS
	  	 	43	  
	 Section 8.3
	 	 NO RIGHT TO DISTRIBUTIONS IN KIND
	  	 	43	  
	 Section 8.4
	 	 DISPOSITION PROCEEDS
	  	 	43	  
	 Section 8.5
	 	 WITHDRAWALS
	  	 	43	  
	 Section 8.6
	 	 AMOUNTS WITHHELD
	  	 	43	  
		
	 ARTICLE IX TRANSFERS OF INTERESTS
	  	 	44	  
	 Section 9.1
	 	 GENERAL PARTNER
	  	 	44	  
	 Section 9.2
	 	 ADMISSION OF A SUBSTITUTE OR ADDITIONAL GENERAL PARTNER
	  	 	46	  
	 Section 9.3
	 	 EFFECT OF BANKRUPTCY, WITHDRAWAL, DEATH OR DISSOLUTION OF A GENERAL PARTNER
	  	 	46	  
	 Section 9.4
	 	 REMOVAL OF A GENERAL PARTNER
	  	 	47	  
	 Section 9.5
	 	 RESTRICTIONS ON TRANSFER OF LIMITED PARTNERSHIP INTERESTS
	  	 	47	  
	 Section 9.6
	 	 ADMISSION OF SUBSTITUTE LIMITED PARTNER
	  	 	49	  
	 Section 9.7
	 	 RIGHTS OF ASSIGNEES OF PARTNERSHIP INTERESTS
	  	 	50	  
	 Section 9.8
	 	 EFFECT OF BANKRUPTCY, DEATH, INCOMPETENCE OR TERMINATION OF A LIMITED PARTNER
	  	 	51	  
	 Section 9.9
	 	 JOINT OWNERSHIP OF INTERESTS
	  	 	51	  
	 Section 9.10
	 	 TRANSFEREES
	  	 	51	  
	 Section 9.11
	 	 ABSOLUTE RESTRICTION
	  	 	51	  
	 Section 9.12
	 	 INVESTMENT REPRESENTATION
	  	 	52	  
	 Section 9.13
	 	 CERTIFICATES
	  	 	52	  
		
	 ARTICLE X TERMINATION OF THE PARTNERSHIP
	  	 	52	  
	 Section 10.1
	 	 TERMINATION
	  	 	52	  
	 Section 10.2
	 	 PAYMENT OF DEBTS
	  	 	53	  
	 Section 10.3
	 	 DEBTS TO PARTNERS
	  	 	53	  
	 Section 10.4
	 	 REMAINING DISTRIBUTION
	  	 	53	  
	 Section 10.5
	 	 RESERVE
	  	 	54	  
	 Section 10.6
	 	 FINAL ACCOUNTING
	  	 	54	  

  
 ii 

							
	 ARTICLE XI AMENDMENTS
	  	 	54	  
	 Section 11.1
	 	 AUTHORITY TO AMEND
	  	 	54	  
	 Section 11.2
	 	 NOTICE OF AMENDMENTS
	  	 	55	  
		
	 ARTICLE XII POWER OF ATTORNEY
	  	 	55	  
	 Section 12.1
	 	 POWER
	  	 	55	  
	 Section 12.2
	 	 SURVIVAL OF POWER
	  	 	56	  
		
	 ARTICLE XIII CONSENTS, APPROVALS, VOTING AND MEETINGS
	  	 	56	  
	 Section 13.1
	 	 METHOD OF GIVING CONSENT OR APPROVAL
	  	 	56	  
	 Section 13.2
	 	 MEETINGS OF LIMITED PARTNERS
	  	 	57	  
	 Section 13.3
	 	 OPINION
	  	 	57	  
	 Section 13.4
	 	 SUBMISSIONS TO PARTNERS
	  	 	57	  
		
	 ARTICLE XIV MISCELLANEOUS
	  	 	58	  
	 Section 14.1
	 	 GOVERNING LAW
	  	 	58	  
	 Section 14.2
	 	 AGREEMENT FOR FURTHER EXECUTION
	  	 	58	  
	 Section 14.3
	 	 ENTIRE AGREEMENT
	  	 	58	  
	 Section 14.4
	 	 SEVERABILITY
	  	 	58	  
	 Section 14.5
	 	 NOTICES
	  	 	58	  
	 Section 14.6
	 	 TITLES AND CAPTIONS
	  	 	58	  
	 Section 14.7
	 	 COUNTERPARTS
	  	 	58	  
	 Section 14.8
	 	 PRONOUNS
	  	 	59	  
	 Section 14.9
	 	 SURVIVAL OF RIGHTS
	  	 	59	  

  

					
	EXHIBIT A	 	–	 	List of Partners and Initial Contributed Assets
	EXHIBIT B	 	–	 	Federal Income Tax Matters
	EXHIBIT C	 	–	 	Notice of Exercise of Redemption Right
	EXHIBIT D	 	–	 	Notice of Election by Partner to Convert LTIP Units into Common Partnership Units
	EXHIBIT E	 	–	 	Notice of Election by Partnership to Force Conversion of LTIP Units into Common Partnership Units
	EXHIBIT F	 	–	 	Form of Partnership Interest and Partnership Unit Certificate

  
 iii 

 AMENDED AND RESTATED 

AGREEMENT OF LIMITED PARTNERSHIP 

OF 
 ASHFORD HOSPITALITY
PRIME LIMITED PARTNERSHIP 
 RECITALS: 

This Amended and Restated Agreement of Limited Partnership is entered into effective November 19, 2013 (the
“Effective Date”). 
 WHEREAS, Ashford Hospitality Prime Limited Partnership (the
“Partnership”) was formed as a limited partnership under the laws of the State of Delaware by the filing of a Certificate of Limited Partnership with the Secretary of State of Delaware on April 5, 2013;

 WHEREAS, the General Partner and the Original Limited Partner entered into the Agreement of Limited Partnership as
of April 5, 2013 (the “Prior Agreement”); 
 WHEREAS, before the Effective Date, the Partnership
was classified as a disregarded entity for U.S. federal income tax purposes; 
 WHEREAS, Section 11.8 of the Prior Agreement permits
the General Partner to amend the Prior Agreement; 
 WHEREAS, the General Partner and Ashford Prime OP Limited Partner LLC desire to amend
and restate the Prior Agreement to make the revisions to the Prior Agreement set forth below; 
 WHEREAS, the Company, which is the sole
member of the General Partner and of Ashford Prime OP Limited Partner LLC, has directed the General Partner and Ashford Prime OP Limited Partner LLC to amend the Prior Agreement as set forth in this Agreement; and 

WHEREAS, the General Partner and Ashford Prime OP Limited Partner LLC desire to so amend and restate the Prior Agreement, as of the Effective
Date; 
 NOW, THEREFORE, in consideration of the foregoing, of the mutual covenants between the parties hereto, and of other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

 ARTICLE I 

DEFINED TERMS 

Whenever used in this Agreement, the following terms shall have the meanings respectively assigned to them in this Article I, unless
otherwise expressly provided herein or unless the context otherwise requires: 
 “Act” shall mean the Delaware Revised
Uniform Limited Partnership Act, 6 Del C. § 17-101, et. seq., as amended, supplemented or restated from time to time, and any successor to such statute. 

“Additional Funds” has the meaning set forth in Section 4.4 hereof. 

“Additional Limited Partner” shall mean a Person admitted to this Partnership as a Limited Partner pursuant to and in
accordance with Section 2.3(b) of this Agreement. 
 “Additional Securities” means any additional REIT Shares
(other than REIT Shares issued in connection with a redemption pursuant to Section 7.4 hereof) or rights, options, warrants or convertible or exchangeable securities containing the right to subscribe for or purchase REIT Shares, as set
forth in Section 4.3(a)(ii). 
 “Adjustment Event” shall have the meaning set forth in
Section 4.3(d) hereof. 
 “Advisor” means Ashford Hospitality Advisors LLC, a Delaware limited liability
company, in its capacity as advisor to the Partnership pursuant to the Advisory Agreement dated on or about the Effective Date by and between Ashford Hospitality Advisors LLC, the Company and the Partnership, as it may be amended, and any successor
advisor to the Partnership. 
 “Affiliate” of another Person shall mean (a) any Person directly or indirectly owning,
controlling or holding with power to vote ten percent (10%) or more of the outstanding voting securities of such other Person; (b) any Person ten percent (10%) or more of whose outstanding voting securities are directly or indirectly
owned, controlled or held with power to vote by such other Person; (c) any Person directly or indirectly controlling, controlled by, or under common control with, such other Person; (d) any officer, director, member or partner of such
other Person; and (e) if such other Person is an officer, director, member or partner in a company, the company for which such Person acts in any such capacity. 

“Agreed Value” shall mean the fair market value of Contributed Property as agreed to by the contributing partner and the
Partnership, using such reasonable method of valuation as they may adopt. 
 “Agreement” shall mean this Amended and
Restated Agreement of Limited Partnership of Ashford Hospitality Prime Limited Partnership, as amended from time to time. 

“AMEX” shall mean the American Stock Exchange or any successor thereto. 

  
 2 

 “Articles of Organization” means the Certificate of Formation of the General
Partner filed with the Secretary of State of the State of Delaware, as amended or restated from time to time. 
 “Ashford Prime OP
Limited Partner LLC” means Ashford Prime OP Limited Partner LLC, a Delaware limited liability company. 
 “Bankruptcy
Code” shall mean the United States Bankruptcy Code, as amended, 11 U.S.C. ss.ss. 101 ET SEQ., and as hereafter amended from time to time. 

“Business Day” shall mean any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which
banking institutions in New York, New York are authorized or required by law, regulation or executive order to close. 
 “Capital
Account” shall mean, as to any Partner, the account established and maintained for such Partner pursuant to Section 5.3 hereof. 

“Capital Account Limitation” shall have the meaning set forth in Section 7.7(b) hereof. 

“Capital Contribution” shall mean the amount in cash or the Agreed Value of Contributed Property (net of liabilities secured
by the contributed property that the Partnership is considered to assume or take subject to under Code Section 752) contributed by each Partner (or its original predecessor in interest) to the capital of the Partnership for its interest in the
Partnership. 
 “Carrying Value” shall mean, with respect to any property, the adjusted basis of such property for federal
income tax purposes as of the time of determination except as follows: (a) the initial Carrying Value of any property contributed by a Partner to the Partnership shall be its Agreed Value, (b) the Carrying Value of property distributed to
a Partner shall the fair market value of such property, as determined by the General Partner, and (c) the Carrying Value of property shall be adjusted as provided by Exhibit B, items A.1., B.1(c), B.3., and B.4. 

“Cash Amount” means an amount of cash per Common Partnership Unit equal to the Value on the Valuation Date of the REIT Common
Shares Amount. 
 “Cash Flow” shall mean the excess of cash revenues actually received by the Partnership in respect of
Partnership operations for any period, and the amount of any reduction in reserves of the Partnership, over Operating Expenses for such period. Cash Flow shall not include Disposition Proceeds. 

“Code” shall mean the Internal Revenue Code of 1986, as amended, and as hereafter amended from time to time. Reference to any
particular provision of the Code shall mean that provision in the Code at the date hereof and any succeeding provision of the Code. 

“Commission” shall mean the U.S. Securities and Exchange Commission. 

  
 3 

 “Common Partnership Interest” shall mean an ownership interest in the
Partnership, other than a Preferred Partnership Interest, and includes any and all benefits to which the holder of such an ownership interest may be entitled as provided in this Agreement or the Act, together with all obligations of such Person to
comply with the terms and provisions of this Agreement and the Act. 
 “Common Partnership Unit” shall mean a fractional,
undivided share of the Common Partnership Interests of all Partners issued hereunder. At all times there shall be maintained an economic equivalency of Common Partnership Units and REIT Common Shares, except as otherwise provided herein. 

“Common Partnership Unit Distribution” shall have the meaning set forth in Section 4.3(d) hereof. 

“Common Partnership Unit Distribution Period” shall mean any quarter or shorter period with respect to which a distribution
is to be made to the holders of the Common Partnership Units. 
 “Common Partnership Unit Economic Balance” shall have the
meaning set forth in Section 5.5 hereof. 
 “Common Percentage Interest” shall mean the percentage ownership
interest in the Common Partnership Units of each Partner, as determined by dividing the Common Partnership Units owned by a Partner by the total number of Common Partnership Units then outstanding, subject to Sections 4.3(d) and 4.3(e)
which treat LTIP Units as Common Partnership Units for this purpose. 
 “Company” means Ashford Hospitality Prime, Inc., a
Maryland corporation. 
 “Constituent Person” shall have the meaning set forth in Section 7.7(f) hereof. 

“Contributed Property” shall mean a Partner’s interest in property or other consideration (excluding services and cash)
contributed to the Partnership by such Partner. 
 “Conversion Date” shall have the meaning set forth in
Section 7.7(b) hereof. 
 “Conversion Factor” shall mean 1.0; provided, however, that if the Company
(i) declares or pays a dividend on its outstanding REIT Common Shares in REIT Common Shares or makes a distribution to all holders of its outstanding REIT Common Shares in REIT Common Shares, (ii) subdivides its outstanding REIT Common
Shares, or (iii) combines its outstanding REIT Common Shares into a smaller number of REIT Common Shares, the Conversion Factor shall be adjusted by multiplying the Conversion Factor by a fraction, the numerator of which shall be the number of
REIT Common Shares issued and outstanding on the record date for such dividend, distribution, subdivision or combination (assuming for such purposes that such dividend, distribution, subdivision or combination has occurred as of such time), and the
denominator of which shall be the actual number of REIT Common Shares (determined without the above assumption) 

  
 4 

 
issued and outstanding on the record date for such dividend, distribution, subdivision or combination. Any adjustment to the Conversion Factor shall become effective immediately after the
effective date of such event retroactive to the record date, if any, for such event; PROVIDED, HOWEVER, that if the General Partner receives a Notice of Redemption after the record date, but prior to the effective date of such dividend,
distribution, subdivision or combination, the Conversion Factor shall be determined as if the General Partner had received the Notice of Redemption immediately prior to the record date for such dividend, distribution, subdivision or combination.

 “Conversion Notice” shall have the meaning set forth in Section 7.7(b) hereof. 

“Conversion Right” shall have the meaning set forth in Section 7.7(a) hereof. 

“Disposition Proceeds” shall mean the excess of the proceeds received by the Partnership from the sale, exchange or other
disposition of all or substantially all of the Partnership’s Property less any expenses incurred or paid by the Partnership in connection with such transaction. 

“Distribution Payment Date” shall mean the dates upon which the General Partner makes distributions in accordance with
Section 8.1 hereof. 
 “Economic Capital Account Balance” shall have the meaning set forth in
Section 5.5 hereof. 
 “Effective Date” shall have the meaning set forth in the Recitals. 

“Event of Bankruptcy” shall mean as to any Person the filing of a petition for relief as to such Person as debtor or bankrupt
under the Bankruptcy Code or similar provision of law of any jurisdiction (except if such petition is contested by such Person and has been dismissed within ninety (90) days of the filing thereof); insolvency of such Person as finally
determined by a court of competent jurisdiction; filing by such Person of a petition or application to accomplish the same or for the appointment of a receiver or a trustee for such Person or a substantial part of such Person’s assets;
commencement of any proceedings relating to such Person as a debtor under any other reorganization, arrangement, insolvency, adjustment of debt or liquidation law of any jurisdiction, whether now in existence or hereinafter in effect, either by such
Person or by another, but if such proceeding is commenced by another, only if such Person indicates his approval of such proceeding, or such proceeding is contested by such Person and has not been finally dismissed within ninety (90) days. 

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

“Forced Conversion” shall have the meaning set forth in Section 7.7(c) hereof. 

“Forced Conversion Notice” shall have the meaning set forth in Section 7.7(c) hereof. 

  
 5 

 “Full Distribution Amount” shall have the meaning set forth in
Section 8.1(a) hereof. 
 “General Partner” shall mean Ashford Prime OP General Partner LLC and any Person who
becomes a substitute or additional General Partner as provided herein, and any of their successors as General Partner. 
 “General
Partnership Interest” shall mean the ownership interest of a General Partner in the Partnership, provided that the General Partner shall have no interest in profits or losses of the Partnership with respect to its General Partnership
Interest. 
 “Government Obligations” shall mean securities that are (i) direct obligations of the United States of
America, for the payment of which its full faith and credit is pledged, or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America, the payment of which is
unconditionally guaranteed as a full faith and credit obligation by the United States of America, that are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank or trust as
custodian with respect to any such obligation held by such custodian for the account of the holder of a depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to
the holder of such depository receipt from any amount received by the custodian in respect of the Government Obligation or the specific payment of interest on or principal of the Government Obligation evidenced by such depository receipt. 

“Hotels” means the hotel properties owned by the Partnership, directly or through any other entity, from time to time. 

“Indemnitee” shall mean (i) any Person made a party to a proceeding by reason of his or her status as (A) the
General Partner, (B) the Advisor, or (B) a director, officer, employee or agent of the Partnership, the General Partner or the Advisor, and (ii) such other Persons (including Affiliates of the General Partner, the Advisor or the
Partnership) as the General Partner may designate from time to time (whether before or after the event giving rise to potential liability), in its sole and absolute discretion. 

“Ineligible Unit” shall have the meaning set forth in Section 5.5 hereof. 

“Initial Contributed Assets” shall mean that cash and those properties identified as Initial Contributed Assets on Exhibit
A hereto. 
 “IRS” shall mean the Internal Revenue Service. 

“Limited Partner” shall mean any Person named as a Limited Partner on Exhibit A attached hereto and any Person who
becomes a Substitute Limited Partner pursuant to Section 9.6 hereof or an Additional Limited Partner pursuant to Section 2.3(b) hereof, in such Person’s capacity as a Limited Partner in the Partnership. 

  
 6 

 “Limited Partnership Interest” shall mean the ownership interest of a Limited
Partner in the Partnership at any particular time, including the right of such Limited Partner to any and all benefits to which such Limited Partner may be entitled as provided in this Agreement and in the Act, together with the obligations of such
Limited Partner to comply with all the provisions of this Agreement and of the Act. 
 “LTIP Unit” shall mean a Partnership
Unit that is designated as an LTIP Unit and which has the rights, preferences and other privileges designated in Sections 4.3(d) and 4.3(e) hereof and elsewhere in this Agreement in respect of LTIP Unitholders. The allocation of LTIP
Units among the Partners shall be set forth on Exhibit A, as may be amended from time to time. 
 “LTIP Unitholder”
shall mean a Partner that holds LTIP Units. 
 “NASDAQ” shall mean the NASDAQ Global Market or any successor thereto. 

“Newly Issued Common Partnership Unit” shall mean with respect to any Common Partnership Unit Distribution Period, a Common
Partnership Unit issued during such Common Partnership Unit Distribution Period, other than to Ashford Prime OP Limited Partner LLC and other than Common Partnership Units issued on the Effective Date. 

“Notice of Redemption” shall mean the Notice of Exercise of Redemption Right substantially in the form attached as Exhibit
C hereto. 
 “NYSE” shall mean the New York Stock Exchange or any successor thereto. 

“Operating Expenses” shall mean (i) all administrative and operating costs and expenses incurred by the Partnership,
(ii) those administrative costs and expenses of the General Partner, including any salaries or other payments to directors, officers or employees of the General Partner, and any accounting and legal expense of the General Partner, which
expenses, the Partners have agreed, are expenses of the Partnership and not the General Partner, and (iii) to the extent not included in clause (ii) above, REIT Expenses; PROVIDED, HOWEVER, that Operating Expenses shall not include any
administrative costs and expenses incurred by the General Partner that are attributable to Properties or partnership interests in a Subsidiary that are owned by the General Partner or the Company directly. 

“Original Limited Partner” shall mean Ashford Prime OP Limited Partner LLC. 

“Partner” shall mean the General Partner or any Limited Partner. 

“Partnership” shall mean Ashford Hospitality Prime Limited Partnership, a Delaware limited partnership. 

“Partnership Interest” shall mean an ownership interest in the Partnership and includes any and all benefits to which the
holder of such an ownership interest may be 

  
 7 

 
entitled as provided in this Agreement or the Act, together with all obligations of such Person to comply with the terms and provisions of this Agreement and the Act. 

“Partnership Record Date” shall mean the record date established by the General Partner for the distribution of Cash Flow
pursuant to Section 8.1 hereof, which record date, as to Common Partnership Units, shall be the corresponding record date established by the Company with respect to the REIT Common Shares and which record date, as to a series of
Preferred Partnership Units, shall be the corresponding record date established by the Company with respect to the corresponding series of REIT Preferred Shares. 

“Partnership Unit” shall mean a Common Partnership Unit, a Preferred Partnership Unit, an LTIP Unit, or any other fractional,
undivided share of the Partnership Interests that the General Partner has authorized pursuant to this Agreement. The Partnership Units of the Partners shall be set forth on Exhibit A, as may be amended from time to time. 

“Person” shall mean any individual, partnership, corporation, limited liability company, trust or other entity. 

“Plan” shall mean each of the Ashford Hospitality Prime, Inc. 2013 Equity Incentive Plan and the Ashford Hospitality Prime,
Inc. Advisor Equity Incentive Plan, each as amended and/or one or more successor or additional equity incentive plans or programs that the Company has adopted or may adopt, as amended (each individually and all of them collectively, as the context
requires). 
 “Preferred Partnership Interest” shall mean an ownership interest in the Partnership evidenced by a
designated series of Preferred Partnership Units, having a preference in payment of distributions or on liquidation as determined by the General Partner for such series of Preferred Partnership Units and as set forth in an amendment to this
Agreement, and includes all benefits to which the holder of such an ownership interest may be entitled as provided in this Agreement or the Act, together with all obligations of such Person to comply with the terms and provisions of this Agreement
and the Act. 
 “Preferred Partnership Unit” shall mean a fractional, undivided share of Preferred Partnership Interests of
all Partners in the specified series issued hereunder. 
 “Preferred Percentage Interest” with respect to a series of
Preferred Partnership Units, shall mean the percentage ownership interest in the Preferred Partnership Units of each Partner holding Preferred Partnership Units of such specified series, as determined by dividing the Preferred Partnership Units of
such series owned by a Partner by the total number of Preferred Partnership Units of that series then outstanding. 
 “Preferred
Return” shall mean any payment made or to be made on any Preferred Partnership Unit corresponding to any dividend paid or to be paid on the related series of preferred stock issued by the Company, in accordance with Section 4.3
hereof. 
 “Prior Agreement” has the meaning assigned to such term in the Recitals. 

  
 8 

 “Property” shall mean any hotel property or other investment in which the
Partnership holds an ownership interest. 
 “Redeeming Partner” shall have the meaning provided in
Section 7.4(a) hereof. 
 “Redemption Right” shall have the meaning provided in Section 7.4(a)
hereof. 
 “REIT” shall mean a real estate investment trust under Sections 856 through 860, inclusive, of the Code. 

“REIT Common Share” shall mean a share of the common stock of the Company. 

“REIT Common Shares Amount” shall mean a whole number of REIT Common Shares equal to the product of the number of Common
Partnership Units offered for redemption by a Redeeming Partner, multiplied by the Conversion Factor in effect on the Specified Redemption Date (rounded down to the nearest whole number if such product is not a whole number); provided, however, that
if the Company at any time issues to all holders of REIT Common Shares rights, options, warrants or convertible or exchangeable securities entitling the stockholders to subscribe for or purchase REIT Common Shares, or any other securities or
property (collectively, the “Rights”), which Rights have not expired pursuant to their terms, then the REIT Common Shares Amount thereafter shall also include such Rights that a holder of that number of REIT Common Shares would be entitled
to receive. 
 “REIT Expenses” means (i) costs and expenses relating to the formation and continuity of existence of
the Company and any Subsidiaries thereof (which Subsidiaries shall, for purposes hereof, be included within the definition of Company), including taxes, fees and assessments associated therewith, any and all costs, expenses or fees payable to any
director, officer, or employee of the Company, (ii) costs and expenses relating to the public offering and registration of securities or private offering of securities by the Company and all statements, reports, fees and expenses incidental
thereto, including underwriting discounts and selling commissions applicable to any such offering of securities, (iii) costs and expenses associated with the preparation and filing of any periodic reports by the Company under federal, state or
local laws or regulations, including filings with the Commission, (iv) costs and expenses associated with compliance by the Company with laws, rules and regulations promulgated by any regulatory body, including the Commission, and (v) all
other operating or administrative costs of the Company, including, without limitation, insurance premiums, and legal, accounting and directors’ fees, incurred in the ordinary course of its business on behalf of or in connection with the
Partnership. 
 “REIT Preferred Share” shall mean a share of the preferred stock of the Company. 

“REIT Share” shall mean a REIT Common Share or a REIT Preferred Share. 

“Safe Harbor” means, the election described in the Safe Harbor Regulation, pursuant to which a partnership and all of its
partners may elect to treat the fair market 

  
 9 

 
value of a partnership interest that is transferred in connection with the performance of services as being equal to the liquidation value of that interest. 

“Safe Harbor Election” means the election by a partnership and its partners to apply the Safe Harbor, as described in the
Safe Harbor Regulation and Internal Revenue Service Notice 2005-43, issued on May 19, 2005. 
 “Safe Harbor
Regulation” means Proposed Treasury Regulations Section 1.83-3(l) issued on May 19, 2005. 
 “Special Partnership
Interest” shall mean a Common Partnership Interest, except that, notwithstanding anything to the contrary in Section 7.4, the General Partner shall not have the right, directly or indirectly, to satisfy any Redemption Right
exercised by a Limited Partner with respect to the Special Partnership Interest through the issuance of the REIT Common Shares Amount as set forth in Section 7.4(b). 

“Special Partnership Unit” shall mean a Common Partnership Unit, except that, notwithstanding anything to the contrary in
Section 7.4, the General Partner shall not have the right, directly or indirectly, to satisfy any Redemption Right exercised by a Limited Partner with respect to a Special Partnership Unit through the issuance of the REIT Common Shares
Amount as set forth in Section 7.4(b). 
 “Specified Redemption Date” shall mean, with respect to a given
Partner and Notice of Redemption, the later of any date so specified in the Notice of Redemption and the third (3rd) Business Day after receipt by the General Partner of the Notice of Redemption, provided that no Specified Redemption Date may
occur with respect to any Partnership Unit before one year after such Partnership Unit is issued by the Partnership. 

“Subsidiary” shall mean, with respect to any Person, any corporation or other entity of which a majority of (i) the
voting power of the voting equity securities, or (ii) the outstanding equity interests, are owned, directly or indirectly, by such Person. 

“Substitute General Partner” has the meaning set forth in Section 9.2. 

“Substitute Limited Partner” shall mean any Person admitted to the Partnership as a Limited Partner pursuant to
Section 9.6 hereof. 
 “Surviving Partner” has the meaning set forth in Section 9.1(c) hereof. 

“Target Balance” shall have the meaning set forth in Section 5.5(a) hereof. 

“Transaction” has the meaning set forth in Section 9.1(b) hereof. 

“Transfer” has the meaning set forth in Section 9.5(a) hereof. 

“Treasury Regulations” means the regulations promulgated by the United States Department of the Treasury pursuant to and in
respect of provisions of the Code. 

  
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 “Unit Transaction” shall have the meaning set forth in
Section 7.7(f) hereof. 
 “Unvested Incentive Units” shall have the meaning set forth in
Section 4.3(e)(i) hereof. 
 “Valuation Date” shall mean the date of receipt by the General Partner of a Notice
of Redemption or, if such date is not a Business Day, the first Business Day thereafter. 
 “Value” shall mean, with
respect to a REIT Common Share, the average of the daily market price for the ten (10) consecutive trading days immediately preceding the Valuation Date. The market price for each such trading day shall be: (i) if the REIT Common Shares
are listed or admitted to trading on any securities exchange or the NASDAQ National Market System, the closing price, regular way, on such day, or if no such sale takes place on such day, the average of the closing bid and asked prices on such day;
(ii) if the REIT Common Shares are not listed or admitted to trading on any securities exchange or the NASDAQ National Market System, the last reported sale price on such day or, if no sale takes place on such day, the average of the closing
bid and asked prices on such day, as reported by a reliable quotation source designated by the General Partner; or (iii) if the REIT Common Shares are not listed or admitted to trading on any securities exchange or the NASDAQ National Market
System and no such last reported sale price or closing bid and asked prices are available, the average of the reported high bid and low asked prices on such day, as reported by a reliable quotation source designated by the General Partner, or if
there shall be no bid and asked prices on such day, the average of the high bid and low asked prices, as so reported, on the most recent day (not more than ten (10) days prior to the date in question) for which prices have been so reported;
provided, however, that if there are no bid and asked prices reported during the ten (10) days prior to the date in question, the Value of the REIT Common Shares shall be determined by the General Partner acting in good faith on the basis of
such quotations and other information as it considers, in its reasonable judgment, appropriate. If the REIT Common Shares Amount includes rights that a holder of REIT Common Shares would be entitled to receive, and the General Partner acting in good
faith determines that the value of such rights is not reflected in the Value of the REIT Common Shares determined as aforesaid, then the Value of such rights shall be determined by the General Partner acting in good faith on the basis of such
quotations and other information as it considers, in its reasonable judgment, appropriate. 
 “Vested LTIP Units” shall
have the meaning set forth in Section 4.3(e)(i) hereof. 
 “Vesting Agreement” shall mean each or any, as the
context implies, LTIP Unit Award Agreement entered into by a LTIP Unitholder upon acceptance of an award of LTIP Units under the Plan (as such agreement may be amended, modified or supplemented from time to time). 

  
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 ARTICLE II 

PARTNERSHIP CONTINUATION; ADMISSION OF LIMITED PARTNERS; NAME; PLACE OF BUSINESS AND REGISTERED AGENT 

Section 2.1 CONTINUATION. The Partners hereby agree to continue the Partnership pursuant to the provisions of the Act and upon the
terms and conditions set forth in this Agreement. Except as expressly provided herein, the rights and obligations of the Partners and the administration and termination of the Partnership shall be governed by the Act. The Partnership Interest of
each Partner shall be personal property for all purposes. 
 Section 2.2 CERTIFICATE OF LIMITED PARTNERSHIP; OTHER FILINGS. The
General Partner shall prepare (or caused to be prepared), execute, acknowledge, record and file at the expense of the Partnership, a Certificate of Limited Partnership and all requisite fictitious name statements and notices in such places and
jurisdictions as may be required by the Act or necessary to cause the Partnership to be treated as a limited partnership under, and otherwise to comply with, the laws of each state or other jurisdiction in which the Partnership conducts business.

 Section 2.3 ADDITIONAL LIMITED PARTNERS. The General Partner shall in timely fashion amend this Agreement and, if required by
the Act, the Certificate of Limited Partnership filed for record to reflect the admission pursuant to the terms of this Agreement of a Person as a Limited Partner. 

Section 2.4 NAME, OFFICE AND REGISTERED AGENT. The name of the Partnership shall be Ashford Hospitality Prime Limited Partnership.
The principal place of business of the Partnership shall be at 14185 Dallas Parkway, Suite 1100, Dallas, Texas 75254. The General Partner may at any time change the location of such office, provided the General Partner gives notice to the Partners
of any such change. The name and address of the Partnership’s statutory agent for service of process on the Partnership in Texas is Ashford Prime OP General Partner LLC, 14185 Dallas Parkway, Suite 1100, Dallas, Texas 75254. The name and
address of the Partnership’s statutory agent for service of process on the Partnership in Delaware is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808. 

ARTICLE III 
 BUSINESS
AND TERM OF PARTNERSHIP 
 Section 3.1 BUSINESS. The purpose and nature of the business of the Partnership is to conduct
any business that may lawfully be conducted by a limited partnership organized pursuant to the Act; provided, however, that such business shall be limited to and conducted in such a manner as to permit the Company at all times to be qualified as a
REIT under the Code, unless the board of directors of the Company determines to cease to qualify as a REIT. To consummate the foregoing and to carry out the obligations of the Partnership in connection therewith or incidental thereto, the General
Partner shall have the authority, in accordance with and subject to the limitations set forth elsewhere in this Agreement, to make, enter into, perform and carry out any 

  
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arrangements, contracts or agreements of every kind for any lawful purpose, without limit as to amount or otherwise, with any corporation, association, partnership, limited liability company,
firm, trustee, syndicate, individual or any political or governmental division, subdivision or agency, domestic or foreign, and generally to make and perform agreements and contracts of every kind and description and to do any and all things
necessary or incidental to the foregoing for the protection and enhancement of the assets of the Partnership. 
 Section 3.2
TERM. The Partnership as herein constituted shall continue in perpetuity and shall have perpetual existence, unless earlier dissolved or terminated pursuant to law or the provisions of this Agreement. 

ARTICLE IV 
 CAPITAL
CONTRIBUTIONS 
 Section 4.1 GENERAL PARTNER. The General Partner has not contributed, and shall not be required to
contribute, cash or other assets to the capital of the Partnership. 
 Section 4.2 LIMITED PARTNERS. The Limited Partners have
contributed cash and their respective ownership interests in the Contributed Property to the Partnership as identified on Exhibit A attached hereto. The Agreed Values of the Limited Partners’ proportionate ownership interest in the
Contributed Properties as of the date of contribution are set forth on Exhibit A attached hereto. 
 Section 4.3 ADDITIONAL
CAPITAL CONTRIBUTIONS AND ISSUANCES OF ADDITIONAL PARTNERSHIP INTERESTS. Except as provided in this Section 4.3 or in Section 4.4, the Partners shall have no preemptive or other right or obligation to make any additional
Capital Contributions or loans to the Partnership. The General Partner or Ashford Prime OP Limited Partner LLC may contribute additional capital or property to the Partnership, from time to time, and receive additional Partnership Interests in
respect thereof, in the manner contemplated in this Section 4.3. 
 (a) ISSUANCES OF ADDITIONAL PARTNERSHIP
INTERESTS. 
 (i) GENERAL. The General Partner is hereby authorized to cause the Partnership to issue such additional
Partnership Interests in the form of Common Partnership Units and Preferred Partnership Units for any Partnership purpose at any time or from time to time, to the Partners or to other Persons for such consideration and on such terms and conditions
as shall be established by the General Partner in its sole and absolute discretion, all without the approval of any of the Limited Partners. Any additional Partnership Interest issued thereby may be issued in one or more classes, or one or more
series of any of such classes, with such designations, preferences and relative, participating, optional or other special rights, powers and duties, including rights, powers and duties senior to Limited Partnership Interests, all as shall be
determined by the 

  
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General Partner in its sole and absolute discretion and without the approval of any Limited Partner, subject to Delaware law, and all as may be set forth in an Exhibit to this Agreement, each of
which Exhibit shall be incorporated into and become part of this Agreement upon adoption by the General Partner, including, without limitation, (i) the allocations of items of Partnership income, gain, loss, deduction and credit to each such
class or series of Partnership Interests; (ii) the right of each such class or series of Partnership Interests to share in Partnership distributions; (iii) the rights of each class or series of Partnership Interests upon dissolution and
liquidation of the Partnership and (iv) the right to vote; PROVIDED, HOWEVER, that no additional Partnership Interests shall be issued to the General Partner or Ashford Prime OP Limited Partner LLC unless: 

(ii) (1) (A) The additional Partnership Interests are issued in connection with an issuance of REIT Shares of or other
interests in the Company, all such that the economic interests are substantially similar to the designations, preferences and other rights of the additional Partnership Interests issued to the General Partner or Ashford Prime OP Limited Partner LLC
by the Partnership in accordance with this Section 4.3 and (B) the Company shall make, directly or through one or more Affiliates, a Capital Contribution to the Partnership in an amount equal to the proceeds raised or other property
received by the Company, directly or through one or more Affiliates, in connection with the issuance of such stock or other interests in the Company, (2) the additional Partnership Interests are issued in exchange for property owned by the
Company, the General Partner or Ashford Prime OP Limited Partner LLC, as the case may be, with a fair market value, as determined by the General Partner, in good faith, equal to the value of the Partnership Interests, or (3) the additional
Partnership Interests are issued to all Partners in proportion to their respective Common Percentage Interests or Preferred Percentage Interests, as applicable. 

Without limiting the foregoing, the General Partner is expressly authorized to cause the Partnership to issue Common Partnership Units or
Preferred Partnership Units for less than fair market value, so long as the General Partner concludes in good faith that such issuance is in the best interests of the Company and the Partnership. 

(b) UPON ISSUANCE OF ADDITIONAL SECURITIES. After the Effective Date, the Company shall not issue any additional REIT Shares
(other than REIT Shares issued in connection with a redemption pursuant to Section 7.4 hereof) or rights, options, warrants or convertible or exchangeable securities containing the right to subscribe for or purchase REIT Shares
(collectively, “Additional Securities”) other than to all holders of REIT Shares, unless (A) the General Partner shall cause the Partnership to issue to the Company or its Affiliates, Partnership Interests or rights,
options, warrants or convertible or exchangeable securities of the Partnership having designations, preferences and 

  
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other rights, all such that the economic interests are substantially similar to those of the Additional Securities, and (B) the Company contributes, directly or through one or more
Affiliates, the proceeds or other property received from the issuance of such Additional Securities and from any exercise of rights contained in such Additional Securities to the Partnership. 

Without limiting the foregoing, the Company may issue Additional Securities for less than fair market value, and as a result the General
Partner is expressly authorized to cause the Partnership to issue to the Company or its Affiliates corresponding Partnership Interests, so long as (x) the Company concludes in good faith that such issuance is in the best interests of the
Company and the Partnership, and (y) the Company, directly or through one or more Affiliates, contributes all proceeds or other property received from such issuance to the Partnership. For example, if the Company issues REIT Common Shares for a
cash purchase price and contributes, directly or through one or more Affiliates, all of the proceeds of such issuance to the Partnership as required hereunder, the Company or its Affiliates shall be issued a number of additional Common Partnership
Units equal to the product of (A) the number of such REIT Common Shares issued by the Company, the proceeds of which were so contributed, multiplied by (B) a fraction, the numerator of which is 100%, and the denominator of which is the
Conversion Factor in effect on the date of such contribution. 
 (c) CERTAIN DEEMED CONTRIBUTIONS OF PROCEEDS OF ISSUANCE OF
REIT SHARES. In connection with any and all issuances of REIT Shares, the Company, directly or through one or more Affiliates, shall contribute all of the proceeds raised in connection with such issuance to the Partnership as Capital Contributions,
PROVIDED THAT if the proceeds actually received and contributed by the Company or its Affiliates are less than the gross proceeds of such issuance as a result of any underwriter’s discount or other expenses paid or incurred in connection with
such issuance, then the Company, directly or through one or more Affiliates, shall be deemed to have made Capital Contributions to the Partnership in the aggregate amount of the gross proceeds of such issuance and the Partnership shall be deemed
simultaneously to have paid such offering expenses in connection with the required issuance of additional Partnership Units to the Company or its Affiliates for such Capital Contributions pursuant to Section 4.3(a) hereof. The provisions
of this Section 4.3(c) shall also apply with respect to the cash contributed to the Company on the Effective Date with respect to the proceeds of 12,250,782 shares of common stock of Ashford Hospitality Trust, Inc. issued in June 2013
and July 2013 and the related offering expenses. 
 (d) LTIP UNITS. The General Partner may from time to time issue LTIP
Units to Persons who provide services to the Partnership, for such consideration as the General Partner may determine to be appropriate, and admit such Persons as Limited Partners. The Capital Accounts of such LTIP Unitholders shall be credited with
the amount of their respective Capital 

  
 15 

 
Contributions pursuant to Section 5.3. Except to the extent a Capital Contribution is made with respect to an LTIP Unit, an LTIP Unit is intended to qualify as a “profits
interest” in the Partnership. Subject to the provisions of Sections 4.3(d) and 4.3(e) and the special provisions of Sections 5.5, 7.7 and 7.8, LTIP Units shall be treated as Common Partnership Units, with all
of the rights, privileges and obligations attendant thereto. For purposes of computing the Common Percentage Interests, holders of LTIP Units shall be treated as Common Partnership Unitholders and LTIP Units shall be treated as Common Partnership
Units. In particular, the Partnership shall comply with the following procedures: 
 (i) If an Adjustment Event (as defined
below) occurs, then the General Partner shall make a corresponding adjustment to the LTIP Units to maintain a one-for-one conversion and economic equivalence ratio between Common Partnership Units and LTIP Units. The following shall be
“Adjustment Events”: (A) the Partnership makes a distribution on all outstanding Common Partnership Units in Partnership Units, (B) the Partnership subdivides the outstanding Common Partnership Units into a greater
number of units or combines the outstanding Common Partnership Units into a smaller number of units, or (C) the Partnership issues any Partnership Units in exchange for its outstanding Common Partnership Units by way of a reclassification or
recapitalization of its Common Partnership Units. If more than one Adjustment Event occurs, the adjustment to the LTIP Units need be made only once using a single formula that takes into account each and every Adjustment Event as if all Adjustment
Events occurred simultaneously. For the avoidance of doubt, the following shall not be Adjustment Events: (x) the issuance of Partnership Units in a financing, reorganization, acquisition or other similar business transaction, (y) the
issuance of Partnership Units pursuant to any employee benefit or compensation plan or distribution reinvestment plan, or (z) the issuance of any Partnership Units to Ashford Prime OP Limited Partner LLC in respect of a capital contribution to
the Partnership of proceeds from the sale of securities by the Company. If the Partnership takes an action affecting the Common Partnership Units other than actions specifically described above as “Adjustment Events” and in the opinion of
the General Partner such action would require an adjustment to the LTIP Units to maintain the one-to-one correspondence described above, the General Partner shall have the right to make such adjustment to the LTIP Units, to the extent permitted by
law and by the Plan, in such manner and at such time as the General Partner, in its sole discretion, may determine to be appropriate under the circumstances. If an adjustment is made to the LTIP Units as herein provided the Partnership shall
promptly file in the books and records of the Partnership an officer’s certificate setting forth such adjustment and a brief statement of the facts requiring such adjustment, which certificate shall be conclusive evidence of the correctness of
such adjustment absent manifest error. Promptly after filing of such certificate, the Partnership shall mail a notice to each LTIP 

  
 16 

 
Unitholder setting forth the adjustment to his or her LTIP Units and the effective date of such adjustment; and 

(ii) Subject to the provisions of Section 10.4, the LTIP Unitholders shall, in respect of each Distribution Payment
Date, when, as and if authorized and declared by the General Partner out of assets legally available for that purpose, be entitled to receive distributions in an amount per LTIP Unit equal to the distributions per Common Partnership Unit (the
“Common Partnership Unit Distribution”), paid to holders of record on the same Partnership Record Date established by the General Partner with respect to such Distribution Payment Date. The term “Newly Issued
Common Partnership Unit” shall be deemed to include LTIP Units issued during a Common Partnership Unit Distribution Period and Section 8.1(a) shall apply in full to LTIP Units. During any Common Partnership Unit Distribution
Period, so long as any LTIP Units are outstanding, except upon liquidation of the Partnership and as provided in the following sentence and Section 10.4, no distributions (whether in cash or in kind) shall be authorized, declared or paid
on Common Partnership Units, unless equal distributions have been or contemporaneously are authorized, declared and paid on the LTIP Units for such Common Partnership Unit Distribution Period. 

The LTIP Units shall rank pari passu with the Common Partnership Units as to the payment of regular and special periodic or
other distributions and distribution of assets upon liquidation, dissolution or winding up, provided upon liquidation the amount distributed with respect to a LTIP Unit shall be limited to the related Capital Account balance as provided by
Section 10.4. As to the payment of distributions and as to distribution of assets upon liquidation, dissolution or winding up, any class or series of Partnership Units or Partnership Interests which by its terms specifies that it shall
rank junior to, on a parity with, or senior to the Common Partnership Units shall also rank junior to, or pari passu with, or senior to, as the case may be, the LTIP Units. Subject to the terms of any Vesting Agreement, a LTIP Unitholder shall be
entitled to transfer his or her LTIP Units to the same extent, and subject to the same restrictions as holders of Common Partnership Units are entitled to transfer their Common Partnership Units pursuant to Article IX. 

(e) TERMS OF LTIP UNITS. LTIP Units shall be subject to the following special provisions: 

(i) VESTING AGREEMENTS. LTIP Units may, in the sole discretion of the General Partner, be issued subject to vesting, forfeiture
and additional restrictions on transfer pursuant to the terms of a Vesting Agreement. The terms of any Vesting Agreement may be modified by the General Partner from time to time in its sole discretion, subject to any restrictions on amendment
imposed by the relevant Vesting Agreement or by the Plan, if applicable. LTIP Units that have vested under the terms of 

  
 17 

 
a Vesting Agreement are referred to as “Vested LTIP Units”; all other LTIP Units shall be treated as “Unvested Incentive Units.” 

(ii) FORFEITURE. Unless otherwise specified in the Vesting Agreement, upon the occurrence of any event specified in a Vesting
Agreement as resulting in the right of the Partnership to repurchase LTIP Units at a specified purchase price or some other forfeiture of any LTIP Units, then if the Partnership exercises such right to repurchase or forfeiture in accordance with the
applicable Vesting Agreement, then the relevant LTIP Units shall immediately, and without any further action, be treated as cancelled and no longer outstanding for any purpose. Unless otherwise specified in the Vesting Agreement, no consideration or
other payment shall be due with respect to any LTIP Units that have been forfeited, other than any distributions declared with respect to a Partnership Record Date prior to the effective date of the forfeiture. In connection with any repurchase or
forfeiture of LTIP Units, the balance of the portion of the Capital Account of the LTIP Unitholder that is attributable to all of his or her LTIP Units shall be reduced by the amount, if any, by which it exceeds the Target Balance contemplated by
Section 5.5, calculated with respect to the LTIP Unitholder’s remaining LTIP Units, if any, with such reduction being accomplished by an allocation of gross deductions or losses to the applicable LTIP Unitholder. 

(iii) ALLOCATIONS. LTIP Units shall generally be treated as Common Partnership Units for purposes of Article V, but LTIP
Unitholders shall also be entitled to certain special allocations of gain under Section 5.5. 
 (iv) REDEMPTION.
The Redemption Right provided to Limited Partners under Section 7.4 shall not apply with respect to LTIP Units unless and until they are converted to Common Partnership Units as provided in clause (vi) below and
Section 7.7. 
 (v) LEGEND. Any certificate evidencing an LTIP Unit shall bear an appropriate legend indicating
that additional terms, conditions and restrictions on transfer, including without limitation any Vesting Agreement, apply to the LTIP Unit. 

(vi) CONVERSION TO COMMON PARTNERSHIP UNITS. Vested LTIP Units are eligible to be converted into Common Partnership Units under
Section 7.7. 
 (vii) VOTING. LTIP Units shall have the voting rights provided in Section 7.8. 

(viii) ISSUANCE. An LTIP Unit shall be considered issued to an LTIP Unitholder upon the later to occur of: (i) execution
of a 

  
 18 

 
counterpart signature page to this Agreement, unless such Person is already a Limited Partner, (ii) execution by such LTIP Unitholder and the Partnership of a Vesting Agreement with respect
to such LTIP Unit, if applicable, and (iii) payment to the Partnership of the Capital Contribution, if any, provided for in the related Vesting Agreement. 

Section 4.4 ADDITIONAL FUNDING. If the General Partner determines that it is in the best interests of the Partnership to provide
for additional Partnership funds (“Additional Funds”) for any Partnership purpose, the General Partner may (i) cause the Partnership to obtain such funds from outside borrowings, or (ii) elect to have the General
Partner provide such Additional Funds to the Partnership through loans or otherwise. 
 Section 4.5 INTEREST. No interest shall
be paid on the Capital Contribution of any Partner. 
 Section 4.6 RETURN OF CAPITAL. Except as expressly provided in this
Agreement, no Partner shall be entitled to demand or receive the return of his Capital Contribution. 
 Section 4.7 PERCENTAGE
INTEREST. If the number of outstanding Common Partnership Units increases or decreases during a taxable year, the General Partner shall adjust each holder of Common Partnership Units’ Percentage Interest, as reflected on
Exhibit A, to a percentage equal to the number of Common Partnership Units held by such Partner divided by the aggregate number of outstanding Common Partnership Units. 

ARTICLE V 
 PROFITS,
LOSSES AND ACCOUNTING 
 Section 5.1 ALLOCATION OF PROFITS AND LOSSES. Except as otherwise provided herein or in
Exhibit B, profits earned and losses incurred by the Partnership shall be allocated among the Partners as follows: 

(a) Profits for each year shall be allocated among the Partners, and shall be credited to the respective Capital Accounts of
the Partners, in the following order and priority: 
 (i) First, items of gross income to the holders of Preferred
Partnership Units in the amount necessary so that the cumulative amount of gross income allocated to holders of Preferred Partnership Units pursuant to this Section 5.1(a)(i) is equal to the cumulative amount of distributions of
Preferred Return (as defined, for each series of Preferred Partnership Units, in the exhibit to this Agreement setting forth the terms of such Preferred Partnership Units) distributed to holders of Preferred Partnership Units; 

  
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 (ii) Second, to the Partners to the extent of losses, in the proportions and in
the reverse order in which losses were allocated to them pursuant to Section 5.1(b), until the cumulative amounts allocated to each Partner pursuant to this Section 5.1(a)(ii) are equal to the cumulative losses so allocated
to such Partner; 
 (iii) Third, any remaining profits shall be allocated to the holders of Common Partnership Units in
accordance with their Common Percentage Interests. 
 (b) Losses for each year shall be allocated among the Partners, and
shall be debited to the respective Capital Accounts of the Partners, in the following order and priority: 
 (i) First, to
the holders of Common Partnership Units pro rata in accordance with, and to the extent of, the positive balances in their Adjusted Capital Account Balances (as defined in Exhibit B hereto) attributable to Common Partnership Units; 

(ii) Second, to the holders of Preferred Partnership Units pro rata in accordance with, and to the extent of, the positive
balances in their Adjusted Capital Account Balances (as defined in Exhibit B hereto) attributable to Preferred Partnership Units; and 

(iii) Thereafter any remaining losses will be allocated to the holders of Common Partnership Units in accordance with their
Common Percentage Interests. 
 (c) If the Partnership issues additional Partnership Units pursuant to the provisions of this
Agreement, the General Partner is hereby authorized to make revisions to this Section 5.1 as it determines are necessary or desirable to reflect the terms of the issuance of such additional Partnership Units, including, without
limitation, making preferential allocations to certain classes of Partnership Units. For purposes of determining the income, gain, loss, deduction or any other items allocable to any period, income, gain, loss, deduction, and any such other items
shall be determined on a daily, monthly, or other basis, as determined by the General Partner using any permissible method under Code Section 706 and the Treasury Regulations thereunder. 

(d) Notwithstanding the provisions of Section 5.1(a) and Section 5.1(b), upon liquidation of the
Partnership or upon redemption of any redeemable Preferred Partnership Units, items of gross income and/or items of deduction or loss shall be allocated to the holder of the Preferred Partnership Units and/or the Common Partnership Units, such that
the Capital Accounts attributable to the Preferred Partnership Units equal, after all allocations of profit and loss are completed, the amount to be distributed to the Preferred Partnership Units. 

Section 5.2 ACCOUNTING. 

  
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 (a) The books of the Partnership shall be kept on the accrual basis and in
accordance with generally accepted accounting principles consistently applied. 
 (b) The fiscal year of the Partnership
shall be the calendar year. 
 (c) The terms “profits” and “losses,” as used herein, shall mean all items
of income, gain, expense or loss as determined utilizing federal income tax accounting principles and shall also include each Partner’s share of income described in Section 705(a)(1)(B) of the Code, any expenditures described in
Section 705(a)(2)(B) of the Code, any expenditures described in Section 709(a) of the Code which are not deducted or amortized in accordance with Section 709(b) of the Code, losses not deductible pursuant to Sections 267(a) and 707(b)
of the Code and adjustments made pursuant to Exhibit B attached hereto. 
 (d) The General Partner shall be the Tax
Matters Partner of the Partnership within the meaning of Section 6231(a)(7) of the Code. As Tax Matters Partner, the General Partner shall have the right and obligation to take all actions authorized and required, respectively, by the Code for
the Tax Matters Partner. The General Partner shall have the right to retain professional assistance in respect of any audit of the Partnership by the IRS, and all out-of-pocket expenses and fees incurred by the General Partner on behalf of the
Partnership as Tax Matters Partner shall constitute Operating Expenses of the Partnership. If the General Partner receives notice of a final Partnership adjustment under Section 6223(a)(2) of the Code, the General Partner shall either
(i) file a court petition for judicial review of such final adjustment within the period provided under Section 6226(a) of the Code, a copy of which petition shall be mailed to each Limited Partner on the date such petition is filed, or
(ii) mail a written notice to each Limited Partner, within such period, that describes the General Partner’s reasons for determining not to file such a petition. 

(e) Except as specifically provided herein, all elections required or permitted to be made by the Partnership under the Code
shall be made by the General Partner in its sole discretion. 
 (f) Any Partner shall have the right to a private audit of
the books and records of the Partnership, provided such audit is made at the expense of the Partner desiring it, and it is made during normal business hours. 

(g) The Partners agree that the Partnership shall be authorized and directed to make the Safe Harbor Election and the
Partnership and each Partner (including any person to whom Partnership Interest is transferred in connection with the performance of services) agrees to comply with all requirements of the Safe Harbor with respect to all Partnership Interests
transferred in connection with the performance of services while the Safe Harbor Election remains effective. The General Partner, as the Tax Matters Partner, shall be authorized to (and shall) prepare, execute, and file the Safe Harbor Election.

  
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 Section 5.3 PARTNERS’ CAPITAL ACCOUNTS. 

(a) There shall be maintained a Capital Account for each Partner in accordance with this Section 5.3 and the
principles set forth in Exhibit B attached hereto and made a part hereof. The amount of cash and the Agreed Value of property contributed to the Partnership by each Partner, net of liabilities assumed by the Partnership or securing property
contributed by such Partner, shall be credited to its Capital Account, and from time to time, but not less often than annually, the share of each Partner in profits, losses and Carrying Value of distributions (net of liabilities secured by the
distributed property that such Partner is considered to assume or take subject to) shall be credited or charged to its Capital Account. The determination of Partners’ Capital Accounts, and any adjustments thereto, shall be made consistent with
tax accounting and other principles set forth in Section 704(b) of the Code and applicable Treasury Regulations thereunder and Exhibit B attached hereto. 

(b) Except as otherwise specifically provided herein, in a deficit restoration obligation agreement or in a guarantee of a
Partnership liability, signed by a Limited Partner, no Limited Partner shall be required to make any further contribution to the capital of the Partnership to restore a loss, to discharge any liability of the Partnership or for any other purpose,
nor shall any Limited Partner personally be liable for any liabilities of the Partnership or of the General Partner except as provided by law or this Agreement. All Limited Partners hereby waive their right of contribution which they may have
against other Partners in respect of any payments made by them under any guarantee of Partnership debt. 
 (c) Immediately
following the transfer of any Partnership Interest, the Capital Account of the transferee Partner shall be equal to the Capital Account of the transferor Partner attributable to the transferred interest. 

(d) For purposes of computing the amount of any item of income, gain, deduction or loss to be reflected in the Partners’
Capital Accounts, the determination, recognition and classification of any such item shall be the same as its determination, recognition and classification for federal income tax purposes, taking into account any adjustments required pursuant to
Section 704(b) of the Code and the applicable Treasury Regulations thereunder as more fully described in Exhibit B attached hereto. 

(e) The provisions of the Agreement relating to the maintenance of Capital Accounts are intended to comply with Treasury
Regulations Section 1.704-1(b), and shall be interpreted and applied in a manner consistent with such Treasury Regulations. If the General Partner shall determine that it is prudent to modify the manner in which the Capital Accounts, or any
debits or credits thereto (including, without limitation, debits or credits relating to liabilities which are secured by contributed or distributed property or which are assumed by the Partnership, the General Partner, or the Limited Partners) are
computed in order to comply with such Treasury Regulations, the General Partner may make such 

  
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modification, provided that it is not likely to have a material effect on the amounts distributable to any Person upon the dissolution of the Partnership. The General Partner also shall
(i) make any adjustments that are necessary or appropriate to maintain equality between the Capital Accounts of the Partners and the amount of Partnership capital reflected on the Partnership’s balance sheet, as computed for book purposes,
in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(q) and (ii) make appropriate modifications if unanticipated events might otherwise cause this Agreement not to comply with Treasury Regulations Section 1.704-1(b) or
1.704-2. 
 Section 5.4 SECTION 754 ELECTIONS. The General Partner shall elect, pursuant to Section 754 of the Code, to
adjust the basis of the Partnership’s assets for (i) all transfers of Partnership Interests, and (ii) any distribution of Company property as described in Section 734 of the Code, if such election would benefit any Partner or the
Partnership. 
 Section 5.5 SPECIAL ALLOCATION OF GAIN TO LTIP UNITHOLDERS. Notwithstanding the provisions of
Section 5.1 above, but subject to the prior allocation of income, gain, deduction and loss under the terms of the Agreement in respect of any class of Partnership Interests ranking senior to the LTIP Units with respect to return of
capital or any preferential or priority return, any net capital gains realized in connection with the actual or hypothetical sale of all or substantially all of the assets of the Partnership, including but not limited to net capital gain realized in
connection with an adjustment to the Carrying Value of Partnership assets under Section 704(b) of the Code, shall first be allocated to the LTIP Unitholders until the Economic Capital Account Balances of such Limited Partners, to the extent
attributable to their ownership of LTIP Units, are equal to (i) the Common Partnership Unit Economic Balance, multiplied by (ii) the number of their LTIP Units. For this purpose, the “Economic Capital Account
Balances” of the LTIP Unitholders will be equal to their Capital Account balances, plus the amount of their shares of any Partner Minimum Gain or Partnership Minimum Gain, in each case to the extent attributable to their ownership of
LTIP Units. For clarification, each Limited Partner will have only one Capital Account as to all Partnership Interests it owns, but solely for determining the Economic Capital Account Balance of LTIP Units of an LTIP Unitholder its Capital Account
will be separately computed for each group of LTIP Units having the same issue date. Similarly, the “Common Partnership Unit Economic Balance” shall mean (i) the Capital Account Balance of Ashford Prime OP Limited
Partner LLC, plus the amount of Ashford Prime OP Limited Partner LLC’s share of any Partner Minimum Gain or Partnership Minimum Gain, in either case to the extent attributable to Ashford Prime OP Limited Partner LLC’s ownership of Common
Partnership Units and computed on a hypothetical basis after taking into account all allocations under Article V through the date on which any allocation is made under this Section 5.5, divided by (ii) the number of
Ashford Prime OP Limited Partner LLC’s Partnership Common Partnership Units (with respect to each holder, the “Target Balance”). Any such allocations shall be made among the LTIP Unitholders in proportion to the amounts
required to be allocated to each under this Section 5.5, provided, however, that no amounts will be allocated with respect to any particular LTIP Unit (each, an “Ineligible Unit”) until all special allocations
pursuant to Part A of 

  
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Exhibit B with respect to such LTIP Unit have been reversed to the extent required by paragraph 10 of Part A of Exhibit B. If, notwithstanding the
foregoing, not all LTIP Units (including Ineligible Units) are fully booked up, an LTIP Unitholder may determine how net capital gains shall be allocated among such LTIP Unitholder’s LTIP Units (other than Ineligible Units); provided, however,
if such LTIP Unitholder does not make such a determination, net capital gains shall generally be allocated so that the Economic Capital Account Balance of the maximum amount of Vested LTIP Units held by such LTIP Unitholder is equal to the Common
Partnership Unit Economic Balance on a per LTIP Unit basis; provided, further, that such net capital gains may only be allocated to LTIP Units that are held by such LTIP Unitholder on the date of the allocation under this Section 5.5.
The parties agree that the intent of this Section 5.5 is to make the Capital Account balances of the LTIP Unitholders with respect to their LTIP Units economically equivalent to the Capital Account balance of Ashford Prime OP Limited
Partner LLC (on a per-Partnership Unit basis) with respect to its Common Partnership Units. 
 ARTICLE VI 

POWERS, DUTIES, LIABILITIES, COMPENSATION AND VOTING OF GENERAL PARTNER 

Section 6.1 POWERS OF GENERAL PARTNER. Notwithstanding any provision of this Agreement to the contrary, the General Partner’s
discretion and authority are subject to the limitations imposed by law, and by the General Partner’s Articles of Organization and operating agreement. Subject to the foregoing and to other limitations imposed by this Agreement, the General
Partner shall have full, complete and exclusive discretion to manage and control the business and affairs of the Partnership and make all decisions affecting the business and assets of the Partnership. Without limiting the generality of the
foregoing (but subject to the restrictions specifically contained in this Agreement), the General Partner shall have the power and authority to take the following actions on behalf of the Partnership: 

(a) to acquire, purchase, own, manage, operate, lease and dispose of any real property and any other property or assets that
the General Partner determines are necessary or appropriate or in the best interests of conducting the business of the Partnership in each case not inconsistent with the Company’s qualification as a REIT; 

(b) to construct buildings and make other improvements (including renovations) on or to the properties owned or leased by the
Partnership; 
 (c) to borrow money for the Partnership, issue evidences of indebtedness in connection therewith, refinance,
guarantee, increase the amount of, modify, amend or change the terms of, or extend the time for the payment of, any indebtedness or obligation of or to the Partnership, and secure such indebtedness by mortgage, deed of trust, pledge or other lien on
the Partnership’s assets; 

  
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 (d) to pay, either directly or by reimbursement, for all Operating Expenses to
third parties or to the General Partner (as set forth in this Agreement); 
 (e) to lease all or any portion of any of the
Partnership’s assets, whether or not the terms of such leases extend beyond the termination date of the Partnership and whether or not any portion of the Partnership’s assets so leased are to be occupied by the lessee, or, in turn,
subleased in whole or in part to others, for such consideration and on such terms as the General Partner may determine; 

(f) to prosecute, defend, arbitrate, or compromise any and all claims or liabilities in favor of or against the Partnership, on
such terms and in such manner as the General Partner may reasonably determine, and similarly to prosecute, settle or defend litigation with respect to the Partners, the Partnership, or the Partnership’s assets; provided, however, that the
General Partner may not, without the consent of all of the Partners, confess a judgment against the Partnership; 
 (g) to
file applications, communicate, and otherwise deal with any and all governmental agencies having jurisdiction over, or in any way affecting, the Partnership’s assets or any other aspect of the Partnership business; 

(h) to make or revoke any election permitted or required of the Partnership by any taxing authority; 

(i) to maintain such insurance coverage for public liability, fire and casualty, and any and all other insurance for the
protection of the Partnership, for the conservation of Partnership assets, or for any other purpose convenient or beneficial to the Partnership, in such amounts and such types as the General Partner shall determine from time to time; 

(j) to determine whether or not to apply any insurance proceeds for any Property to the restoration of such Property or to
distribute the same; 
 (k) to retain providers of services of any kind or nature in connection with the Partnership business
and to pay therefor such reasonable remuneration as the General Partner may deem proper, including the Advisor; 
 (l) to
negotiate and conclude agreements on behalf of the Partnership with respect to any of the rights, powers and authority conferred upon the General Partner, including, without limitation, management agreements, franchise agreements, agreements with
federal, state or local liquor licensing agencies and agreements with operators of restaurants and bars; 
 (m) to maintain
accurate accounting records and to file promptly all federal, state and local income tax returns on behalf of the Partnership; 

  
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 (n) to form or acquire an interest in, and contribute property to, any further
limited or general partnerships, joint ventures or other relationships that it deems desirable (including, without limitation, the acquisition of interests in, and the contributions of property to, its Subsidiaries and any other Person in which it
has an equity interest from time to time); 
 (o) to distribute Partnership cash or other Partnership assets in accordance
with this Agreement; 
 (p) to establish Partnership reserves for working capital, capital expenditures, contingent
liabilities or any other valid Partnership purpose; 
 (q) to authorize, issue, sell, redeem or otherwise purchase any
Partnership Interests or any securities (including secured and unsecured debt obligations of the Partnership, debt obligations of the Partnership convertible into any class or series of Partnership Interests, or options, rights, warrants or
appreciation rights relating to any Partnership Interests) of the Partnership; 
 (r) subject to the provisions of
Section 9.1, to merge, consolidate or combine the Partnership with or into another Person (to the extent permitted by applicable law); 

(s) to do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as a
“publicly traded partnership” for purposes of Section 7704 of the Code; 
 (t) to issue additional Partnership
Interests pursuant to Section 4.3 hereof; 
 (u) to pay cash to redeem Partnership Units held by a Limited
Partner in connection with a Limited Partner’s exercise of its Redemption Right under Section 7.4 hereof; 

(v) to amend and restate Exhibit A hereto to reflect accurately at all times the Capital Contributions, Common
Percentage Interests and Preferred Percentage Interests of the Partners as the same are adjusted from time to time to the extent necessary to reflect redemptions, Capital Contributions, the issuance of Partnership Units, the admission of any
Additional Limited Partner or any Substitute Limited Partner or otherwise, which amendment and restatement, notwithstanding anything in this Agreement to the contrary, shall not be deemed an amendment to this Agreement, as long as the matter or
event being reflected in Exhibit A hereto otherwise is authorized by this Agreement; 
 (w) to take whatever action
the General Partner deems appropriate to maintain the economic equivalency of Common Partnership Units and REIT Common Shares and Preferred Partnership Units and REIT Preferred Shares, respectively; and 

  
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 (x) to take such other action, execute, acknowledge, swear to or deliver such
other documents and instruments, and perform any and all other acts the General Partner deems necessary or appropriate for the formation, continuation and conduct of the business and affairs of the Partnership (including, without limitation, all
actions consistent with qualification of the Company as a REIT) and to possess and enjoy all of the rights and powers of a general partner as provided by the Act. 

Each of the Limited Partners agrees that the General Partner is authorized to execute, deliver and perform the above-mentioned agreements and transactions on
behalf of the Partnership without any further act, approval or vote of the Partners, notwithstanding any other provisions of this Agreement (except as provided in Section 6.1(r), Section 9.1 or Article XI), the Act or
any applicable law, rule or regulation to the fullest extent permitted under the Act or other applicable law, rule or regulation. The execution, delivery or performance by the General Partner or the Partnership of any agreement authorized or
permitted under this Agreement shall not constitute a breach by the General Partner of any duty that the General Partner may owe the Partnership or the Limited Partners or any other persons under this Agreement or of any duty stated or implied by
law or equity. 
 Except as otherwise provided herein, to the extent the duties of the General Partner require expenditures of funds to be paid to third
parties, the General Partner shall not have any obligations hereunder except to the extent that Partnership funds are reasonably available to it for the performance of such duties, and nothing herein contained shall be deemed to authorize or require
the General Partner, in its capacity as such, to expend its individual funds for payment to third parties or to undertake any individual liability or obligation on behalf of the Partnership. 

Section 6.2 DELEGATION OF AUTHORITY. The General Partner may delegate any or all of its powers, rights and obligations hereunder,
and may appoint, employ, contract or otherwise deal with any Person for the transaction of the business of the Partnership, which Person may, under supervision of the General Partner, perform any acts or services for the Partnership as the General
Partner may approve. 
 Section 6.3 DUTIES OF GENERAL PARTNER. 

(a) The General Partner, subject to the limitations contained elsewhere in this Agreement, shall manage or cause to be managed
the affairs of the Partnership in a prudent and businesslike manner and shall devote sufficient time and effort to the Partnership affairs. 

(b) In carrying out its obligations, the General Partner shall: 

(i) Render annual reports to all Partners with respect to the operations of the Partnership; 

(ii) Mail to all persons who were Partners at any time during the Partnership’s prior fiscal year an annual report of the
Partnership, 

  
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including all necessary tax information, and any other information regarding the Partnership and its operations during the prior fiscal year deemed by the General Partner to be material; 

(iii) Maintain complete and accurate records of all business conducted by the Partnership and complete and accurate books of
account (containing such information as shall be necessary to record allocations and distributions), and make such books of account available for inspection and audit by any Limited Partner (at the sole expense of such Limited Partner) to the extent
provided in Section 7.1(b); and 
 (iv) Cause to be filed such certificates and do such other acts as may be
required by law to qualify and maintain the Partnership as a limited partnership under the laws of the State of Delaware. 

(c) The General Partner shall take such actions as it deems necessary to maintain the economic equivalency of Common
Partnership Units and REIT Common Shares and Preferred Partnership Units and REIT Preferred Shares, respectively, required by this Agreement. 

Section 6.4 LIABILITIES OF GENERAL PARTNER; INDEMNIFICATION. 

(a) The General Partner shall not be liable for the return of all or any part of the Capital Contributions of the Limited
Partners. Any returns shall be made solely from the assets of the Partnership according to the terms of this Agreement. 

(b) Notwithstanding anything to the contrary set forth in this Agreement, none of the General Partner or the Company nor any of
their officers, directors, agents or employees shall be liable or accountable in damages or otherwise to the Partnership, any Partners or any assignees, or any of their successors or assigns, for any losses sustained, liabilities incurred or
benefits not derived as a result of errors in judgment or mistakes of fact or law or any act or omission if the General Partner acted in good faith. The General Partner shall not be responsible for any misconduct or negligence on the part on any
agent appointed by it in good faith pursuant to Section 6.2 hereof. The Limited Partners expressly acknowledge that the General Partner is acting on behalf of the Partnership, the General Partner, the General Partner’s members and
the Company’s stockholders collectively, and that the General Partner is under no obligation to consider the separate interests of the Limited Partners (including, without limitation, the tax consequences to Limited Partners or their assignees)
in deciding whether to cause the Partnership to take (or decline to take) any actions. In the event of a conflict between the interests of the members of the General Partner or stockholders of the Company on one hand and the Limited Partners on the
other, the General Partner shall endeavor in good faith to resolve the conflict in a manner not adverse to either the stockholders of the Company or the Limited Partners; provided, however, that for so long as the Company owns a controlling

  
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interest, directly or indirectly, in the Partnership, any such conflict that cannot be resolved in a manner not adverse to either the stockholders of the Company or the Limited Partners shall be
resolved in favor of the stockholders of the Company. The General Partner shall not be liable for monetary damages for losses sustained, liabilities incurred, or benefits not derived by Limited Partners in connection with such decisions, provided
that the General Partner has acted in good faith. 
 (c) The Partnership shall indemnify an Indemnitee to the fullest extent
permitted by law and save and hold it harmless from and against, and in respect of, any and all losses, claims, damages, liabilities (joint or several), expenses (including legal fees and expenses), judgments, fines, settlements, and other amounts
arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, that relate to the operations of the Partnership as set forth in this Agreement in which any Indemnitee may be involved, or is
threatened to be involved, as a party or otherwise; provided, however, that this indemnification shall not apply if: (A) the act or omission of the Indemnitee was material to the matter giving rise to the proceeding and either was committed in
bad faith or was the result of active and deliberate dishonesty; (B) the Indemnitee actually received an improper personal benefit in money, property or services; or (C) in the case of any criminal proceeding, the Indemnitee had reasonable
cause to believe that the act or omission was unlawful. The termination of any proceeding by judgment, order or settlement does not create a presumption that the Indemnitee did not meet the requisite standard of conduct set forth in this
Section 6.4(c). The termination of any proceeding by conviction or upon a plea of nolo contendere or its equivalent, or an entry of an order of probation prior to judgment, creates a rebuttable presumption that the Indemnitee acted in a
manner contrary to that specified in this Section 6.4(c). Any indemnification pursuant to this Section 6.4 shall be made only out of the assets of the Partnership, and any insurance proceeds from the liability policy covering
the General Partner and any Indemnitee. 
 (d) The Partnership may reimburse an Indemnitee for reasonable expenses incurred
by an Indemnitee who is a party to a proceeding in advance of the final disposition of the proceeding upon receipt by the Partnership of (i) a written affirmation by the Indemnitee of the Indemnitee’s good faith belief that the standard of
conduct necessary for indemnification by the Partnership as authorized in this Section 6.4 has been met, and (ii) a written undertaking by or on behalf of the Indemnitee to repay the amount if it shall ultimately be determined that
the standard of conduct has not been met. 
 (e) The indemnification provided by this Section 6.4 shall be in
addition to any other rights to which an Indemnitee or any other Person may be entitled under any agreement, pursuant to any vote of the Partners, as a matter of law or otherwise, and shall continue as to an Indemnitee who has ceased to serve in
such capacity. 

  
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 (f) The Partnership may purchase and maintain insurance on behalf of the
Indemnitees, and such other Persons as the General Partner shall determine, against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the Partnership’s activities, regardless of
whether the Partnership would have the power to indemnify such Person against such liability under the provisions of this Agreement. 

(g) For purposes of this Section 6.4, the Partnership shall be deemed to have requested an Indemnitee to serve as
fiduciary of an employee benefit plan whenever the performance by the Indemnitee of its duties to the Partnership also imposes duties on, or otherwise involves services by, the Indemnitee to the plan or participants or beneficiaries of the plan;
excise taxes assessed on an Indemnitee with respect to an employee benefit plan pursuant to applicable law shall constitute fines within the meaning of this Section 6.4; and actions taken or omitted by the Indemnitee with respect to an
employee benefit plan in the performance of its duties for a purpose reasonably believed by the Indemnitee to be in the interest of the participants and beneficiaries of the plan shall be deemed to be for a purpose which is not opposed to the best
interests of the Partnership. 
 (h) In no event may an Indemnitee subject the Limited Partners to personal liability by
reason of the indemnification provisions set forth in this Agreement. 
 (i) An Indemnitee shall not be denied
indemnification in whole or in part under this Section 6.4 because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this
Agreement. 
 (j) Any amendment, modification or repeal of this Section 6.4 or any provision hereof shall be
prospective only and shall not in any way affect the limitations on the General Partner’s liability to the Partnership and the Limited Partners under this Section 6.4 as in effect immediately prior to such amendment, modification or
repeal with respect to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when claims relating to such matters may arise or be asserted. The provisions of this Section 6.4 are for the
benefit of the Indemnitees, their heirs, successors, assigns and administrators and shall not be deemed to create any rights for the benefit of any other Persons. 

(k) Notwithstanding any other provisions of this Agreement or the Act, any action of the General Partner on behalf of the
Partnership or any decision of the General Partner to refrain from acting on behalf of the Partnership, undertaken in the good faith belief that such action or omission is necessary or advisable in order (i) to protect the ability of the
Company to continue to qualify as a REIT, or (ii) to prevent the Company from incurring any taxes under Section 857 or Section 4981 of the Code, is expressly authorized under this Agreement and is deemed approved by all of the Limited
Partners. Further, any provision of this Agreement that might jeopardize the Company’s REIT status shall be (i) void 

  
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and of no effect, or (ii) reformed, as necessary, to avoid the Company’s loss of REIT status. 

Section 6.5 COMPENSATION OF GENERAL PARTNER; REIMBURSEMENT. The General Partner, as such, shall not receive any compensation for
services rendered to the Partnership. Notwithstanding the preceding sentence, the General Partner shall be entitled, in accordance with the provisions of Section 6.7 below, to pay reasonable compensation to its Affiliates and other
entities in which it may be associated for services performed. The General Partner shall be reimbursed on a monthly basis, or such other basis as the General Partner may determine in its sole and absolute discretion, for all REIT Expenses. 

Section 6.6 RELIANCE ON ACT OF GENERAL PARTNER. No financial institution or any other person, firm or corporation dealing with the
General Partner or the Partnership shall be required to ascertain whether the General Partner is acting in accordance with this Agreement, but such financial institution or such other person, firm or corporation shall be protected in relying solely
upon the assurance of and the execution of any instrument or instruments by the General Partner. 
 Section 6.7 OUTSIDE SERVICES;
DEALINGS WITH AFFILIATES; OUTSIDE ACTIVITIES. 
 (a) Notwithstanding any provision of this Article VI to the
contrary, the General Partner may employ such agents, accountants, attorneys and others as it shall deem advisable, including its directors, officers, members, and its Affiliates and entities with which the General Partner, any Limited Partner or
their respective Affiliates may be associated, the Company’s directors, officers and stockholders, and may pay them reasonable compensation from Partnership funds for services performed, which compensation shall be reasonably believed by the
General Partner to be comparable to and competitive with fees charged by unrelated Persons who render comparable services which could reasonably be made available to the Partnership. The General Partner shall not be liable for the neglect, omission
or wrongdoing of any such Person so long as it appointed such Person in good faith. 
 (b) The Partnership may lend or
contribute to its Subsidiaries or other Persons in which it has an equity investment Partnership funds on terms and conditions established in the sole and absolute discretion of the General Partner. The foregoing authority shall not create any right
or benefit in favor of any Subsidiary or any other Person. 
 (c) The Partnership may transfer assets to joint ventures,
other partnerships, corporations or other business entities in which it is or thereby becomes a participant upon such terms and subject to such conditions as are consistent with this Agreement and applicable law. 

  
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 (d) Except as expressly permitted by this Agreement, neither the General Partner
nor any of its Affiliates nor any Limited Partner shall sell, transfer or convey any property to, or purchase any property from, the Partnership, directly or indirectly, except pursuant to transactions that are on terms that are fair and reasonable
to the Partnership. 
 (e) Subject to the Articles of Organization and any agreements entered into by the General Partner or
its Affiliates with the Partnership or a Subsidiary, any officer, director, employee, agent, trustee, Affiliate or member of the General Partner shall be entitled to and may have business interests and engage in business activities in addition to
those relating to the Partnership, including business interests and activities substantially similar or identical to those of the Partnership. Neither the Partnership nor any of the Limited Partners shall have any rights by virtue of this Agreement
in any business ventures of such person. 
 (f) If the Company exercises its rights under its Articles of Incorporation to
redeem REIT Common Shares, then the General Partner shall cause the Partnership to purchase from the Company a number of Common Partnership Units determined based on the application of the Conversion Factor on the same terms as those on which the
Company redeemed such REIT Common Shares. 
 Section 6.8 ADDITIONAL LOANS TO THE PARTNERSHIP. If additional funds are required
by the Partnership for any purpose relating to the business of the Partnership or for any of its obligations, expenses, costs, or expenditures, including operating deficits, the Partnership may borrow such funds as are needed from time to time from
any Person (including, without limitation, the General Partner or any Affiliate of the General Partner; provided, however, that the terms of any loan from the General Partner or any Affiliate of the General Partner shall be substantially equivalent
to the terms that could be obtained from a third party on an arm’s-length basis) on such terms as the General Partner and such other Person may agree. 

Section 6.9 CONTRIBUTION OF ASSETS. The Company, directly or through one or more of its Affiliates, shall contribute to the
capital of the Partnership from time to time each asset it owns from time to time during the existence of the Partnership, but it is not required to so contribute: 

(a) its interests in the General Partner or Ashford Prime OP Limited Partner LLC; 

(b) its direct or indirect interest in any entity in a chain of entities of which the Company is the sole beneficial owner, so
long as all of the assets or other ownership interests in the entity in that chain furthest removed from the General Partner are contributed directly or indirectly to the Partnership; or 

(c) any equity interest in any entity of which the Company is the sole beneficial owner that is created or used solely by the
General Partner in 

  
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connection with any borrowing transaction in whole or in part for the benefit of the Partnership. 

ARTICLE VII 
 RIGHTS,
PROHIBITIONS AND REPRESENTATIONS WITH RESPECT TO LIMITED PARTNERS 
 Section 7.1 RIGHTS OF LIMITED PARTNERS. 

(a) The Partnership may engage the Limited Partners or persons or firms associated with them for specific purposes and may
otherwise deal with such Partners on terms and for compensation to be agreed upon by any such Partner and the Partnership; provided, however, that no Limited Partner shall be entitled to participate in the management or control of the business of
the Partnership. 
 (b) Each Limited Partner shall be entitled to have the Partnership books kept at the principal place of
business of the Partnership and at all times, during reasonable business hours and at such Limited Partner’s sole expense, upon written demand shall be entitled to inspect and copy any of them for any purpose reasonably related to the Limited
Partner’s interest as a Limited Partner and demand in writing true and full information of all things affecting the Partnership and a formal accounting of Partnership affairs whenever circumstances render it just and reasonable and reasonably
related to the Limited Partner’s interest as a Limited Partner; provided, however, that any such demand shall state the purpose of such demand and provided further for such period of time as the General Partner determines in its sole and
absolute discretion to be reasonable, the General Partner may keep confidential from the Limited Partners any information that (i) the General Partner believes to be in the nature of trade secrets or other information the disclosure of which
the General Partner in good faith believes is not in the best interest of the Partnership or could damage the Partnership or its business or (ii) the Partnership or the General Partner is required by law or by agreements with unaffiliated third
parties to keep confidential; provided, further, that as long as Ashford Hospitality Limited Partnership is a Partner in the Partnership, the Partnership and the General Partner shall timely provide such information as Ashford Hospitality Limited
Partnership reasonably requests such that Ashford Hospitality Trust, Inc. may determine that it qualifies as a REIT for purposes of the Code, may prepare all of its tax returns and prepare its financial statements and filings with the applicable
government authorities. 
 (c) No Limited Partner shall be liable for any debts, liabilities, contracts or obligations of the
Partnership. A Limited Partner shall be liable to the Partnership only to make payments of its Capital Contribution, if any, as and when due hereunder. After its Capital Contribution is fully paid, no Limited Partner shall, except as otherwise
required by the Act, be required to make any further Capital Contributions or other payments or lend any funds to the Partnership. 

  
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 Section 7.2 PROHIBITIONS WITH RESPECT TO THE LIMITED PARTNERS. No Limited Partner
shall have the right: 
 (a) To take part in the control or management of the Partnership business, to transact business for
or on behalf of the Partnership or to sign for or to bind the Partnership, such powers being vested solely in the General Partner as set forth herein; 

(b) To have such Partner’s Capital Contributions repaid except to the extent provided in this Agreement; 

(c) To require partition of Partnership property or to compel any sale or appraisement of Partnership assets or sale of a
deceased Partner’s interests therein, notwithstanding any provisions of law to the contrary; or 
 (d) To sell or assign
all or any portion of such Partner’s Limited Partnership Interest in the Partnership or to constitute the vendee or assignee thereunder a Substitute Limited Partner, except as provided in Article IX hereof. 

Section 7.3 OWNERSHIP BY LIMITED PARTNER OF CORPORATE GENERAL PARTNER OR AFFILIATE. No Limited Partner shall at any time, either
directly or indirectly, own any shares or other interest in the General Partner or in any Affiliate thereof if such ownership by itself or in conjunction with other shares or other interests owned by other Limited Partners would, in the opinion of
counsel for the Partnership, jeopardize the classification of the Partnership as a partnership or the Company as a REIT for federal income tax purposes. The General Partner shall be entitled to make such reasonable inquiry of the Limited Partners as
is required to establish compliance by the Limited Partners with the provisions of this Section 7.3 and the Limited Partners shall promptly and fully respond to such inquiries. 

Section 7.4 REDEMPTION RIGHT. 

(a) Subject to Section 7.4(b) and Section 7.4(c), and the provisions of any agreements between the
Partnership and one or more Limited Partners, each Limited Partner, other than Ashford Prime OP Limited Partner LLC, shall have the right (the “Redemption Right”) to require the Partnership to redeem on a Specified Redemption
Date all or a portion of the Common Partnership Units held by such Limited Partner (the “Redeeming Partner”) at a redemption price per Common Partnership Unit equal to and in the form of the Cash Amount to be paid by the
Partnership on the Specified Redemption Date. The Redemption Right shall be exercised pursuant to a Notice of Redemption delivered to the Partnership (with a copy to the General Partner) by the Redeeming Partner. A Limited Partner may not exercise
the Redemption Right for less than one thousand (1,000) Common Partnership Units or, if such Limited Partner holds less than one thousand (1,000) Common Partnership Units, all of the Common Partnership Units held by such Partner. Neither
the Redeeming Partner nor any permitted or purported assignee of any Limited Partner shall have any right, with respect to 

  
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any Common Partnership Units so redeemed, to receive any distributions paid after the Specified Redemption Date. Each Redeeming Partner agrees to provide such representations and related
indemnities regarding good and unencumbered title, and to execute such documents, as the General Partner may reasonably require in connection with any redemption. 

(b) Notwithstanding the provisions of Section 7.4(a), if a Limited Partner elects to exercise the Redemption Right,
the General Partner at the direction of the Company, directly or indirectly through one or more Affiliates, may, in its sole and absolute discretion, elect to assume directly and satisfy a Redemption Right by paying to the Redeeming Partner either
(i) the Cash Amount, as provided for in Section 7.4(a), or (ii) the REIT Common Shares Amount, as elected by the General Partner, as directed by the Company (in its sole and absolute discretion), on the Specified Redemption
Date, provided that if the General Partner has not affirmatively notified the Redeeming Partner on or before one Business Day before the Specified Redemption Date that either the Partnership, the General Partner or its Affiliates will pay the Cash
Amount then the General Partner shall be deemed to have elected, directly or through one or more Affiliates, to pay the REIT Common Shares Amount to the Redeeming Partner on the Specified Redemption Date, and the Company agrees that it will provide
such REIT Common Shares on the Specified Redemption Date, subject to the other provisions of this Section 7.4. On any such election of the General Partner to assume and satisfy a Redemption Right, the Company, directly or indirectly
through one or more Affiliates, shall acquire the Common Partnership Units offered for redemption by the Redeeming Partner and shall be treated for all purposes of this Agreement as the owner of such Common Partnership Units. Unless the General
Partner, as directed by the Company (in its sole and absolute discretion), shall exercise its right to assume and satisfy the Redemption Right, or unless the General Partner has been deemed to assume the Redemption Right as provided in this
Section 7.4(b), neither the General Partner nor the Company itself shall have any obligation to the Redeeming Partner or to the Partnership with respect to the Redeeming Partner’s exercise of the Redemption Right. If the General
Partner, as directed by the Company, shall exercise its right, or shall be deemed to have elected, to satisfy the Redemption Right in the manner described in the first sentence of this Section 7.4(b), except as provided in the following
paragraph, the Partnership shall have no obligation to pay any amount to the Redeeming Partner with respect to such Redeeming Partner’s exercise of the Redemption Right, and each of the Redeeming Partner, the Partnership, and the Company shall
treat the transaction between the Company and the Redeeming Partner for federal income tax purposes as a sale of the Redeeming Partner’s Common Partnership Units to the Company or its Affiliates; provided that if the Redeeming Partner is
redeeming all of its Common Partnership Units, the Partnership shall redeem any fractional Common Partnership Unit (constituting less than one Common Partnership Unit owned by the Redeeming Partner by paying the Cash Amount with respect to such
fractional Common Partnership Unit to such Redeeming Partner. Each Redeeming Partner agrees to provide such representations and related indemnities regarding good title, and to execute such 

  
 35 

 
documents, as the Company may reasonably require in connection with the issuance of REIT Common Shares upon exercise of the Redemption Right. If the Redemption Right is satisfied by the delivery
of REIT Common Shares, the Redeeming Partner shall be deemed to become a holder of REIT Common Shares as of the close of business on the Specified Redemption Date or on such later date permitted by this Section 7.4(b) that the Company
delivers REIT Common Shares, as the case may be. 
 Notwithstanding anything to the contrary in Section 7.4(a) or this
Section 7.4(b), and in addition to the right of the Company to deliver REIT Common Shares in satisfaction of the Redemption Right, as provided above, should the General Partner, as directed by the Company elect, or be deemed to elect, to
satisfy a Redemption Right by paying the Redeeming Partner the REIT Common Shares Amount, and it is necessary to obtain Company stockholder approval in order for it to issue sufficient REIT Common Shares to satisfy such Redemption Right in full,
then the Company shall have one hundred twenty (120) days beyond the Specified Redemption Date in which to obtain such stockholder approval and to pay the REIT Common Shares Amount, and the redemption date shall be required to occur by ten
(10) days after stockholder approval of the issuance of the REIT Common Shares has been obtained, if it is obtained. If such stockholder approval is not obtained within one hundred and thirty (130) days after such Common Partnership Units
are presented for redemption or the stockholders have voted against the issuance of the REIT Common Shares, the Partnership shall pay to the Redeeming Partner the Cash Amount no later than the earlier of (i) ten (10) days after
stockholders have voted against the issuance of the REIT Common Shares, or (ii) one hundred and thirty (130) days after such Common Partnership Units are presented for redemption, together with interest on such Cash Amount at the rate
equal to the lesser of (i) the Company’s annual dividend rate on REIT Common Shares for the twelve (12) month period prior to the Valuation Date and based upon the Cash Amount for Common Partnership Units redeemed, or (ii) eight
percent (8%). 
 (c) Notwithstanding the provisions of Section 7.4(a) and Section 7.4(b), a Limited
Partner shall not be entitled to receive REIT Common Shares if the delivery of REIT Common Shares to such Partner on the Specified Redemption Date (or such later date permitted by Section 7.4(b), as applicable) by the Company pursuant to
Section 7.4(b) would be prohibited under the Articles of Incorporation of the Company, as amended or restated from time to time. Without limiting the effect of the preceding sentence, no Person shall be permitted to receive REIT Common
Shares if as a result of, and after giving effect to, such exercise any Person would Beneficially Own (as defined in the Articles of Incorporation of the Company, as amended or restated from time to time) more than 9.8% of the total number of issued
and outstanding REIT Common Shares, unless waived by the board of directors of the Company in its sole discretion. To the extent any attempted redemption for REIT Common Shares would be a violation of this Section 7.4(c), it shall be
null and void ab initio. The Cash 

  
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Amount shall be paid in such instances, in accordance with the terms set forth in Section 7.4(a) or Section 7.4(b). 

(d) Each Limited Partner covenants and agrees with the General Partner that all Common Partnership Units delivered for
redemption shall be delivered to the Partnership, the Company or its Affiliates, as the case may be, free and clear of all liens and, notwithstanding anything herein contained to the contrary, neither the General Partner, the Company (nor any of its
Affiliates) nor the Partnership shall be under any obligation to acquire Common Partnership Units which are or may be subject to any liens. Each Limited Partner further agrees that, if any state or local property transfer tax is payable as a result
of the transfer of its Common Partnership Units to the General Partner, Partnership or the Company, such Limited Partner shall assume and pay such transfer tax. 

(e) REIT Common Shares issued pursuant to Section 7.4(b) may contain such legends regarding restrictions on
transfer as the Company in good faith determines to be necessary or advisable in order to (1) comply with restrictions on transfer under the Securities Act and applicable state securities laws and (2) protect the ability of the Company to
continue to qualify as a REIT. 
 Section 7.5 BASIS ANALYSIS. Upon the request of any Limited Partner but subject to the General
Partner’s agreement, which may be withheld in the General Partner’s sole discretion, the General Partner may, prior to the end of each calendar year, beginning in 2013, cause accountants to prepare and provide to the Limited Partners a
study analyzing each refinancing, reduction (other than scheduled periodic amortization of principal) of debt or other event that occurred during that year that reduced the amount of any nonrecourse liabilities of the Partnership that a Limited
Partner may include in the tax basis of its Partnership Interests. 
 Section 7.6 LIMITED PARTNER GUARANTEES. Upon the request
of the General Partner, or upon a Limited Partner’s own election but subject to the General Partner’s agreement, which may be withheld in the General Partner’s sole discretion, a Limited Partner (the “Initiating Limited
Partner”) from time to time, may, but shall not be required to, guarantee or otherwise provide credit support for Partnership indebtedness or a deficit restoration obligation as such Limited Partner may elect; provided, however, that
the Limited Partner shall be entitled to take such action only if the General Partner determines that any such action would not have a material adverse effect on the tax position of the General Partner. All Partners are entitled to notice of any
such guarantee or credit support, and shall have the right to provide guarantees or credit support on the same terms and conditions as the Initiating Limited Partner does, and all Limited Partners interested in providing such guarantee or credit
support shall cooperate with the General Partner and each other in considering any guarantee or credit support proposal, and the General Partner will cooperate in permitting or obtaining any consents for such guarantees or credit support. 

  
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 Section 7.7 CONVERSION OF LTIP UNITS. 

(a) An LTIP Unitholder shall have the right (the “Conversion Right”), at his or her option, at any time
to convert all or a portion of his or her Vested LTIP Units into Common Partnership Units; provided, however, that a holder may not exercise the Conversion Right for less than one thousand (1,000) Vested LTIP Units or, if such holder holds less
than one thousand Vested LTIP Units, all of the Vested LTIP Units held by such holder. LTIP Unitholders shall not have the right to convert Unvested Incentive Units into Common Partnership Units until they become Vested LTIP Units; provided,
however, that when a LTIP Unitholder is notified of the expected occurrence of an event that will cause his or her Unvested Incentive Units to become Vested LTIP Units, such LTIP Unitholder may give the Partnership a Conversion Notice conditioned
upon and effective as of the time of vesting and such Conversion Notice, unless subsequently revoked by the LTIP Unitholder, shall be accepted by the Partnership subject to such condition. The General Partner shall have the right at any time to
cause a conversion of Vested LTIP Units into Common Partnership Units. In all cases, the conversion of any LTIP Units into Common Partnership Units shall be subject to the conditions and procedures set forth in this Section 7.7. 

(b) A holder of Vested LTIP Units may convert such LTIP Units into an equal number of fully paid and non-assessable Common
Partnership Units, giving effect to all adjustments (if any) made pursuant to Sections 4.3(d), 4.3(e) and 5.5. Notwithstanding the foregoing, in no event may a holder of Vested LTIP Units convert a number of Vested LTIP Units
that exceeds (x) the Economic Capital Account Balance of such LTIP Unitholder, to the extent attributable to its ownership of LTIP Units, divided by (y) the Common Partnership Unit Economic Balance, in each case as determined as of the
effective date of conversion (the “Capital Account Limitation”). 
 In order to exercise his or her
Conversion Right, a LTIP Unitholder shall deliver a notice (a “Conversion Notice”) in the form attached as Exhibit D (with a copy to the General Partner) not less than 3 Business Days nor more than 10 Business Days
prior to a date for conversion (the “Conversion Date”) specified in such Conversion Notice; provided, however, that if the General Partner has not given to the LTIP Unitholders notice of a proposed or upcoming Unit
Transaction (as defined below) at least thirty (30) days prior to the effective date of such Unit Transaction, then LTIP Unitholders shall have the right to deliver a Conversion Notice until the earlier of (x) the tenth (10th) day
after such notice from the General Partner of a Unit Transaction or (y) the third Business Day immediately preceding the effective date of such Unit Transaction. A Conversion Notice shall be provided in the manner provided in
Section 14.5. Each LTIP Unitholder covenants and agrees with the Partnership that all Vested LTIP Units to be converted pursuant to this Section 7.7 shall be free and clear of all liens. Notwithstanding anything herein to the
contrary, a holder of LTIP Units may deliver a Redemption Notice pursuant to Section 7.4 relating to those Common 

  
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Partnership Units that will be issued to such holder upon conversion of such LTIP Units into Common Partnership Units in advance of the Conversion Date; provided, however, that the redemption of
such Common Partnership Units by the Partnership shall in no event take place until on or after the Conversion Date. For clarity, it is noted that the objective of this paragraph is to put a LTIP Unitholder in a position where, if he or she so
wishes, the Common Partnership Units into which his or her Vested LTIP Units will be converted can be redeemed by the Partnership simultaneously with such conversion, with the further consequence that, if the General Partner elects to assume the
Partnership’s redemption obligation with respect to such Common Partnership Units under Section 7.4(b) by delivering to such holder REIT Common Shares rather than cash, then such holder can have such REIT Common Shares issued to him
or her simultaneously with the conversion of his or her Vested LTIP Units into Common Partnership Units. The General Partner shall cooperate with a LTIP Unitholder to coordinate the timing of the different events described in the foregoing sentence.

 (c) The Partnership, at any time at the election of the General Partner, may cause any number of Vested LTIP Units held by
a LTIP Unitholder to be converted (a “Forced Conversion”) into an equal number of Common Partnership Units, giving effect to all adjustments (if any) made pursuant to Sections 4.3(d), 4.3(e) and 5.5;
provided, however, that the Partnership may not cause a Forced Conversion of any LTIP Units that would not at the time be eligible for conversion at the option of such LTIP Unitholder pursuant to Section 7.7(b). In order to exercise its
right of Forced Conversion, the Partnership shall deliver a notice (a “Forced Conversion Notice”) in the form attached as Exhibit E to the applicable LTIP Unitholder not less than 10 nor more than 60 days prior to the
Conversion Date specified in such Forced Conversion Notice. A Forced Conversion Notice shall be provided in the manner provided in Section 14.5. 

(d) A conversion of Vested LTIP Units for which the holder thereof has given a Conversion Notice or the Partnership has given a
Forced Conversion Notice shall occur automatically after the close of business on the applicable Conversion Date without any action on the part of such LTIP Unitholder, as of which time such LTIP Unitholder shall be credited on the books and records
of the Partnership with the issuance as of the opening of business on the next day of the number of Common Partnership Units issuable upon such conversion. After the conversion of LTIP Units as aforesaid, the Partnership shall deliver to such LTIP
Unitholder, upon his or her written request, a certificate of the General Partner certifying the number of Common Partnership Units and remaining LTIP Units, if any, held by such person immediately after such conversion. The assignee of any Limited
Partner pursuant to Article IX hereof may exercise the rights of such Limited Partner pursuant to this Section 7.7 and such Limited Partner shall be bound by the exercise of such rights by the assignee. 

(e) For purposes of making future allocations under Section 5.5 and applying the Capital Account Limitation, the
portion of the Economic Capital Account Balance of the applicable LTIP Unitholder that is treated as attributable 

  
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to his or her LTIP Units shall be reduced, as of the date of conversion, by the product of the number of LTIP Units converted and the Common Partnership Unit Economic Balance. 

(f) If the Partnership, the General Partner or the Company shall be a party to any transaction (including without limitation a
merger, consolidation, unit exchange, self tender offer for all or substantially all Common Partnership Units or other business combination or reorganization, or sale of all or substantially all of the Partnership’s assets, but excluding any
transaction which constitutes an Adjustment Event) in each case as a result of which Common Partnership Units shall be exchanged for or converted into the right, or the holders of such Partnership Units shall otherwise be entitled, to receive cash,
securities or other property or any combination thereof (each of the foregoing being referred to herein as a “Unit Transaction”), then the General Partner may, immediately prior to the Unit Transaction, exercise its right to
cause a Forced Conversion with respect to the maximum number of LTIP Units then eligible for conversion, taking into account any allocations that occur in connection with the Unit Transaction or that would occur in connection with the Unit
Transaction if the assets of the Partnership were sold at the Unit Transaction price or, if applicable, at a value determined by the General Partner in good faith using the value attributed to the Partnership Units in the context of the Unit
Transaction (in which case the Conversion Date shall be the effective date of the Unit Transaction). 
 In anticipation of
such Forced Conversion and the consummation of the Unit Transaction, the Partnership shall use commercially reasonable efforts to cause each LTIP Unitholder to be afforded the right to receive in connection with such Unit Transaction in
consideration for the Common Partnership Units into which his or her LTIP Units will be converted the same kind and amount of cash, securities and other property (or any combination thereof) receivable upon the consummation of such Unit Transaction
by a holder of the same number of Common Partnership Units, assuming such holder of Common Partnership Units is not a Person with which the Partnership consolidated or into which the Partnership merged or which merged into the Partnership or to
which such sale or transfer was made, as the case may be (a “Constituent Person”), or an Affiliate of a Constituent Person. If holders of Common Partnership Units have the opportunity to elect the form or type of
consideration to be received upon consummation of the Unit Transaction, prior to such Unit Transaction the General Partner shall give written notice to each LTIP Unitholder of such election, and shall use commercially reasonable efforts to afford
the LTIP Unitholders the right to elect, by written notice to the General Partner, the form or type of consideration to be received upon conversion of each LTIP Unit held by such holder into Common Partnership Units in connection with such Unit
Transaction. If a LTIP Unitholder fails to make such an election, such holder (and any of its transferees) shall receive upon conversion of each LTIP Unit held him or her (or by any of his or her transferees) the same kind and amount of
consideration that a holder of a Common Partnership Unit would receive if such Common Partnership Unit holder failed to make such an election. 

  
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 Subject to the rights of the Partnership, the General Partner and the Company,
under any Vesting Agreement and the Plan, the Partnership shall use commercially reasonable effort to cause the terms of any Unit Transaction to be consistent with the provisions of this Section 7.7(f) and to enter into an agreement with
the successor or purchasing entity, as the case may be, for the benefit of any LTIP Unitholders whose LTIP Units will not be converted into Common Partnership Units in connection with the Unit Transaction that will (i) contain provisions
enabling the holders of LTIP Units that remain outstanding after such Unit Transaction to convert their LTIP Units into securities as comparable as reasonably possible under the circumstances to the Common Partnership Units and (ii) preserve as
far as reasonably possible under the circumstances the distribution, special allocation, conversion, and other rights set forth in this Agreement for the benefit of the LTIP Unitholders. 

Section 7.8 VOTING RIGHTS OF LTIP UNITS. LTIP Unitholders shall (a) have those voting rights required from time to time by
applicable law, if any, (b) have the same voting rights as a holder of Common Partnership Units, with the LTIP Units voting as a single class with the Common Partnership Units and having one vote per LTIP Unit; and (c) have the additional
voting rights that are expressly set forth below. So long as any LTIP Units remain outstanding, the Partnership shall not, without the affirmative vote of the holders of at least a majority of the LTIP Units outstanding at the time, given in person
or by proxy, either in writing or at a meeting (voting separately as a class), amend, alter or repeal, whether by merger, consolidation or otherwise, the provisions of this Agreement applicable to LTIP Units so as to materially and adversely affect
any right, privilege or voting power of the LTIP Units or the LTIP Unitholders as such, unless such amendment, alteration, or repeal affects equally, ratably and proportionately the rights, privileges and voting powers of the holders of Common
Partnership Units; but subject, in any event, to the following provisions: 
 (a) With respect to any Unit Transaction, so
long as the LTIP Units are treated in accordance with Section 7.7(f) hereof, the consummation of such Unit Transaction shall not be deemed to materially and adversely affect such rights, preferences, privileges or voting powers of the
LTIP Units or the LTIP Unitholders as such; and 
 (b) Any creation or issuance of any Partnership Units or of any class or
series of Partnership Interest including without limitation additional Common Partnership Units, LTIP Units or Preferred Partnership Units, whether ranking senior to, junior to, or on a parity with the LTIP Units with respect to distributions and
the distribution of assets upon liquidation, dissolution or winding up, shall not be deemed to materially and adversely affect such rights, preferences, privileges or voting powers of the LTIP Units or the LTIP Unitholders as such. 

The foregoing voting provisions will not apply if, at or prior to the time when the act with respect to which such vote would
otherwise be required will be effected, all outstanding LTIP Units shall have been converted into Common Partnership Units. 

  
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 ARTICLE VIII 

DISTRIBUTIONS AND PAYMENTS TO PARTNERS 

Section 8.1 DISTRIBUTIONS OF CASH FLOW. 

(a) The General Partner shall cause the Partnership to distribute on a quarterly basis such portion of the Cash Flow of the
Partnership as the General Partner shall determine in its sole discretion. Except as provided in Section 10.4, such distributions shall be made to the Partners who are Partners on the applicable record date as follows: 

first, to the holders of the Preferred Partnership Units, an amount equal to the unpaid portion of the Preferred Return due to the
holders of the Preferred Partnership Units on the applicable Partnership Record Date, as determined pursuant to the applicable exhibit hereto setting forth the terms of such Preferred Partnership Units; 

second, to all Partners who are Partners on the applicable Partnership Record Date and who beneficially own Common Partnership Units, in
accordance with their respective Common Percentage Interests; 
 provided, however, if for any Common Partnership Unit
Distribution Period, a Newly Issued Common Partnership Unit is outstanding on the Partnership Record Date for such period, there shall not be distributed in respect of such Newly Issued Common Partnership Unit the amount (the “Full
Distribution Amount”) that would otherwise be distributed in respect of such Partnership Unit in accordance with its respective Common Percentage Interest, but rather, the General Partner shall cause to be distributed with respect to
each such Newly Issued Common Partnership Unit an amount equal to the Full Distribution Amount multiplied by a fraction, the numerator of which equals the number of days such Newly Issued Common Partnership Unit has been outstanding during the
Common Partnership Unit Distribution Period and the denominator of which equals the total number of days in such Common Partnership Unit Distribution Period. 

Any Cash Flow not distributed to the holders of Partnership Units by operation of this provision shall be retained by the Partnership and
applied toward future distributions or payment of Partnership expenses. 
 (b) In no event may a Partner receive a
distribution of Cash Flow with respect to a Partnership Unit if such Partner is entitled to receive a dividend out of 

  
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the Company’s share of such Cash Flow with respect to a REIT Share for which all or part of such Partnership Unit has been exchanged. 

(c) If the Partnership issues additional Partnership Units pursuant to the provisions of this Agreement, the General Partner is
hereby authorized to make such revisions to this Article VIII as it determines are necessary or desirable to reflect the issuance of such additional Partnership Units, including without limitation, making preferential distributions to certain
classes of Partnership Units. 
 Section 8.2 REIT DISTRIBUTION REQUIREMENTS. Unless the General Partner determines that such a
distribution would not be in the best interests of the Partnership, the General Partner shall cause the Partnership to distribute sufficient amounts to enable the Company (i) to meet its distribution requirement for qualification as a REIT as
set forth in Section 857(a)(1) of the Code, and (ii) to avoid the excise tax imposed by Section 4981 of the Code. 

Section 8.3 NO RIGHT TO DISTRIBUTIONS IN KIND. No Partner shall be entitled to demand property other than cash in connection with
any distribution by the Partnership. 
 Section 8.4 DISPOSITION PROCEEDS. Disposition Proceeds (less reasonable reserves set
aside by the General Partner for reasonably anticipated expenses or needs of the Partnership) shall be distributed to the holders of Common Partnership Interests in accordance with their respective Common Percentage Interests in the Partnership.

 Section 8.5 WITHDRAWALS. No Partner shall be entitled to make withdrawals from its Capital Account, or withdraw as a Limited
Partner, except as expressly provided herein. 
 Section 8.6 AMOUNTS WITHHELD. 

(a) Notwithstanding any other provision of this Agreement, the General Partner is authorized to take any action that it
determines to be necessary or appropriate to cause the Partnership to comply with any withholding requirements established under the Code or any other federal, state or local law including, without limitation, pursuant to Sections 1441, 1442, 1445
and 1446 of the Code. To the extent that the Partnership is required to withhold and pay over to any taxing authority any amount resulting from the allocation or distribution of income to any Partner or assignee (including by reason of
Section 1446 of the Code), either (i) if the actual amount to be distributed to the Partner equals or exceeds the amount required to be withheld by the Partnership, the amount withheld shall be treated as a distribution of cash in the
amount of such 

  
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withholding to such Partner, or (ii) if the actual amount to be distributed to the Partner is less than the amount required to be withheld by the Partnership, the actual amount shall be
treated as a distribution of cash in the amount of such withholding and the additional amount required to be withheld shall be treated as a loan (a “Partnership Loan”) from the Partnership to the Partner on the day the
Partnership pays over such amount to a taxing authority. A Partnership Loan shall be repaid through withholding by the Partnership with respect to subsequent distributions to the applicable Partner or assignee. If a Limited Partner (a
“Defaulting Limited Partner”) fails to pay any amount owed to the Partnership with respect to the Partnership Loan within fifteen (15) days after demand for payment thereof is made by the Partnership on the Limited
Partner, the General Partner, in its sole and absolute discretion, may elect to make the payment to the Partnership on behalf of such Defaulting Limited Partner. In such event, on the date of payment, the General Partner shall be deemed to have
extended a loan (a “General Partner Loan”) to the Defaulting Limited Partner in the amount of the payment made by the General Partner and shall succeed to all rights and remedies of the Partnership against the Defaulting
Limited Partner as to that amount. Without limitation, the General Partner shall have the right to receive any distributions that otherwise would be made by the Partnership to the Defaulting Limited Partner until such time as the General Partner
Loan has been paid in full, and any such distributions so received by the General Partner shall be treated as having been received by the Defaulting Limited Partner and immediately paid to the General Partner. 

Any amounts treated as a Partnership Loan or a General Partner Loan pursuant to this Section 8.6(a) shall bear interest at the
lesser of (i) the base rate on corporate loans at large United States money center commercial banks, as published from time to time in The Wall Street Journal, or (ii) the maximum lawful rate of interest on such obligation, such interest
to accrue from the date the Partnership or the General Partner, as applicable, is deemed to extend the loan until such loan is repaid in full. 

(b) All amounts withheld pursuant to the Code or any provisions of any state or local tax law and Section 8.6(a)
with respect to any allocation, payment or distribution to any Partner shall be treated as amounts paid or distributed to such Partner pursuant to Section 8.1 hereof for all purposes under this Agreement. 

ARTICLE IX 
 TRANSFERS
OF INTERESTS 
 Section 9.1 GENERAL PARTNER. 

(a) Other than to an Affiliate of the General Partner, the General Partner may not transfer any of its General Partnership
Interest or withdraw as General Partner except (i) the General Partner may grant a security interest in or pledge its General Partnership Interest in the Partnership to secure debt for borrowed money, or any guaranty thereof, now existing or
hereinafter incurred, (ii) as provided in Section 9.1(b) or (iii) in connection with a transaction described in Section 9.1(c). 

  
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 (b) Except as otherwise provided in Section 6.7 or
Section 9.1(c), the General Partner, the Company or their Subsidiaries shall not engage in any merger, consolidation or other combination with or into another Person or in any sale of all or substantially all of its assets, or any
reclassification, or recapitalization or change of outstanding REIT Common Shares (other than a change in par value, or from par value to no par value, or as a result of a subdivision or combination as described in the definition of “Conversion
Factor”) (each of the foregoing being herein referred to as a “Transaction”), unless the Transaction also includes a merger of the Partnership or sale of substantially all of the assets of the Partnership or other
transaction as a result of which all Limited Partners will receive for each Common Partnership Unit an amount of cash, securities or other property equal to the product of the Conversion Factor and the greatest amount of cash, securities or other
property paid to a holder of one REIT Common Share in consideration of one REIT Common Share as a result of the Transaction; provided, however, that if, in connection with the Transaction, a purchase, tender or exchange offer shall have been made to
and accepted by the holders of more than fifty percent (50%) of the outstanding REIT Common Shares, the holders of Common Partnership Units shall receive the greatest amount of cash, securities or other property which a Limited Partner would
have received had it exercised the Redemption Right and the General Partner at the direction of the Company had exercised its election to satisfy the Redemption Right by the issuance of REIT Common Shares immediately prior to the expiration of such
purchase, tender or exchange offer. 
 (c) Notwithstanding Section 9.1(b), the General Partner, the Company or
their Subsidiaries may merge into or consolidate with another entity if immediately after such merger or consolidation (i) substantially all of the assets of the successor or surviving entity (the “Surviving Partner”),
other than Partnership Units held by the General Partner, the Company or their Subsidiaries, are contributed to the Partnership as a Capital Contribution in exchange for Partnership Units with a fair market value equal to the value of the assets so
contributed as determined by the Surviving Partner in good faith and (ii) the Surviving Partner or one of its Subsidiaries expressly agrees to assume all obligations of the General Partner hereunder. Upon such contribution and assumption, the
Surviving Partner shall have the right and duty to amend this Agreement as set forth in this Section 9.1(c). The Surviving Partner shall in good faith arrive at a new method for the calculation of the Cash Amount and Conversion Factor
for a Common Partnership Unit after any such merger or consolidation so as to approximate the existing method for such calculation as closely as reasonably possible. Such calculation shall take into account, among other things, the kind and amount
of securities, cash and other property that was receivable upon such merger or consolidation by a holder of REIT Shares or options, warrants or other rights relating thereto, and which a holder of Common Partnership Units could have acquired had
such Common Partnership Units been redeemed immediately prior to such merger or consolidation. Such amendment to this Agreement shall provide for adjustment to such method of calculation, which shall be as nearly equivalent as may be practicable to
the adjustments provided for 

  
 45 

 
with respect to the Conversion Factor. The above provisions of this Section 9.1(c) shall similarly apply to successive mergers or consolidations permitted hereunder. 

Section 9.2 ADMISSION OF A SUBSTITUTE OR ADDITIONAL GENERAL PARTNER. A Person shall be admitted as a Substitute or Additional
General Partner of the Partnership only if the transaction giving rise to such substitution or admission is otherwise permitted under this Agreement and the following terms and conditions are satisfied: 

(a) the Person to be admitted as a Substitute or Additional General Partner shall have accepted and agreed to be bound by all
the terms and provisions of this Agreement by executing a counterpart thereof and such other documents or instruments as may be required or appropriate in order to effect the admission of such Person as a General Partner, and a certificate
evidencing the admission of such Person as a General Partner shall have been filed for recordation and all other actions required by the Act in connection with such admission shall have been performed; 

(b) if the Person to be admitted as a Substitute or Additional General Partner is a corporation or a partnership, it shall have
provided the Partnership with evidence satisfactory to counsel for the Partnership of such Person’s authority to become a General Partner and to be bound by the terms and provisions of this Agreement; and 

(c) counsel for the Partnership shall have rendered an opinion (relying on such opinions from counsel of the state or any other
jurisdiction as may be necessary) that the admission of the Person to be admitted as a Substitute or Additional General Partner is in conformity with the Act and that none of the actions taken in connection with the admission of such Person as a
Substitute or Additional General Partner will cause the termination of the Partnership under Section 708 of the Code, or will cause it to be classified as other than a partnership for federal income tax purposes, or will result in the loss of
any Limited Partner’s limited liability status. 
 Section 9.3 EFFECT OF BANKRUPTCY, WITHDRAWAL, DEATH OR DISSOLUTION OF A
GENERAL PARTNER. 
 (a) Upon the occurrence of an Event of Bankruptcy as to a General Partner (and its automatic removal
pursuant to Section 9.4(a) hereof) or the withdrawal or dissolution of a General Partner (except that, if a General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to or
removal of a partner in such partnership shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is continued within ninety (90) days by the remaining general partners or all remaining members of
such partnership), the Partnership shall be dissolved and terminated unless the Partnership is continued pursuant to Section 9.3(b). 

  
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 (b) Following the occurrence of an Event of Bankruptcy as to a General Partner or
the withdrawal or dissolution of a General Partner (except that, if a General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to or removal of a partner in such partnership shall be
deemed not be a dissolution of such General Partner if the business of such General Partner is continued within ninety (90) days by all remaining general partners or all remaining members of such partnership), persons holding at least a
majority of the Limited Partnership interests, within ninety (90) days after such occurrence, may elect to continue the business of the Partnership for the balance of the term specified in Section 3.2 by selecting, subject to
Section 9.2 and any other applicable provisions of this Agreement, a Substitute General Partner by majority consent of the Limited Partners. If the Limited Partners elect to reconstitute the Partnership and admit a Substitute General
Partner, the relationship between the Partners and any Person who has acquired an interest of a Partner in the Partnership shall be governed by this Agreement. 

Section 9.4 REMOVAL OF A GENERAL PARTNER. 

(a) Upon the occurrence of an Event of Bankruptcy as to, or the dissolution of, a General Partner, such General Partner shall
be deemed to be removed automatically; provided, however, that if a General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to or removal of a partner in such partnership shall be
deemed not to be a dissolution of the General Partner if the business of such General Partner is continued within ninety (90) days by the remaining general partners or all remaining members of such Partnership. 

(b) If a General Partner has been removed pursuant to this Section 9.4(a) and the Partnership is not continued
pursuant to Section 9.3(b), the partnership shall be dissolved. 
 (c) A General Partner may not be removed by
the Limited Partners with or without cause. 
 Section 9.5 RESTRICTIONS ON TRANSFER OF LIMITED PARTNERSHIP INTERESTS. 

(a) Except as otherwise provided in this Article IX, no Limited Partner may offer, sell, assign, hypothecate, pledge or
otherwise transfer its Limited Partnership Interest, in whole or in part, whether voluntarily or by operation of law or at judicial sale or otherwise (collectively, a “Transfer”), without the written consent of the General
Partner, which consent may be withheld in the sole and absolute discretion of the General Partner. The General Partner may require, as a condition of any Transfer, that the transferor assume all costs incurred by the Partnership in connection
therewith. The General Partner consents to the following Transfers of Common Partnership Units on the Effective Date: (i) by 

  
 47 

 
Ashford Hospitality Limited Partnership to it limited partners, (ii) by Ashford OP Limited Partner LLC to Ashford Hospitality Trust, Inc., (iii) by Ashford Hospitality Trust, Inc. to
the Company and (iv) by the Company to Ashford Prime OP Limited Partner LLC. 
 (b) No Limited Partner may effect a
Transfer of its Limited Partnership Interest if, (i) in the opinion of legal counsel for the Partnership, such proposed Transfer would require the registration of the Limited Partnership Interest under the Securities Act of 1933, as amended, or
would otherwise violate any applicable federal or state securities or “Blue Sky” law (including investment suitability standards) or (ii) the assignee is not an Accredited Investor within the meaning of Rule 501 of the Securities Act
of 1933, as amended. 
 (c) No Transfer by a Limited Partner of its Partnership Units may be made to any Person if
(i) in the opinion of legal counsel for the Partnership, the Transfer would result in the Partnership’s being treated as an association taxable as a corporation (other than a qualified REIT subsidiary within the meaning of
Section 856(i) of the Code), (ii) such transfer is effectuated through an “established securities market” or a “secondary market” (or the substantial equivalent thereof) within the meaning of Section 7704 of the
Code, (iii) the Transfer would create a risk that the Company would not be taxed as a REIT for federal income tax purposes or (iv) assuming the Partnership Units subject to the Transfer were redeemed for REIT Shares, the redemption would
create a risk that the Company would not be taxed as a REIT for federal income tax purposes. 
 (d) Subject to the other
provisions of this Section 9, Section 9.5(a) shall not prevent any donative Transfer by an individual Limited Partner to his immediate family members or any trust in which the individual or his immediate family members own,
collectively, one hundred percent (100%) of the beneficial interests, provided that the transferor assumes all costs of the Partnership in connection therewith and any such transferee shall not have the rights of a Substitute Limited Partner
(unless and until admitted as a Substitute Limited Partner pursuant to this Section 9.5 and Section 9.6 of this Agreement). 

(e) Any Transfer in contravention of any of the provisions of this Article IX shall be void and ineffectual and shall
not be binding upon, or recognized by, the Partnership. 
 Except as required by operation of law Transfers of Partnership Interests and
Partnership Units shall be made on the books of the Partnership, and in the case of certificated Partnership Interests and Partnership Units, only by the person named in the certificate or by such person’s attorney lawfully constituted in
writing and upon the surrender of the certificate therefor, properly endorsed; or, in the case of uncertificated Partnership Interests and Partnership Units, upon receipt of proper transfer instructions from the registered holder of the Partnership
Interests and Partnership Units and upon compliance with the other provisions of this Article IX. 

  
 48 

 Section 9.6 ADMISSION OF SUBSTITUTE LIMITED PARTNER. 

(a) Subject to the other provisions of this Article IX (including, without limitation, the provisions of
Section 9.5(a) regarding consent of the General Partner), an assignee of the Limited Partnership Interest of a Limited Partner (including, without limitation, any purchaser, transferee, donee, or other recipient of any disposition of
such Limited Partnership Interest) shall be deemed admitted as a Limited Partner of the Partnership only upon the satisfactory completion of the following: 

(i) the assignee has obtained the prior written consent of the General Partner as to its admission as a Substitute Limited
Partner, which consent may be given or denied in the exercise of the General Partner’s sole and absolute discretion; provided, however, that this Section 9.6(a)(i) shall not apply in the case of assignee resulting from a Transfer by
a Limited Partner that was a partner as of the date of this Agreement to any of its partners; 
 (ii) the assignee shall have
accepted and agreed to be bound by the terms and provisions of this Agreement by executing a counterpart or an amendment thereof, including a revised Exhibit A, and such other documents or instruments as the General Partner may require in
order to effect the admission of such Person as a Limited Partner; 
 (iii) to the extent required, an amended certificate of
limited partnership evidencing the admission of such Person as a Limited Partner shall have been signed, acknowledged and filed for record in accordance with the Act; 

(iv) the assignee shall have delivered a letter containing the representation and warranty set forth in
Section 9.12 and the agreement set forth in Section 9.12; 
 (v) if the assignee is a corporation,
partnership or trust, the assignee shall have provided the General Partner with evidence satisfactory to counsel for the Partnership of the assignee’s authority to become a Limited Partner under the terms and provisions of this Agreement; 

(vi) the assignee shall have executed a power of attorney containing the terms and provisions set forth in Article XII;
and 
 (vii) the assignee shall have paid all reasonable legal fees of the Partnership and the General Partner and all filing
and publication costs incurred in connection with its substitution as a Limited Partner. 
 (b) Notwithstanding the foregoing
provisions of this Section 9.6(a), any assignee of Ashford Hospitality Limited Partnership on the Effective Date 

  
 49 

 
shall be admitted to the Partnership as a Limited Partner and be bound by the terms of this Agreement pursuant to Act § 17-101-(12)a.(ii) without any written execution by such assignee
if such assignee does not object to such admittance in writing to the General Partner within 30 days of being notified by the General Partner of such assignment and upon such objection shall continue to be an assignee for purposes of this Agreement
and the Act. 
 (c) For the purpose of allocating profits and losses and distributing cash received by the Partnership, a
Substitute Limited Partner shall be treated as having become, and appearing in the records of the Partnership as, a Partner upon the filing of the certificate described in Section 9.6(a)(ii) or, if no such filing is required, the later
of the date specified in the transfer documents, or the date on which the General Partner has received all necessary instruments of transfer and substitution. 

(d) The General Partner shall as promptly as practicable take all action required to effectuate the admission of the Person
seeking to become a Substitute Limited Partner, including preparing the documentation required by this Section 9.6 and making all official filings and publications. 

Section 9.7 RIGHTS OF ASSIGNEES OF PARTNERSHIP INTERESTS. 

(a) Subject to the provisions of Sections 9.5 and 9.6 hereof, except as required by operation of law, the
Partnership shall not be obligated for any purposes whatsoever to recognize the assignment by any Limited Partner of his Partnership Interest until the Partnership has received notice thereof. If the General Partner, in its sole and absolute
discretion, does not consent (subject to the proviso in Section 9.6(a)(i)) to the admission of any transferee of any Partnership Interest as a Substitute Limited Partner in connection with a Transfer permitted by Section 9.5,
such transferee shall be considered an assignee for the purposes of this Agreement. An assignee shall be entitled to all the rights of an assignee of a limited partnership interest under the Act, including the right to receive distributions
attributable to the Partnership Units assigned, but such assignee shall not be entitled to effect a consent or vote on any matter presented to the Limited Partners for approval or, except as waived by the General Partner, effect a Redemption Right
with respect to such Partnership Units (such right to consent or vote or effect a Redemption Right, to the extent provided in this Agreement or under the Act, fully remaining with the transferor Limited Partner). 

(b) Any Person who is the assignee of all or any portion of a Limited Partner’s Limited Partnership Interest, but does not
become a Substitute Limited Partner and desires to make a further assignment of such Limited Partnership Interest, shall be subject to all of the provisions of this Article IX to the same extent and in the same manner as any Limited Partner
desiring to make an assignment of its Limited Partnership Interest. 

  
 50 

 Section 9.8 EFFECT OF BANKRUPTCY, DEATH, INCOMPETENCE OR TERMINATION OF A LIMITED
PARTNER. The occurrence of an Event of Bankruptcy as to a Limited Partner, the death of a Limited Partner or a final adjudication that a Limited Partner is incompetent (which term shall include, but not be limited to, insanity) shall not cause
the termination or dissolution of the Partnership, and the business of the Partnership shall continue. If an order for relief in a bankruptcy proceeding is entered against an individual Limited Partner, the trustee or receiver of his estate or, if
he dies, his executor, administrator or trustee, or, if he is finally adjudicated incompetent, his committee, guardian or conservator, shall have the rights of such Limited Partner for the purpose of settling or managing his estate property and such
power as the bankrupt, deceased or incompetent Limited Partner possessed to assign all or any part of his Partnership Interest and to join with the assignee in satisfying conditions precedent to the admission of the assignee as a Substitute Limited
Partner. 
 Section 9.9 JOINT OWNERSHIP OF INTERESTS. A Partnership Interest may be acquired by two (2) individuals as
joint tenants with right of survivorship (but not as tenants in common), provided that such individuals either are married or are related and share the same home as tenants in common. The written consent or vote of both owners of any such jointly
held Partnership Interest shall be required to constitute the action of the owners of such Partnership Interest; provided, however, that the written consent of only one (1) joint owner will be required if the Partnership has been provided with
evidence satisfactory to counsel for the Partnership that the actions of a single joint owner can bind both owners under the applicable laws of the state of residence of such joint owners. Upon the death of one (1) owner of a Partnership
Interest held in a joint tenancy with a right of survivorship, the Partnership Interest shall become owned solely by the survivor as a Limited Partner and not as an assignee. The Partnership need not recognize the death of one (1) of the owners
of a jointly held Partnership Interest until it shall have received notice of such death. Upon notice to the General Partner from either owner that the tenancy satisfying the first sentence of this Section 9.9 has been destroyed, the
General Partner shall cause the Partnership Interest to be divided into two (2) equal Partnership Interests, which shall thereafter be owned separately by each of the former owners. 

Section 9.10 TRANSFEREES. Any Partnership Interests owned by the Partners and transferred pursuant to this Article IX shall
be and remain subject to all of the provisions of this Agreement. 
 Section 9.11 ABSOLUTE RESTRICTION. Notwithstanding any
provision of this Agreement to the contrary, unless waived in writing by the General Partner, the sale or exchange of any interest in the Partnership will not be permitted if the interest sought to be sold or exchanged, when added to the total of
all other interests sold or exchanged within the period of twelve (12) consecutive months ending with the proposed date of the sale or exchange, would result in the termination of the Partnership under Section 708 of the Code, if such
termination would materially and adversely affect the Partnership or any Partner. 

  
 51 

 Section 9.12 INVESTMENT REPRESENTATION. Each Limited Partner hereby represents and
warrants to the General Partner and to the Partnership that the acquisition of his Partnership Interest is made as a principal for his account for investment purposes only and not with a view to the resale or distribution of such Partnership
Interest. Each Limited Partner agrees that he will not sell, assign or otherwise transfer his Partnership Interest or any fraction thereof, whether voluntarily or by operation of law or at judicial sale or otherwise, to any Person who does not
similarly represent and warrant and similarly agree not to sell, assign or transfer such Partnership Interest or fraction thereof to any Person who does not similarly represent, warrant and agree. 

Section 9.13 CERTIFICATES. Partnership Interest and Partnership Unit ownership in the Partnership shall be maintained in the books
and records of the Partnership, set forth on Exhibit A, as amended from time to time, and shall not be certificated, except that at the request of any Partner its Partnership Interest and Partnership Unit shall also be evidenced by a
certificate in the form and substance of Exhibit F hereto with such legends, notations and endorsements, if any, as determined by the General Partner in its sole discretion. Any certificates issued representing Partnership Interests and
Partnership Units shall be issued in consecutive order, shall be identified by the class of the Partnership Interest and shall be numbered in the order of their issue and shall be signed by, or in the name of, the Partnership by or on behalf of the
General Partner. The General Partner shall note on Exhibit A as to any Partnership Interests and Partnership Units evidenced by a certificate the certificate number thereof. If any certificate representing Partnership Interests and
Partnership Units is subject to any loss, theft, destruction or mutilation, the Partnership may issue to the holder a new certificate or certificates for such Partnership Interests and Partnership Units, upon the surrender of the mutilated
certificate or, in the case of loss, theft or destruction of the certificate, upon satisfactory proof of such loss, theft or destruction; provided that the General Partner may, in its discretion, require the owner of the lost, stolen or destroyed
certificate, or such person’s legal representative, to give the Partnership a bond in such sum and with such surety or sureties as it may direct to indemnify the Partnership and the General Partner against any claim that may be made on account
of the alleged loss, theft, destruction or mutilation of any such certificate or the issuance of such new certificate. Partnership Interests and Partnership Units shall be securities governed by (and for purposes of) Article 8 of the Uniform
Commercial Code. 
 ARTICLE X 

TERMINATION OF THE PARTNERSHIP 

Section 10.1 TERMINATION. The Partnership shall be dissolved upon (i) an Event of Bankruptcy as to the General Partner or the
dissolution or withdrawal of the General Partner (unless within ninety (90) days thereafter Limited Partners holding more than fifty percent (50%) of the Limited Partnership Interests in the Partnership elect to continue the Partnership
and to elect one or more persons to serve as the General Partner or General Partners of the Partnership), (ii) ninety (90) days following the sale of all or substantially all of the Partnership’s assets (provided that if the
Partnership receives an installment obligation as consideration for such sale or other disposition, the Partnership 

  
 52 

 
shall continue, unless sooner dissolved under the provisions of this Agreement, until such time as such obligation is paid in full), (iii) the expiration of the term specified in
Section 3.2, (iv) the redemption of all Limited Partnership Interests (other than any of such interests held by the General Partner or Ashford Prime OP Limited Partner LLC), or (v) the election by the General Partner (but only
in accordance with and as permitted by applicable law) that the Partnership should be dissolved. Upon dissolution of the Partnership (unless the business of the Partnership is continued as set forth above), the General Partner (or its trustee,
receiver, successor or legal representative) shall proceed with the winding up of the Partnership, and its assets shall be applied and distributed as herein provided. 

Section 10.2 PAYMENT OF DEBTS. The assets shall first be applied to the payment of the liabilities of the Partnership (other than
any loans or advances that may have been made by Partners to the Partnership) and the expenses of liquidation. A reasonable time shall be allowed for the orderly liquidation of the assets of the Partnership and the discharge of liabilities to
creditors so as to enable the General Partner to minimize any losses resulting from liquidation. 
 Section 10.3 DEBTS TO
PARTNERS. The remaining assets shall next be applied to the repayment of any loans made by any Partner to the Partnership. 

Section 10.4 REMAINING DISTRIBUTION. 

(a) The remaining assets shall then be distributed first, to the holders of the Preferred Partnership Units as provided in the
exhibit hereto setting forth the terms of such Preferred Partnership Units, and second, to the holders of the Common Partnership Units in accordance with their positive Capital Account balances, determined after taking into account all Capital
Account adjustments for all prior periods and the Partnership taxable year during which the liquidation occurs. 
 (b) If the
Partnership is liquidated within the meaning of Section 1.704-1(b)(2)(ii)(g), distributions shall be made pursuant to Section 10.4(a) in compliance with Section 1.704-1(b)(2)(ii)(b)(2) of the Treasury Regulations. In the
discretion of the General Partner, a pro rata portion of the distributions that would otherwise be made to the Partners pursuant to Section 10.4(a) may be: 

(i) distributed to a trust established for the benefit of the Partners for the purposes of liquidating Partnership assets,
collecting amounts owed to the Partnership, and paying any contingent or unforeseen liabilities or obligations of the Partnership or the Partners arising out of or in connection with the Partnership. The assets of any such trust shall be distributed
to the Partners from time to time, in the reasonable discretion of the General Partner, in the same proportions as the amount distributed to such trust by the Partnership would otherwise have been distributed to the Partners pursuant to
Section 10.4(a); or 

  
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 (ii) withheld to provide a reasonable reserve for Partnership liabilities
(contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Partnership, provided that such withheld amounts shall be distributed to the Partners as soon as practicable. 

(c) Notwithstanding any other provisions of this Article X, if the Partnership is liquidated within the meaning of
Section 1.704-1(b)(2)(ii)(g) of the Treasury Regulations but no event resulting in the termination of the Partnership pursuant to Section 10.1 has occurred, the Property shall not be liquidated, the Partnership’s liabilities
shall not be paid or discharged, and the Partnership’s affairs shall not be wound up. Instead, solely for federal income tax purposes, the Partnership shall be deemed to have contributed all its Property and liabilities to a new partnership in
exchange for an interest in such new partnership and, immediately thereafter, the Partnership will be deemed to liquidate by distributing interests in the new partnership to the Partners. 

Section 10.5 RESERVE. Notwithstanding the provisions of Sections 10.3 and 10.4, the General Partner may retain such
amount as it deems necessary as a reserve for any contingent liabilities or obligations of the Partnership, which reserve, after the passage of a reasonable period of time, shall be distributed pursuant to the provisions of this Article X.

 Section 10.6 FINAL ACCOUNTING. Each of the Partners shall be furnished with a statement examined by the Partnership’s
independent accountants, which shall set forth the assets and liabilities of the Partnership as of the date of the complete liquidation. Upon the compliance by the General Partner with the foregoing distribution plan, the Limited Partners shall
cease to be such, and the General Partner, as the sole remaining Partner of the Partnership, shall execute and cause to be filed a Certificate of Cancellation of the Partnership and any and all other documents necessary with respect to termination
and cancellation of the Partnership. 
 ARTICLE XI 

AMENDMENTS 

Section 11.1 AUTHORITY TO AMEND. 

(a) This Agreement may be amended by the General Partner without the approval of any other Partner if such amendment
(i) is solely for the purpose of clarification or is of an inconsequential nature and (ii) does not change the substance hereof and the Partnership has obtained an opinion of counsel to that effect. 

(b) This Agreement may be amended by the General Partner without the approval of any other Partner if such amendment is to
reflect the admission, substitution or withdrawal of Limited Partners; to reflect the issuance of 

  
 54 

 
additional Partnership Interests or to amend the calculation of the Cash Amount and the Conversion Factor pursuant to a transaction described in Section 9.1(c). 

(c) This Agreement may be amended by the General Partner without the approval of any other Partner if such amendment is, in the
opinion of counsel for the Partnership, necessary or appropriate to satisfy requirements of the Code with respect to partnerships or REITs or of any federal or state securities laws or regulations. Any amendment made pursuant to this
Section 11.1(c) may be made effective as of the date of this Agreement. 
 (d) Notwithstanding any contrary
provision of this Agreement, any amendment to this Agreement or other act which would (i) adversely affect the limited liabilities of the Limited Partners, (ii) impose on the Limited Partners any obligation to make additional Capital
Contributions to the Partnership, (iii) except as provided in Section 11.1(b), change the method of allocation of profit and loss as provided in Article V or the distribution provisions of Articles VIII and X hereof,
(iv) seek to impose personal liability on the Limited Partners, or (v) affect the operation of the Conversion Factor of the Redemption Right shall require the consent and approval of Limited Partners holding more than sixty-six and
two-thirds percent (66 2/3%) of the Common Percentage Interests of the Limited Partners. 
 (e) Except as otherwise
specifically provided in this Section 11.1, amendments to this Agreement shall require the approval of the General Partner and Limited Partners holding more than fifty percent (50%) of the Common Percentage Interests of the Limited
Partners. 
 Section 11.2 NOTICE OF AMENDMENTS. A copy of any amendment to be approved by the Partners pursuant to
Sections 11.1(d) or 11.1(e) shall be mailed in advance to such Partners. Partners shall be notified as to the substance of any amendment pursuant to Sections 11.1(a), (b) or (c), and upon request shall be
furnished a copy thereof. 
 ARTICLE XII 

POWER OF ATTORNEY 

Section 12.1 POWER. Each of the Limited Partners irrevocably constitutes and appoints the General Partner as such Limited
Partner’s true and lawful attorney in such Limited Partner’s name, place and stead to make, execute, swear to, acknowledge, deliver and file: 

(a) Any certificates or other instruments which may be required to be filed by the Partnership under the laws of the State of
Delaware or of any other state or jurisdiction in which the General Partner shall deem it advisable to file; 
 (b) Any
documents, certificates or other instruments, including, but not limited to, (i) any and all amendments and modifications of this Agreement or of the instruments described in Section 12.1(a) which may be required or deemed

  
 55 

 
desirable by the General Partner to effectuate the provisions of any part of this Agreement, (ii) all instruments relating to the admission, withdrawal, removal or substitution of any
Partner, and (iii) by way of extension and not limitation, to do all such other things as shall be necessary to continue and to carry on the business of the Partnership; and 

(c) All documents, certificates or other instruments that may be required to effectuate the dissolution and termination of the
Partnership, to the extent such dissolution and termination is authorized hereby. The power of attorney granted hereby shall not constitute a waiver of, or be used to avoid, the rights of the Partners to approve certain amendments to this Agreement
pursuant to Sections 11.1(d) and 11.1(e) or be used in any other manner inconsistent with the status of the Partnership as a limited partnership or inconsistent with the provisions of this Agreement. Each such Limited Partner hereby
agrees to be bound by any representation made by the General Partner, acting in good faith pursuant to such power of attorney; and each such Limited Partner hereby waives any and all defenses which may be available to contest, negate or disaffirm
the action of the General Partner taken in good faith under such power of attorney. 
 Section 12.2 SURVIVAL OF POWER. It is
expressly intended by each of the Partners that the foregoing power of attorney is coupled with an interest, is irrevocable and shall survive the death, incompetence, dissolution, liquidation or adjudication of insanity or bankruptcy or insolvency
of each such Partner. The foregoing power of attorney shall survive the delivery of an assignment by any of the Partners of such Partner’s entire interest in the Partnership, except that where an assignee of such entire interest has become a
substitute Limited Partner, then the foregoing power of attorney of the assignor Partner shall survive the delivery of such assignment for the sole purpose of enabling the General Partner to execute, acknowledge and file any and all instruments
necessary to effectuate such substitution. 
 ARTICLE XIII 

CONSENTS, APPROVALS, VOTING AND MEETINGS 

Section 13.1 METHOD OF GIVING CONSENT OR APPROVAL. Any consent or approval required by this Agreement may be given as follows:

 (a) by a written consent given by the consenting Partner and received by the General Partner at or prior to the doing of
the act or thing for which the consent is solicited, provided that such consent shall not have been nullified by: 
 (i)
Notice to the General Partner of such nullification by the consenting Partner prior to the doing of any act or thing, the doing of which is not subject to approval at a meeting called pursuant to Section 13.2, or 

  
 56 

 (ii) Notice to the General Partner of such nullification by the consenting
Partner prior to the time of any meeting called pursuant to Section 13.2 to consider the doing of such act or thing, or 

(iii) The negative vote by such consenting Partner at any meeting called pursuant to Section 13.2 to consider the
doing of such act or thing; 
 (b) by the affirmative vote by the consenting Partner for the doing of the act or thing for
which the consent is solicited at any meeting called pursuant to Section 13.2 to consider the doing of such act or thing; or 

(c) by the failure of the Partner to respond or object to a request from the General Partner for such Partner’s consent
within thirty (30) days from its receipt of such request (or such shorter period of time as the General Partner may indicate in such request in order to ensure that the General Partner has sufficient time to respond, if required, to any third
party with respect to the subject matter of such request). 
 Section 13.2 MEETINGS OF LIMITED PARTNERS. Any matter requiring
the consent or vote of all or any of the Partners may be considered at a meeting of the Partners held not less than five (5) nor more than sixty (60) days after notice thereof shall have been given by the General Partner to all Partners.
Such notice (i) may be given by the General Partner, in its discretion, at any time, or (ii) shall be given by the General Partner within fifteen (15) days after receipt from Limited Partners holding more than fifty percent
(50%) of the Common Percentage Interests of the Limited Partners of a request for such meeting. 
 Section 13.3 OPINION.
Except for Consents obtained pursuant to Sections 13.1 or 13.2, no Limited Partner shall exercise any consent or voting rights unless either (a) at the time of the giving of consent or casting of any vote by the Partners
hereunder, counsel for the Partnership or counsel employed by the Limited Partners shall have delivered to the Partnership an opinion satisfactory to the Partners to the effect that such conduct (i) is permitted by the Act, (ii) will not
impair the limited liability of the Limited Partners, and (iii) will not adversely affect the classification of the Partnership as a partnership for federal income tax purposes, or (b) irrespective of the delivery or non-delivery of such
opinion of counsel, Limited Partners holding more than seventy-five percent (75%) of the Common Percentage Interests of the Limited Partners determine to exercise their consent or voting rights. 

Section 13.4 SUBMISSIONS TO PARTNERS. The General Partner shall give the Partners notice of any proposal or other matter required
by any provision of this Agreement, or by law, to be submitted for consideration and approval of the Partners. Such notice shall include any information required by the relevant provision or by law. 

  
 57 

 ARTICLE XIV 

MISCELLANEOUS 

Section 14.1 GOVERNING LAW. The Partnership and this Agreement shall be governed by and construed in accordance with the laws of
the State of Delaware. 
 Section 14.2 AGREEMENT FOR FURTHER EXECUTION. At any time or times upon the request of the General
Partner, the Limited Partners hereby agree to sign, swear to, acknowledge and deliver all further documents and certificates required by the laws of Delaware, or any other jurisdiction in which the Partnership does, or proposes to do, business, or
which may be reasonable, necessary, appropriate or desirable to carry out the provisions of this Agreement or the Act. This Section 14.2 shall not prejudice or affect the rights of the Limited Partners to approve certain amendments to
this Agreement pursuant to Sections 11.1(d) and 11.1(e). 
 Section 14.3 ENTIRE AGREEMENT. This Agreement and the
exhibits attached hereto contain the entire understanding among the parties and supersede any prior understandings or agreements among them respecting the within subject matter. There are no representations, agreements, arrangements or
understandings, oral or written, between or among the parties hereto relating to the subject matter of this Agreement which are not fully expressed herein. 

Section 14.4 SEVERABILITY. This Agreement is intended to be performed in accordance with, and only to the extent permitted by, all
applicable laws, ordinances, rules and regulations of the jurisdictions in which the Partnership does business. If any provision of this Agreement, or the application thereof to any person or circumstance, shall, for any reason and to any extent, be
invalid or unenforceable, the remainder of this Agreement and the application of such provision to other persons or circumstances shall not be affected thereby, but rather shall be enforced to the greatest extent permitted by law. 

Section 14.5 NOTICES. Notices to Partners or to the Partnership shall be deemed to have been given when personally delivered or
mailed, by prepaid registered or certified mail, addressed as set forth in Exhibit A attached hereto, unless a notice of change of address has previously been given in writing by the addressee to the addressor, in which case such notice shall
be addressed to the address set forth in such notice of change of address. 
 Section 14.6 TITLES AND CAPTIONS. All titles and
captions are for convenience only, do not form a substantive part of this Agreement, and shall not restrict or enlarge any substantive provisions of this Agreement. 

Section 14.7 COUNTERPARTS. This Agreement may be executed in multiple counterparts, each one of which shall constitute an original
executed copy of this Agreement. 

  
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 Section 14.8 PRONOUNS. All pronouns and any variations thereof shall be deemed to
refer to the masculine, feminine, neuter, singular or plural, as the identity of the person or persons may require. 
 Section 14.9
SURVIVAL OF RIGHTS. Subject to the provisions hereof limiting transfers, this Agreement shall be binding upon and inure to the benefit of the Partners and the Partnership and their respective legal representatives, successors, transferees and
assigns. 

  
 59 

 IN WITNESS WHEREOF, the parties have hereunto set their hands as of the day and year first above written. 

 

			
	GENERAL PARTNER:
	
	 Ashford Prime OP General Partner LLC,

a Delaware limited liability company

		
	By:	 	 /s/ David A. Brooks

		 	David A. Brooks, Vice President
	
	LIMITED PARTNER:
	
	 Ashford Prime OP Limited Partner LLC,

a Delaware limited liability company
 as a Limited Partner of
Ashford Hospitality Prime Limited Partnership

		
	By:	 	 /s/ David A. Brooks

		 	David A. Brooks, Vice President

 The undersigned has executed this Agreement not as a Partner of the Partnership but to agree to the provisions of
this Agreement imposing obligations on, granting rights to, the Company. 
  

			
	ASHFORD HOSPITALITY PRIME, INC.
		
	By:	 	 /s/ David A. Brooks

		 	David A. Brooks, Chief Operating Officer and
		 	General Counsel

 EXHIBIT A 

[Begins on Next Page] 

  
 Exhibit A 

 EXHIBIT A 

LIST OF PARTNERS AND CONTRIBUTED ASSETS 

Ashford Hospitality Prime 

as of November 19, 2013 
  

																							
	 	 	Contributed Asset	 	 	Cash
Contribution	 	Agreed
Value of
Contributed
Asset	 	Common
Partnership
Units	 	 	Common
Percentage
Interest	 	 	Preferred
Partnership
Units	 	Preferred
Percentage
Interest	 	Treasury
Stock
									
	 COMMON UNITS
	 				 		 		 				 				 		 		 	
									
	 Ashford Prime OP Limited Partner LLC
	 	 	Spin-off 11/19/13	  	 		 		 	 	16,113,112.0	  	 	 	64.7394	% 	 		 		 	
									
	 Ashford Hospitality Limited Partnership
(Partnership Unit Certificate No. C-001)
	 	 	Spin-off 11/19/13	  	 		 		 	 	4,977,853.1	  	 	 	20.0000	% 	 		 		 	
									
	 Dartmore General Partnership 
	 	 	Spin-off 11/19/13	  	 	None	 		 	 	551,205.6	  	 	 	2.2146	% 	 		 		 	
									
	 5820 General Partnership 
	 	 	Spin-off 11/19/13	  	 		 		 	 	551,205.6	  	 	 	2.2146	% 	 		 		 	
									
	 3 MB Associates 
	 	 	Spin-off 11/19/13	  	 		 		 	 	24,129.4	  	 	 	0.0969	% 	 		 		 	
									
	 Ashford Financial Corporation 
	 	 	Spin-off 11/19/13	  	 	None	 		 	 	205,000.0	  	 	 	0.8236	% 	 		 		 	
									
	 Helmut Horn 
	 	 	Spin-off 11/19/13	  	 		 		 	 	1,388.8	  	 	 	0.0056	% 	 		 		 	
	 Graham Hershman 
	 	 	Spin-off 11/19/13	  	 		 		 	 	1,045.2	  	 	 	0.0042	% 	 		 		 	
									
	 Emily Landau 
	 	 	Spin-off 11/19/13	  	 		 		 	 	23,507.0	  	 	 	0.0944	% 	 		 		 	
									
	 Martin Edelman 
	 	 	Spin-off 11/19/13	  	 	None	 		 	 	19,642.2	  	 	 	0.0789	% 	 		 		 	
									
	 FGT, L.P. 
	 	 	Spin-off 11/19/13	  	 	None	 		 	 	200,861.2	  	 	 	0.8070	% 	 		 		 	

  
 Page 1 

 EXHIBIT A 

LIST OF PARTNERS AND CONTRIBUTED ASSETS 

Ashford Hospitality Prime 

as of November 19, 2013 
  

																							
	 	 	Contributed Asset	 	 	Cash
Contribution	 	Agreed
Value of
Contributed
Asset	 	Common
Partnership
Units	 	 	Common
Percentage
Interest	 	 	Preferred
Partnership
Units	 	Preferred
Percentage
Interest	 	Treasury
Stock
									
	 Lawrence D. Barkman 
	 	 	Spin-off 11/19/13	  	 		 		 	 	8,240.0	  	 	 	0.0331	% 	 		 		 	
									
	 Arthur A. Birney 
	 	 	Spin-off 11/19/13	  	 		 		 	 	4,120.0	  	 	 	0.0166	% 	 		 		 	
									
	 Washington Brick & Terra Cotta Company, L.P., L.L 
	 	 	Spin-off 11/19/13	  	 		 		 	 	407,890.2	  	 	 	1.6388	% 	 		 		 	
									
	 Barbara Fleischman 
	 	 	Spin-off 11/19/13	  	 		 		 	 	13,178.8	  	 	 	0.0529	% 	 		 		 	
									
	 Laura Glassman 
	 	 	Spin-off 11/19/13	  	 		 		 	 	381.0	  	 	 	0.0015	% 	 		 		 	
									
	 Paul Glassman 
	 	 	Spin-off 11/19/13	  	 		 		 	 	381.0	  	 	 	0.0015	% 	 		 		 	
									
	 Kogod Family Holding Group LLC 
	 	 	Spin-off 11/19/13	  	 		 		 	 	69,788.2	  	 	 	0.2804	% 	 		 		 	
									
	 Arlene R. Kogod 
	 	 	Spin-off 11/19/13	  	 		 		 	 	32,124.0	  	 	 	0.1291	% 	 		 		 	
									
	 Lauren Sue Kogod 
	 	 	Spin-off 11/19/13	  	 		 		 	 	12,360.2	  	 	 	0.0497	% 	 		 		 	
									
	 Leslie Susan Kogod 
	 	 	Spin-off 11/19/13	  	 		 		 	 	12,360.2	  	 	 	0.0497	% 	 		 		 	

  
 Page 2 

 EXHIBIT A 

LIST OF PARTNERS AND CONTRIBUTED ASSETS 

Ashford Hospitality Prime 

as of November 19, 2013 
  

																							
	 	 	Contributed Asset	 	 	Cash
Contribution	 	Agreed
Value of
Contributed
Asset	 	Common
Partnership
Units	 	 	Common
Percentage
Interest	 	 	Preferred
Partnership
Units	 	Preferred
Percentage
Interest	 	Treasury
Stock
									
	 Robert P. Kogod 
	 	 	Spin-off 11/19/13	  	 		 		 	 	31,988.8	  	 	 	0.1285	% 	 		 		 	
									
	 Stuart Allan Kogod 
	 	 	Spin-off 11/19/13	  	 		 		 	 	12,360.2	  	 	 	0.0497	% 	 		 		 	
									
	 Clarice Smith Marital Deduction Trust 
	 	 	Spin-off 11/19/13	  	 		 		 	 	70,293.4	  	 	 	0.2824	% 	 		 		 	
									
	 MC II Associates 
	 	 	Spin-off 11/19/13	  	 		 		 	 	54,386.0	  	 	 	0.2185	% 	 		 		 	
									
	 Archie Bennett Jr.
	 	 	Spin-off 11/19/13	  	 		 		 	 	168,000.0	  	 	 	0.6750	% 	 		 		 	
									
	 Monty Bennett
	 	 	Spin-off 11/19/13	  	 		 		 	 	329,220.0	  	 	 	1.3227	% 	 		 		 	
									
	 David Kimichik
	 	 	Spin-off 11/19/13	  	 	None	 		 	 	154,157.6	  	 	 	0.6194	% 	 		 		 	
									
	 David Brooks
	 	 	Spin-off 11/19/13	  	 	None	 		 	 	282,387.0	  	 	 	1.1346	% 	 		 		 	
									
	 Mark Nunneley
	 	 	Spin-off 11/19/13	  	 	None	 		 	 	127,978.0	  	 	 	0.5142	% 	 		 		 	
									
	 Doug Kessler
	 	 	Spin-off 11/19/13	  	 		 		 	 	271,220.0	  	 	 	1.0897	% 	 		 		 	
									
	 Rob Hays
	 	 	Spin-off 11/19/13	  	 		 		 	 	59,000.0	  	 	 	0.2370	% 	 		 		 	
									
	 Pia Ackerman
	 	 	Spin-off 11/19/13	  	 		 		 	 	6,800.0	  	 	 	0.0273	% 	 		 		 	
									
	 Deric Eubanks
	 	 	Spin-off 11/19/13	  	 		 		 	 	24,000.0	  	 	 	0.0964	% 	 		 		 	
									
	 Jeremy Welter
	 	 	Spin-off 11/19/13	  	 		 		 	 	63,000.0	  	 	 	0.2531	% 	 		 		 	

  
 Page 3 

 EXHIBIT A 

LIST OF PARTNERS AND CONTRIBUTED ASSETS 

Ashford Hospitality Prime 

as of November 19, 2013 
  

																							
	 	 	Contributed Asset	 	 	Cash
Contribution	 	Agreed
Value of
Contributed
Asset	 	Common
Partnership
Units	 	 	Common
Percentage
Interest	 	 	Preferred
Partnership
Units	 	Preferred
Percentage
Interest	 	Treasury
Stock
	 Milissa Foshee
	 	 	Spin-off 11/19/13	  	 		 		 	 	1,400.0	  	 	 	0.0056	% 	 		 		 	
		 				 		 		 	 	—  	  	 				 		 		 	
	 Ben Ansell
	 	 	Spin-off 11/19/13	  	 		 		 	 	1,100.0	  	 	 	0.0044	% 	 		 		 	
		 				 		 		 	 	—  	  	 				 		 		 	
	 Kamal Jafarnia
	 	 	Spin-off 11/19/13	  	 		 		 	 	1,100.0	  	 	 	0.0044	% 	 		 		 	
		 				 		 		 	 	—  	  	 				 		 		 	
	 Michael Murphy
	 	 	Spin-off 11/19/13	  	 		 		 	 	1,100.0	  	 	 	0.0044	% 	 		 		 	
		 				 		 		 	  
	  
	 	 	  
	  
	 	 		 		 	
									
	 TOTAL UNITS
	 				 		 		 	 	24,889,264.7	  	 	 	100.0000	% 	 		 		 	
		 				 		 		 	  
	  
	 	 	  
	  
	 	 		 		 	

  
 Page 4 

 EXHIBIT B 

FEDERAL INCOME TAX MATTERS 
 For purposes
of interpreting and implementing Article V of the Partnership Agreement, the following rules shall apply and shall be treated as part of the terms of the Partnership Agreement: 

A. SPECIAL ALLOCATION PROVISIONS. 
 1. To the
extent an adjustment to the adjusted tax basis of any Partnership asset pursuant to Code Section 734(b) or Section 743(b) is required pursuant to Section 1.704-1(b)(2)(iv)(m)(2) or Section 1.704-1(b)(2)(iv)(m)(4) of the Treasury
Regulations to be taken into account in determining Capital Accounts as the result of a distribution to a Partner in complete liquidation of its Partnership Interest, the amount of such adjustment to the Capital Accounts shall be treated as an item
of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) and such gain or loss shall be specially allocated to the Partners in accordance with their interests in the Partnership if
Section 1.704-1(b)(2)(iv)(m)(2) of the Treasury Regulations applies, or to the Partnership to whom such distribution was made if Section 1.704-1(b)(2)(iv)(m)(4) of the Treasury Regulations applies. 

2. If a Partner transfers any part or all of its Partnership Interest or if Common Percentage Interests or Preferred Percentage Interests vary
during a taxable year of the Partnership, the General Partner, in its sole and absolute discretion, shall determine which method authorized under the Code (including Section 706 of the Code) and the Treasury Regulations shall be used to
allocate the distributive shares. 
 3. To the extent required by law, income, gain, loss and deduction attributable to property contributed
to the Partnership by a Partner shall be shared among the Partners so as to take into account any variation between the basis of the property and the fair market value of the property at the time of contribution in accordance with the requirements
of Section 704(c) of the Code and the applicable Treasury Regulations thereunder as more fully described in Part B hereof. Treasury Regulations under Section 704(c) of the Code allow partnerships to use any reasonable method for accounting
for Book-Tax Differences for contributions of property so that a contributing partner receives the tax benefits and burdens of any built-in gain or loss associated with contributed property. The Partnership shall account for Book-Tax Differences
using a method specifically approved in the Treasury Regulations, such as the traditional method. An allocation of remaining built-in gain under Section 704(c) will be made when Section 704(c) property is sold. 

4. If the Partnership is entitled to a deduction for interest imputed under any provision of the Code on any loan or advance from a Partner
(whether such interest is currently deducted, capitalized or amortized), such deduction shall be allocated solely to such Partner. 
 5. To
the extent any payments in the nature of fees made to a Partner or reimbursements of expenses to any Partner are finally determined by the Internal Revenue Service to be distributions to a Partner for federal income tax purposes, there will be a
gross income allocation to such Partner in the amount of such distribution. 

  
 Exhibit B – Page 1

 6. (a) Notwithstanding any provision of the Partnership Agreement to the contrary and
subject to the exceptions set forth in Section 1.704-2(f)(2)-(5) of the Treasury Regulations, if there is a net decrease in Partnership Minimum Gain during any Partnership fiscal year, each Partner shall be specially allocated items of
Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal to such Partner’s share of the net decrease in Partnership Minimum Gain determined in accordance with Section 1.704-2(g)(2) of the Treasury
Regulations. Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Partner pursuant thereto. The items to be so allocated shall be determined in accordance with
Section 1.704-2(f) of the Treasury Regulations. This paragraph 6(a) is intended to comply with the minimum gain chargeback requirement in such Section of the Treasury Regulations and shall be interpreted consistently therewith. To the
extent permitted by such Section of the Treasury Regulations and for purposes of this paragraph 6(a) only, each Partner’s Adjusted Capital Account Balance shall be determined prior to any other allocations pursuant to Article V of
the Partnership Agreement with respect to such fiscal year and without regard to any net decrease in Partner Minimum Gain during such fiscal year. 

(b) Notwithstanding any provision of the Partnership Agreement to the contrary, except paragraph 6(a) of this Exhibit B and
subject to the exceptions set forth in Section 1.704-2(i)(4) of the Treasury Regulations, if there is a net decrease in Partner Nonrecourse Debt Minimum Gain during any Partnership fiscal year, each Partner who has a share of the Partner
Nonrecourse Debt Minimum Gain, determined in accordance with Section 1.704-2(i)(3) of the Treasury Regulations, shall be specially allocated items of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount
equal to such Partner’s share of the net decrease in Partner Nonrecourse Debt Minimum Gain, determined in accordance with Section 1.704-2(i)(5) of the Treasury Regulations. Allocations pursuant to the previous sentence shall be made in
proportion to the respective amounts required to be allocated to each Partner pursuant thereto. The items to be so allocated shall be determined in accordance with Section 1.704-2(i)(4) of the Treasury Regulations. This paragraph 6(b) is
intended to comply with the minimum gain chargeback requirement in such Section of the Treasury Regulations and shall be interpreted consistently therewith. Solely for purposes of this paragraph 6(b), each Partner’s Adjusted Capital
Account Balance shall be determined prior to any other allocations pursuant to Article V of the Partnership Agreement with respect to such fiscal year, other than allocations pursuant to paragraph 6(a) hereof. 

7. If any Partners unexpectedly receive any adjustments, allocations or distributions described in Treasury Regulation
Section 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) or 1.704-1(b)(2)(ii)(d)(6), items of Partnership income and gain shall be specially allocated to such Partners in an amount and manner sufficient to eliminate the deficits in their
Adjusted Capital Account Balances created by such adjustments, allocations or distributions as quickly as possible, provided that an allocation pursuant to this paragraph 7 shall be made only if and to the extent that the Partner would
have a deficit balance in its Adjusted Capital Account Balance after all other allocations provided for Article V of the Partnership Agreement and this Exhibit B have been tentatively made as if this paragraph 7 were not in
this Exhibit B. 

  
 Exhibit B – Page 2

 8. No loss shall be allocated to any Partner to the extent that such allocation would result in a
deficit in its Adjusted Capital Account Balance while any other Partner continues to have a positive Adjusted Capital Account Balance; in such event, losses shall first be allocated to any Partners with positive Adjusted Capital Account Balances,
and in proportion to such balances, to the extent necessary to reduce their positive Adjusted Capital Account Balances to zero. Any excess shall be allocated to the General Partner. 

9. If any Partner has a deficit balance in its Adjusted Capital Account Balance at the end of any fiscal year or other period, such
Partner shall be specially allocated items of Partnership gross income and gain in the amount of such excess as quickly as possible; provided, however, that an allocation pursuant to this paragraph 9 shall be made only if and to the
extent that such Partner would have a deficit balance in its Adjusted Capital Account Balance after all other allocations provided in this Part A have been tentatively made as if paragraph 7 and this paragraph 9 were
not in this Exhibit B. 
 10. Any special allocations of items pursuant to this Part A shall be taken into account in
computing subsequent allocations so that the net amount of any items so allocated and the profits, losses and all other items allocated to each such Partner pursuant to Article V of the Partnership Agreement shall, to the extent
possible, be equal to the net amount that would have been allocated to each such Partner pursuant to the provisions of Article V of the Partnership Agreement if such special allocations had not occurred. 

11. Nonrecourse Deductions for any fiscal year or other period shall be specially allocated to the Partners in the manner set forth in
Section 5.1(b)(iii) of the Partnership Agreement. 
 12. Any Partner Nonrecourse Deduction for any fiscal year or other period
shall be specially allocated to the Partner who bears the economic risk of loss with respect to the Partner Nonrecourse Debt to which such Partner Nonrecourse Deductions are attributable in accordance with Section 1.704-2(i) of the Treasury
Regulations. If more than one Partner bears the economic risk of loss (in accordance with Section 1.704-2(i) of the Treasury Regulations) with respect to a Partner Nonrecourse Debt, Partner Nonrecourse Deductions attributable thereto shall be
allocated between or among such Partners in accordance with the ratios in which they share such economic risk of loss. 
 13.
Notwithstanding any provision in Article V of the Partnership Agreement or this Exhibit B to the contrary, if the Partnership disposes of all or substantially all of its assets in a transaction that will lead to a liquidation of the
Partnership pursuant to Article X, then any profits or losses realized in connection with such transaction and thereafter (and, if necessary, constituent items of income, gain, loss and deduction) shall be specially allocated for such
taxable year of the Partnership (and to the extent permitted by Section 761(c) of the Code, for the immediately preceding taxable year of the Partnership) among the Partners as required so as to cause liquidating distributions pursuant to
Section 10.4(a) of the Partnership Agreement to be made in the same amounts and proportions as would have resulted had such distributions instead been made pursuant to Article VIII of the Partnership Agreement. 

B. CAPITAL ACCOUNT ADJUSTMENTS AND TAX ALLOCATIONS. 

  
 Exhibit B – Page 3

 1. For purposes of computing the amount of any item of income, gain, deduction or loss to be
reflected in the Partners’ Capital Accounts, the determination, recognition and classification of any such item shall be the same as its determination, recognition and classification for federal income tax purposes; provided, however, that:

 (a) Any income, gain or loss attributable to the taxable disposition of any property shall be determined by the Partnership as if the
adjusted basis of such property as of such date of disposition was equal in amount to the Carrying Value. 
 (b) The computation of all
items of income, gain, loss and deduction shall be made by the Partnership and, as to those items described in Section 705(a)(1)(B) or Section 705(a)(2)(B) of the Code, without regard to the fact that such items are not includable in gross
income or are neither currently deductible nor capitalizable for federal income tax purposes. 
 (c) In lieu of the depreciation,
amortization, and other cost recovery deductions taken into account in computing the Partnership’s taxable income or loss, there shall be taken into account Depreciation for a fiscal year or other period. 

(d) The Partnership shall be treated as owning directly its proportionate share (as determined by the General Partner based upon the
provisions of the applicable partnership agreement of a Subsidiary of the Partnership) of all property owned by (i) a Subsidiary of the Partnership that is classified as a partnership for U.S. federal income tax purposes and (ii) any other
partnership, limited liability company, unincorporated business or other entity classified as a partnership for U.S. federal income tax purposes of which the Partnership or a Subsidiary of the Partnership is, directly or indirectly, a partner,
member or other equity holder. 
 2. A transferee of a Partnership Interest will succeed to the Capital Account relating to the Partnership
Interest transferred. 
 3. Upon (i) an issuance of additional Partnership Interests in exchange for more than a de
minimis capital contribution to the Partnership, (ii) an issuance of additional Partnership Interests (other than a de minimis interest) as consideration for the provision of services to or for the benefit of the Partnership by an
existing Partner acting in a partner capacity or by a new Partner acting in a partner capacity or in anticipation of being a Partner, or (iii) the distribution by the Partnership to a Partner of more than a de minimis amount of property
as consideration for an interest in the Partnership, the Capital Accounts of all Partners (and the Carrying Values of all Partnership properties) shall, immediately prior to such event, be adjusted (consistent with the provisions hereof) upward or
downward to reflect any unrealized gain or unrealized loss attributable to each Partnership property (as if such unrealized gain or unrealized loss had been recognized upon an actual sale of such property at the fair market value thereof,
immediately prior to such issuance, and had been allocated to the Partners, at such time, pursuant to Article V of the Partnership Agreement). In determining such unrealized gain or unrealized loss attributable to the properties, the fair
market value of Partnership properties shall be determined by the General Partner using such reasonable methods of valuation as it may adopt. 

  
 Exhibit B – Page 4

 4. Immediately prior to the distribution of any Partnership property, the Capital Accounts of all
Partners shall be adjusted (consistent with the provisions hereof and Section 704 of the Code) upward or downward to reflect any unrealized gain or unrealized loss attributable to the Partnership property distributed (as if such unrealized gain
or unrealized loss had been recognized upon an actual sale of each such property, immediately prior to such distribution, and had been allocated to the Partners, at such time, pursuant to Article V of the Partnership Agreement). In
determining such unrealized gain or unrealized loss attributable to property, the fair market value of Partnership property distributed shall be determined by the General Partner using such reasonable methods of valuation as it may adopt. 

5. In accordance with Section 704(c) of the Code and the Treasury Regulations thereunder, income, gain, loss and deduction with respect
to any property shall, solely for tax purposes, and not for Capital Account purposes, be allocated among the Partners so as to take account of any variation between the adjusted basis of such property to the Partnership for federal income tax
purposes. The General Partner shall make any elections or other decisions relating to such allocations. 
 6. If the Carrying Value of any
Partnership asset is adjusted as described in paragraph 3 above, subsequent allocations of income, gain, loss and deduction with respect to such asset shall take account of any variation between the adjusted basis of such asset for
federal income tax purposes and its Carrying Value in the same manner as under Section 704(c) of the Code and the Treasury Regulations thereunder. 

7. Any elections or other decisions relating to such allocations shall be made by the General Partner in any manner that reasonably reflects
the purpose and intention of the Partnership Agreement and this Exhibit B. 
 C. DEFINITIONS. For the purposes of this
Exhibit B, the following terms shall have the meanings indicated unless the context clearly indicates otherwise: 

“ADJUSTED CAPITAL ACCOUNT BALANCE”: means the balance in the Capital Account of a Partner as of the end of the relevant
fiscal year of the Partnership, after giving effect to the following: (i) credit to such Capital Account any amounts the Partner is obligated to restore, pursuant to the terms of the Partnership Agreement or otherwise, or is deemed obligated to
restore pursuant to the penultimate sentences of Sections 1.704-2(g)(1) and 1.704-2(i)(5) of the Treasury Regulations, and (ii) debit to such capital account the items described in Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6) of the
Treasury Regulations. 
 “DEPRECIATION”: means, for each fiscal year or other period, an amount equal to the depreciation,
amortization or other cost recovery deduction allowable for federal income tax purposes with respect to property for such fiscal year or other period, except that (a) with respect to any property the Carrying Value of which differs from its
adjusted tax basis for federal income tax purposes and which difference is being eliminated by use of the remedial allocation method pursuant to Section 1.704-3(d) of the Treasury Regulations, Depreciation for such fiscal year or other period
shall be the amount of book basis recovered for such fiscal year or other period under the rules prescribed by Section 1.704-3(d)(2) of the Treasury Regulations, and (b) with respect to any other property the Carrying Value of which
differs from its adjusted 

  
 Exhibit B – Page 5

 
tax basis at the beginning of such fiscal year or other period, Depreciation shall be an amount which bears the same ratio to such beginning Carrying Value as the federal income tax depreciation,
amortization or other cost recovery deduction for such fiscal year or other period bears to such beginning adjusted tax basis; provided, that if the adjusted tax basis of any property at the beginning of such fiscal year or other period is
zero, Depreciation with respect to such property shall be determined with reference to such beginning value using any reasonable method selected by the General Partner. 

“NONRECOURSE DEDUCTIONS”: shall have the meaning set forth in Section 1.704-2(b)(1) of the Treasury Regulations. The
amount of Nonrecourse Deductions for a Partnership fiscal year equals the excess, if any, of the net increase, if any, in the amount of Partnership Minimum Gain during that fiscal year over the aggregate amount of any distributions during that
fiscal year of proceeds of a Nonrecourse Liability, that are allocable to an increase in Partnership Minimum Gain, determined according to the provisions of Section 1.704-2(c) of the Treasury Regulations. 

“NONRECOURSE LIABILITY”: shall have the meaning set forth in Section 1.704-2(b)(3) of the Treasury Regulations. 

“PARTNER NONRECOURSE DEBT MINIMUM GAIN”: means an amount, with respect to each Partner Nonrecourse Debt, determined in
accordance with Section 1.704-2(i) of the Treasury Regulations. 
 “PARTNER NONRECOURSE DEBT”: shall have the meaning
set forth in Section 1.704-2(b)(4) of the Treasury Regulations. 
 “PARTNER NONRECOURSE DEDUCTIONS”: shall have the
meaning set forth in Section 1.704-2(i)(2) of the Treasury Regulations. For any Partnership taxable year, the amount of Partner Nonrecourse Deductions with respect to a Partner Nonrecourse Debt equal the net increase during the year, if any, in
the amount of Partner Nonrecourse Debt Minimum Gain reduced (but not below zero) by proceeds of the liability that are both attributable to the liability and allocable to an increase in the Partner Nonrecourse Debt Minimum Gain. 

“PARTNERSHIP AGREEMENT”: shall mean this Amended and Restated Limited Partnership Agreement of Ashford Hospitality Prime
Limited Partnership, as amended. 
 “PARTNERSHIP MINIMUM GAIN”: shall have the meaning set forth in Sections 1.704-2(b)(2)
and 1.704-2(d) of the Treasury Regulations. 
 For purposes of this Exhibit B, all other capitalized terms will have the same definition as in the
Partnership Agreement. 

  
 Exhibit B – Page 6

 EXHIBIT C 

NOTICE OF EXERCISE OF REDEMPTION RIGHT 

The undersigned hereby irrevocably (i) presents for redemption on
                     (such date being at least 3 Business Days after the date set forth below)
                     Partnership Units (as defined in the Partnership Agreement defined below) in Ashford Hospitality Prime Limited Partnership, in
accordance with the terms of the Amended and Restated Agreement of Limited Partnership of Ashford Hospitality Prime Limited Partnership (the “Partnership Agreement”), and the Redemption Right (as defined in the Partnership
Agreement) referred to therein, (ii) surrenders such Partnership Units and all right, title and interest therein, and (iii) directs that the Cash Amount or REIT Shares (both as defined in the Partnership Agreement) deliverable upon
exercise of the Redemption Right be delivered to the address specified below, and if REIT Shares are to be delivered, such REIT Shares be registered or placed in the name(s) and at the addresses specified below. 

 

			
	Dated:	 	  

	Name of Limited Partner:
	
	  

	(Signature of Limited Partner)
	
	  

	(Street Address)
	
	  

	  

	(City State Zip Code)
	
	IF REIT Shares are to be issued, issue to:
	
	  

	(Name)
	
	  

	(Social Security or Identifying Number)

  
 Exhibit C – Page 1

 EXHIBIT D 

NOTICE OF ELECTION BY PARTNER TO CONVERT 

LTIP UNITS INTO COMMON PARTNERSHIP UNITS 

The undersigned LTIP Unitholder hereby irrevocably (i) elects to convert the number of LTIP Units in Ashford Hospitality Prime Limited
Partnership (the “Partnership”) set forth below into Common Partnership Units in accordance with the terms of the Amended and Restated Agreement of Limited Partnership of the Partnership, as amended; and (ii) directs
that any cash in lieu of Common Partnership Units that may be deliverable upon such conversion be delivered to the address specified below. The undersigned hereby represents, warrants, and certifies that the undersigned (a) has title to such
LTIP Units, free and clear of the rights or interests of any other person or entity other than the Partnership; (b) has the full right, power, and authority to cause the conversion of such LTIP Units as provided herein; and (c) has
obtained the consent or approval of all persons or entities, if any, having the right to consent or approve such conversion. 
  

			
	Name of LTIP Unitholder:	 	  

	  
	 	(Please Print: Exact Name as Registered with Partnership)

 Number of LTIP Units to be Converted:
                     
 Date to be Converted
                     (such date being not less than 3 Business Days nor more than 10 Business Days prior to the Date of this Notice set forth below)

 Date of this Notice:                      

 

							
	  
	 	
	(Signature of Limited Partner: Sign Exact Name as Registered with Partnership)	 	
		
	  
	 	
	(Street Address)	 	
		
	  
	 	
	(City)	  	(State)            	 	(Zip Code)	 	

  
 Exhibit D – Page 1

 EXHIBIT E 

NOTICE OF ELECTION BY PARTNERSHIP TO FORCE CONVERSION 

OF LTIP UNITS INTO COMMON PARTNERSHIP UNITS 

Ashford Hospitality Prime Limited Partnership (the “Partnership”) hereby irrevocably (i) elects to
cause the number of LTIP Units held by the LTIP Unitholder set forth below to be converted into Common Partnership Units in accordance with the terms of the Amended and Restated Agreement of Limited Partnership of the Partnership, as amended.

  

			
	Name of LTIP Unitholder:	 	  

	  
	 	(Please Print: Exact Name as Registered with Partnership)

  

					
	Number of LTIP Units to be Converted:	 	  
	  	

  

					
	 Date of this Notice:
	 	  
	  	

  
 Exhibit E – Page 1

 EXHIBIT F 

FORM OF PARTNERSHIP INTEREST 

AND PARTNERSHIP UNIT CERTIFICATE 
 THE
LIMITED PARTNERSHIP INTERESTS (THE “INTERESTS”) REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). SUCH INTERESTS MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED,
HYPOTHECATED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF REGISTRATION OF SAID ACT AND THE RULES AND REGULATIONS THEREUNDER AND ALL APPLICABLE STATE SECURITIES OR “BLUE SKY LAWS.” 

THE INTERESTS REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN TRANSFER AND OTHER RESTRICTIONS SET FORTH IN THE AGREEMENT OF LIMITED PARTNERSHIP OF THE
PARTNERSHIP, A COPY OF WHICH MAY BE OBTAINED FROM THE PARTNERSHIP AT ITS PRINCIPAL EXECUTIVE OFFICE, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OR WITHOUT COMPLYING WITH THE TERMS AND CONDITIONS OF SUCH
AGREEMENT. 
 CERTIFICATE FOR 

[CLASS] 
 UNITS(S) OF PARTNERSHIP
INTEREST AND PARTNERSHIP UNITS 
 IN 

ASHFORD HOSPITALITY PRIME LIMITED PARTNERSHIP 
  

			
		  	Class             
		
	 No.     
	  	Unit(s)         

 This certifies that
                     is a [limited] [general] partner of Ashford Hospitality Prime Limited Partnership (the “Partnership”) whose
Partnership Interest in the Partnership, as set forth in the Limited Partnership Agreement of the Partnership, as amended and restated from time to time (the “Partnership Agreement”) represents
         Unit(s) of [Class] Partnership Interest and [Class] Partnership Units in the Partnership. 

In witness whereof, the General Partner of the Partnership has caused this Certificate to be signed by its duly authorized officer this
     day of             , 20    . 
  

			
	ASHFORD PRIME OP GENERAL PARTNER LLC
		
	By:	 	  

  
 Exhibit F - Page 1 

 ASSIGNMENT 

FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto 

 

							
	 TIN =
	 	  
	 		  	(Please insert taxpayer identification number of assignee)
			
	  
  

 
  
	 		  	(Please print or type name and address, including postal zip code, of assignee)

 the within Certificate No.     , issued by Ashford Hospitality Prime Limited Partnership,
and all rights thereunder, hereby irrevocably constituting and appointing 

                     Attorney to transfer
said Certificate on the books of Ashford Hospitality Prime Limited Partnership, with full power of substitution in the premises. 
  

									
		 	  
	 		  	 (name of registered holder)

					
		 	 By:
	 	  
	 		  	 (authorized signature)

		 	  
	 		  	 (printed name & title)

 [NO SIGNATURE GUARANTEE REQUIRED] 

  
 Exhibit F - Page 2EX-10.2

 Exhibit 10.2 

EXECUTION VERSION 

ADVISORY AGREEMENT 
 THIS
ADVISORY AGREEMENT (this “Agreement”), is dated and effective as of November 19, 2013 (the “Effective Date”), by and between ASHFORD HOSPITALITY PRIME, INC., a Maryland corporation (“Ashford
Prime”), ASHFORD HOSPITALITY PRIME LIMITED PARTNERSHIP, a Delaware limited partnership (the “Operating Partnership”), and ASHFORD HOSPITALITY ADVISORS LLC, a Delaware limited liability company (the
“Advisor”). 
 WHEREAS, Ashford Prime, through its interest in the Operating Partnership, is in the business of investing
in the hospitality industry including, the acquiring, developing, owning, asset managing and disposing of hotels (for purposes hereof, unless the context otherwise requires, the term “Company” shall collectively include Ashford
Prime and the Operating Partnership); 
 WHEREAS, Ashford Prime is a newly formed corporation that intends to qualify as a Real
Estate Investment Trust (a “REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”);  

WHEREAS, the Company desires to avail itself of the experience, brand relationships, lender and capital provider sources and
relationships, asset management expertise, sources of information, advice, assistance and certain facilities of the Advisor and to have the Advisor provide the services hereinafter set forth, on behalf of, and subject to the supervision of, the
board of directors of Ashford Prime (the “Board of Directors”), all as provided herein; and 
 WHEREAS, the Advisor
is willing to provide such services to the Company on the terms set forth herein; 
 NOW, THEREFORE, in consideration of the mutual
covenants set forth in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the parties agree as follows: 

1. APPOINTMENT OF ADVISOR. The Company hereby appoints the Advisor to serve as its exclusive advisor and asset manager to provide the
management and real estate services specified herein on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment. 

2. DUTIES OF ADVISOR. Subject to the supervision of the Board of Directors, the Advisor will be responsible for the day-to-day operations of
the Company (and all subsidiaries and joint ventures of the Company) and shall perform (or cause to be performed) all services relating to the acquisition and disposition of hotels, asset management, financing and operations of the Company as may be
reasonably required, which shall include the following related to the Company’s hotel assets: 
 (a) source, investigate and evaluate
acquisitions and dispositions consistent with the Company’s Investment Guidelines (as defined in Section 9.2(a) below) and make recommendations to the Board of Directors; 

 (b) engage and supervise, on the Company’s behalf and at the Company’s expense, third
parties to provide development management, property management, project management, design and construction services, investment banking services, financial services, property disposition brokerage services, independent accounting and auditing
services and tax reviews and advice, transfer agent and registrar services, feasibility studies, appraisals, engineering studies, environmental property inspections and due diligence services, underwriting review services, consulting services and
all other services reasonably necessary for Advisor to perform its duties hereunder; 
 (c) negotiate, on the Company’s behalf, any
acquisitions, dispositions, financings, restructurings or other transactions with sellers, purchasers, lenders, brokers, agents and other applicable representatives; 

(d) coordinate and manage joint ventures with the Company, including monitoring and enforcing compliance with applicable joint venture or
partnership governing documents; 
 (e) negotiate, on behalf of the Company, terms of hotel management agreements, franchise agreements and
other contracts or agreements of the Company, and modifications, extensions, waivers or terminations thereof including, without limitation, the negotiation and approval of annual operating and capital budgets thereunder; 

(f) on behalf of the Company, enforce, monitor and manage compliance of hotel management agreements, franchise agreements and other contracts
or agreements of the Company, and modifications, extensions, waivers or terminations thereof; 
 (g) negotiate, on behalf of the Company,
terms of loan documents for the Company’s financings; 
 (h) enforce, monitor and manage compliance, on behalf of the Company, loan
documents to which the Company is a party; 
 (i) administer bookkeeping and accounting functions as are required for the management and
operation of the Company, contract for audits and prepare or cause to be prepared such periodic reports and filings as may be required by any governmental authority in connection with the ordinary conduct of the Company’s business, and
otherwise advise and assist the Company with its compliance with applicable legal and regulatory requirements, including without limitation, periodic reports, returns or statements required under the Securities Exchange Act of 1934, as amended, the
Code and any regulations or rulings thereunder, the securities and tax statutes of any jurisdiction in which the Company is obligated to file such reports, or the rules and regulations promulgated under any of the foregoing; 

(j) advise and assist in the preparation and filing of all offering documents, registration statements, prospectuses, proxies, and other forms
or documents filed with the Securities and Exchange Commission (the “SEC”) pursuant to the Securities Act of 1933, as amended, or any state securities regulators (it being understood that the Company shall be

  
 2 

 
responsible for the content of any and all of its offering documents, SEC filings or state regulatory filings, including, without limitation, those filings referred to in subparagraph 2(i) above,
and Advisor shall not be held liable for any costs or liabilities arising out of any misstatements or omissions in the Company’s offering documents, SEC filings, state regulatory filings or other filings referred to in subparagraphs 2(i) and
(j), whether or not material, and the Company shall promptly indemnify Advisor for such costs and liabilities); 
 (k) retain counsel,
consultants and other third party professionals on behalf of the Company, coordinate, supervise and manage all consultants, third party professionals and counsel, and investigate, evaluate, negotiate and oversee the processing of claims by or
against the Company; 
 (l) advise and assist with the Company’s risk management and oversight function; 

(m) provide office space, office equipment and personnel necessary for the performance of services; 

(n) perform or supervise the performance of such administrative functions reasonably necessary for the establishment of bank accounts, related
controls, collection of revenues and the payment of Company debts and obligations; 
 (o) communicate with the Company’s investors and
analysts as required to satisfy reporting or other requirements of any governing body or exchange on which the Company’s securities are traded and to maintain effective relations with such investors; 

(p) advise and assist the Company with respect to the Company’s public relations, preparation of marketing materials, website and
investor relation services; 
 (q) counsel the Company regarding qualifying, and maintaining Ashford Prime’s qualification as a REIT;

 (r) assist the Company in complying with all regulatory requirements applicable to the Company; 

(s) counsel the Company in connection with policy decisions to be made by the Board of Directors; 

(t) furnish reports and statistical and economic research to the Company regarding the Company’s activities, investments, financing and
capital market activities and services performed for the Company by the Advisor; 
 (u) asset manage and monitor the operating performance
of the Company’s real estate investments, including the management and implementation of capital improvement programs, pursue property tax appeals (as appropriate), and provide periodic reports with respect to the Company’s investments to
the Board of Directors, including comparative 

  
 3 

 
information with respect to such operating performance and budgeted or projected operating results; 

(v) maintain cash in U.S. Treasuries or bank accounts (with the understanding that Advisor’s duties shall not include providing or
assisting in proactive investment management strategies or investment in securities other than U.S. Treasuries), and make payment of fees, costs and expenses, or the payment of distributions to stockholders of the Company; 

(w) advise the Company as to its capital structure and capital raising; 

(x) take all actions reasonably necessary to enable the Company to comply with and abide by all applicable laws and regulations in all
material respects subject to the Company providing appropriate, necessary and timely funding of capital; 
 (y) provide the Company with an
internal audit staff with the ability to satisfy any applicable regulatory requirements, including, requirements of the New York Stock Exchange and the SEC, and any additional duties that are determined reasonably necessary or appropriate by the
Company’s audit committee; and 
 (z) take such other actions and render such other services as may reasonably be requested by the
Company consistent with the purpose of this Agreement and the aforementioned services. 
 The Advisor shall make available sufficient
experienced and appropriate personnel to perform the services and functions specified including, without limitation, the initial positions of the chief executive officer, president, chief financial officer, chief accounting officer, executive vice
president-asset management, senior vice president-corporate strategy and senior vice president-finance (collectively, “Executives”) or such positions as Advisor deems reasonably necessary. The Advisor shall not be obligated to
dedicate any of its officers or other personnel exclusively to the Company nor is the Advisor, its Affiliates or any of its officers or other employees obligated to dedicate any specific portion of its or their time to the Company or its business,
except as necessary to perform the services provided above. The Advisor shall be entitled to rely on qualified experts and professionals (including, without limitation, accountants, legal counsel and other professional service providers) hired by
the Advisor at the Company’s sole cost and expense. The Advisor may retain, for and on behalf, and at the sole cost and expense, of the Company, such services of any individual, corporation, partnership, limited liability company, joint
venture, association, trust, unincorporated organization or other entity (each, a “Person”) as the Advisor deems necessary or advisable in connection with the management and operations of the Company. 

Any waiver, consent, approval, modification, enforcement matter or election required to be made by the Company under the Mutual Exclusivity
Agreement between the Company, Remington Lodging and Hospitality LLC (“Remington”) and Monty J. Bennett, dated the date hereof, as the same may be amended from time to time, or the Master Management Agreement between the Company and
Remington, dated the date hereof, as the same may be amended or 

  
 4 

 
supplemented from time to time, shall be within the exclusive discretion and control of a majority of the Independent Directors (or higher vote thresholds specifically set forth in such
agreements) unless specifically delegated to the Advisor by a majority of the Independent Directors. For purposes of this Agreement, “Independent Director” shall mean any director of Ashford Prime who, on the date at issue, is
currently serving on the Board of Directors and is “independent” as determined by application of the current rules and regulations of the New York Stock Exchange in effect as of the Effective Date of this Agreement. For purposes of this
Agreement, “Affiliate” shall mean a Person that directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with the Person in question and any officer, director, trustee, key
decision-making employee, stockholder or partner of any Person referred to in the preceding clause, except that for purposes of this Agreement, the Company shall not be considered an Affiliate of the Advisor. 

Any increase in the scope of duties or services to be provided by the Advisor must be jointly approved by the Company and the Advisor and will
be subject to additional compensation determined in accordance with the provisions of Section 6.4 and the process set forth in Section 9.3 below. 

3. AUTHORITY OF ADVISOR. Subject to the express limitations set forth in this Agreement and the continuing authority of the Board of Directors
over the management of the Company, the power to direct the management, operation and policies of the Company shall be vested in the Advisor. Notwithstanding the foregoing, all material decisions with respect to annual capital plans, brand
conversions, the commencement or settlement of litigation matters, investment decisions, capital market transactions, annual budgets and management and franchise options recommended by the Advisor, including the acquisition, sale, financing and
refinancing of assets, shall be subject to the prior authorization of the Board of Directors, except to the extent such authority is expressly delegated by the Board of Directors to the Advisor. Additionally, if the charter or Maryland General
Corporation Law require the prior approval of the Board of Directors, the Advisor may not take any action on behalf of the Company without the prior approval of the Board of Directors or duly authorized committees thereof. In such cases where prior
approval is required, the Advisor will deliver to the Board of Directors such documents and supporting information as may be reasonably requested by the Board of Directors to evaluate a proposed investment (and any related financing) or other matter
requiring the Board of Directors’ authorization. 
 4. BANK ACCOUNTS. The Advisor may establish and maintain, subject to any applicable
conditions or limitations of loan documents applicable to the Company, one or more bank accounts in its own name for the account of the Company or in the name of the Company and may collect and deposit into any account or accounts, and disburse from
any such account or accounts, any money on behalf of the Company, under such terms and conditions as the Board of Directors may approve, provided that no funds shall be comingled with the funds of the Advisor. The Advisor shall from time to time
render appropriate accountings of such collections and payments to the Board and the independent auditors of the Company. 
 5. PAYMENT OF
EXPENSES. In addition to the compensation paid to the Advisor pursuant to Section 6 hereof, the Company shall pay directly or reimburse the Advisor, on a 

  
 5 

 
monthly basis, for all of the expenses paid or incurred by the Advisor or its Affiliates on behalf of the Company or in connection with the services provided to the Company pursuant to this
Agreement, including, but not limited to, tax, legal, accounting, advisory, investment banking and other third party professional fees, Board of Directors’ fees, debt service, taxes, insurance (including errors and omissions insurance and any
additional insurance required by Section 8.2), underwriting, brokerage, reporting, registration, listing fees and charges, travel and entertainment expenses, conference sponsorships, transaction diligence and closing costs, dead deal
costs, dividends, office space, the cost of all equity awards or compensation plans established by the Company, including the value of awards made by the Company to the employees, officers, Affiliates and representatives of the Advisor, and any
other costs which are reasonably necessary for the performance by the Advisor of its duties and functions under this Agreement and also including any expenses incurred by Advisor to comply with new or revised laws or governmental rules or
regulations that impose additional duties on the Company or the Advisor in its capacity as advisor to the Company, including any personnel costs incurred to satisfy such additional duties. In addition, the Company shall pay its pro rata share of the
office overhead and administrative expenses of the Advisor incurred in providing its duties pursuant to this Agreement. 
 The Advisor shall be responsible
for all wages, salaries, cash bonus payments and benefits related to all employees of the Advisor providing services to the Company (including any officers of the Company who are also officers of the Advisor), excluding expenses related to
(i) the provision of internal audit services as described in the next sentence and (ii) equity compensation awarded by the Company to employees, officers, Affiliates and representatives of the Advisor pursuant to Section 6(c)
below. The Company shall reimburse the Advisor, on a monthly basis, the Company’s pro-rata portion (as reasonably agreed to between the Advisor and a majority of the Company’s Independent Directors or Ashford Prime’s audit committee,
chairman of the audit committee or lead director) of all expenses related to (i) employment of the Advisor’s internal audit managers and other employees of the Advisor who are actively engaged in providing internal audit services to the
Company, (ii) the reasonable travel and other out-of-pocket costs of the Advisor relating to the activities of the Advisor’s internal audit employees and the reasonable third party expenses which the Advisor incurs, in each case, in
connection with providing internal audit services, and (iii) all reasonable international office expenses, overhead, personnel costs, travel and other costs directly related to Advisor’s non-Executive personnel that are located
internationally. Such expenses shall include, but are not limited to, salary, wages, payroll taxes and the cost of employee benefit plans. 

6. COMPENSATION. 
 6.1 Base
Fee. The Company shall pay to the Advisor a quarterly base fee (the “Base Fee”) payable in arrears in cash, for services provided by the Advisor in the preceding quarter. 

For purposes of this Agreement, the “Base Fee” will be equal to 0.70% per annum of the Total Enterprise Value of the Company, subject to the
payment of a minimum quarterly base fee (“Minimum Base Fee”), if applicable. For purposes of this Agreement, “Total Enterprise Value” shall be calculated on a quarterly basis as (i) the average of the
volume-weighted average price 

  
 6 

 
per share of Ashford Prime’s common stock for each trading day of the preceding quarter multiplied by the average number of shares of Ashford Prime’s common stock outstanding during
such quarter, on a fully-diluted basis (assuming all common units and long term incentive partnership units in the Operating Partnership which have achieved economic parity with common units in the Operating Partnership have been converted to common
stock in the Company), plus (ii) the quarterly average of the aggregate principal amount of the Company’s consolidated indebtedness (including the Company’s proportionate share of debt of any entity that is not consolidated but
excluding the Company’s joint venture partners’ proportionate share of consolidated debt), plus (iii) the quarterly average of the liquidation value of the Company’s outstanding preferred equity. The Minimum Base Fee for each
quarter will be equal to the greater of (i) 90% of the Base Fee paid for the same quarter in the prior year and (ii) the G&A Ratio multiplied by the Company’s Total Enterprise Value. For purposes of this Agreement, the
“G&A Ratio” will be calculated as the simple average of the ratios of total general and administrative expenses, less any non-cash expenses but including any dead deal costs, paid in the applicable quarter by each member of a
select peer group set forth in Exhibit A (each, a “Peer Group Member” and collectively, the “Peer Group”), divided by the total enterprise value of such Peer Group Member (calculated in the same manner
as the Company’s Total Enterprise Value). The G&A Ratio for each Peer Group Member will be calculated based on the financial information presented in such Peer Group Member’s Form 10-Q or 10-K periodic filings with the SEC following
the end of each quarter. The Peer Group may be modified from time to time by mutual written agreement of the Advisor and a majority of the Independent Directors, negotiating in good faith. 

The Base Fee, as calculated above, shall be payable in arrears no later than the 15th day following the end of each quarter (i.e., one-fourth of 0.70% of the
Total Enterprise Value of the Company). The Minimum Base Fee shall be calculated as soon as practicable following the end of the quarter, and to the extent the Minimum Base Fee exceeds the Base Fee paid to the Advisor with respect to any quarter,
the Company will pay the Advisor the difference between Minimum Base Fee and the Base Fee within 5 business days of final calculation of the Minimum Base Fee. 

For purposes of payment of the Base Fee for a partial quarter relating to the first quarter in which this Agreement is effective or for the last quarter in
which this Agreement is terminated, the Base Fee shall be calculated as 0.70% of the Total Enterprise Value of the Company, calculated using each trading day of such partial quarter prior to termination, multiplied by the number of days in the
applicable quarter in which this Agreement is in effect divided by 365 or 366 days, as applicable. The Minimum Base Fee shall be similarly reduced proportionately based on the number of days in the applicable quarter in which this Agreement is in
effect divided by 365 or 366 days, as applicable. 
 6.2 Incentive Fee. In each year that the Company’s total shareholder return
exceeds the average total shareholder return for the Peer Group (the “Incentive Fee Threshold”), the Company shall pay to the Advisor an incentive fee (the “Incentive Fee”), calculated as set forth in the following
paragraph. For purposes of this Agreement, beginning with the calendar year ending December 31, 2013, the Company’s total shareholder return will be calculated using the year-end stock price equal to the closing price of Ashford
Prime’s common stock on the last 

  
 7 

 
trading day of the year, assuming all dividends on the common stock are reinvested into additional shares of Ashford Prime common stock as compared to the closing stock price of Ashford
Prime’s common stock on the last trading day of the prior year. The average total shareholder return for each Peer Group Member will be calculated in the same manner, and the average for the Peer Group will be the simple average of the total
shareholder return for each Peer Group Member. For the purposes of calculating the Company’s total shareholder return for the year ending December 31, 2013, the starting price of the Company’s common stock will be based on the closing
price of the Company’s common stock on the first trading day on which the Company’s common stock is listed and available for trading on the New York Stock Exchange or other national securities exchange, and for each Peer Group Member, the
starting price will be based on the closing price of such company’s common stock on the same day. 
 If the Company’s total shareholder return
exceeds the Incentive Fee Threshold with respect to any calendar year (or stub period), the annual Incentive Fee payable to the Advisor for such calendar year (or stub period) shall be calculated, for each year (or stub period) beginning with the
stub period ending December 31, 2013, as (i) 10% of the amount (expressed as a percentage) by which the Company’s annual total shareholder return exceeds the Incentive Fee Threshold, multiplied by (ii) the Fully Diluted Equity
Value (defined below) of the Company at December 31 of such calendar year; provided, for the stub period ending December 31, 2013, the product from the preceding calculation shall be reduced proportionately based on the number of days in
which this Agreement is in effect for the calendar year 2013 divided by 365 days. The Company’s “Fully Diluted Equity Value” shall be calculated by assuming that all units in the Operating Partnership, including long term
incentive partnership units of the Operating Partnership that have achieved economic parity with the common units of the Operating Partnership, if any, are converted into common stock and that the per share value of each share of our common stock is
equal to the closing price of the Company’s common stock on the last trading day of the year. 
 If this Agreement is terminated on a day other than
the last trading day of a calendar year, then the Company’s total shareholder return, the Incentive Fee Threshold and the total shareholder return for each Peer Group Member will be calculated using the stock price of Ashford Prime’s
common stock and each Peer Group Member’s common stock closing price on the last trading day immediately preceding the date of termination of this Agreement. 

The Incentive Fee, if any, shall be payable in arrears on an annual basis, on or before January 15 following each year or on the date of termination of
this Agreement, if applicable. Except in the case when the Incentive Fee is payable on the date of termination of this Agreement, up to 50% of the Incentive Fee may be paid by the Company, at the option of the Company, in shares of common stock of
Ashford Prime or common units of the Operating Partnership, with the balance payable in cash, unless at the time for payment of the Incentive Fee, the Advisor (or its Affiliates) owns common stock or common units in an amount (determined with
reference to the closing price of the Company’s common stock on the last trading day of the year or stub period) greater than or equal to three times the Base Fee for the preceding four quarters (the “Base Fee Limitation”). If
the Advisor owns common stock or common units in an amount more than the Base Fee Limitation, then the entire Incentive Fee shall be paid by the Company in cash. 

  
 8 

 6.3 Equity Compensation. To incentivize employees, officers, consultants, non-employee
directors, Affiliates or representatives of the Advisor to achieve goals and business objectives of the Company, as established by the Board of Directors, in addition to the Base Fee and the Incentive Fee set forth above, the Board of Directors will
have the authority to and shall make recommendations of annual equity awards to the Advisor or directly to employees, officers, consultants, non-employee directors, Affiliates or representatives of the Advisor, based on the achievement by the
Company of certain financial or other objectives established by the Board of Directors. 
 The Company, at its option, may choose to issue
such compensation in the form of equity awards in Ashford Prime or the Operating Partnership, unless and to the extent that receipt of such equity awards would adversely affect the Company’s status as a REIT, in which case, the equity awards
shall be limited to equity awards in the Operating Partnership. For a period of one year from the date of issuance, any such equity awards in the Operating Partnership shall not be transferable, except by operation of law, without the written
consent of the General Partner which consent may be withheld in the sole and absolute discretion of the General Partner; provided, however, the Advisor may assign, without the consent of the General Partner, such equity awards to employees,
officers, consultants, non-employees, directors, Affiliates or representatives of Advisor provided the one-year restriction on transfer shall remain applicable to such assignee. In addition, except as expressly provided above, any transfer of such
equity awards at any time must comply with the transfer restrictions of Ashford Prime OP’s partnership agreement or the Company’s charter and bylaws, as applicable. 

6.4 Additional Services. If, and to the extent that, the Company requests the Advisor to render services on behalf of the Company other
than those required to be rendered by the Advisor under this Agreement, such additional services shall be compensated separately at Market Rates as determined in accordance with the process set forth in Section 9.3 below. 

7. LIMITATION ON ACTIVITIES. Notwithstanding anything in this Agreement to the contrary, the Advisor shall not take any action (unless
directed by the Board of Directors, in which case the Company shall indemnify and hold harmless Advisor and each of its officers, directors, employees, members, managers, agents and representatives, from and against any and all claims, liabilities,
costs and expenses threatened or incurred by Advisor or any other indemnified person, which, directly or indirectly, results from the Advisor following the directive of the Board of Directors), which would (a) adversely affect the status of the
Company as a REIT, (b) subject the Company to regulation under the Investment Company Act of 1940, as amended, (c) knowingly and intentionally violate any law, rule or regulation of any governmental body or agency having jurisdiction over
the Company (provided that without adequate assurance of funding by the Company necessary for compliance, Advisor shall not be responsible for such violations and the Company shall indemnify and hold harmless Advisor and each of its officers,
directors, employees, members, managers, agents and representatives, from and against all claims, liabilities, costs and expenses threatened or incurred by Advisor, directly or indirectly, as a result of the Company’s failure to timely fund
adequate capital to comply with any applicable law, rule or regulation), (d) violate any of the rules or regulations of any 

  
 9 

 
exchange on which the Company’s securities are listed or (e) violate the Company’s charter, bylaws or resolutions of the Board of Directors, all as in effect from time to time.

 The Advisor acknowledges receipt of the Company’s Code of Business Conduct and Ethics, Code of Conduct for CEO, CFO and CAO, and
Policy on Insider Training, and agrees to require its employees who provide services to the Company to comply with such codes and policies. 

8. LIMITATION OF LIABILITY AND INDEMNIFICATION. 

8.1 Limitation on Liability. The Advisor shall have no responsibility other than to render the services and take the actions described
herein in good faith and with the exercise of due care and shall not be responsible for any action of the Board of Directors in following or declining to follow any advice or recommendation of the Advisor. The Advisor (including its officers,
directors, managers, employees and members) will not be liable for any act or omission by the Advisor (or its officers, directors, managers, employees and members) performed in accordance with and pursuant to this Agreement, except by reason of acts
constituting gross negligence, bad faith, willful misconduct or reckless disregard of its duties under this Agreement. 
 8.2 Insurance
Coverage of the Advisor. The Advisor shall maintain errors and omissions insurance coverage and other insurance coverage in amounts which are customarily carried by asset managers performing functions similar to those of the Advisor under this
Agreement. No fidelity bond shall be required. 
 8.3 Indemnification. 

(a) The Company shall reimburse, indemnify and hold harmless the Advisor and its partners, directors, officers, stockholders, managers,
members, agents, employees and each other Person, if any, controlling the Advisor (each, an “Advisor Indemnified Party”), to the full extent lawful, from and against any and all losses, claims, damages or liabilities of any nature
whatsoever (“Losses”) with respect to or arising from any acts or omission of the Advisor (including ordinary negligence) in its capacity as such, except with respect to losses, claims, damages or liabilities with respect to or
arising out of such Advisor Indemnified Party’s gross negligence, bad faith or willful misconduct, or reckless disregard of its duties under this Agreement. 

(b) The Advisor shall reimburse, indemnify and hold harmless the Company, and its partners, directors, officers, stockholders, managers,
members, agents, employees and each other Person, if any, controlling the Company (each, a “Company Indemnified Party”; Advisor Indemnified Party and Company Indemnified Party are each sometimes hereinafter referred to as an
“Indemnified Party”) of and from any and all Losses in respect of or arising from (i) any acts or omissions of the Advisor constituting bad faith, willful misconduct, gross negligence or reckless disregard of duties of the
Advisor under this Agreement or (ii) any claims by the Advisor’s employees relating to the terms and conditions of their employment by the Advisor. 

  
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 (c) Notwithstanding the indemnification provisions in Section 8.3(a) and
Section 8.3(b) above, indemnification will not be allowed for any liability arising from or out of a violation of state or federal securities laws by an Indemnified Party. Indemnification will be allowed for settlements and related
expenses of lawsuits alleging securities law violations, and for expenses incurred in successfully defending such lawsuits, provided that a court either (i) approves the settlement and finds that indemnification of the settlement and related
costs should be made, or (ii) approves indemnification of litigation costs if a successful defense is made. If indemnification is unavailable as a result of this Section 8.3(c), the indemnifying party shall contribute to the
aggregate losses, claims, damages or liabilities to which the Indemnified Party may be subject in such amount as is appropriate to reflect the relative benefits received by each of the indemnifying party and the party seeking contribution on the one
hand and the relative faults of the indemnifying party and the party seeking contribution on the other, as well as any other relevant equitable considerations. 

(d) Promptly after receipt by an Indemnified Party of notice of the commencement of any action, such Indemnified Party shall, if a claim in
respect thereof is to be made pursuant hereto, notify the indemnifying party in writing of the commencement thereof; but the omission to so notify the indemnifying party shall not relieve it from any liability that it may have to any Indemnified
Party pursuant to this Section 8.3. In case any such action shall be brought against an Indemnified Party and it shall notify the indemnifying party of the commencement thereof, the indemnifying party shall be entitled to participate
therein and, to the extent that it shall wish, to assume the defense thereof, with counsel satisfactory to such Indemnified Party and, after notice from the indemnifying party to such Indemnified Party of its election to assume the defense thereof,
the indemnifying party shall not be liable to such Indemnified Party under Section 8.3(a) or (b) hereof, as applicable, for any legal expenses of other counsel or any of the expenses, in each case subsequently incurred by such
Indemnified Party, unless (i) the indemnifying party and the Indemnified Party shall have mutually agreed to the retention of such counsel, or (ii) the named parties to any such proceeding (including any impleaded parties) include both the
indemnifying party and Indemnified Party and representation of both parties by the same counsel would be inappropriate in the reasonable opinion of the Indemnified Party, due to actual or potential differing interests between them. The obligations
of the indemnifying party under this Section 8.3 shall be in addition to any liability which the indemnifying party otherwise may have. 

(e) The Company shall be required to advance funds to an Indemnified Party for legal expenses and other costs incurred as a result of any
legal action or proceeding if a claim in respect thereof is to be made pursuant hereto and if requested by such Indemnified Party if (i) such suit, action or proceeding relates to or arises out of, or is alleged to relate to or arise out of or
has been caused or alleged to have been caused in whole or in part by, any action or inaction on the part of the Indemnified Party in the performance of its duties or provision of its services on behalf of the Company; and (ii) the Indemnified
Party undertakes to repay any funds advanced pursuant to this Section 8.3(3) in cases in which such Indemnified Party would not be entitled to indemnification under Section 8.3(a). If advances are required under this
Section 8.3(3), the Indemnified Party shall furnish the Company with an undertaking as set forth in clause (ii) of the preceding sentence and shall thereafter have the right to bill the Company

  
 11 

 
for, or otherwise require the Company to pay, at any time and from time to time after such Indemnified Party shall become obligated to make payment therefor, any and all reasonable amounts for
which such Indemnified Party is entitled to indemnification under Section 8.3, and the Company shall pay the same within thirty (30) days after request for payment. In the event that a determination is made by a court of competent
jurisdiction or an arbitrator that the Company is not so obligated in respect of any amount paid by it to a particular Indemnified Party, such Indemnified Party will refund such amount within sixty (60) days of such determination, and in the
event that a determination by a court of competent jurisdiction or an arbitrator is made that the Company is so obligated in respect to any amount not paid by the Company to a particular Indemnified Party, the Company will pay such amount to such
Indemnified Party within thirty (30) days of such final determination, in either case together with interest at the current prime rate plus two percent (2%) from the date paid until repaid or the date it was obligated to be paid until the
date actually paid. 
 9. RELATIONSHIP OF ADVISOR AND COMPANY. 

9.1 Relationship. 
 (a)
The Company and the Advisor are not partners or joint venturers with each other, and nothing in this Agreement shall be construed to make them such partners or joint venturers. Nothing herein contained shall prevent the Advisor from engaging in
other activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and to the management of Ashford Hospitality Trust, Inc. (“Ashford Trust”), the Advisor’s parent, or other
programs advised, sponsored or organized by the Advisor or its Affiliates. Notwithstanding the preceding sentence, the Advisor may not act as an external advisor for an entity with Investment Guidelines substantially similar to the Company’s
Initial Investment Guidelines (as set forth in Section 9.2(a) below); provided, however, that if the Company revises its Investment Guidelines, the Advisor will not be restricted from advising other Persons with Investment Guidelines
that conflict with the Investment Guidelines of the Company. The Company shall not revise its Investment Guidelines to be directly competitive with all or any portion of the Investment Guidelines of Ashford Trust as of the date hereof. The Company
acknowledges that Ashford Trust’s investment guidelines as of the date hereof include all segments of the hospitality industry (including, without limitation, direct, joint venture and debt investments in hotels, condo-hotels, time-shares and
other hospitality related assets), with RevPAR criteria less than two times the then-current U.S. average RevPAR, and the Company further acknowledges that any subsequent change to Ashford Trust’s Investment Guidelines, including in connection
with any future spin-off, carve-out, split-off or other consummation of a transfer of a division or subset of assets for the purpose of forming a joint venture, a newly created private platform or a new publicly traded company will not have any
impact on or change the “Investment Guidelines of Ashford Trust as of the date hereof” for purposes of enforcing this Section 9. Except as described in this Section 9.1, this Agreement shall not limit or restrict
the right of any manager, director, officer, employee or equityholder of the Advisor or its Affiliates to engage in any other business or to render services of any kind to any other Person. The Advisor may, with respect to any investment in which
the Company is a participant, also render advice and service to each and every other participant therein. While the 

  
 12 

 
information and recommendations provided to the Company shall, in the Advisor’s reasonable and good faith judgment, be appropriate under the circumstances, they may be different from those
supplied to other persons. 
 (b) To the extent the Advisor deems an investment opportunity suitable for recommendation, the Advisor must
present any such individual investment opportunity that satisfies the Company’s Initial Investment Guidelines (as set forth and subject to the limitations in Section 9.2 below) to the Company, and the Board of Directors will have 10
business days to accept such opportunity prior to it being available to Ashford Trust or any other Person advised by the Advisor. Except as set forth in the preceding sentence, the Company recognizes that it is not entitled to preferential treatment
and is only entitled to equitable treatment in receiving information, recommendations and other services. The Company shall have the benefit of the Advisor’s best judgment and effort, and the Advisor shall not undertake any activities that, in
its good faith judgment, will materially and adversely affect the performance of its obligations under this Agreement. 
 (c) The parties
hereto agree and acknowledge that each of the Company, the Advisor and Ashford Trust, as well as other companies that the Advisor may advise in the future, may benefit from the strategic relationships between such companies and accordingly intend to
cooperate to achieve results that are in the best interests of each such entities’ respective shareholders. From time to time, as may be determined by the independent directors of the Advisor, the Company, Ashford Trust and any other company
subsequently advised by the Advisor, each such entity may provide financial accommodations, guaranties, back-stop guaranties, and other forms of financial assistance to the other entities on terms that the respective Independent Directors determine
to be fair and reasonable. 
 9.2 Conflicts of Interest. 

(a) To minimize conflicts with Ashford Trust and the Company, both of which are advised by the Advisor, Ashford Trust and the Company have
identified the asset type that such party intends to select as its principal investment focus and to set parameters for its real estate investments, including parameters primarily relating to RevPAR, segments, markets and other factors or financial
metrics. The asset type, together with the relevant parameters for investments are referred to as such Person’s “Investment Guidelines,” and the “Initial Investment Guidelines” of the Company are the Investment
Guidelines of the Company as set forth below. The Board of Directors may modify or supplement, after consultation with Advisor, the Company’s Investment Guidelines upon written notice to the Advisor from time to time (subject, however, to the
prohibition in Section 9.1(a) restricting the Company from changing its Initial Investment Guidelines to be directly competitive with all or any portion of Ashford Trust’s Investment Guidelines as of the date hereof). As of the
Effective Date, the Advisor is a subsidiary of Ashford Trust and advises Ashford Trust, and also, commencing on the Effective Date, advises the Company. The Advisor may enter into an advising relationship with additional companies in the future,
subject to the restrictions set forth in Section 9.1(a). The Company hereby declares its Initial Investment Guidelines to be hotel real estate assets primarily consisting of equity or ownership interests, as well as debt investments when
such debt is acquired with the intent of obtaining an equity or ownership interest, in: 

  
 13 

	 	(i)	full service and urban select service hotels with trailing twelve (12) month average RevPAR or anticipated twelve (12) month average RevPAR of at least twice the then-current U.S. national average RevPAR for
all hotels as determined with reference to the most current Smith Travel Research reports, generally in the 20 most populous metropolitan statistical areas, as estimated by the United States Census Bureau and delineated by the U.S. Office of
Management and Budget; 

  

	 	(ii)	upscale, upper-upscale and luxury hotels meeting the RevPAR criteria set forth in clause (i) above and situated in markets that may be generally recognized as resort markets; and 

 

	 	(iii)	international hospitality assets predominantly focused in areas that are general destinations or in close proximity to major transportation hubs or business centers, such that the area serves as a significant entry or
departure point to a foreign country or region of a foreign country for business or leisure travelers and meet the RevPAR criteria set forth in clause (i) above (after any applicable currency conversion to U.S. dollars). 

When determining whether an asset satisfies the Company’s Investment Guidelines, the Advisor shall make a good faith determination of projected RevPAR,
taking into account historical RevPAR as well as such additional considerations as conversions or reposition of assets, capital plans, brand changes and other factors that may reasonably be forecasted to raise RevPAR after stabilization of such
initiative. 
 (b) If the Company materially modifies its Initial Investment Guidelines set forth in Section 9.2(a) above
without the written consent of the Advisor, the Advisor will not have an obligation to present investment opportunities to the Company as set forth in Section 9.1(b) above at any time thereafter, regardless of any subsequent
modifications by the Company to its Investment Guidelines. Instead, the Adviser shall use its best judgment in determining how to allocate investment opportunities to Persons (including Ashford Trust and the Company) which Advisor advises, taking
into account such factors as the Advisor deems relevant, in its discretion, subject to any then existing or future obligations that the Advisor may have to other Persons. The Company acknowledges that if it materially modifies its Initial Investment
Guidelines, it will not be entitled to preferential treatment from the Advisor and only will be entitled to the Advisor’s best judgment in allocating investment opportunities. 

(c) In the event that the Advisor obtains a portfolio acquisition opportunity composed of asset types that satisfies the Initial Investment
Guidelines of the Company and Ashford Trust or, as applicable, one or more other Persons managed by the Advisor, the Advisor will endeavor in its good faith judgment to present such opportunity to the Board of Directors, Ashford Trust and, if
applicable, such other Person(s) to the extent the portfolio can be reasonably divided by asset type and acquired on the basis of such asset types in satisfaction of each Person’s Investment Guidelines. If the board of directors of Ashford
Trust, the Board of Directors and, if applicable, such other Person(s) approve its portion of such acquisition, Ashford Trust, the Company and, if applicable, such other Person(s) will cooperate in good

  
 14 

 
faith in completing the acquisition of the portfolio. If the portfolio cannot be reasonably separated by asset type, the Advisor shall allocate portfolio investment opportunities between the
Company, Ashford Trust and, if applicable, other Persons advised by the Advisor, in a fair and equitable manner consistent with the investment objectives of the Company, Ashford Trust and, if applicable, other Persons advised by the Advisor. In
making this determination, the Advisor will consider, in its sole discretion, the Investment Guidelines and investment strategy of each entity with respect to the acquisition of properties, portfolio concentrations, tax consequences, regulatory
restrictions, liquidity requirements, leverage and other factors deemed appropriate by the Advisor. Notwithstanding the foregoing, if the Company materially modifies its Initial Investment Guidelines set forth in Section 9.2(a) above
without the written consent of the Advisor, the Advisor will not have an obligation to present portfolio acquisition opportunities to the Company as set forth in this Section 9.2(c) at any time thereafter, regardless of any subsequent
modifications by the Company to its Investment Guidelines. Instead, the Adviser shall use its best judgment in determining how to allocate such portfolio investment opportunities to Persons (including Ashford Trust and the Company) which Advisor
advises, taking into account such factors as the Advisor deems relevant, in its discretion, subject to any then existing or future obligations that the Advisor may have to other Persons. In making the allocation determination with respect to any
portfolio opportunity, the Advisor will have no obligation to make any such portfolio investment opportunity available to the Company. 

9.3 Exclusive Provider of Products or Services. At any time the Company desires to engage a third party for the performance of services
or delivery of products and provided that the Company has the right to control the decision on the award of the applicable contract, the Advisor shall have the exclusive right to provide such service or product at market rates for the provision of
such services (“Market Rates”). For purposes of this Agreement, Market Rates shall be determined by reference to fees charged by third party providers who are not discounting such fees as a result of fees generated from other
sources. 
 If the Company, after consultation with the Advisor, intends to solicit bids or enter the market for a particular service or
product, the Company shall afford the Advisor the opportunity to provide such service or product. In any event, the Advisor shall be provided at least 20 days to elect to provide such service or product at Market Rates. If a majority of the
Independent Directors of the Company affirmatively vote that the proposed pricing of the Advisor is not at Market Rates, then the Company and Advisor shall engage a consultant acceptable to the parties to determine the Market Rate for such services.
If the consultant’s opinion reflects fees lower than the pricing proposed by the Advisor, the Advisor will pay the expenses of the Consultant and shall have the option to provide the services or product at the Market Rate as determined by the
consultant. If the Consultant determines that the proposed pricing by the Advisor is at or below Market Rates, then the Company shall pay the expenses of the Consultant and shall engage Advisor at the Market Rate as determined by the consultant.

 9.4 The Ashford Name. The Advisor and its Affiliates have a proprietary interest in the trademarked “Ashford” name and
logo. The Advisor hereby grants to the Company a non-transferable, non-assignable, non-exclusive royalty-free right and license to use the “Ashford” name and logo during the term of this Agreement. Accordingly, and in recognition

  
 15 

 
of this right, if at any time the Company ceases to retain the Advisor or one of its Affiliates to perform advisory services for the Company, the Company will, within 60 days after receipt of
written request from the Advisor, cease to conduct business under or use the name “Ashford” or any derivative thereof and the Company shall change its name and the names of any of its subsidiaries to a name that does not contain the name
“Ashford” or any other word or words that might, in the reasonable discretion of the Advisor, be susceptible of indication of some form of relationship between the Company and the Advisor or any its Affiliates. At such time, the Company
will also make any changes to any trademarks, servicemarks, logos, or other marks necessary to remove any references to the word “Ashford.” Consistent with the foregoing, it is specifically recognized that the Advisor or one or more of its
Affiliates has in the past and may in the future organize, sponsor or otherwise permit to exist other investment vehicles (including vehicles for investment in real estate) and financial and service organizations having “Ashford” as a part
of their name and using the “Ashford” logo, all without the need for any consent (and without the right to object thereto) by the Company. 

10. BOOKS AND RECORDS. All books and records compiled by the Advisor in the course of discharging its responsibilities under this Agreement
shall be the property of the Company and shall be delivered by the Advisor to the Company immediately upon any termination of this Agreement regardless of the grounds for such termination (including, but not limited to, a breach by the Company of
this Agreement); provided, however, that the Advisor shall have reasonable access to such books and records to the extent reasonably necessary in connection with the conduct of its services hereunder. The Advisor shall not maintain or assert any
lien against or upon any of the books and records. During the term of this Agreement, the books and records of the Company maintained by the Advisor shall be accessible for inspection by any designated representative of the Company upon reasonable
advance notice and during normal business hours. 
 11. CONFIDENTIALITY. The Advisor shall keep confidential any and all non-public
information (“Confidential Information”), written or oral, obtained by it in connection with the performance of services to the Company except that the Advisor may share such Confidential Information (i) with Affiliates,
officers, directors, employees, agents and other parties who need such Confidential Information for the Advisor to be able to perform its duties hereunder, (ii) with appraisers, lenders, bankers and other parties as necessary in the ordinary
course of the Company’s business, (iii) in connection with any governmental or regulatory filings of the Company, filings with the New York Stock Exchange or other applicable securities exchanges or markets, or disclosure or presentations
to Company investors (subject to compliance with Regulation FD), (iv) with governmental officials having jurisdiction over the Company and (v) as required by law. 

Nothing will prevent the Advisor from disclosing Confidential Information (i) upon the order of any court or administrative agency,
(ii) upon the request or demand of, or pursuant to any law or regulation to, any regulatory agency or authority, (iii) to the extent reasonably required in connection with the exercise of any remedy under this Agreement, or (iv) to
the Advisor’s legal counsel or independent auditors; provided, however that with respect to (i) and 

  
 16 

 
(ii), so long as legally permissible, the Advisor will give notice to the Company so that the Company may seek, at its sole expense, an appropriate protective order or waiver. 

For purposes of this Agreement, Confidential Information shall not include (i) information that is available to the public from a source
other than the Advisor, (ii) information that is released in writing by the Company to the public or to persons who are not under similar obligations of confidentiality to the Company, or (iii) information that is obtained by the Advisor
from a third-party which, to the best of the Advisor’s knowledge, does not constitute a breach by such third-party of an obligation of confidence. 

12. TERM AND TERMINATION. 
 (a)
This Agreement shall have an initial term of five (5) years from the Effective Date and shall be automatically extended for successive one year terms thereafter without further action by either the Company or the Advisor unless earlier
terminated, as provided herein. This Agreement shall be automatically renewed for additional one (1) year terms commencing on the 5th anniversary of the Effective Date unless: 

 

	 	(i)	the Advisor gives written notice to the Company of termination at least 180 days prior to the expiration of the then current term; or 

 

	 	(ii)	the Company gives written notice to the Advisor of termination (a “Termination Notice”) at least 180 days prior to the expiration of the then current term; provided, however, that any such termination
must receive the affirmative vote of at least two-thirds of the Independent Directors of the Company based on a good faith finding that either (A) there has been unsatisfactory performance by the Advisor that is materially detrimental to the
Company and its subsidiaries taken as a whole, or (B) the Base Fee and/or Incentive Fee is not fair (and the Advisor does not offer to negotiate a lower fee that at least two-thirds of the Independent Directors of the Company determines is
fair.) 

 If the reason for non-renewal specified by the Company in its Termination Notice is (ii)(B) above, then the Advisor
may, at its option, provide a notice of proposal to renegotiate the Base Fee and Incentive Fees (a “Renegotiation Proposal”) not less than 150 days prior to the pending termination date. Thereupon, each party shall use its
commercially reasonable efforts to negotiate in good faith to find a resolution on fees within 120 days following the Company’s receipt of the Renegotiation Proposal. If a resolution is achieved between the Advisor and at least two-thirds of
the Independent Directors of the Company within the 120 day period, then the Advisory Agreement shall continue in full force and effect with modification only to the agreed upon Base Fee and/or Incentive Fee. 

(b) The Advisor may also, at any time, terminate this Agreement upon a default by the Company in the performance or observance of any material
term, condition or 

  
 17 

 
covenant under this Agreement; provided, however, that the Advisor must, before terminating this Agreement, give written notice of the default to the Company and provide the Company with an
opportunity to cure the default within 45 days, or if such cure is not reasonably susceptible to cure within 45 days, such additional cure period as is necessary to cure the default so long as the Company is diligently and in good faith pursuing
such cure and the additional cure period does not exceed 90 days. 
 (c) The Company may also, at any time, terminate this Agreement: 

 

	 	(i)	upon a default by the Advisor in the performance or observance of any material term, condition or covenant under this Agreement; provided, however, that the Company must, before terminating this Agreement, give written
notice of the default to the Advisor and provide the Advisor with an opportunity to cure the default within 45 days, or if such cure is not reasonably susceptible to cure within 45 days, such additional cure period as is reasonably necessary to cure
the default so long as the Advisor is diligently and in good faith pursuing such cure and the additional cure period does not exceed 90 days. 

  

	 	(ii)	immediately upon providing written notice to the Advisor following an event rendering the Advisor insolvent (an “Insolvency Event”); provided the Advisor shall notify the Company no later than 30 days
following the Advisor’s knowledge of an Insolvency Event. For purposes of this Agreement, an Insolvency Event is any occurrence in which the Advisor shall (A) authorize or agree to the commencement of a voluntary case or other proceeding
seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency, receivership or other similar law now or hereafter in effect or the appointment of a trustee, receiver, liquidator, custodian
or other similar official of it or any substantial part of its property, (B) make a general assignment for the benefit of its creditors, (C) have an involuntary or other proceeding commenced against it seeking liquidation, reorganization
or other relief with respect to it or its debts under any bankruptcy, insolvency or other similar law now or thereafter in effect, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period exceeding sixty
(60) days or (D) commence an action for dissolution. 

  

	 	(iii)	immediately upon providing written notice to the Advisor, following the advisor’s conviction (including a plea or nolo contendere) of a felony; 

 

	 	(iv)	 immediately upon providing written notice to the Advisor, if the Advisor commits an act of fraud against the Company, misappropriates the funds of the
Company or acts in a manner constituting willful misconduct, gross negligence or reckless disregard in the performance of its material duties under this Agreement (including a failure to act); provided, however, that if any such actions or omissions
described in this Section 12(c)(iv) are 

  
 18 

	 	
caused by an employee and/or an officer of the Advisor (or an Affiliate of the Advisor) and the Advisor takes all reasonable necessary and appropriate action against such person and cures the
damage caused by such actions or omissions within 45 days of the Advisor’s actual knowledge of its commission or omission, the Company will not have the right to terminate this Agreement pursuant to this Section 12(c)(iv); and

  

	 	(v)	immediately upon providing written notice to the Advisor following an Advisor Change of Control unless such Advisor Change of Control constitutes a permissible assignment under Section 14 hereof.

 “Advisor Change of Control” shall be deemed to have occurred upon any of the following events affecting
Ashford Trust or Advisor; provided, however, if Advisor is no longer a subsidiary of Ashford Trust as a result of a permitted assignment under Section 14 hereof or otherwise through a transaction not constituting an Advisor Change of
Control, then an Advisor Change of Control shall be deemed to have occurred upon any of the following events that affect Advisor only (and no Advisor Change of Control shall be deemed to have occurred if such event affects Ashford Trust): 

 

	 	A.	 any “person” (as defined in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
and as modified in Section 13(d) and 14(d) of the Exchange Act) other than (A) Ashford Trust, the Advisor or any of their respective subsidiaries, (B) any employee benefit plan of Ashford Trust, the Advisor or any of their
respective subsidiaries, (C) Remington or any Affiliate of Remington, (D) a company owned, directly or indirectly, by stockholders of Ashford Trust or the Advisor in substantially the same proportions as their ownership of Ashford Trust or
the Advisor, as applicable, or (E) an underwriter temporarily holding securities pursuant to an offering of such securities, becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of
securities of Ashford Trust or the Advisor representing 35% or more of the shares of voting stock of Ashford Trust or the Advisor, as applicable, then outstanding; provided, however, if any of the Chief Executive Officer, President, Chief Operating
Officer, or Chief Financial Officer of the Advisor or Ashford Trust, as applicable, immediately before the event (collectively, the “Advisor Key Officers”) remain in such capacity or similar capacity with the Advisor or Ashford
Trust, as applicable, immediately after the event, or if a majority of the board of directors of Advisor or Ashford Trust, as applicable, immediately before the event remain on the board of directors of Advisor or

  
 19 

	 	
Ashford Trust, as applicable, immediately after the event, then no Advisor Change of Control shall be deemed to have occurred; 

 

	 	B.	the consummation of any merger, organization, business combination or consolidation of Ashford Trust or the Advisor, as applicable, or one of its respective subsidiaries, as applicable, with or into any other company,
other than a merger, reorganization, business combination or consolidation which would result in the holders of the voting securities of Ashford Trust or the Advisor, as applicable, outstanding immediately prior thereto holding securities which
represent immediately after such merger, reorganization, business combination or consolidation more than 50% of the combined voting power of the voting securities of Ashford Trust or the Advisor, as applicable, or the surviving company or the parent
of such surviving company, provided, however, if any of the Advisor Key Officers remain in such capacity or similar capacity with the Advisor, Ashford Trust or surviving entity immediately after the event, or if a majority of the board of directors
of Advisor or Ashford Trust, as applicable, immediately before the event remain on the board of directors of Advisor, Ashford Trust or surviving entity immediately after the event, then no Advisor Change of Control shall be deemed to have occurred;
or 

  

	 	C.	the consummation of a sale or disposition by Ashford Trust or the Advisor, as applicable, of all or substantially all of such entity’s assets, other than a sale or disposition if the holders of the voting
securities of such entity outstanding immediately prior thereto hold securities immediately thereafter which represent more than 50% of the combined voting power of the voting securities of the acquiror, or parent of the acquiror, of such assets
provided, however, if any of the Advisor Key Officers remain in such capacity or similar capacity with the Advisor, Ashford Trust or acquiring entity immediately after the event, or if a majority of the board of directors of Advisor, Ashford Trust
or acquiring entity immediately before the event remain on the board of directors of Advisor or Ashford Trust, as applicable, immediately after the event, then no Advisor Change of Control shall be deemed to have occurred. 

(d) Upon any termination of this Agreement (including a termination pursuant to Section 16 hereof), the parties shall have the
following obligations (“Termination Obligations”): 

  
 20 

	 	(i)	The Company shall pay all Base Fees, Incentive Fees and expense reimbursements due and owing through the date of termination (collectively, “Accrued Fees”). 

 

	 	(ii)	Upon any termination pursuant to Section 12(a)(ii), based on unsatisfactory performance by the Advisor or unfair fees with no resolution within the time period set forth in Section 12(a)(ii), the
Company shall pay a termination fee equal to three (3) times the sum of the average annual Base Fee and average annual Incentive Fee over the 24 calendar months preceding termination (a “Termination Fee”). The Termination Fee,
if any, shall be payable to the Advisor on or before the termination date of this Agreement. 

  

	 	(iii)	In the event of any termination of this Agreement, the Company (and any of its Affiliates) shall not, without the consent of the Advisor, solicit for employment, employ or otherwise retain (directly or indirectly) any
employee of the Advisor (or any of its Affiliates) for a period of two years. 

  

	 	(iv)	Immediately upon termination, the Advisor shall promptly (a) pay over all money collected and held for the account of the Company, provided that the Advisor shall be permitted to deduct any Accrued Fees in lieu of
receiving payment for such Accrued Fees pursuant to Section 12(d)(i); (b) deliver a full accounting of all accounts held by the Advisor in the name of or on behalf of the Company; (c) deliver all property, documents, files,
contracts and assets of the Company to the Company; and (d) cooperate with and assist the Company in executing an orderly transition of the management of the company’s assets to a new advisor. 

(e) The following Sections, including the rights and obligations contained therein, shall survive the termination of this Agreement: 

 

	 	(i)	The parties’ Termination Obligations pursuant to Section 12(d) and the obligations pursuant to Section 16; 

 

	 	(ii)	The Advisor’s confidentiality obligations pursuant to Section 11; 

  

	 	(iii)	The limitation of the Advisor’s liability pursuant to Section 8.1; 

  

	 	(iv)	The parties’ indemnification obligations pursuant to Section 8.3; and 

  

	 	(v)	The Company’s obligations to cease using the trademarked name “Ashford” and other obligations pursuant to Section 9.4. 

13. NOTICES. Any notices, instructions or other communications required or contemplated by this Agreement shall be deemed to have been
properly given and to be effective 

  
 21 

 
upon delivery if delivered in person, sent electronically or upon receipt if sent by courier service. All such communications to the Company shall be addressed as follows: 

Ashford Hospitality Prime, Inc. 

14185 Dallas Parkway, Suite 1100 

Dallas, TX 75254 
 Attn: Chief
Executive Officer 
 With a copy to: 

Ashford Hospitality Prime, Inc. 

14185 Dallas Parkway, Suite 110 

Dallas, TX 75254 
 Attn: General
Counsel 
 All such communications to the Advisor shall be addressed as follows: 

Ashford Hospitality Advisors LLC 

14185 Dallas Parkway, Suite 1100 

Dallas, TX 75254 
 Attn: Chief
Executive Officer 
 With a copy to: 

Ashford Hospitality Advisors LLC 

14185 Dallas Parkway, Suite 1100 

Dallas, TX 75254 
 Attn: General
Counsel 
 Either party hereto may designate a different address by written notice to the other party delivered in accordance with this
Section 13. 
 14. DELEGATION OF RESPONSIBILITY AND ASSIGNMENT. 

(a) Notwithstanding anything in this Agreement, the Advisor shall have the power to delegate all or any part of its rights and powers to
manage and control the business and affairs of the Company to such officers, employees, Affiliates, agents and representatives of the Advisor or the Company as it may deem appropriate. Any authority delegated by the Advisor to any other person shall
be subject to the limitations on the rights and powers of the Advisor specifically set forth in this Agreement or the charter of the Company. 

The Advisor may assign this Agreement to any Affiliate that remains under the control of Ashford Trust without the consent of the Company. The
Advisor may also assign this Agreement to a newly formed publicly traded company without Company approval in connection with a spin-off, carve-out, split-off or distribution to the Advisor’s or Ashford Trust’s stockholders. 

  
 22 

 (b) The Company may not assign this Agreement without the prior written consent of the Advisor,
except in the case of assignment by the Company to another REIT or other organization that is a successor, by merger, consolidation, purchase of assets, or other similar transaction, to the Company. 

15. FUTURE SPIN-OFF BY THE COMPANY. If the Company elects to spin-off, carve-out, split-off or otherwise consummate a transfer of a division
or subset of assets for the purpose of forming a joint venture, a newly created private platform or a new publicly traded company to hold such division or subset of assets constituting a distinct asset type and/or Investment Guidelines
(collectively, a “Spin-Off Company”), the Company and Advisor agree that such Spin-Off Company shall be externally advised by the Advisor pursuant to an advisory agreement containing substantially the same material terms set forth
in this Agreement. 
 16. TERMINATION FOR CONVENIENCE UPON CHANGE OF CONTROL OF COMPANY. Upon a Company Change of Control (defined below),
the Company shall have the right, at its election, to terminate this Agreement upon the payment of the COC Termination Fee (defined below) and subject to the conditions and terms of this Section 16. 

(a) “Company Change of Control” shall mean any of the following events: 

 

	 	(i)	any “person” (as defined in Section 3(a)(9) of the Exchange Act , and as modified in Section 13(d) and 14(d) of the Exchange Act) other than (A) the Company or any of its subsidiaries,
(B) any employee benefit plan of the Company or any of its subsidiaries, (C) a company owned, directly or indirectly, by stockholders of Ashford Prime in substantially the same proportions as the ownership of Ashford Prime, or (D) an
underwriter temporarily holding securities pursuant to an offering of such securities, becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of Ashford Prime representing 35%
or more of the shares of voting stock of Ashford Prime then outstanding; 

  

	 	(ii)	the consummation of any merger, reorganization, business combination or consolidation of the Company, or one of its respective subsidiaries, as applicable, with or into any other company, other than a merger,
reorganization, business combination or consolidation which would result in the holders of the voting securities of Ashford Prime outstanding immediately prior thereto holding securities which represent immediately after such merger, reorganization,
business combination or consolidation more than 50% of the combined voting power of the voting securities of the Company or the surviving company or the parent of such surviving company; 

 

	 	(iii)	 the consummation of a sale or disposition by the Company of all or substantially all of its assets, other than a sale or disposition if the holders of
the voting securities of Ashford Prime outstanding immediately prior 

  
 23 

	 	
thereto hold securities immediately thereafter which represent more than 50% of the combined voting power of the voting securities of the acquirer, or parent of the acquirer, of such assets.

 (b) If the Company desires to enter into a transaction which constitutes a Company Change of Control and the Board of
Directors approves (subject to diligence, shareholder approval, conditions or otherwise) such proposed transaction, the Company shall promptly notify the Advisor in writing (the “Transaction Notice”), or in any event within five
(5) business days following the Board approval. The Transaction Notice shall set forth in reasonable detail the material terms of the proposed Company Change of Control transaction, the proposed timing, pricing, identity of the acquirer(s), and
all material conditions including, without limitation, whether or not the proposed transaction is conditioned upon the termination of this Agreement. If the proposed Company Change in Control transaction is not conditioned upon a termination of this
Agreement, this Agreement shall continue in full force and effect following the closing of the Company Change of Control transaction with the Company, the acquirer or successor, as the case may be. If the proposed Company Change in Control
transaction is conditioned upon the termination of this Agreement, then subject to the payment of the COC Termination Fee, together will all other Base Fees, Incentive Fees, and other charges, costs and reimbursements accrued through the date of
termination of this Agreement required to be paid to Advisor pursuant to the terms of this Agreement, the Company may elect to terminate this Agreement by setting forth its election in the Transaction Notice or by written notice to Advisor, which
notice must be delivered at least sixty (60) days prior to the closing of the Company Change of Control transaction. As a condition to the effectiveness of a termination of this Agreement, the Company shall pay to Advisor the COC Termination
Fee (together with all other Base Fees, Incentive Fees, and other charges, costs and reimbursements accrued through the date of termination of this Agreement) on the closing of the Company Change of Control transaction. If an election to terminate
this Agreement is not timely made by the Company, this Agreement shall continue in full force and effect with the Company, acquirer or successor, as the case may be. 

(c) If a Company Change in Control occurs by reason of an action not taken by the Board but through an involuntary action, then, within ten
(10) days following the occurrence of such Company Change in Control, the Company may elect by delivering written notice thereof to Advisor, subject to the payment of the COC Termination Fee (together with all Base Fees, Incentive Fees, and
other charges, costs and reimbursements accrued through the date of termination of this Agreement required to be paid to Advisor pursuant to the terms of this Agreement), to terminate this Agreement, which such termination may occur no earlier than
thirty (30) days or greater than sixty (60) days following the date such written election is received by Advisor. If such election is timely made by the Company, the Company shall pay to Advisor, on the termination date of this Agreement,
the COC Termination Fee and all Base Fees, Incentive Fees, and other charges, costs and reimbursements accrued through the date of termination of this Agreement required to be paid pursuant to the terms of this Agreement. If an election to terminate
this Agreement is not timely made by the Company, this Agreement shall continue in full force and effect with the Company, acquirer or successor, as the case may be. 

  
 24 

 (d) The “COC Termination Fee” payable to the Advisor in cash, for purposes of a
termination of this Agreement shall be calculated as follows: 
  

	 	(i)	So long as Advisor’s common stock is not publicly traded: 

 (A) 14
multiplied by the earnings of the Advisor attributable to this Agreement, after costs and expenses (including taxes) of the Advisor attributable to the performance of its duties under this Agreement (“Net Earnings”) for the 12-month
period preceding the termination date of this Agreement; plus 
 (B) an additional amount such that the total net
amount received by Advisor after the reduction by assumed state and federal income taxes at an assumed combined rate of 40% on the amounts described in (A) and (B) shall equal the amount described in (A). 

 

	 	(ii)	If at the time the Transaction Notice is given to Advisor, Advisor’s common stock is publicly traded separate from the common stock of Ashford Trust: 

(A) 1.1 times the greater of: 

(I) 12 multiplied by the Net Earnings of the Advisor for the 12-month period preceding the termination date of this Agreement;
or 
 (II) the earnings multiple (based on net earnings after taxes) for the Advisor’s common stock for the 12-month
period preceding the termination date of this Agreement multiplied by the Net Earnings of the Advisor for the 12-month period preceding the termination date of this Agreement; or 

(III) the simple average of the earnings multiples (based on net earnings after taxes) for the Advisor’s common stock for
each of the three fiscal years preceding the termination date of this Agreement, multiplied by the Net Earnings of the Advisor for the 12-month period preceding the termination date of this Agreement, plus 

(B) an additional amount such that the total net amount received by Advisor after the reduction by assumed state and federal
income taxes at an assumed combined rate of 40% on the amounts described in (A) and (B) shall equal the amount described in (A). 

(e) Following the closing of a Company Change in Control Transaction and termination of this Agreement pursuant to this
Section 16, the Advisor will reasonably 

  
 25 

 
cooperate in an orderly transition of management for a period of up to thirty (30) days for the payment of Base and Incentive Fees based on the average monthly amounts for the three
(3) months prior to the Transaction Notice, or in the case of a termination pursuant to Section 16(c) above, based on the average monthly amounts for the three (3) months prior to the public announcement of the Company Change
in Control. 
 17. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE ADVISOR. The Advisor represents and warrants to, and covenants and
agrees with, the Company as follows: 
 (a) The Advisor, taking into account its own personnel and the personnel available to it through its
Affiliates, has access to personnel trained and experienced in the business of acquisitions, leasing of hotels, asset management, financing, the ownership and dispositions of hotels and such other areas as may be necessary and sufficient to enable
the Advisor to perform its obligations under this Agreement. 
 (b) The Advisor shall comply with all laws, rules, regulations and
ordinances applicable to the performance of its obligations under this Agreement. 
 Neither the Advisor nor any of its Affiliates is party
to or otherwise bound by or, during the term of this Agreement (including any extension thereof), will become party to or otherwise bound by, any agreement that would restrict or prevent (i) the Advisor from performing any obligation
contemplated by this Agreement or (ii) the Company from operating its business as proposed to be conducted, including, without limitation, acquiring any hotel in any geographic market in the United States or any foreign country. 

18. GOVERNING LAW. This Agreement shall be governed by and construed in accordance with the laws of the State of Texas, without regard to the
conflict of laws principals thereof. 
 19. ENTIRE AGREEMENT. This Agreement reflects the entire understanding of the parties hereto with
respect to the subject matter hereof and supersedes and replaces all agreements between the Company and the Advisor with respect to the subject matter hereof. 

20. SUCCESSORS AND ASSIGNS. This Agreement shall inure to the benefit of and be binding upon the parties to this Agreement and their
respective successors and permitted assigns, and no other Person shall acquire or have any right under, or by virtue of, this Agreement. The Company shall be entitled to assign this Agreement to any successor to all or substantially all of its
assets, rights and/or obligations; the Advisor shall have the right to assign this Agreement to any Affiliate (as such term is defined in Section 2). 

21. AMENDMENT, MODIFICATIONS AND WAIVER. This Agreement hereto shall not be altered or otherwise amended in any respect, except pursuant to an
instrument in writing signed by the parties hereto; provided, that any additions to or deletions from the Peer Group Members identified in Exhibit A shall only be made with the approval of a majority of the Independent Directors of the Company and a
majority of the Independent Directors of Ashford 

  
 26 

 
Trust, the indirect parent of the Advisor. The waiver by a party of a breach of any provisions of this Agreement shall not operate or be construed as a waiver of any subsequent breach. 

22. COUNTERPARTS. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, and all of
which shall constitute one and the same agreement. 
 (SIGNATURES BEGIN ON NEXT PAGE) 

* * * * * 

  
 27 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above
written. 
  

			
	ASHFORD PRIME:
	
	Ashford Hospitality Prime, Inc.
		
	By:	 	 /s/ David A. Brooks

	Name:	 	David A. Brooks
	Title:	 	Chief Operating Officer
	
	OPERATING PARTNERSHIP:
	
	Ashford Hospitality Prime Limited Partnership
		
	By:	 	Ashford Prime OP General Partner LLC,
its general partner

 
					
			
		 	By:	 	 /s/ David A. Brooks

		 	Name:	 	David A. Brooks
		 	Title:	 	Vice President

 
			
	
	ADVISOR:
	
	Ashford Hospitality Advisors LLC
		
	By:	 	 /s/ David A. Brooks

	Name:	 	David A. Brooks
	Title:	 	Vice President

 [Signature page to the Advisory Agreement] 

 Exhibit A 

Peer Group Members 
 Strategic
Hotels and Resorts, Inc. 
 Chesapeake Lodging Trust 

DiamondRock Hospitality Co. 
 Lasalle Hotel Properties 

Pebblebrook Hotel Trust 
 Sunstone Hotel Investors, Inc. 

  
 A-1

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