Document:

EX-10.2

 Exhibit 10.2 
 ADVISORY AGREEMENT 
 THIS ADVISORY AGREEMENT (this
“Agreement”), is dated and effective as of [            ], 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 

  
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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 

  
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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  

  
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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 

  
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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 

  
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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 daily 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 daily 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

  
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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. 
 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 

  
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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 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. 

  
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 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. 
 (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 

  
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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 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 

  
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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 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,

  
 12 

 
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: 
  

	 	(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 

  
 13 

	 	(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 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

  
 14 

 
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 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 

  
 15 

 
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 (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 

  
 16 

	 	(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 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 

  
 17 

	 	
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 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): 

  
 18 

	 	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 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

  
 19 

	 	
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”): 
  

	 	(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) 

  
 20 

	 	
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 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: 

  
 21 

 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. 
 (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) 

  
 22 

	 	
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 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

  
 23 

 
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. 

(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 does not have any publicly traded common stock separate from that of Ashford Trust: 

(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 

  
 24 

 
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 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

  
 25 

 
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 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) 

* * * * * 

  
 26 

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

			
	COMPANY:
	
	Ashford Hospitality Prime, Inc.
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

			
	ADVISOR:
	
	Ashford Hospitality Advisors LLC
		
	By:	 	 
	Name:	 	 
	Title:	 	 

 [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-1EX-10.4

 Exhibit 10.4 

ASHFORD HOSPITALITY PRIME, INC. 

2013 EQUITY INCENTIVE PLAN 

[•], 2013 

 ASHFORD HOSPITALITY PRIME, INC. 

2013 EQUITY INCENTIVE PLAN 

Table of Contents 
  

					
	 ARTICLE I INTRODUCTION
	  	 	1	  
	 1.1     Purpose
	  	 	1	  
	 1.2     Shares Subject to the Plan
	  	 	1	  
	 1.3     Administration of the Plan
	  	 	1	  
	 1.4     Amendment and Discontinuance of the Plan
	  	 	2	  
	 1.5     Granting of Awards
	  	 	2	  
	 1.6     Term of Plan
	  	 	2	  
	 1.7     Leave of Absence
	  	 	2	  
	 1.8     Definitions
	  	 	2	  
	 ARTICLE II OPTIONS
	  	 	8	  
	 2.1     Grants
	  	 	8	  
	 2.2     Calculation of Exercise Price
	  	 	8	  
	 2.3     Terms and Conditions of Options
	  	 	8	  
	 2.4     Amendment
	  	 	10	  
	 2.5     Acceleration of Vesting
	  	 	10	  
	 2.6     Other Provisions
	  	 	10	  
	 2.7     Option Repricing
	  	 	11	  
	 ARTICLE III INCENTIVE OPTIONS
	  	 	11	  
	 3.1     Eligibility
	  	 	11	  
	 3.2     Exercise Price
	  	 	11	  
	 3.3     Dollar Limitation
	  	 	11	  
	 3.4     10% Stockholder
	  	 	11	  
	 3.5     Options Not Transferable
	  	 	11	  
	 3.6     Compliance with Section 422 of the Code
	  	 	11	  
	 3.7     Limitations on Exercise
	  	 	12	  
	 3.8     Share Limitation
	  	 	12	  
	 ARTICLE IV PURCHASED STOCK
	  	 	12	  
	 4.1     Eligible Persons
	  	 	12	  
	 4.2     Purchase Price
	  	 	12	  
	 4.3     Payment of Purchase Price
	  	 	12	  
	 ARTICLE V BONUS STOCK
	  	 	12	  
	 ARTICLE VI STOCK APPRECIATION RIGHTS AND PHANTOM STOCK
	  	 	12	  
	 6.1     Stock Appreciation Rights
	  	 	12	  
	 6.2     Phantom Stock Awards
	  	 	13	  
	 ARTICLE VII RESTRICTED STOCK
	  	 	14	  
	 7.1     Eligible Persons
	  	 	14	  
	 7.2     Restricted Period and Vesting
	  	 	14	  
	 ARTICLE VIII PERFORMANCE AWARDS
	  	 	15	  
	 8.1     Eligible Persons
	  	 	15	  
	 8.2     Performance Awards
	  	 	15	  
	 8.3     Performance Goals
	  	 	15	  

					
	 ARTICLE IX OTHER STOCK-BASED AWARDS
	  	 	16	  
	 ARTICLE X CERTAIN PROVISIONS APPLICABLE TO ALL AWARDS
	  	 	17	  
	 10.1     General
	  	 	17	  
	 10.2     Stand-Alone, Additional, Tandem, and Substitute Awards
	  	 	17	  
	 10.3     Term of Awards
	  	 	17	  
	 10.4     Form and Timing of Payment under Awards; Deferrals
	  	 	18	  
	 10.5     Vested and Unvested Awards
	  	 	18	  
	 10.6     Exemptions from Section 16(b) Liability
	  	 	18	  
	 10.7     Other Provisions
	  	 	18	  
	 10.8     Change of Control
	  	 	19	  
	 10.9     Ownership Limit
	  	 	20	  
	 ARTICLE XI WITHHOLDING FOR TAXES
	  	 	20	  
	 ARTICLE XII MISCELLANEOUS
	  	 	20	  
	 12.1     No Rights to Awards
	  	 	20	  
	 12.2     No Right to Employment
	  	 	21	  
	 12.3     Governing Law
	  	 	21	  
	 12.4     Severability
	  	 	21	  
	 12.5     Other Laws
	  	 	21	  
	 12.6     Shareholder Agreements
	  	 	21	  
	 12.7     No Guarantee of Tax Consequences
	  	 	21	  
	 12.8     Compliance with Section 409A of the Code
	  	 	21	  
	 12.9     Claw-back Policy
	  	 	22	  

  
 -ii- 

 ASHFORD HOSPITALITY PRIME, INC. 

2013 EQUITY INCENTIVE PLAN 

ARTICLE I 
 INTRODUCTION

 1.1 Purpose. The Ashford Hospitality Prime, Inc. 2013 Equity Incentive Plan (the “Plan”) is intended
to promote the interests of Ashford Hospitality Prime, Inc., a Maryland corporation (the “Company”), and its stockholders by encouraging Employees, Consultants and Non-Employee Directors of the Company, the Advisor and each
of their respective Affiliates (each term as defined below) to acquire or increase their equity interests in the Company, thereby giving them an added incentive to work toward the continued growth and success of the Company. The Board of Directors
of the Company (the “Board”) also contemplates that through the Plan, the Company, the Advisor and each of their respective Affiliates will be better able to compete for the services of the individuals needed for the
continued growth and success of the Company. The Plan shall not constitute any “employee benefit plan” for purposes of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended. 

1.2 Shares Subject to the Plan. The aggregate number of shares of Common Stock, $0.01 par value per share, of the Company
(“Common Stock”) that may be issued under the Plan commencing on [•], 2013, the date the stockholders approved the Plan set forth herein, shall not exceed
             shares of outstanding Common Stock. 
 In the event that at any
time after the Effective Date the outstanding shares of Common Stock are changed into or exchanged for a different number or kind of shares or other securities of the Company by reason of a merger, consolidation, recapitalization, reclassification,
stock split, stock dividend, combination of shares or the like, the aggregate number and class of securities available under the Plan shall be ratably adjusted by the Committee (as defined below), whose determination shall be final and binding upon
the Company and all other interested persons. In the event the number of shares to be delivered upon the exercise or payment of any Award granted under the Plan is reduced for any reason whatsoever or in the event any Award granted under the Plan
can no longer under any circumstances be exercised or paid, the number of shares no longer subject to such Award shall thereupon be released from such Award and shall thereafter be available under the Plan for the grant of additional Awards. Shares
issued pursuant to the Plan (i) may be treasury shares, authorized but unissued shares or, if applicable, shares acquired in the open market and (ii) shall be fully paid and nonassessable. 

1.3 Administration of the Plan. The Plan shall be administered by the Committee. Subject to the provisions of the Plan, the Committee
shall interpret the Plan and all Awards under the Plan, shall make such rules as it deems necessary for the proper administration of the Plan, shall make all other determinations necessary or advisable for the administration of the Plan and shall
correct any defect or supply any omission or reconcile any inconsistency in the Plan or in any Award under the Plan in the manner and to the extent that the Committee deems desirable to effectuate the Plan. Any action taken or determination made by
the Committee pursuant to this and the other paragraphs of the Plan shall be final, binding and conclusive on all parties. The act or determination of a majority of the Committee shall be deemed to be the act or determination of the Committee. 

 1.4 Amendment and Discontinuance of the Plan. The Board may amend, suspend or terminate
the Plan; provided, however, no amendment, suspension or termination of the Plan may, without the consent of the holder of an Award, terminate such Award or adversely affect such holder’s rights with respect to such Award in any material
respect; provided further, however, that any amendment which would constitute a “material revision” of the Plan (as that term is used in the rules of the New York Stock Exchange) shall be subject to shareholder approval. 

1.5 Granting of Awards. The Committee shall have the authority to grant, prior to the expiration date of the Plan, Awards to such
Employees, Consultants and Non-Employee Directors as may be selected by it on the terms and conditions hereinafter set forth in the Plan. In selecting the persons to receive Awards, including the type and size of the Award, the Committee may
consider any factors that it may deem relevant. 
 1.6 Term of Plan. The Plan shall be effective as of [•], 2013 (the
“Effective Date”), subject to approval by the shareholders of the Company. The provisions of the Plan are applicable to all Awards granted on or after the Effective Date. If not sooner terminated under the provisions of
Section 1.4, the Plan shall terminate upon, and no further Awards shall be made, after the tenth anniversary of the Effective Date. 

1.7 Leave of Absence. If an employee of the Company, the Advisor or one of their respective Affiliates is on military, sick leave or
other bona fide leave of absence, such person shall be considered an “Employee” for purposes of an outstanding Award during the period of such leave provided it does not exceed ninety (90) days, or, if longer, so long as the
person’s right to reemployment is guaranteed either by statute or by contract. If the period of leave exceeds ninety (90) days, such person shall be deemed to no longer be an “Employee” for purposes of an outstanding Award on the
91st day of such leave, unless the person’s right to reemployment is guaranteed by statute or contract. 
 1.8 Definitions. As
used in the Plan, the following terms shall have the meanings set forth below: 
 “1934 Act” means the
Securities Exchange Act of 1934, as amended. 
 “Advisor” means Ashford Hospitality Advisors LLC, a Delaware
limited liability company, together with any successors and assigns. 
 “Affiliate” means
(i) Remington, (ii) any entity in which the Company, the Advisor or Remington, directly or indirectly, owns 10% or more of the combined voting power, as determined by the Committee, (iii) any “parent corporation” of the
Company, the Advisor or Remington (as defined in Section 424(e) of the Code), (iv) any “subsidiary corporation” of any such parent corporation (as defined in Section 424(f) of the Code) of the Company, the Advisor or
Remington and (v) any trades or businesses, whether or not incorporated which are members of a controlled group or are under common control (as defined in Sections 414(b) or (c) of the Code) with the Company, the Advisor or Remington. 

  
 -2- 

 “Awards” means, collectively, Options, Purchased Stock, Bonus
Stock, Stock Appreciation Rights, Phantom Stock, Restricted Stock, Performance Awards, or Other Stock-Based Awards. 

“Bonus Stock” is defined in Article V. 

“Cause” for termination of any Participant who is a party to an agreement of employment with or services to
the Company or the Advisor shall mean termination for “Cause” as such term is defined in such agreement, the relevant portions of which are incorporated herein by reference. If such agreement does not define “Cause” or if a
Participant is not a party to such an agreement, “Cause” means (i) the willful commission by a Participant of a criminal or other act that causes or is likely to cause substantial economic damage to the Company, the Advisor or one of
their respective Affiliates or substantial injury to the business reputation of the Company, the Advisor or one of their respective Affiliates; (ii) the commission by a Participant of an act of fraud in the performance of such
Participant’s duties on behalf of the Company, the Advisor or one of their respective Affiliates; or (iii) the continuing willful failure of a Participant to perform the duties of such Participant to the Company, the Advisor or one of
their respective Affiliates (other than such failure resulting from the Participant’s incapacity due to physical or mental illness) after written notice thereof (specifying the particulars thereof in reasonable detail) and a reasonable
opportunity to be heard and cure such failure are given to the Participant by the Committee. For purposes of the Plan, no act, or failure to act, on the Participant’s part shall be considered “willful” unless done or omitted to be
done by the Participant not in good faith and without reasonable belief that the Participant’s action or omission was in the best interest of the Company, the Advisor or one of their respective Affiliates, as the case may be. 

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

(i) any “person” (as defined in Section 3(a)(9) of the 1934 Act, and as modified in Section 13(d) and 14(d)
of the 1934 Act) other than (A) the Company or any of its subsidiaries, (B) any employee benefit plan of the Company or any of its subsidiaries, (C) Remington, the Advisor or any of their respective Affiliates, (D) a company
owned, directly or indirectly, by stockholders of the Company in substantially the same proportions as their ownership of the Company, or (E) an underwriter temporarily holding securities pursuant to an offering of such securities, becomes the
“beneficial owner” (as defined in Rule 13d-3 of the 1934 Act), directly or indirectly, of securities of the Company representing 30% or more of the shares of voting stock of the Company then outstanding; provided, however, that an initial
public offering of Common Stock shall not constitute a Change of Control; 

  
 -3- 

 (ii) the consummation of any merger, organization, business combination or
consolidation of the Company or one of its subsidiaries with or into any other company, other than a merger, reorganization, business combination or consolidation which would result in the holders of the voting securities of the Company outstanding
immediately prior thereto holding securities which represent immediately after such merger, reorganization, business combination or consolidation more than 50% of the combined voting power of the voting securities of the Company or the surviving
company or the parent of such surviving company; 
 (iii) the consummation of a sale or disposition by the Company of all or
substantially all of the Company’s assets, other than a sale or disposition if the holders of the voting securities of the Company outstanding immediately prior thereto hold securities immediately thereafter which represent more than 50% of the
combined voting power of the voting securities of the acquiror, or parent of the acquiror, of such assets, or the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company; or 

(iv) individuals who, as of the Effective Date, constitute the Board (the “Incumbent Board”) cease for
any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the Effective Date whose election by the Board, was approved by a vote of at least a majority of the directors then
comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an election contest with
respect to the election or removal of directors or other solicitation of proxies or consents by or on behalf of a person other than the Board. 

Further, in the case of any item of income under an Award to which the foregoing definition would otherwise apply with the effect that the
income tax under Section 409A of the Code would apply or be imposed on income under that Award, but where such tax would not apply or be imposed if the meaning of the term “Change of Control” met the requirements of
Section 409A(a)(2)(A)(v) of the Code, then the term “Change of Control” herein shall mean, but only with respect to the income so affected, a transaction, circumstance or event that constitutes a “Change of Control” (as
defined above) and that also constitutes a “change in control event” within the meaning of Treas. Reg. §1.409A–3(i)(5). 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations
thereunder. 
 “Committee” means the compensation committee appointed by the Board to administer the Plan
or, if none, the Board; provided however, that with respect to any Award granted to a Covered Employee which is intended to be “performance-based compensation” as described in Section 162(m)(4)(C) of the Code, the Committee shall
consist solely of two or more members of the Board, each of whom qualifies as both an “outside director” as described in Section 162(m)(4)(C)(i) of the Code and a “non-employee director” within the meaning of
Section 16b-3 under the 1934 Act. 

  
 -4- 

 “Consultant” means any individual, other than a Director or an
Employee, who renders consulting or advisory services to the Company, the Advisor or any of their respective Affiliates. 

“Covered Employee” shall mean those employees of the Company who are “covered employees” as defined
in Section 162(m)(3) of the Code. 
 “Disability” means an inability to perform the Participant’s
material services for the Company, the Advisor or any of their respective Affiliates, as applicable, for a period of ninety (90) consecutive days or a total of one hundred eighty (180) days, during any 365-day period, in either case as a
result of incapacity due to mental or physical illness, which is determined to be total and permanent. A determination of Disability shall be made by a physician satisfactory to both the Participant (or his guardian) and the Company, provided that
if the Participant (or his guardian) and the Company do not agree on a physician, the Participant and the Company shall each select a physician and these two together shall select a third physician, whose determination as to Disability shall be
binding on all parties. Eligibility for disability benefits under any policy for long-term disability benefits provided to the Participant by the Company, the Advisor or any of their respective affiliates shall conclusively establish the
Participant’s disability. If a Disability constitutes a payment event with respect to any Award which provides for the deferral of compensation and is subject to Section 409A, then, to the extent required to comply with Section 409A,
the Participant must also be considered “disabled” within the meaning of Section 409A(a)(2)(C) of the Code. 

“Employee” means any employee of the Company, the Advisor or any of their respective Affiliates. 

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

  
 -5- 

 “Good Reason” means termination of employment by an Employee,
termination of service by a Consultant or resignation from the Board of a Non-Employee Director under any of the following circumstances: 

(i) if such Employee, Consultant or Non-Employee Director is a party to an agreement for employment with or service to the
Company, the Advisor or any of their respective Affiliates, which agreement includes a definition of “Good Reason” for termination of employment with or service to the Company, the Advisor or any of their respective Affiliates, “Good
Reason” shall have the same definition for purposes of the Plan as is set forth in such agreement, the relevant portions of which are incorporated herein by reference. 

(ii) if such Employee, Consultant or Non-Employee Director is not a party to an agreement with the Company, the Advisor or any
of their respective Affiliates that defines the term “Good Reason,” such term shall mean termination of employment or service under any of the following circumstances, if the Company, the Advisor or any of their respective Affiliates, as
applicable, fails to cure such circumstances within thirty (30) days after receipt of written notice from the Participant setting forth a description of such Good Reason: 

(a) the removal from or failure to re-elect the Participant to the office or position in which he or she last served; 

(b) any material diminishment, on a cumulative basis, of the Participant’s overall duties, responsibilities, or status,
including the assignment to the Participant of any duties, responsibilities, or reporting requirements materially inconsistent with his or her position with the Company, the Advisor or one of their respective Affiliates, as applicable; 

(c) a material reduction by the Company, the Advisor or one of their respective Affiliates in the Participant’s fees,
compensation, or benefits that is not part of a reduction affecting all members of the management team or Board; or 
 (d)
the requirement by the Company, the Advisor or one of their respective Affiliates that the principal place of business at which the Participant performs his or her duties be changed to a location more than fifty (50) miles from downtown Dallas,
Texas. 
 “Incentive Option” means any option which satisfies the requirements of Section 422 of the
Code and is granted pursuant to Article III of the Plan. 
 “Non-Employee Director” means persons who are
members of the Board but who are neither Employees nor Consultants of the Company, the Advisor or any of their respective Affiliates. 

  
 -6- 

 “Non-Qualified Option” shall mean an option not intended to
satisfy the requirements of Section 422 of the Code and which is granted pursuant to Article II of the Plan. 

“Option” means an option to acquire Common Stock granted pursuant to the provisions of the Plan, and refers to
either an Incentive Option or a Non-Qualified Option, or both, as applicable. 
 “Optionee” means a
Participant who has received or will receive an Option. 
 “Option Expiration Date” means the date
determined by Committee which shall not be more than ten (10) years after the date of grant of an Option. 

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

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

“Participant” means any Employee, Consultant or Non-Employee Director granted an Award under the Plan. 

“Performance Award” means an Award granted pursuant to Article VIII of the Plan, which, if earned, shall be
payable in shares of Common Stock, cash or any combination thereof as determined by the Committee. 
 “Phantom
Stock” means an Award of the right to receive cash equal to the Fair Market Value of a specified number of shares of Common Stock at the end of a specified deferral period which is granted pursuant to Article VI of the Plan. 

“Purchased Stock” is defined in Section 4.1. 

“Remington” means Remington Lodging & Hospitality LLC, a Delaware limited liability company, and its
affiliates. 

  
 -7- 

 “Restricted Period” shall mean the period established by the
Committee with respect to an Award during which the Award either remains subject to forfeiture or is not exercisable by the Participant. 

“Restricted Stock” shall mean any share of Common Stock, prior to the lapse of restrictions thereon, granted
under Article VII of the Plan. 
 “Stock Appreciation Rights” means an Award granted pursuant to Article VI
of the Plan. 
 ARTICLE II 

OPTIONS 
 2.1
Grants. The Committee may grant Options to purchase shares of Common Stock to any Employee, Consultant or Non-Employee Director of the Company according to the terms set forth below. Options which are intended to comply with Treasury Regulation
Section 1.409A-1(b)(5)(i)(A) or any successor regulation, may be granted only to Employees, Consultants or Non-Employee Directors of the Company or a corporation or other type of entity in a chain of corporations or other entities in which each
corporation or other entity has a “controlling interest” in another corporation or entity in the chain, starting with the Company and ending with the corporation or other entity for which such Employee, Consultant or Non-Employee Director
performs services. For these purposes, “controlling interest” means (i) in the case of a corporation, ownership of stock possessing at least 50% of total combined voting power of all classes of stock of such corporation entitled to
vote or at least 50% of the total value of shares of all classes of stock of such corporation; (ii) in the case of a partnership, ownership of at least 50% of the profits interest or capital interest of such partnership; (iii) in the case
of a sole proprietorship, ownership of the sole proprietorship; or (iv) in the case of a trust or estate, ownership of an actuarial interest (as defined in Treasury Regulation Section 1.414(c)-2(b)(2)(ii)) of at least 50% of such trust or
estate. The Committee may grant Options that are otherwise exempt from or compliant with Code Section 409A to any eligible Employee, Consultant or Non-Employee Director. 

2.2 Calculation of Exercise Price. The exercise price to be paid for each share of Common Stock deliverable upon exercise of each
Option granted under this Article II shall not be less than the FMV Per Share on the date of grant of such Option. The exercise price for each Option granted under Article II shall be subject to adjustment as provided in Section 2.3(d).

 2.3 Terms and Conditions of Options. Options shall be in such form as the Committee may from time to time approve, shall be
subject to the following terms and conditions and may contain such additional terms and conditions, not inconsistent with this Article II, as the Committee shall deem desirable: 

(a) Option Period and Conditions and Limitations on Exercise. No Option shall be exercisable later than the Option Expiration Date. To
the extent not prohibited by other provisions of the Plan, each Option shall be exercisable at such time or times as the Committee in its discretion may determine at the time such Option is granted. 

  
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 (b) Manner of Exercise. In order to exercise an Option, the Participant entitled to
exercise it shall deliver to the Company payment in full for the shares being purchased, together with any required withholding taxes. The payment of the exercise price for each Option shall either be (i) in cash or by check payable and
acceptable to the Company, (ii) with the consent of the Committee, by tendering to the Company shares of Common Stock owned by the Participant for more than six months having an aggregate Fair Market Value as of the date of exercise that is not
greater than the full exercise price for the shares with respect to which the Option is being exercised and by paying any remaining amount of the exercise price as provided in (i) above, (iii) subject to such conditions and requirements as
the Committee may specify, at the written request of the Participant, by the Company’s withholding from shares otherwise deliverable pursuant to the exercise of the Option shares of Common Stock having an aggregate Fair Market Value as of the
date of exercise that is not greater than the full exercise price for the shares with respect to which the Option is being exercised and by paying any remaining amount of the exercise price as provided in (i) above, or (iv) subject to such
instructions as the Committee may specify, at the Participant’s written request the Company may deliver certificates for the shares of Common Stock for which the Option is being exercised to a broker for sale on behalf of the Participant,
provided that the Participant has irrevocably instructed such broker to remit directly to the Company on the Participant’s behalf the full amount of the exercise price from the proceeds of such sale. In the event that the Participant elects to
make payment as allowed under clause (ii) above, the Committee may, upon confirming that the Participant owns the number of additional shares being tendered, authorize the issuance of a new certificate for the number of shares being acquired
pursuant to the exercise of the Option less the number of shares being tendered upon the exercise and return to the Participant (or not require surrender of) the certificate for the shares being tendered upon the exercise. If the Committee so
requires, such Participant shall also deliver a written representation that all shares being purchased are being acquired for investment and not with a view to, or for resale in connection with, any distribution of such shares. 

(c) Options not Transferable. Except as provided below, no Non-Qualified Option granted hereunder shall be transferable other than by
(i) will or by the laws of descent and distribution or (ii) pursuant to a domestic relations order and, during the lifetime of the Participant to whom any such Option is granted, and it shall be exercisable only by the Participant (or his
or her guardian). Any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of, or to subject to execution, attachment or similar process, any Option granted hereunder, or any right thereunder, contrary to the provisions hereof,
shall be void and ineffective, shall give no right to the purported transferee, and shall, at the sole discretion of the Committee, result in forfeiture of the Option with respect to the shares involved in such attempt. With respect to a specific
Non-Qualified Option, the Participant (or his or her guardian) may transfer, for estate planning purposes, all or part of such Option to one or more immediate family members or related family trusts or partnerships or similar entities. 

(d) Adjustment of Options. In the event that at any time after the Effective Date the outstanding shares of Common Stock are changed
into or exchanged for a different number or kind of shares or other securities of the Company by reason of merger, consolidation, recapitalization, reclassification, stock split, stock dividend, combination of shares or the like, the Committee shall
make an appropriate and equitable adjustment in the number and kind of shares as to which all outstanding Options granted, or portions thereof then unexercised, shall be 

  
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exercisable, to the end that after such event the shares subject to the Plan and each Participant’s proportionate interest shall be maintained as before the occurrence of such event. Such
adjustment in an outstanding Option shall be made without change in the total price applicable to the Option or the unexercised portion of the Option (except for any change in the aggregate price resulting from rounding-off of share quantities or
prices) and with any necessary corresponding adjustment in exercise price per share. Any such adjustment made by the Committee shall be final and binding upon all Participants, the Company and all other interested persons. 

(e) Listing and Registration of Shares. Each Option shall be subject to the requirement that if at any time the Committee determines,
in its discretion, that the listing, registration, or qualification of the shares subject to such Option under any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body, is necessary or
desirable as a condition of, or in connection with, the issue or purchase of shares thereunder, such Option may not be exercised in whole or in part unless such listing, registration, qualification, consent or approval shall have been effected or
obtained and the same shall have been free of any conditions not acceptable to the Committee. 
 2.4 Amendment. The Committee may,
without the consent of the Participant or Participants entitled to exercise any outstanding Option, amend, modify or terminate such Option; provided, however, such amendment, modification or termination shall not, without such Participant’s
consent, reduce or diminish the value of such Option determined as if the Option had been exercised, vested, cashed in or otherwise settled on the date of such amendment or termination. The Committee may at any time or from time to time, in its
discretion, in the case of any Option which is not then immediately exercisable in full, accelerate the time or times at which such Option may be exercised to any earlier time or times. 

2.5 Acceleration of Vesting. Any Option granted hereunder which is not otherwise vested shall vest (unless specifically provided to the
contrary by the Committee in the document or instrument evidencing an Option granted hereunder) upon (i) termination or removal of an Employee, Consultant or Non-Employee Director without Cause or termination by or resignation of an Employee,
Consultant or Non-Employee Director with Good Reason; (ii) termination, removal or resignation of an Employee, Consultant or Non-Employee Director for any reason within one (1) year from the effective date of the Change of Control; or
death or Disability of the Participant. 
 2.6 Other Provisions. 

(a) A Participant entitled to exercise, or who has exercised, an Option shall not be entitled to any rights as a stockholder of the Company
with respect to any shares subject to such Option until he or she shall have become the holder of record of such shares. 
 (b) No Option
granted hereunder shall be construed as limiting any right which the Company, the Advisor or any of their respective Affiliates may have to terminate at any time, with or without Cause, the employment or service of any Participant to whom such
Option has been granted. 

  
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 (c) Notwithstanding any provision of the Plan or the terms of any Option, the Company shall not
be required to issue any shares hereunder if such issuance would, in the judgment of the Committee, constitute a violation of any state or federal law or of the rules or regulations of any governmental regulatory body. 

2.7 Option Repricing. With stockholder approval only, the Committee, in its absolute discretion, may grant to holders of outstanding
Non-Qualified Options, in exchange for the surrender and cancellation of such Non-Qualified Options, new Non-Qualified Options having exercise prices lower (or higher with any required consent) than the exercise price provided in the Non-Qualified
Options so surrendered and canceled and containing such other terms and conditions as the Committee may deem appropriate. 
 ARTICLE III

 INCENTIVE OPTIONS 

The terms specified below shall be applicable to all Incentive Options. Except as modified by the provisions of this Article III, all the
provisions of Article II shall be applicable to Incentive Options. Options which are specifically designated as Non-Qualified Options shall not be subject to the terms of this Article III. 

3.1 Eligibility. Incentive Options may only be granted to Employees of the Company. 

3.2 Exercise Price. The exercise price per Share shall not be less than one hundred percent (100%) of the FMV Per Share on the
option grant date. 
 3.3 Dollar Limitation. The aggregate Fair Market Value (determined as of the respective date or dates of grant)
of shares of Common Stock for which one or more options granted to any Employee under the Plan (or any other option plan of the Company, or any parent or subsidiary thereof) may for the first time become exercisable as Incentive Options during any
one (1) calendar year shall not exceed the sum of One Hundred Thousand Dollars ($100,000). To the extent the Employee holds two (2) or more such options which become exercisable for the first time in the same calendar year, the foregoing
limitation on the exercisability of such options as Incentive Options shall be applied on the basis of the order in which such options are granted. 

3.4 10% Stockholder. If any Employee to whom an Incentive Option is granted is a 10% Stockholder, then the exercise price per share
shall not be less than one hundred ten percent (110%) of the FMV Per Share on the option grant date and the option term shall not exceed five (5) years measured from the option grant date. 

3.5 Options Not Transferable. No Incentive Option granted hereunder shall be transferable other than by will or by the laws of descent
and distribution and shall be exercisable during the Optionee’s lifetime only by such Optionee. 
 3.6 Compliance with
Section 422 of the Code. All Options that are intended to be Incentive Options shall be designated as such in the Option grant and in all respects shall be issued in compliance with Section 422 of the Code. 

  
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 3.7 Limitations on Exercise. No Incentive Option shall be exercisable more than three
(3) months after the Optionee ceases to be an Employee for any reason other than death or Disability, or more than one (1) year after the Optionee ceases to be an Employee due to death or Disability. 

3.8 Share Limitation. The maximum number of shares of Common Stock with respect to which Incentive Options may be granted under the
Plan is              shares of Common Stock. 
 ARTICLE IV 

PURCHASED STOCK 
 4.1
Eligible Persons. The Committee shall have the authority to authorize the sale of shares of Common Stock (“Purchased Stock”) to such Employees, Consultants and Non-Employee Directors of the Company, the Advisor or their
respective Affiliates as may be selected by it, on such terms and conditions as it may establish, subject to the further provisions of this Article IV. Each issuance and sale of Purchased Stock under this Plan shall be evidenced by an agreement
which shall be subject to applicable provisions of this Plan and to such other provisions not inconsistent with this Plan as the Committee may approve for the particular sale transaction. 

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

ARTICLE V 
 BONUS STOCK

 The Committee may, from time to time and subject to the provisions of the Plan, grant shares of Bonus Stock to Employees, Consultants
or Non-Employee Directors of the Company, the Advisor or any of their respective Affiliates. “Bonus Stock” shall be shares of Common Stock that are not subject to a Restricted Period under Article VII. 

ARTICLE VI 
 STOCK
APPRECIATION RIGHTS AND PHANTOM STOCK 
 6.1 Stock Appreciation Rights. The Committee is authorized to grant Stock Appreciation
Rights to Employees, Consultants or Non-Employee Directors of the Company on the following terms and conditions. Stock Appreciation Rights which are intended to comply with Treasury Regulation Section 1.409A-1(b)(5)(i)(B) or any successor
regulation, may be granted only to Employees, Consultants or Non-Employee Directors of the Company or a corporation or other type of entity in a chain of corporations or other entities in which each corporation or other entity has a
“controlling interest” in another corporation or entity in the chain, starting with the Company and ending with the corporation or other entity for which such Employee, Consultant or Non-Employee Director performs services. For these
purposes, 

  
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“controlling interest” means (i) in the case of a corporation, ownership of stock possessing at least 50% of total combined voting power of all classes of stock of such corporation
entitled to vote or at least 50% of the total value of shares of all classes of stock of such corporation; (ii) in the case of a partnership, ownership of at least 50% of the profits interest or capital interest of such partnership;
(iii) in the case of a sole proprietorship, ownership of the sole proprietorship; or (iv) in the case of a trust or estate, ownership of an actuarial interest (as defined in Treasury Regulation Section 1.414(c)-2(b)(2)(ii)) of at
least 50% of such trust or estate. The Committee may grant Stock Appreciation Rights that are otherwise exempt from or compliant with Code Section 409A to any eligible Employee, Consultant or Non-Employee Director. 

(a) Right to Payment. A Stock Appreciation Right shall confer on the Participant to whom it is granted a right to receive, upon
exercise thereof, the excess of (A) the FMV Per Share on the date of exercise over (B) the grant price of the Stock Appreciation Right as determined by the Committee. 

(b) Rights Related to Options. A Stock Appreciation Right granted in connection with an Option shall entitle a Participant, upon
exercise thereof, to surrender that Option or any portion thereof, to the extent unexercised, and to receive payment of an amount computed pursuant to Section 6.1(a). That Option shall then cease to be exercisable to the extent
surrendered. A Stock Appreciation Right granted in connection with an Option shall be exercisable only at such time or times and only to the extent that the related Option is exercisable and shall not be transferable (other than by will or the laws
of descent and distribution) except to the extent that the related Option is transferable. 
 (c) Right Without Option. A Stock
Appreciation Right granted independent of an Option shall be exercisable as determined by the Committee and set forth in the Award agreement governing the Stock Appreciation Right. 

(d) Terms. The Committee shall determine at the date of grant the time or times at which, and the circumstances under which, a Stock
Appreciation Right may be exercised in whole or in part (including based on achievement of performance goals and/or future service requirements), the method of exercise, whether or not a Stock Appreciation Right shall be in tandem or in combination
with any other Award, and any other terms and conditions of any Stock Appreciation Right. The grant price per each Stock Appreciation Right granted hereunder shall not be less than 100% of the Fair Market Value of a share of Common Stock on the date
of grant. 
 6.2 Phantom Stock Awards. The Committee is authorized to grant Phantom Stock to the Participants, which are rights to
receive cash equal to the Fair Market Value of a specified number of shares of Common Stock at the end of a specified deferral period, subject to the following terms and conditions: 

(a) Award and Restrictions. Satisfaction of Phantom Stock shall occur upon expiration of the deferral period specified for such Phantom
Stock by the Committee or, if permitted by the Committee, as elected by the Participant. In addition, Phantom Stock shall be subject to such restrictions (which may include a risk of forfeiture), if any, as the Committee may impose, which
restrictions may lapse at the expiration of the deferral period or at earlier specified times (including based on achievement of performance goals and/or future service requirements), separately or in combination, installments or otherwise, as the
Committee may determine. 

  
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 (b) Forfeiture. Except as otherwise determined by the Committee or as may be set
forth in any Award, employment or other agreement pertaining to awards of Phantom Stock, upon termination of employment or services during the applicable deferral period or portion thereof to which forfeiture conditions apply, all Phantom Stock that
is at that time subject to deferral (other than a deferral at the election of the Participant) shall be forfeited; provided that the Committee may provide, by rule or regulation or in any Award agreement, or may determine in any individual case,
that restrictions or forfeiture conditions relating to Phantom Stock shall be waived in whole or in part in the event of terminations resulting from specified causes, and the Committee may in other cases waive in whole or in part the forfeiture of
Phantom Stock. 
 (c) Performance Goals. To the extent the Committee determines that Phantom Stock granted pursuant to
this Article VI shall constitute performance-based compensation for purposes of Section 162(m) of the Code, the grant or settlement of Phantom Stock shall, in the Committee’s discretion, be subject to the achievement of performance goals
determined and applied in a manner consistent with Section 8.2.  
 ARTICLE VII 

RESTRICTED STOCK 
 7.1
Eligible Persons. All Employees, Consultants and Non-Employee Directors shall be eligible for grants of Restricted Stock. 
 7.2
Restricted Period and Vesting. 
 (a) Unless the Award specifically provides otherwise, Restricted Stock shall be subject to
restrictions on transfer by the Participant and repurchase by the Company such that the Participant shall not be permitted to transfer such shares and the Company shall have the right to repurchase or recover such shares for the lesser of the FMV
Per Share on the forfeiture day or the amount of cash paid therefor, if any, if the Participant shall terminate employment from or services to the Company, the Advisor or any of their respective Affiliates, as applicable, provided that such transfer
and repurchase restrictions shall lapse with respect to 33.33% of such initial shares on the first anniversary of the date of grant and on each subsequent anniversary of the date of grant that the Participant shall remain continuously as an
Employee, Non-Employee Director or Consultant of the Company, the Advisor or any of their respective Affiliates, as applicable; subject to Section 7.2(b) below. 

(b) Notwithstanding the foregoing, unless the Award specifically provides otherwise, all Restricted Stock not otherwise vested shall vest upon
(i) termination or removal of an Employee, Consultant or Non-Employee Director without Cause; (ii) termination by or resignation of an Employee, Consultant or Non-Employee Director with Good Reason; (iii) termination, resignation or
removal of an Employee, Consultant or Non-Employee Director for any reason within one (1) year from the effective date of a Change of Control; or (iv) death or Disability of the Participant. 

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

 The shares represented by this certificate have been issued pursuant to the terms of the Ashford Hospitality Prime, Inc. 2013 Equity
Incentive Plan and Grant of Restricted Stock dated             , 20            and may not be sold, pledged, transferred,
assigned or otherwise encumbered in any manner except as is set forth in the terms of such plan or grant. 
 ARTICLE VIII 

PERFORMANCE AWARDS 
 8.1
Eligible Persons. All Employees, Consultants and Non-Employee Directors shall be eligible for grants of Performance Awards. 
 8.2
Performance Awards. The Committee may grant Performance Awards based on performance criteria measured over a period of not less than one year and not more than three (3) years. The Committee may use such business criteria and other measures
of performance as it may deem appropriate in establishing any performance conditions, and may exercise its discretion to increase the amounts payable under any Award subject to performance conditions, except as limited under Section 8.3
in the case of a Performance Award granted to a Covered Employee. 
 8.3 Performance Goals. The grant and/or settlement of a
Performance Award shall be contingent upon terms set forth in this Section 8.3. 
 (a) General. The performance goals for
Performance Awards shall consist of one or more business criteria and a targeted level or levels of performance with respect to each of such criteria, as specified by the Committee. In the case of any Award granted to a Covered Employee which are
intended to comply with Section 162(m) of the Code, performance goals shall be designed to be objective and shall otherwise meet the requirements of Section 162(m) of the Code and regulations thereunder (including Treasury Regulation
Section 1.162-27 and successor regulations thereto), including the requirement that the level or levels of performance targeted by the Committee are such that the achievement of performance goals is “substantially uncertain” at the
time of grant. The Committee may determine that such Performance Awards shall be granted and/or settled upon achievement of any one performance goal or that two or more of the performance goals must be achieved as a condition to the grant and/or
settlement of such Performance Awards. Performance goals may differ among Performance Awards granted to any one Participant or for Performance Awards granted to different Participants. 

  
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 (b) Business Criteria. One or more of the following business criteria for the Company, an
a consolidated basis, and/or for specified subsidiaries, divisions or business or geographical units of the Company (except with respect to the total stockholder return and earnings per share criteria), shall be used by the Committee in establishing
performance goals for Performance Awards granted to a Participant: (A) earnings per share; (B) increase in revenues; (C) increase in cash flow; (D) increase in cash flow return; (E) return on net assets; (F) return on
assets; (G) return on investment; (H) return on capital; (I) return on equity; (J) economic value added; (K) gross margin; (L) net income; (M) pretax earnings; (N) pretax earnings before interest, depreciation
and amortization; (O) pretax operating earnings after interest expense and before incentives, service fees, and extraordinary or special items; (P) operating income; (Q) total stockholder return; (R) debt reduction; and
(S) any of the above goals determined on an absolute or relative basis or as compared to the performance of a published or special index deemed applicable by the Committee including, but not limited to, the Standard & Poor’s 500
Stock Index or a group of comparable companies. 
 (c) Performance Period; Timing for Establishing Performance Goals. Achievement of
performance goals in respect of Performance Awards shall be measured over a performance period of not less than one year and not more than three (3) years, as specified by the Committee. Performance goals in the case of any Award granted to a
Participant shall be established not later than ninety (90) days after the beginning of any performance period applicable to such Performance Awards, or at such other date as may be required or permitted for “performance-based
compensation” under Section 162(m) of the Code. 
 (d) Settlement of Performance Awards; Other Terms. After the end of each
performance period, the Committee shall determine the amount, if any, of Performance Awards payable to each Participant based upon achievement of business criteria over a performance period. The Committee may not exercise discretion to increase any
such amount payable in respect of a Performance Award designed to comply with Section 162(m) of the Code. Subject to Treasury Regulation Section 1.162-27(e)(2)(v), the Committee shall specify the circumstances in which such Performance
Awards shall be paid or forfeited in the event of termination of employment by the Participant prior to the end of a performance period or settlement of Performance Awards. 

(e) Written Determinations. All determinations by the Committee as to the establishment of performance goals, the amount of any
Performance Award, and the achievement of performance goals relating to Performance Awards shall be made in writing in the case of any Award granted to a Participant. The Committee may not delegate any responsibility relating to such Performance
Awards. 
 ARTICLE IX 

OTHER STOCK-BASED AWARDS 

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

  
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 ARTICLE X 

CERTAIN PROVISIONS APPLICABLE TO ALL AWARDS 

10.1 General. Awards may be granted on the terms and conditions set forth herein. In addition, the Committee may impose on any
Award or the exercise thereof, such additional terms and conditions, not inconsistent with the provisions of the Plan, as the Committee shall determine, including terms requiring forfeiture of Awards in the event of termination of employment by the
Participant and terms permitting a Participant to make elections relating to his or her Award. Notwithstanding the foregoing, the Committee may amend any Award without the consent of the holder if the Committee deems it necessary to avoid adverse
tax consequences to the holder under Section 409A of the Code. The Committee shall retain full power and discretion to accelerate or waive, at any time, any term or condition of an Award that is not mandatory under this Plan; provided, however,
that the Committee shall not have discretion to accelerate or waive any term or condition of an Award (i) if such discretion would cause the Award to have adverse tax consequences to the Participant under Section 409A of the Code, or
(ii) if the Award is intended to qualify as “performance-based compensation” for purposes of Section 162(m) of the Code and such discretion would cause the Award not to so qualify. Except in cases in which the Committee is
authorized to require other forms of consideration under the Plan, or to the extent other forms of consideration must be paid to satisfy the requirements of the Maryland General Corporation Law, no consideration other than services may be required
for the grant of any Award. 
 10.2 Stand-Alone, Additional, Tandem, and Substitute Awards. Subject to
Section 2.7, Awards granted under the Plan may, in the discretion of the Committee, be granted either alone or in addition to, in tandem with, or in substitution or exchange for, any other Award or any award granted under another plan of
the Company, the Advisor, any of their respective Affiliates, or any business entity to be acquired by the Company, the Advisor or any of their respective Affiliates, or any other right of a Participant to receive payment from the Company, the
Advisor or any of their respective Affiliates. Such additional, tandem and substitute or exchange Awards may be granted at any time. If an Award is granted in substitution or exchange for another Award, the Committee shall require the surrender of
such other Award in consideration for the grant of the new Award. In addition, Awards may be granted in lieu of cash compensation, including in lieu of cash amounts payable under other plans of the Company, the Advisor or any of their respective
Affiliates. 
 10.3 Term of Awards. The term or Restricted Period of each Award that is an Option, Stock Appreciation Right,
Phantom Stock or Restricted Stock shall be for such period as may be determined by the Committee; provided that in no event shall the term of any such Award exceed a period of ten (10) years (or such shorter terms as may be require in respect
of an Incentive Stock Option under Section 422 of the Code). 

  
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 10.4 Form and Timing of Payment under Awards; Deferrals. Subject to the terms of
the Plan and any applicable Award agreement, payments to be made by the Company or a subsidiary upon the exercise of an Option or other Award, or settlement of an Award may be made in a single payment or transfer, in installments, or on a deferred
basis. The settlement of any Award may, subject to any limitations set forth in the Award agreement, be accelerated and cash paid in lieu of shares in connection with such settlement, in the discretion of the Committee or upon occurrence of one or
more specified events; provided, however, that such discretion may not be exercised by the Committee if the exercise of such discretion would result in adverse tax consequences to the Participant under Section 409A of the Code. In the
discretion of the Committee, Awards granted pursuant to Article VI or VIII of the Plan may be payable in shares to the extent permitted by the terms of the applicable Award agreement. Installment or deferred payments may be required by the Committee
(subject to Section 1.4 of the Plan, including the consent provisions thereof in the case of any deferral of an outstanding Award not provided for in the original Award agreement) or permitted at the election of the Participant on terms
and conditions established by the Committee; provided, however, that no deferral shall be required or permitted by the Committee if such deferral would result in adverse tax consequences to the Participant under Section 409A of the Code.
Payments may include, without limitation, provisions for the payment or crediting of reasonable interest on installment or deferred payments or the grant or crediting of amounts in respect of installment or deferred payments denominated in shares.
Any deferral shall only be allowed as is provided in a separate deferred compensation plan adopted by the Company. 
 10.5 Vested and
Unvested Awards. After the satisfaction of all of the terms and conditions set by the Committee with respect to an Award of (i) Restricted Stock, a certificate, without the legend set forth in Section 7.2(c), for the
number of shares that are no longer subject to such restrictions, terms and conditions shall be delivered to the Participant, (ii) Phantom Stock, to the extent not paid in cash, a certificate for the number of shares equal to the number of
shares of Phantom Stock earned, and (iii) Stock Appreciation Rights or Performance Awards, cash and/or a certificate for the number of shares equal in value to the number of Stock Appreciation Rights or amount of Performance Awards vested shall
be delivered to the Participant. Upon termination, resignation or removal of a Participant under circumstances that do not cause such Participant to become fully vested, any remaining unvested Options, shares of Restricted Stock, Phantom Stock,
Stock Appreciation Rights, Performance Awards or Other Stock-Based Awards, as the case may be, shall either be forfeited back to the Company or, if appropriate under the terms of the Award, shall continue to be subject to the restrictions, terms and
conditions set by the Committee with respect to such Award. 
 10.6 Exemptions from Section 16(b) Liability. It is the
intent of the Company that the grant of any Awards to or other transaction by a Participant who is subject to Section 16 of the 1934 Act shall be exempt from Section 16(b) of the 1934 Act pursuant to an applicable exemption (except for
transactions acknowledged by the Participant in writing to be non-exempt). Accordingly, if any provision of this Plan or any Award agreement does not comply with the requirements of Rule 16b-3 as then applicable to any such transaction, such
provision shall be construed or deemed amended to the extent necessary to conform to the applicable requirements of Rule 16b-3 so that such Participant shall avoid liability under Section 16(b) of the 1934 Act. 

10.7 Other Provisions. No grant of any Award shall be construed as limiting any right which the Company, the Advisor or any of
their respective Affiliates may have to terminate at any time, with or without cause, the employment of any person to whom such Award has been granted. 

  
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 10.8 Change of Control. In the event of a Change of Control, the following
provisions shall apply. 
 (a) General. Unless otherwise provided in the Award, in connection with a Change of Control, the Board
shall have the authority in its sole discretion to take any one or more of the following actions with respect to the Awards: 

(i) the Board may accelerate vesting of all Awards and, with respect to Options and Stock Appreciation Rights, the time at
which all Options and Stock Appreciation Rights then outstanding may be exercised or paid so that all Awards may be fully vested and exercised or paid in full for a limited period of time on or before a specified date fixed by the Board or the
Committee, after which specified date all unexercised Awards, if any, and all rights of the Participants thereunder shall terminate, or the Board or the Committee may accelerate vesting or payment and the time at which such Awards may be exercised
or paid so that such Awards may be exercised or paid in full for their then remaining term; 
 (ii) the Board may waive,
alter and/or amend the performance goals and other restrictions and conditions of Awards then outstanding, with the result that the affected Awards may be deemed vested, and the Restricted Period or other limitations on payment in full with respect
thereto shall be deemed to have expired, as of the date of the Change of Control or such other date as may be determined by the Board; 

(iii) the Board may cause the acquirer to assume the Plan and the Awards or exchange the Awards for awards for the
acquirer’s stock; 
 (iv) the Board may terminate the Plan; and 

(v) the Board may terminate and cancel all outstanding unvested or unexercised Awards as of the date of the Change of Control
on such terms and conditions as it deems appropriate. 
 Notwithstanding the above provisions of this Section 10.8(a), the
Board shall not be required to take any action described in the preceding provisions of this Section 10.8(a), and any decision made by the Board, in its sole discretion, not to take some or all of the actions described in the preceding
provisions of this Section 10.8(a) shall be final, binding and conclusive with respect to the Company and all other interested persons. 

(b) Right to Cash-Out. The Board shall, in connection with a Change of Control, have the right to require all, but not less than all,
Participants to transfer and deliver to the Company all Awards previously granted to the Participants in exchange for an amount equal to the Cash Value (as defined below) of the Awards. Such right shall be exercised by written notice to all affected
Participants. The amount payable to each Participant by the Company shall be in cash or by certified check paid within five (5) days following the transfer and delivery of such Award (but in no event later than fifty (50) days following
the date of the Change of Control) 

  
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and shall be reduced by any taxes required to be withheld. “Cash Value” of an Award means the sum of (i) in the case of any Award which is not an Option or an Award of Restricted
Stock, the value of all benefits to which the Participant would be entitled as if the Award were vested and settled or exercised and (ii) (A) in the case of any Award that is an Option, the excess of the FMV Per Share over the exercise
price or (B) in the case of an Award of Restricted Stock, the FMV Per Share of Restricted Stock, multiplied by the number of shares subject to such Award, all as determined by the Board as of the date of the Change of Control or such other date
as may be determined by the Board. 
 10.9 Ownership Limit. Notwithstanding any provision of the Plan or the terms of any
Awards, the Company shall not be required to, and shall not, issue any Awards hereunder if such issuance would cause the Company to violate the Ownership Limits set forth in its Articles of Amendment and Restatement. As used herein and in the
Company’s Articles of Amendment and Restatement, the term “Ownership Limit” means (i) with respect to any class or series shares of Common Stock, 9.8% (in value or number of shares, whichever is more restrictive) of the
outstanding shares of such class or series of Common Stock of the Company and (ii) with respect to any class or series of shares of preferred stock or other stock, 9.8% (in value or number of shares, whichever is more restrictive) of the
outstanding shares of such class or series of preferred stock or other stock of the Company. 
 ARTICLE XI 

WITHHOLDING FOR TAXES 
 Any
issuance of Common Stock pursuant to the exercise of an Option or payment of any other Award under the Plan shall not be made until appropriate arrangements satisfactory to the Company have been made for the payment of any tax amounts (federal,
state, local or other) that may be required to be withheld or paid by the Company with respect thereto. Such arrangements may, at the discretion of the Committee, include allowing the person to tender to the Company shares of Common Stock owned by
the person, or to request the Company to withhold shares of Common Stock being acquired pursuant to the Award, whether through the exercise of an Option or as a distribution pursuant to the Award, which have an aggregate FMV Per Share as of the date
of such withholding that is not greater than the sum of all tax amounts to be withheld with respect thereto, together with payment of any remaining portion of such tax amounts in cash or by check payable and acceptable to the Company. 

Notwithstanding the foregoing, if on the date of an event giving rise to a tax withholding obligation on the part of the Company the person is
an officer or individual subject to Rule 16b-3, such person may direct that such tax withholding be effectuated by the Company withholding the necessary number of shares of Common Stock (at the tax rate required by the Code) from such Award payment
or exercise. 
 ARTICLE XII 

MISCELLANEOUS 
 12.1 No
Rights to Awards. No Participant or other person shall have any claim to be granted any Award, there is no obligation for uniformity of treatment of Participants, or holders or beneficiaries of Awards and the terms and conditions of
Awards need not be the same with respect to each recipient. 

  
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 12.2 No Right to Employment. The grant of an Award shall not be construed as giving
a Participant the right to be retained in the employ of the Company, the Advisor or any of their respective Affiliates. Further, the Company, the Advisor or any of their respective Affiliates may at any time dismiss a Participant from employment,
free from any liability or any claim under the Plan, unless otherwise expressly provided in the Plan or in any Award agreement. 
 12.3
Governing Law. The validity, construction, and effect of the Plan and any rules and regulations relating to the Plan shall be determined in accordance with applicable federal law and the laws of the State of Maryland, without regard to
any principles of conflicts of law. 
 12.4 Severability. If any provision of the Plan or any Award is, becomes or is deemed
to be invalid, illegal, or unenforceable in any jurisdiction or as to any Participant or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to
conform to the applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction,
Participant or Award and the remainder of the Plan and any such Award shall remain in full force and effect. 
 12.5 Other Laws.
The Committee may refuse to issue or transfer any shares or other consideration under an Award if, acting in its sole discretion, it determines that the issuance of transfer or such shares or such other consideration might violate any applicable
law. 
 12.6 Shareholder Agreements. The Committee may condition the grant, exercise or payment of any Award upon such person
entering into a stockholders’ agreement in such form as approved from time to time by the Board. 
 12.7 No Guarantee of Tax
Consequences. Each Participant shall be solely responsible for and liable for any tax consequences (including but not limited to any interest or penalties) as a result of his or her participation in the Plan. None of the Board, the
Company or the Committee makes any commitment or guarantee that any federal, state or local tax treatment will apply or be available to any person participating or eligible to participate hereunder and assumes no liability whatsoever for the tax
consequences to the Participants. 
 12.8 Compliance with Section 409A of the Code. Certain items of compensation paid
pursuant to this Plan are or may be subject to Section 409A of the Code. In such instances, this Plan is intended to comply and shall be administered in a manner that is intended to comply with Section 409A of the Code and shall be
construed and interpreted in accordance with such intent. Subject to any other restrictions or limitations contained herein, in the event that a “specified employee” (as defined under Section 409A of the Code) becomes entitled to a
payment under the Plan that is subject to Section 409A of the Code on account of a “separation from service” (as defined under Section 409A of the Code), such payment shall not occur until the date that is six months plus one day
from the date of such “separation from service.” In the 

  
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event that a Participant becomes entitled to a payment under the Plan that is subject to Section 409A of the Code on account of a termination of employment, such termination of employment
must also constitute a “separation from service” (as defined under Section 409A of the Code). 
 12.9 Claw-back
Policy. All Awards (including any proceeds, gains or other economic benefit actually or constructively received by the Participant upon any receipt or exercise of any Award or upon the receipt or resale of any shares of Common Stock
underlying the Award) shall be subject to the provisions of any claw-back policy implemented by the Company, the Advisor or any Affiliate, as applicable, including, without limitation, any claw-back policy adopted to comply with the requirements of
any federal or state laws and any rules or regulations promulgated thereunder, to the extent set forth in such claw-back policy and/or in the applicable Award agreement. 

  
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