Document:

Exhibit 10.1

 

NEITHER THE ISSUANCE AND SALE
OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED
OR ASSIGNED IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT
REQUIRED UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR
OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

	Principal Amount: $58,500.00	Issue Date: June 14, 2021

		Purchase	Price: $58,500.00

CONVERTIBLE PROMISSORY NOTE

 

FOR VALUE RECEIVED,
BANTEC, INC., a Delaware corporation (hereinafter called the “Borrower”), hereby promises to pay to the order of GENEVA
ROTH REMARK HOLDINGS, INC., a New York corporation, or registered assigns (the “Holder”) the sum of $58,500.00 together
with any interest as set forth herein, on June 14, 2022 (the “Maturity Date”), and to pay interest on the unpaid principal
balance hereof at the rate of ten percent (10%)(the “Interest Rate”) per annum from the date hereof (the “Issue Date”)
until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment or otherwise. This Note may not be prepaid
in whole or in part except as otherwise explicitly set forth herein. Any amount of principal or interest on this Note which is not paid
when due shall bear interest at the rate of twenty two percent (22%) per annum from the due date thereof until the same is paid (“Default
Interest”). Interest shall commence accruing on the date that the Note is fully paid and shall be computed on the basis of a 365-day
year and the actual number of days elapsed. All payments due hereunder (to the extent not converted into common stock, $0.0001 par value
per share (the “Common Stock”) in accordance with the terms hereof) shall be made in lawful money of the United States of
America. All payments shall be made at such address as the Holder shall hereafter give to the Borrower by written notice made in accordance
with the provisions of this Note. Each capitalized term used herein, and not otherwise defined, shall have the meaning ascribed thereto
in that certain Securities Purchase Agreement dated the date hereof, pursuant to which this Note was originally issued (the “Purchase
Agreement”).

 

This Note is free
from all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive rights or other
similar rights of shareholders of the Borrower and will not impose personal liability upon the holder thereof.

 

The following terms shall apply to this Note:

 

ARTICLE I. CONVERSION RIGHTS

 

1.1 Conversion
Right. The Holder shall have the right from time to time, and at any time during the period beginning on the date which is one
hundred eighty (180) days following the date of this Note and ending on the later of: (i) the Maturity Date and (ii) the date of
payment of the Default Amount (as defined in Article III), each in respect of the remaining outstanding amount of this Note to
convert all or any part of the outstanding and unpaid amount of this Note into fully paid and non-assessable shares of Common
Stock, as such Common Stock exists on the Issue Date, or any shares of capital stock or other securities of the Borrower into which
such Common Stock shall hereafter be changed or reclassified at the conversion price (the “Conversion Price”) determined
as provided herein (a “Conversion”); provided, however, that in no event shall the Holder be entitled to
convert any portion of this Note in excess of that portion of this Note upon conversion of which the sum of (1) the number of shares
of Common Stock beneficially owned by the Holder and its affiliates (other than shares of Common Stock which may be deemed
beneficially owned through the ownership of the unconverted portion of the Notes or the unexercised or unconverted portion of any
other security of the Borrower subject to a limitation on conversion or exercise analogous to the limitations contained herein) and
(2) the number of shares of Common Stock issuable upon the conversion of the portion of this Note with respect to which the
determination of this proviso is being made, would result in beneficial ownership by the Holder and its affiliates of more than
4.99% of the outstanding shares of Common Stock. For purposes of the proviso to the immediately preceding sentence, beneficial
ownership shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), and Regulations 13D-G thereunder, except as otherwise provided in clause (1) of such proviso. The
beneficial ownership limitations on conversion as set forth in the section may NOT be waived by the Holder. The number of shares
of Common Stock to be issued upon each conversion of this Note shall be determined by dividing the Conversion Amount (as defined
below) by the applicable Conversion Price then in effect on the date specified in the notice of conversion, in the form attached
hereto as Exhibit A (the “Notice of Conversion”), delivered to the Borrower by the Holder in accordance with Section 1.4
below; provided that the Notice of Conversion is submitted by facsimile or e-mail (or by other means resulting in, or reasonably
expected to result in, notice) to the Borrower before 6:00 p.m., New York, New York time on such conversion date (the
“Conversion Date”); however, if the Notice of Conversion is sent after 6:00pm, New York, New York time the Conversion
Date shall be the next business day. The term “Conversion Amount” means, with respect to any conversion of this Note,
the sum of (1) the principal amount of this Note to be converted in such conversion plus (2) at the Holder’s option,
accrued and unpaid interest, if any, on such principal amount at the interest rates provided in this Note to the Conversion Date, plus
(3) at the Holder’s option, Default Interest, if any, on the amounts referred to in the immediately preceding clauses (1)
and/or (2) plus (4) at the Holder’s option, any amounts owed to the Holder pursuant to Sections 1.4 hereof.

 

    

    

    

 

1.2 Conversion
Price. The Conversion Price shall be equal to the Variable Conversion Price (as defined herein)(subject to equitable adjustments
for stock splits, stock dividends or rights offerings by the Borrower relating to the Borrower’s securities or the securities
of any subsidiary of the Borrower, combinations, recapitalization, reclassifications, extraordinary distributions and similar
events). The "Variable Conversion Price" shall mean 65% multiplied by the Market Price (as defined herein) (representing a
discount rate of 35%). “Market Price” means the average of the two (2) lowest Trading Prices (as defined below) for the
Common Stock during the fifteen (15) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date.
“Trading Price” means, for any security as of any date, the closing bid price on the OTCQB, OTCQX, Pink Sheets
electronic quotation system or applicable trading market (the “OTC”) as reported by a reliable reporting service
(“Reporting Service”) designated by the Holder (i.e. Bloomberg) or, if the OTC is not the principal trading market for
such security, the closing bid price of such security on the principal securities exchange or trading market where such security is
listed or traded or, if no closing bid price of such security is available in any of the foregoing manners, the average of the
closing bid prices of any market makers for such security that are listed in the “pink sheets”. If the Trading Price
cannot be calculated for such security on such date in the manner provided above, the Trading Price shall be the fair market value
as mutually determined by the Borrower and the holders of a majority in interest of the Notes being converted for which the
calculation of the Trading Price is required in order to determine the Conversion Price of such Notes. “Trading Day”
shall mean any day on which the Common Stock is tradable for any period on the OTC, or on the principal securities exchange or other
securities market on which the Common Stock is then being traded.

 

1.3
Authorized Shares. The Borrower covenants that during the period the conversion right exists, the Borrower will reserve from its
authorized and unissued Common Stock a sufficient number of shares, free from preemptive rights, to provide for the issuance of Common
Stock upon the full conversion of this Note issued pursuant to the Purchase Agreement. The Borrower is required at all times to have
authorized and reserved six times the number of shares that would be issuable upon full conversion of the Note (assuming that the 4.99%
limitation set forth in Section 1.1 is not in effect)(based on the respective Conversion Price of the Note (as defined in Section 1.2)
in effect from time to time, initially 92,307,692 shares)(the “Reserved Amount”). The Reserved Amount shall be increased
(or decreased with the written consent of the Holder) from time to time in accordance with the Borrower’s obligations hereunder.
The Borrower represents that upon issuance, such shares will be duly and validly issued, fully paid and non-assessable. In addition,
if the Borrower shall issue any securities or make any change to its capital structure which would change the number of shares of Common
Stock into which the Notes shall be convertible at the then current Conversion Price, the Borrower shall at the same time make proper
provision so that thereafter there shall be a sufficient number of shares of Common Stock authorized and reserved, free from preemptive
rights, for conversion of the outstanding Note. The Borrower (i) acknowledges that it has irrevocably instructed its transfer agent to
issue certificates for the Common Stock issuable upon conversion of this Note, and (ii) agrees that its issuance of this Note shall constitute
full authority to its officers and agents who are charged with the duty of executing stock certificates to execute and issue the necessary
certificates for shares of Common Stock in accordance with the terms and conditions of this Note.

 

If,
at any time the Borrower does not maintain the Reserved Amount it will be considered an Event of Default under Section 3.2 of the Note.

 

		1.4	Method of Conversion.

 

(a)
Mechanics of Conversion. As set forth in Section 1.1 hereof, from time to time, and at any time during the period beginning on
the date which is one hundred eighty (180) days following the date of this Note and ending on the later of: (i) the Maturity Date and
(ii) the date of payment of the Default Amount, this Note may be converted by the Holder in whole or in part at any time from time to
time after the Issue Date, by (A) submitting to the Borrower a Notice of Conversion (by facsimile, e-mail or other reasonable means of
communication dispatched on the Conversion Date prior to 6:00 p.m., New York, New York time) and (B) subject to Section 1.4(b), surrendering
this Note at the principal office of the Borrower (upon payment in full of any amounts owed hereunder).

 

The Holder shall
be entitled to deduct $500.00 from the conversion amount in each Notice of Conversion to cover Holder's deposit fees associated with each
Notice of Conversion. Any additional expenses incurred by Holder with respect to the Borrower's transfer agent, for the issuance of the
Common Stock into which this Note is convertible into, shall immediately and automatically be added to the balance of the Note at such
time as the expenses are incurred by Holder.

 

If at
any time the Conversion Price as determined hereunder for any conversion would be less than the par value of the Common Stock, then
at the sole discretion of the Holder, the Conversion Price hereunder may equal such par value for such conversion and the Conversion
Amount for such conversion may be increased to include Additional Principal, where "Additional Principal" means such
additional amount to be added to the Conversion Amount to the extent necessary to cause the number of conversion shares issuable
upon such conversion to equal the same number of conversion shares as would have been issued had the Conversion Price not been
adjusted by the Holder to the par value price.

 

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(b)
Surrender of Note Upon Conversion. Notwithstanding anything to the contrary set forth herein, upon conversion of this Note in
accordance with the terms hereof, the Holder shall not be required to physically surrender this Note to the Borrower unless the entire
unpaid principal amount of this Note is so converted. The Holder and the Borrower shall maintain records showing the principal amount
so converted and the dates of such conversions or shall use such other method, reasonably satisfactory to the Holder and the Borrower,
so as not to require physical surrender of this Note upon each such conversion.

 

(c)
Delivery of Common Stock Upon Conversion. Upon receipt by the Borrower from the Holder of a facsimile transmission or e-mail (or
other reasonable means of communication) of a Notice of Conversion meeting the requirements for conversion as provided in this Section
1.4, the Borrower shall issue and deliver or cause to be issued and delivered to or upon the order of the Holder certificates for the
Common Stock issuable upon such conversion within three (3) business days after such receipt (the “Deadline”) (and, solely
in the case of conversion of the entire unpaid principal amount hereof, surrender of this Note) in accordance with the terms hereof and
the Purchase Agreement. Upon receipt by the Borrower of a Notice of Conversion, the Holder shall be deemed to be the holder of record
of the Common Stock issuable upon such conversion, the outstanding principal amount and the amount of accrued and unpaid interest on
this Note shall be reduced to reflect such conversion, and, unless the Borrower defaults on its obligations hereunder, all rights with
respect to the portion of this Note being so converted shall forthwith terminate except the right to receive the Common Stock or other
securities, cash or other assets, as herein provided, on such conversion. If the Holder shall have given a Notice of Conversion as provided
herein, the Borrower’s obligation to issue and deliver the certificates for Common Stock shall be absolute and unconditional, irrespective
of the absence of any action by the Holder to enforce the same, any waiver or consent with respect to any provision thereof, the recovery
of any judgment against any person or any action to enforce the same, any failure or delay in the enforcement of any other obligation
of the Borrower to the holder of record, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged
breach by the Holder of any obligation to the Borrower, and irrespective of any other circumstance which might otherwise limit such obligation
of the Borrower to the Holder in connection with such conversion.

 

(d)
Delivery of Common Stock by Electronic Transfer. In lieu of delivering physical certificates representing the Common Stock issuable
upon conversion, provided the Borrower is participating in the Depository Trust Company (“DTC”) Fast Automated Securities
Transfer (“FAST”) program, upon request of the Holder and its compliance with the provisions set forth herein, the Borrower
shall use its best efforts to cause its transfer agent to electronically transmit the Common Stock issuable upon conversion to the Holder
by crediting the account of Holder’s Prime Broker with DTC through its Deposit Withdrawal Agent Commission (“DWAC”)
system.

 

(e) Failure
to Deliver Common Stock Prior to Deadline. Without in any way limiting the Holder’s right to pursue other remedies,
including actual damages and/or equitable relief, the parties agree that if delivery of the Common Stock issuable upon conversion of
this Note is not delivered by the Deadline due to action and/or inaction of the Borrower, the Borrower shall pay to the Holder
$2,000 per day in cash, for each day beyond the Deadline that the Borrower fails to deliver such Common Stock (the “Fail to
Deliver Fee”); provided; however that the Fail to Deliver Fee shall not be due if the failure is a result of a third party
(i.e., transfer agent; and not the result of any failure to pay such transfer agent) despite the best efforts of the Borrower to
effect delivery of such Common Stock. Such cash amount shall be paid to Holder by the fifth day of the month following the month in
which it has accrued or, at the option of the Holder (by written notice to the Borrower by the first day of the month following the
month in which it has accrued), shall be added to the principal amount of this Note, in which event interest shall accrue thereon in
accordance with the terms of this Note and such additional principal amount shall be convertible into Common Stock in accordance
with the terms of this Note. The Borrower agrees that the right to convert is a valuable right to the Holder. The damages resulting
from a failure, attempt to frustrate, interference with such conversion right are difficult if not impossible to qualify.
Accordingly, the parties acknowledge that the liquidated damages provision contained in this Section 1.4(e) are justified.

 

1.5
Concerning the Shares. The shares of Common Stock issuable upon conversion of this Note may not be sold or transferred unless:
(i) such shares are sold pursuant to an effective registration statement under the Act or (ii) the Borrower or its transfer agent shall
have been furnished with an opinion of counsel (which opinion shall be in form, substance and scope customary for opinions of counsel
in comparable transactions) to the effect that the shares to be sold or transferred may be sold or transferred pursuant to an exemption
from such registration (such as Rule 144 or a successor rule) (“Rule 144”); or (iii) such shares are transferred to an “affiliate”
(as defined in Rule 144) of the Borrower who agrees to sell or otherwise transfer the shares only in accordance with this Section 1.5
and who is an Accredited Investor (as defined in the Purchase Agreement).

 

Any restrictive legend on certificates
representing shares of Common Stock issuable upon conversion of this Note shall be removed and the Borrower shall issue to the Holder
a new certificate therefore free of any transfer legend if the Borrower or its transfer agent shall have received an opinion of counsel
from Holder’s counsel, in form, substance and scope customary for opinions of counsel in comparable transactions, to the effect
that (i) a public sale or transfer of such Common Stock may be made without registration under the Act, which opinion shall be accepted
by the Company so that the sale or transfer is effected; or (ii) in the case of the Common Stock issuable upon conversion of this Note,
such security is registered for sale by the Holder under an effective registration statement filed under the Act; or otherwise may be
sold pursuant to an exemption from registration. In the event that the Company does not reasonably accept the opinion of counsel provided
by the Holder with respect to the transfer of Securities pursuant to an exemption from registration (such as Rule 144), at the Deadline,
it will be considered an Event of Default pursuant to Section 3.2 of the Note.

 

		1.6	Effect of Certain Events.

 

(a)
Effect of Merger, Consolidation, Etc. At the option of the Holder, the sale, conveyance or disposition of all or substantially
all of the assets of the Borrower, the effectuation by the Borrower of a transaction or series of related transactions in which more
than 50% of the voting power of the Borrower is disposed of, or the consolidation, merger or other business combination of the Borrower
with or into any other Person (as defined below) or Persons when the Borrower is not the survivor shall be deemed to be an Event of Default
(as defined in Article III) pursuant to which the Borrower shall be required to pay to the Holder upon the consummation of and as a condition
to such transaction an amount equal to the Default Amount (as defined in Article III). “Person” shall mean any individual,
corporation, limited liability company, partnership, association, trust or other entity or organization.

 

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(b) Adjustment
Due to Merger, Consolidation, Etc. If, at any time when this Note is issued and outstanding and prior to conversion of all of
the Note, there shall be any merger, consolidation, exchange of shares, recapitalization, reorganization, or other similar event, as
a result of which shares of Common Stock of the Borrower shall be changed into the same or a different number of shares of another
class or classes of stock or securities of the Borrower or another entity, or in case of any sale or conveyance of all or
substantially all of the assets of the Borrower other than in connection with a plan of complete liquidation of the Borrower, then
the Holder of this Note shall thereafter have the right to receive upon conversion of this Note, upon the basis and upon the terms
and conditions specified herein and in lieu of the shares of Common Stock immediately theretofore issuable upon conversion, such
stock, securities or assets which the Holder would have been entitled to receive in such transaction had this Note been converted in
full immediately prior to such transaction (without regard to any limitations on conversion set forth herein), and in any such case
appropriate provisions shall be made with respect to the rights and interests of the Holder of this Note to the end that the
provisions hereof (including, without limitation, provisions for adjustment of the Conversion Price and of the number of shares
issuable upon conversion of the Note) shall thereafter be applicable, as nearly as may be practicable in relation to any securities
or assets thereafter deliverable upon the conversion hereof. The Borrower shall not affect any transaction described in this Section
1.6(b) unless (a) it first gives, to the extent practicable, ten (10) days prior written notice (but in any event at least five (5)
days prior written notice) of the record date of the special meeting of shareholders to approve, or if there is no such record date,
the consummation of, such merger, consolidation, exchange of shares, recapitalization, reorganization or other similar event or sale
of assets (during which time the Holder shall be entitled to convert this Note) and (b) the resulting successor or acquiring entity
(if not the Borrower) assumes by written instrument the obligations of this Note. The above provisions shall similarly apply to
successive consolidations, mergers, sales, transfers or share exchanges.

 

(c)
Adjustment Due to Distribution. If the Borrower shall declare or make any distribution of its assets (or rights to acquire its
assets) to holders of Common Stock as a dividend, stock repurchase, by way of return of capital or otherwise (including any dividend
or distribution to the Borrower’s shareholders in cash or shares (or rights to acquire shares) of capital stock of a subsidiary
(i.e., a spin-off)) (a “Distribution”), then the Holder of this Note shall be entitled, upon any conversion of this Note
after the date of record for determining shareholders entitled to such Distribution, to receive the amount of such assets which would
have been payable to the Holder with respect to the shares of Common Stock issuable upon such conversion had such Holder been the holder
of such shares of Common Stock on the record date for the determination of shareholders entitled to such Distribution.

 

1.7 Prepayment.
Notwithstanding anything to the contrary contained in this Note, at any time during the periods set forth on the table immediately
following this paragraph (the “Prepayment Periods”) or as otherwise agreed to between the Borrower and the Holder, the
Borrower shall have the right, exercisable on not more than three (3) Trading Days prior written notice to the Holder of the Note to
prepay the outstanding Note (principal and accrued interest), in full, in accordance with this Section 1.7. Any notice of prepayment
hereunder (an “Optional Prepayment Notice”) shall be delivered to the Holder of the Note at its registered addresses and
shall state: (1) that the Borrower is exercising its right to prepay the Note, and (2) the date of prepayment which shall be not
more than three (3) Trading Days from the date of the Optional Prepayment Notice. On the date fixed for prepayment (the
“Optional Prepayment Date”), the Borrower shall make payment of the Optional Prepayment Amount (as defined below) to
Holder, or upon the direction of the Holder as specified by the Holder in a writing to the Borrower (which shall direction to be
sent to Borrower by the Holder at least one (1) business day prior to the Optional Prepayment Date). If the Borrower exercises its
right to prepay the Note, the Borrower shall make payment to the Holder of an amount in cash equal to the percentage
(“Prepayment Percentage”) as set forth in the table immediately following this paragraph opposite the applicable
Prepayment Period, multiplied by the sum of: (w) the then outstanding principal amount of this Note plus (x) accrued and
unpaid interest on the unpaid principal amount of this Note to the Optional Prepayment Date plus (y) Default Interest, if
any, on the amounts referred to in clauses (w) and (x) plus (z) any amounts owed to the Holder pursuant to Section 1.4 hereof
(the “Optional Prepayment Amount”).

 

	Prepayment Period	 	Prepayment Percentage	 
	1. The period beginning on the Issue Date and ending on the date which is thirty (30) days following the Issue Date.	 	 	112	%
	2. The period beginning on the date which is thirty-one (31) days following the Issue Date and ending on the date which is sixty (60) days following the Issue Date.	 	 	117	%
	3. The period beginning on the date which is sixty-one (61) days following the Issue Date and ending on the date which is ninety (90) days following the Issue Date.	 	 	122	%
	4. The period beginning on the date that is ninety-one (91) day from the Issue Date and ending one hundred twenty (120) days following the Issue Date.	 	 	127	%
	5. The period beginning on the date that is one hundred twenty-one (121) day from the Issue Date and ending one hundred eighty (180) days following the Issue Date.	 	 	135	%

 

After the expiration of the Prepayment
Periods set forth above, the Borrower may submit an Optional Prepayment Notice to the Holder. Upon receipt by the Holder of the Optional
Prepayment Notice post Prepayment Periods, the prepayment shall be subject to the Holder’s and the Borrower’s agreement with
respect to the applicable Prepayment Percentage.

 

Notwithstanding anything contained
herein to the contrary, the Holder’s conversion rights herein shall not be affected in any way until the Note is fully paid (funds
received by the Holder) pursuant to an Optional Prepayment Notice.

 

1.8
ACH Option. Notwithstanding anything contained herein to the contrary, upon the occurrence of an Event of Default, at the Investor’s
option, in addition to the right to conversion as set forth above and any other rights and remedies as set forth herein, the Investor,
or its affiliate or assignee, may deduct daily ACH payments from the bank account of the Borrower (or any of its subsidiaries) in the
amount of $636.90 per day until such time as the Borrower has paid (or the Investor has converted) an amount equal to the principal balance,
interest, accrued interest, Default Amount and any other fees as set forth in the Note.

 

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ARTICLE II. CERTAIN COVENANTS

 

2.1
Sale of Assets. So long as the Borrower shall have any obligation under this Note, the Borrower shall not, without the Holder’s
written consent, sell, lease or otherwise dispose of any significant portion of its assets outside the ordinary course of business. Any
consent to the disposition of any assets may be conditioned on a specified use of the proceeds of disposition.

 

ARTICLE III. EVENTS OF DEFAULT

 

If any of the following
events of default (each, an “Event of Default”) shall occur:

 

3.1
Failure to Pay Principal and Interest. The Borrower fails to pay the principal hereof or interest thereon when due on this Note,
whether at maturity or upon acceleration and such breach continues for a period of five (5) days after written notice from the Holder.

 

3.2
Conversion and the Shares. The Borrower fails to issue shares of Common Stock to the Holder (or announces or threatens in writing
that it will not honor its obligation to do so) upon exercise by the Holder of the conversion rights of the Holder in accordance with
the terms of this Note, fails to transfer or cause its transfer agent to transfer (issue) (electronically or in certificated form) any
certificate for shares of Common Stock issued to the Holder upon conversion of or otherwise pursuant to this Note as and when required
by this Note, the Borrower directs its transfer agent not to transfer or delays, impairs, and/or hinders its transfer agent in transferring
(or issuing) (electronically or in certificated form) any certificate for shares of Common Stock to be issued to the Holder upon conversion
of or otherwise pursuant to this Note as and when required by this Note, or fails to remove (or directs its transfer agent not to remove
or impairs, delays, and/or hinders its transfer agent from removing) any restrictive legend (or to withdraw any stop transfer instructions
in respect thereof) on any certificate for any shares of Common Stock issued to the Holder upon conversion of or otherwise pursuant to
this Note as and when required by this Note (or makes any written announcement, statement or threat that it does not intend to honor
the obligations described in this paragraph) and any such failure shall continue uncured (or any written announcement, statement or threat
not to honor its obligations shall not be rescinded in writing) for three (3) business days after the Holder shall have delivered a Notice
of Conversion. It is an obligation of the Borrower to remain current in its obligations to its transfer agent. It shall be an event of
default of this Note, if a conversion of this Note is delayed, hindered or frustrated due to a balance owed by the Borrower to its transfer
agent. If at the option of the Holder, the Holder advances any funds to the Borrower’s transfer agent in order to process a conversion,
such advanced funds shall be paid by the Borrower to the Holder within forty-eight (48) hours of a demand from the Holder.

 

3.3
Breach of Covenants. The Borrower breaches any material covenant or other material term or condition contained in this Note and
any collateral documents including but not limited to the Purchase Agreement and such breach continues for a period of twenty (20) days
after written notice thereof to the Borrower from the Holder.

 

3.4
Breach of Representations and Warranties. Any representation or warranty of the Borrower made herein or in any agreement, statement
or certificate given in writing pursuant hereto or in connection herewith (including, without limitation, the Purchase Agreement), shall
be false or misleading in any material respect when made and the breach of which has (or with the passage of time will have) a material
adverse effect on the rights of the Holder with respect to this Note or the Purchase Agreement.

 

3.5
Receiver or Trustee. The Borrower or any subsidiary of the Borrower shall make an assignment for the benefit of creditors, or
apply for or consent to the appointment of a receiver or trustee for it or for a substantial part of its property or business, or such
a receiver or trustee shall otherwise be appointed.

 

3.6
Bankruptcy. Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings, voluntary or involuntary,
for relief under any bankruptcy law or any law for the relief of debtors shall be instituted by or against the Borrower or any subsidiary
of the Borrower.

 

3.7 Delisting
of Common Stock. The Borrower shall fail to maintain the listing of the Common Stock on at least one of the OTC (which
specifically includes the quotation platforms maintained by the OTC Markets Group) or an equivalent replacement exchange, the Nasdaq
National Market, the Nasdaq SmallCap Market, the New York Stock Exchange, or the American Stock Exchange.

 

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3.8
Failure to Comply with the Exchange Act. The Borrower shall fail to comply with the reporting requirements of the Exchange Act;
and/or the Borrower shall cease to be subject to the reporting requirements of the Exchange Act.

 

3.9
Liquidation. Any dissolution, liquidation, or winding up of Borrower or any substantial portion of its business.

 

3.10
Cessation of Operations. Any cessation of operations by Borrower or Borrower admits it is otherwise generally unable to pay its
debts as such debts become due, provided, however, that any disclosure of the Borrower’s ability to continue as a “going
concern” shall not be an admission that the Borrower cannot pay its debts as they become due.

 

3.11
Financial Statement Restatement. The restatement of any financial statements filed by the Borrower with the SEC at any time after
180 days after the Issuance Date for any date or period until this Note is no longer outstanding, if the result of such restatement would,
by comparison to the un-restated financial statement, have constituted a material adverse effect on the rights of the Holder with respect
to this Note or the Purchase Agreement.

 

3.12
Replacement of Transfer Agent. In the event that the Borrower proposes to replace its transfer agent, the Borrower fails to provide,
prior to the effective date of such replacement, a fully executed Irrevocable Transfer Agent Instructions in a form as initially delivered
pursuant to the Purchase Agreement (including but not limited to the provision to irrevocably reserve shares of Common Stock in the Reserved
Amount) signed by the successor transfer agent to Borrower and the Borrower.

 

3.13
Cross-Default. Notwithstanding anything to the contrary contained in this Note or the other related or companion documents, a
breach or default by the Borrower of any covenant or other term or condition contained in any of the Other Agreements, after the passage
of all applicable notice and cure or grace periods, shall, at the option of the Holder, be considered a default under this Note and the
Other Agreements, in which event the Holder shall be entitled (but in no event required) to apply all rights and remedies of the Holder
under the terms of this Note and the Other Agreements by reason of a default under said Other Agreement or hereunder. “Other Agreements”
means, collectively, all agreements and instruments between, among or by: (1) the Borrower, and, or for the benefit of, (2) the Holder
and any affiliate of the Holder, including, without limitation, promissory notes; provided, however, the term “Other Agreements”
shall not include the related or companion documents to this Note. Each of the loan transactions will be cross-defaulted with each other
loan transaction and with all other existing and future debt of Borrower to the Holder.

 

Upon
the occurrence and during the continuation of any Event of Default specified in Section 3.1 (solely with respect to failure to pay
the principal hereof or interest thereon when due at the Maturity Date), the Note shall become immediately due and payable and the
Borrower shall pay to the Holder, in full satisfaction of its obligations hereunder, an amount equal to the Default Sum (as defined
herein). UPON THE OCCURRENCE AND DURING THE CONTINUATION OF ANY EVENT OF DEFAULT SPECIFIED IN SECTION 3.2, THE NOTE SHALL BECOME
IMMEDIATELY DUE AND PAYABLE AND THE BORROWER SHALL PAY TO THE HOLDER, IN FULL SATISFACTION OF ITS OBLIGATIONS HEREUNDER, AN AMOUNT
EQUAL TO: (Y) THE DEFAULT SUM (AS DEFINED HEREIN); MULTIPLIED BY (Z) TWO (2). Upon the occurrence and during the continuation of any
Event of Default specified in Sections 3.1 (solely with respect to failure to pay the principal hereof or interest thereon when due
on this Note upon a Trading Market Prepayment Event pursuant to Section 1.7 or upon acceleration), 3.3, 3.4, 3.7, 3.8, 3.10, 3.11,
3.12, 3.13, and/or 3.14 exercisable through the delivery of written notice to the Borrower by such Holders (the “Default
Notice”), and upon the occurrence of an Event of Default specified the remaining sections of Articles III (other than failure
to pay the principal hereof or interest thereon at the Maturity Date specified in Section 3,1 hereof), the Note shall become
immediately due and payable and the Borrower shall pay to the Holder, in full satisfaction of its obligations hereunder, an amount
equal to the greater of (i) 150% times the sum of (w) the then outstanding principal amount of this Note plus
(x) accrued and unpaid interest on the unpaid principal amount of this Note to the date of payment (the “Mandatory Prepayment
Date”) plus (y) Default Interest, if any, on the amounts referred to in clauses (w) and/or (x) plus (z) any
amounts owed to the Holder pursuant to Sections 1.3 and 1.4(g) hereof (the then outstanding principal amount of this Note to the
date of payment plus the amounts referred to in clauses (x), (y) and (z) shall collectively be known as the “Default
Sum”) or (ii) the “parity value” of the Default Sum to be prepaid, where parity value means (a) the highest number
of shares of Common Stock issuable upon conversion of or otherwise pursuant to such Default Sum in accordance with Article I,
treating the Trading Day immediately preceding the Mandatory Prepayment Date as the “Conversion Date” for purposes of
determining the lowest applicable Conversion Price, unless the Default Event arises as a result of a breach in respect of a specific
Conversion Date in which case such Conversion Date shall be the Conversion Date), multiplied by (b) the highest Closing Price
for the Common Stock during the period beginning on the date of first occurrence of the Event of Default and ending one day prior to
the Mandatory Prepayment Date (the “Default Amount”) and all other amounts payable hereunder shall immediately become
due and payable, all without demand, presentment or notice, all of which hereby are expressly waived, together with all costs,
including, without limitation, legal fees and expenses, of collection, and the Holder shall be entitled to exercise all other rights
and remedies available at law or in equity.

 

If the Borrower fails to pay the Default
Amount within five (5) business days of written notice that such amount is due and payable, then the Holder shall have the right at any
time, so long as the Borrower remains in default (and so long and to the extent that there are sufficient authorized shares), to require
the Borrower, upon written notice, to immediately issue, in lieu of the Default Amount, the number of shares of Common Stock of the Borrower
equal to the Default Amount divided by the Conversion Price then in effect.

 

    6

    

    

 

ARTICLE IV. MISCELLANEOUS

 

4.1
Failure or Indulgence Not Waiver. No failure or delay on the part of the Holder in the exercise of any power, right or privilege
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude
other or further exercise thereof or of any other right, power or privileges. All rights and remedies existing hereunder are cumulative
to, and not exclusive of, any rights or remedies otherwise available.

 

4.2 Notices.
All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing
and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return
receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted by
hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party shall have specified most
recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed effective
(a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the
address or number designated below (if delivered on a business day during normal business hours where such notice is to be
received), or the first business day following such delivery (if delivered other than on a business day during normal business hours
where such notice is to be received) or (b) on the second business day following the date of mailing by express courier service,
fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for
such communications shall be:

 

 

If to the Borrower,
to:

 

BANTEC, INC.

195 Paterson Avenue

Little Falls, NJ 07424

Attn: Michael Bannon, Chief Executive Officer

Fax:

Email: mike@bantecinc.com

 

If to the
Holder:

 

GENEVA ROTH REMARK HOLDINGS, INC.

111 Great Neck Road, Suite 214

Great Neck, NY 11021

Attn: Curt Kramer, Chief Executive Officer

e-mail: genevarothremark@gmail.com

 

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

 

Naidich Wurman LLP

111 Great Neck Road, Suite 216

Great Neck, NY 11021

Attn: Allison
Naidich

facsimile: 516-466-3555

e-mail: allison@nwlaw.com

 

4.3
Amendments. This Note and any provision hereof may only be amended by an instrument in writing signed by the Borrower and the
Holder. The term “Note” and all reference thereto, as used throughout this instrument, shall mean this instrument (and the
other Notes issued pursuant to the Purchase Agreement) as originally executed, or if later amended or supplemented, then as so amended
or supplemented.

 

4.4
Assignability. This Note shall be binding upon the Borrower and its successors and assigns, and shall inure to be the benefit
of the Holder and its successors and assigns. Each transferee of this Note must be an “accredited investor” (as defined in
Rule 501(a) of the Securities and Exchange Commission). Notwithstanding anything in this Note to the contrary, this Note may be pledged
as collateral in connection with a bona fide margin account or other lending arrangement; and may be assigned by the Holder without
the consent of the Borrower.

 

4.5
Cost of Collection. If default is made in the payment of this Note, the Borrower shall pay the Holder hereof costs of collection,
including reasonable attorneys’ fees.

 

    7

    

    

 

4.6
Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of New York without regard
to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated by
this Note shall be brought only in the state courts of New York or in the federal courts located in the state and county of Nassau. The
parties to this Note hereby irrevocably waive any objection to jurisdiction and venue of any action instituted hereunder and shall not
assert any defense based on lack of jurisdiction or venue or based upon forum
non conveniens. The Borrower and Holder waive trial by jury. The prevailing party shall be entitled to recover from the other
party its reasonable attorney's fees and costs. In the event that any provision of this Note or any other agreement delivered in connection
herewith is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to
the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision
which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of any
agreement. Each party hereby irrevocably waives personal service of process and consents to process being served in any suit, action
or proceeding in connection with this Note, any agreement or any other document delivered in connection with this Note by mailing a copy
thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for
notices to it under this Note and agrees that such service shall constitute good and sufficient service of process and notice thereof.
Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law.

 

4.7
Purchase Agreement. By its acceptance of this Note, each party agrees to be bound by the applicable terms of the Purchase Agreement.

 

4.8
Remedies. The Borrower acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder,
by vitiating the intent and purpose of the transaction contemplated hereby. Accordingly, the Borrower acknowledges that the remedy at
law for a breach of its obligations under this Note will be inadequate and agrees, in the event of a breach or threatened breach by the
Borrower of the provisions of this Note, that the Holder shall be entitled, in addition to all other available remedies at law or in
equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing or curing any breach
of this Note and to enforce specifically the terms and provisions thereof, without the necessity of showing economic loss and without
any bond or other security being required.

 

IN WITNESS WHEREOF, Borrower has caused
this Note to be signed in its name by its duly authorized officer this on June 14, 2021

 

	BANTEC, INC.	 
	 	 	 
	By:	/s/ Michael
    Bannon	 
	 	Michael Bannon	 
	 	Chief Executive Officer	 

 

    8

    

    

 

EXHIBIT A -- NOTICE OF CONVERSION

 

The undersigned
hereby elects to convert $ principal amount of the Note (defined below) into that number of shares of Common Stock to be issued
pursuant to the conversion of the Note (“Common Stock”) as set forth below, of BANTEC, INC., a Delaware corporation (the “Borrower”)
according to the conditions of the convertible note of the Borrower dated as of June 14, 2021 (the “Note”), as of the date
written below. No fee will be charged to the Holder for any conversion, except for transfer taxes, if any.

 

Box Checked as to applicable instructions:

 

		☐	 The Borrower shall electronically transmit the Common Stock
issuable pursuant to this Notice of Conversion to the account of the undersigned or its nominee with DTC through its Deposit Withdrawal
Agent Commission system (“DWAC Transfer”).

 

		Name	of DTC Prime Broker:

		Account	Number:

 

		☐	 The undersigned hereby requests that the Borrower issue
a certificate or certificates for the number of shares of Common Stock set forth below (which numbers are based on the Holder’s
calculation attached hereto) in the name(s) specified immediately below or, if additional space is necessary, on an attachment hereto:

 

	GENEVA
    ROTH REMARK HOLDINGS, INC.	 
	111
    Great Neck Road, Suite 214	 
	Great
    Neck, NY 11021	 
	Attention:
    Certificate Delivery	 
	e-mail:
    genevarothremark@gmail.com	 
	 	 
	Date
    of conversion:	 
	Applicable
    Conversion Price: 	$	 
	Number
    of shares of common stock to be issued pursuant to conversion of the Notes:	 
	Amount
    of Principal Balance due remaining under the Note after this conversion:	 

 

	GENEVA ROTH REMARK HOLDINGS, INC.	 
	 	 	 
	By:	 	 
	Name:	Curt Kramer	 
	Title:	Chief Executive Officer	 
	Date:	 	 

 

 

9Exhibit 10.1

 

Execution Version

 

COMMON STOCK PURCHASE AGREEMENT

 

Dated as of June 18, 2021

 

by and among

 

ASHFORD HOSPITALITY TRUST, INC.,

 

ASHFORD HOSPITALITY LIMITED PARTNERSHIP

 

and

 

SEVEN KNOTS, LLC

 

    

     

    

  

Table
of Contents

 

Page

 

	Article
    I DEFINITIONS	1
	Article II
    PURCHASE AND SALE OF COMMON STOCK	1
	Section 2.1.	Purchase and Sale of Stock	1
	Section 2.2.	Closing Date; Settlement Dates	2
	Section 2.3.	Initial Public Announcements and Required Filings	2
	Article III PURCHASE TERMS	3
	Section 3.1.	Fixed Purchases	3
	Section 3.2.	VWAP Purchases	3
	Section 3.3.	Additional VWAP Purchases	4
	Section 3.4.	Settlement	5
	Section 3.5.	Compliance with Rules of Trading Market	6
	Section 3.6.	Beneficial Ownership Limitation	6
	Article IV REPRESENTATIONS,
    WARRANTIES AND COVENANTS OF THE INVESTOR	6
	Section 4.1.	Organization and Standing of the Investor	6
	Section 4.2.	Authorization and Power	6
	Section 4.3.	No Conflicts	7
	Section 4.4.	Investment Purpose	7
	Section 4.5.	Accredited Investor Status	7
	Section 4.6.	Reliance on Exemptions	7
	Section 4.7.	Information	7
	Section 4.8.	No Governmental Review	8
	Section 4.9.	No General Solicitation	8
	Section 4.10.	Not an Affiliate	8
	Section 4.11.	No Prior Short Sales	8
	Section 4.12.	Statutory Underwriter Status	8
	Section 4.13.	Resales of Securities	8
	Article
    V REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY AND THE OPERATING PARTNERSHIP	8
	Section 5.1.	Organization, Good Standing and Power	9
	Section 5.2.	Authorization, Enforcement	9
	Section 5.3.	Capitalization	10
	Section 5.4.	Issuance of Securities	10
	Section 5.5.	No Conflicts	10
	Section 5.6.	Commission Documents, Financial Statements; Disclosure Controls and Procedures; Internal Controls Over Financial Reporting; Accountants	11
	Section 5.7.	Due Authorization of Partnership Agreement	12
	Section 5.8.	Capitalization of Operating Partnership	13
	Section 5.9.	No Material Adverse Effect or Material Adverse Change	13
	Section 5.10.	Mortgages	13

 

    i

     

    

 

	Section 5.11.	Solvency	14
	Section 5.12.	Property	14
	Section 5.13.	Actions Pending	14
	Section 5.14.	Compliance With Laws	15
	Section 5.15.	Certain Fees	15
	Section 5.16.	Disclosure	15
	Section 5.17.	Regulatory Permits	16
	Section 5.18.	Environmental Compliance	17
	Section 5.19.	Material Agreements	18
	Section 5.20.	Transactions With Affiliates	18
	Section 5.21.	Intellectual Property Rights	18
	Section 5.22.	Use of Proceeds	18
	Section 5.23.	Investment Company Act Status	18
	Section 5.24.	Benefit Plans; Labor Matters	18
	Section 5.25.	Taxes	19
	Section 5.26.	Insurance	19
	Section 5.27.	Exemption from Registration	19
	Section 5.28.	No General Solicitation or Advertising	19
	Section 5.29.	No Integrated Offering	19
	Section 5.30.	Dilutive Effect	20
	Section 5.31.	Manipulation of Price	20
	Section 5.32.	Securities Act	20
	Section 5.33.	Listing and Maintenance Requirements; DTC Eligibility	20
	Section 5.34.	Application of Takeover Protections	20
	Section 5.35.	Foreign Corrupt Practices	20
	Section 5.36.	Money Laundering Laws	21
	Section 5.37.	OFAC	21
	Section 5.38.	Information Technology; Compliance With Data Privacy Laws	21
	Section 5.39.	No Disqualification Events	22
	Section 5.40.	REIT Status	22
	Section 5.41.	Authorization of Advisory Agreement	22
	Section 5.42.	Acknowledgement Regarding Investor’s Acquisition of Securities	22
	Article VI ADDITIONAL COVENANTS	23
	Section 6.1.	Securities Compliance	23
	Section 6.2.	Reservation of Common Stock	23
	Section 6.3.	Registration and Listing	23
	Section 6.4.	Compliance with Laws.	24
	Section 6.5.	Keeping of Records and Books of Account; Due Diligence.	24
	Section 6.6.	No Frustration; Prohibition of Certain Issuances Before Settlement of Purchases.	25
	Section 6.7.	Corporate Existence	26
	Section 6.8.	Fundamental Transaction	26
	Section 6.9.	Selling Restrictions.	27
	Section 6.10.	Effective Registration Statement	27
	Section 6.11.	Blue Sky	27
	Section 6.12.	Non-Public Information	28
	Section 6.13.	Broker/Dealer	28

 

    ii 

     

    

 

	Section 6.14.	Disclosure Schedule	28
	Section 6.15.	Delivery of Bring Down Opinions and Compliance Certificates Upon Occurrence of Certain Events	29
	Article
    VII CONDITIONS TO CLOSING AND CONDITIONS TO THE SALE AND PURCHASE OF THE SHARES	30
	Section 7.1.	Conditions Precedent to Closing	30
	Section 7.2.	Conditions Precedent to Commencement	30
	Section 7.3.
	Conditions Precedent to Fixed Purchases, VWAP Purchases and Additional VWAP Purchases after Commencement Date	34
	Article
    VIII TERMINATION	38
	Section 8.1.	Automatic Termination	38
	Section 8.2.	Other Termination	38
	Section 8.3.	Effect of Termination	39
	Article
    IX INDEMNIFICATION	40
	Section 9.1.	Indemnification of Investor	40
	Section 9.2.	Indemnification Procedures	41
	Article
    X MISCELLANEOUS	42
	Section 10.1.	Certain Fees and Expenses; Commencement Irrevocable Transfer Agent Instructions	42
	Section 10.2.	Specific Enforcement, Consent to Jurisdiction, Waiver of Jury Trial	42
	Section 10.3.	Entire Agreement	43
	Section 10.4.	Notices	43
	Section 10.5.	Waivers	44
	Section 10.6.	Amendments	44
	Section 10.7.	Headings	44
	Section 10.8.	Construction	45
	Section 10.9.	Binding Effect	45
	Section 10.10.	No Third Party Beneficiaries	45
	Section 10.11.	Governing Law	45
	Section 10.12.	Survival	45
	Section 10.13.	Counterparts	45
	Section 10.14.	Publicity	46
	Section 10.15.	Severability	46
	Section 10.16.	Further Assurances	46

 

Annex I. Definitions

 

    iii

     

    

 

COMMON STOCK PURCHASE
AGREEMENT

 

This COMMON STOCK PURCHASE
AGREEMENT is made and entered into as of June 18, 2021 (this “Agreement”), by and among Seven Knots, LLC,
a Montana limited liability company (the “Investor”), Ashford Hospitality Trust, Inc., a Maryland corporation
(the “Company”), and Ashford Hospitality Limited Partnership, a Delaware limited partnership (the “Operating
Partnership”).

 

RECiTALS

 

WHEREAS, the parties
desire that, upon the terms and subject to the conditions and limitations set forth herein, the Company may issue and sell to the Investor,
from time to time as provided herein, and the Investor shall purchase from the Company, up to 40,093,080 shares of the Company’s
Common Stock, par value $0.01 per share (“Common Stock”), subject to the Aggregate Limit;

 

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

 

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

 

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

 

Article
I

DEFINITIONS

 

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

 

Article
II

PURCHASE AND SALE OF COMMON STOCK

 

Section 2.1.        
Purchase and Sale of Stock. Upon the terms and subject to the conditions of this Agreement, during the Investment Period,
the Company, in its sole discretion, shall have the right, but not the obligation, to issue and sell to the Investor, and the Investor
shall purchase from the Company, up to 40,093,080 duly authorized, validly issued, fully paid and non-assessable shares of Common Stock
(the “Total Purchase Commitment”), subject to the Aggregate Limit, by the delivery to the Investor of Fixed
Purchase Notices, VWAP Purchase Notices and Additional VWAP Purchase Notices as provided in Article III.

 

    1 

     

    

 

 

Section 2.2.        
Closing Date; Settlement Dates. This Agreement shall become effective and binding (the “Closing”)
upon (a) the payment of the Investor Expense Reimbursement to the Investor prior to the Closing pursuant to Sections 7.1 and 10.1(i),
(b) the delivery of counterpart signature pages of this Agreement and the Registration Rights Agreement executed by each of the parties
hereto and thereto, and (c) the delivery of all other documents, instruments and writings required to be delivered at the Closing, in
each case as provided in Section 7.1, to the offices of Dorsey & Whitney LLP, 51 West 52nd Street, New York, NY 10019-6119,
at 4:00 p.m., New York City time, on the Closing Date. In consideration of and in express reliance upon the representations, warranties
and covenants contained in, and upon the terms and subject to the conditions of, this Agreement, during the Investment Period, the Company,
at its sole option and discretion, may issue and sell to the Investor, and, if the Company elects to so issue and sell, the Investor
shall purchase from the Company, the Shares in respect of each Fixed Purchase, each VWAP Purchase and each Additional VWAP Purchase.
The delivery of Shares in respect of each Fixed Purchase, each VWAP Purchase and each Additional VWAP Purchase, and the payment for such
Shares, shall occur in accordance with Section 3.4, provided that all of the conditions precedent in Article VII shall have been
fulfilled at the applicable times set forth in Article VII.

 

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

 

    2

     

    

 

Article
III

 

PURCHASE TERMS

 

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

 

Section 3.1.        
Fixed Purchases. Upon the initial satisfaction of all of the conditions set forth in set forth in Section 7.2 (the “Commencement”
and the date of initial satisfaction of all of such conditions, the “Commencement Date”) and from time to time
thereafter, subject to the satisfaction of all of the conditions set forth in Section 7.3, the Company shall have the right, but not the
obligation, to direct the Investor, by its delivery to the Investor of a Fixed Purchase Notice, to purchase a Fixed Purchase Share Amount,
not to exceed the applicable Fixed Purchase Maximum Amount (calculated as of the applicable Fixed Purchase Date), at the applicable Fixed
Purchase Price therefor on the applicable Fixed Purchase Date in accordance with this Agreement (each such purchase a “Fixed
Purchase”); provided, however, that the Investor’s committed obligation under any single Fixed Purchase
shall not exceed $2,000,000. The Investor is obligated to accept each Fixed Purchase Notice prepared and delivered by the Company in accordance
with the terms of and subject to the satisfaction of the conditions contained in this Agreement. If the Company delivers any Fixed Purchase
Notice directing the Investor to purchase a Fixed Purchase Share Amount in excess of the applicable Fixed Purchase Maximum Amount (calculated
as of the applicable Fixed Purchase Date), such Fixed Purchase Notice shall be void ab initio to the extent of the amount by which
the Fixed Purchase Share Amount set forth in such Fixed Purchase Notice exceeds such applicable Fixed Purchase Maximum Amount, and the
Investor shall have no obligation to purchase such excess Shares in respect of such Fixed Purchase Notice; provided, however,
that the Investor shall remain obligated to purchase the applicable Fixed Purchase Maximum Amount in such Fixed Purchase. The Company
may deliver a Fixed Purchase Notice to the Investor as often as every Trading Day, so long as (i) the Closing Sale Price of the Common
Stock on such Trading Day is not less than the Threshold Price and (ii) all Shares subject to all prior Fixed Purchase Notices, VWAP Purchase
Notices and Additional VWAP Purchase Notices (as applicable) have theretofore been received by the Investor as DWAC Shares. Notwithstanding
the foregoing, the Company shall not deliver any Fixed Purchase Notices to the Investor during the PEA Period.

 

Section 3.2.         VWAP
Purchases. Upon the initial satisfaction of all of the conditions set forth in set forth in Section 7.2 on the Commencement
Date and from time to time thereafter, subject to the satisfaction of all of the conditions set forth in Section 7.3, in addition to
purchases of Shares as described in Section 3.1, the Company shall also have the right, but not the obligation, to direct the
Investor, by its delivery to the Investor of a VWAP Purchase Notice, to purchase the applicable VWAP Purchase Share Amount, not to
exceed the applicable VWAP Purchase Maximum Amount, at the applicable VWAP Purchase Price therefor on the applicable VWAP Purchase
Date in accordance with this Agreement (each such purchase, a “VWAP Purchase”); provided, however,
that the Investor’s aggregate committed obligation under a VWAP Purchase and all Additional VWAP Purchases, the applicable
Additional VWAP Purchase Date therefor is the same Trading Day as the applicable VWAP Purchase Date for such VWAP Purchase, shall
not exceed $10,000,000 in the aggregate for such VWAP Purchase and all such Additional VWAP Purchases, collectively. The Company may
deliver VWAP Purchase Notice to the Investor only (i) on a Trading Day on which the Company also properly submitted a Fixed Purchase
Notice providing for a Fixed Purchase of an amount of Shares not less than the applicable Fixed Purchase Maximum Amount (calculated
as of the applicable Fixed Purchase Date), (ii) on a Trading Day on which the Closing Sale Price of the Common Stock is not less
than the Threshold Price, and (iii) if all Shares subject to all prior Fixed Purchase Notices, VWAP Purchase Notices, and Additional
VWAP Purchase Notices (as applicable) have theretofore been received by the Investor as DWAC Shares. The Investor is obligated to
accept each VWAP Purchase Notice prepared and delivered by the Company in accordance with the terms of and subject to the
satisfaction of the conditions contained in this Agreement. If the Company delivers any VWAP Purchase Notice directing the Investor
to purchase a VWAP Purchase Share Amount in excess of the applicable VWAP Purchase Maximum Amount that the Company is then permitted
to include in such VWAP Purchase Notice, such VWAP Purchase Notice shall be void ab initio to the extent of the amount by
which the VWAP Purchase Share Amount set forth in such VWAP Purchase Notice exceeds such applicable VWAP Purchase Maximum Amount,
and the Investor shall have no obligation to purchase such excess Shares in respect of such VWAP Purchase Notice; provided, however,
that the Investor shall remain obligated to purchase the applicable VWAP Purchase Maximum Amount in such VWAP Purchase. At or prior
to 9:30 a.m., New York City time, on the Trading Day immediately following the VWAP Purchase Date for each VWAP Purchase, the
Investor shall provide to the Company a written confirmation of such VWAP Purchase setting forth the applicable VWAP Purchase Share
Amount and VWAP Purchase Price for such VWAP Purchase (each, a “VWAP Purchase Confirmation”).
Notwithstanding the foregoing, the Company shall not deliver any VWAP Purchase Notices to the Investor during the PEA Period.

 

    3

     

    

 

Section 3.3.         Additional
VWAP Purchases. Upon the initial satisfaction of all of the conditions set forth in set forth in Section 7.2 on the
Commencement Date and from time to time thereafter, subject to the satisfaction of all of the conditions set forth in Section 7.3,
in addition to purchases of Shares as described in Section 3.1 and Section 3.2, the Company shall also have the right, but not the
obligation, to direct the Investor, by its delivery to the Investor of an Additional VWAP Purchase Notice, to purchase the
applicable Additional VWAP Purchase Share Amount, not to exceed the applicable Additional VWAP Purchase Maximum Amount, at the
applicable Additional VWAP Purchase Price therefor on the applicable Additional VWAP Purchase Date in accordance with this Agreement
(each such purchase, an “Additional VWAP Purchase”); provided, however, that the
Investor’s aggregate committed obligation under a VWAP Purchase and all Additional VWAP Purchases, the applicable Additional
VWAP Purchase Date therefor is the same Trading Day as the applicable VWAP Purchase Date for such VWAP Purchase, shall not exceed
$10,000,000 in the aggregate for such VWAP Purchase and all such Additional VWAP Purchases, collectively. The Company may deliver an
Additional VWAP Purchase Notice to the Investor only (i) on a Trading Day that is also the VWAP Purchase Date for a VWAP Purchase
with respect to which the Company properly submitted to the Investor a VWAP Purchase Notice in accordance with this Agreement on the
applicable Fixed Purchase Date for a Fixed Purchase of an amount of Shares not less than the applicable Fixed Purchase Maximum
Amount (calculated as of the applicable Fixed Purchase Date), (ii) if the Closing Sale Price of the Common Stock on the applicable
Fixed Purchase Date referred to in clause (i) above is not less than the Threshold Price, and (iii) if all Shares subject to all
prior Fixed Purchase Notices, VWAP Purchase Notices, and Additional VWAP Purchase Notices, including, without limitation, all prior
VWAP Purchases and Additional VWAP Purchases effected on the same Trading Day as the Additional VWAP Purchase Date on which the
applicable Additional VWAP Purchase is to be effected, as applicable, have theretofore been received by the Investor as DWAC Shares.
The Investor is obligated to accept each Additional VWAP Purchase Notice prepared and delivered by the Company in accordance with
the terms of and subject to the satisfaction of the conditions contained in this Agreement. If the Company delivers any Additional
VWAP Purchase Notice directing the Investor to purchase an Additional VWAP Purchase Share Amount in excess of the applicable
Additional VWAP Purchase Maximum Amount that the Company is then permitted to include in such Additional VWAP Purchase Notice, such
Additional VWAP Purchase Notice shall be void ab initio to the extent of the amount by which the Additional VWAP Purchase
Share Amount set forth in such Additional VWAP Purchase Notice exceeds such applicable Additional VWAP Purchase Maximum Amount, and
the Investor shall have no obligation to purchase such excess Shares in respect of such Additional VWAP Purchase Notice; provided, however,
that the Investor shall remain obligated to purchase the applicable Additional VWAP Purchase Maximum Amount in such Additional VWAP
Purchase. At or prior to 9:30 a.m., New York City time, on the Trading Day immediately following the Additional VWAP Purchase Date
for each Additional VWAP Purchase, the Investor shall provide to the Company a written confirmation of such Additional VWAP Purchase
setting forth the applicable Additional VWAP Purchase Share Amount and Additional VWAP Purchase Price for such Additional VWAP
Purchase (each, an “Additional VWAP Purchase Confirmation”). Notwithstanding the foregoing, the Company
shall not deliver any Additional VWAP Purchase Notices to the Investor during the PEA Period.

 

    4

     

    

 

Section 3.4.         Settlement.
The Shares in respect of a Fixed Purchase shall be delivered to the Investor as DWAC Shares not later than 10:00 a.m., New York City
time, on the Trading Day immediately following the applicable Fixed Purchase Date for such Fixed Purchase (it being acknowledged and
agreed that the Company may not deliver any additional Fixed Purchase Notice, VWAP Purchase Notice or Additional VWAP Purchase
Notice to the Investor until all such Shares subject to such Fixed Purchase, and all Shares subject to all prior Fixed Purchase
Notices, VWAP Purchase Notices and Additional VWAP Purchase Notices (as applicable), have been received by the Investor as DWAC
Shares in accordance with this Agreement). For each Fixed Purchase, the Investor shall pay to the Company an amount in cash equal to
the product of (a) the total number of Shares purchased by the Investor in such Fixed Purchase and (b) the applicable Fixed Purchase
Price for such Shares, as full payment for such Shares purchased in such Fixed Purchase, via wire transfer of immediately available
funds, not later than 5:00 p.m., New York City time, on the second (2nd) Trading Day immediately following the Trading
Day on which the Investor received all of such Shares as DWAC Shares. The Shares in respect of a VWAP Purchase shall be delivered to
the Investor as DWAC Shares not later than 10:00 a.m., New York City time, on the Trading Day immediately following the applicable
VWAP Purchase Date for such VWAP Purchase (it being acknowledged and agreed that the Company may not deliver any additional Fixed
Purchase Notice, VWAP Purchase Notice or Additional VWAP Purchase Notice to the Investor until all such Shares subject to such VWAP
Purchase, and all Shares subject to all prior Fixed Purchase Notices, VWAP Purchase Notices and Additional VWAP Purchase Notices (as
applicable), have been received by the Investor as DWAC Shares in accordance with this Agreement). For each VWAP Purchase, the
Investor shall pay to the Company an amount in cash equal to the product of (a) the total number of Shares purchased by the Investor
in such VWAP Purchase and (b) the applicable VWAP Purchase Price for such Shares, as full payment for such Shares purchased in such
VWAP Purchase, via wire transfer of immediately available funds, not later than 5:00 p.m., New York City time, on the second
(2nd) Trading Day immediately following the Trading Day on which the Investor received all of such Shares as DWAC Shares.
The Shares in respect of an Additional VWAP Purchase shall be delivered to the Investor as DWAC Shares not later than 10:00 a.m.,
New York City time, on the Trading Day immediately following the applicable Additional VWAP Purchase Date for such Additional VWAP
Purchase (it being acknowledged and agreed that the Company may not deliver any additional Fixed Purchase Notice, VWAP Purchase
Notice or Additional VWAP Purchase Notice to the Investor until all such Shares subject to such Additional VWAP Purchase, and all
Shares subject to all prior Fixed Purchase Notices, VWAP Purchase Notices and Additional VWAP Purchase Notices (as applicable), have
been received by the Investor as DWAC Shares in accordance with this Agreement). For each Additional VWAP Purchase, the Investor
shall pay to the Company an amount in cash equal to the product of (a) the total number of Shares purchased by the Investor in such
Additional VWAP Purchase and (b) the applicable Additional VWAP Purchase Price for such Shares, as full payment for such Shares
purchased in such Additional VWAP Purchase, via wire transfer of immediately available funds, not later than 5:00 p.m., New York
City time, on the second (2nd) Trading Day immediately following the Trading Day on which the Investor received all of
such Shares as DWAC Shares. If the Company or the Transfer Agent shall fail for any reason to electronically transfer any Shares as
DWAC Shares in respect of a Fixed Purchase, a VWAP Purchase or an Additional VWAP Purchase (as applicable) before 5:00 p.m., New
York City time, on the applicable Trading Day on which such Shares are required to be delivered to the Investor as DWAC Shares in
respect of such Fixed Purchase, such VWAP Purchase or such Additional VWAP Purchase (as applicable), and if on or after such
applicable Trading Day the Investor purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in
satisfaction of a sale by the Investor of such Shares that the Investor anticipated receiving from the Company in respect of such
Fixed Purchase, VWAP Purchase or Additional VWAP Purchase (as applicable), then the Company shall, within one (1) Trading Day after
the Investor’s request, either (i) pay cash to the Investor in an amount equal to the Investor’s total purchase price
(including brokerage commissions, if any) for the shares of Common Stock so purchased (the “Cover Price”),
at which point the Company’s obligation to deliver such Shares as DWAC Shares shall terminate, or (ii) promptly honor its
obligation to deliver to the Investor such Shares as DWAC Shares and pay cash to the Investor in an amount equal to the excess (if
any) of the Cover Price over the total purchase price paid by the Investor pursuant to this Agreement for all of the Shares to be
purchased by the Investor in connection with such Fixed Purchase, VWAP Purchase or Additional VWAP Purchase (as applicable). The
Company shall not issue any fraction of a share of Common Stock upon any Fixed Purchase, VWAP Purchase or Additional VWAP Purchase.
If the issuance would result in the issuance of a fraction of a share of Common Stock, the Company shall round such fraction of a
share of Common Stock up or down to the nearest whole share. All payments made under this Agreement shall be made in lawful money of
the United States of America or wire transfer of immediately available funds to such account as the Company may from time to time
designate by written notice in accordance with the provisions of this Agreement. Whenever any amount expressed to be due by the
terms of this Agreement is due on any day that is not a Trading Day, the same shall instead be due on the next succeeding day that
is a Trading Day.

 

    5

     

    

 

Section 3.5.        
Compliance with Rules of Trading Market.

 

(a)               Share
Issuance Restriction. The Company shall not issue or sell any shares of Common Stock pursuant to this Agreement, and the
Investor shall not purchase or acquire any shares of Common Stock pursuant to this Agreement, to the extent that after giving effect
thereto, the aggregate number of shares of Common Stock that would be issued pursuant to this Agreement and the transactions
contemplated hereby would exceed 40,093,080 (representing 19.99% of the shares of Common Stock issued and outstanding immediately
prior to the execution of this Agreement), which number of shares shall be reduced, on a share-for-share basis, by the number of
shares of Common Stock issued or issuable pursuant to any transaction or series of transactions that may be aggregated with the
transactions contemplated by this Agreement under applicable rules of the Trading Market (such maximum number of shares of Common
Stock issuable by the Company under this Agreement, the “Aggregate Limit”).

 

(b)              
General. The Company shall not issue or sell any shares of Common Stock pursuant to this Agreement if such issuance
or sale would reasonably be expected to result in (A) a violation of the Securities Act or (B) a breach of the rules of the Trading Market.
The provisions of this Section 3.5 shall be implemented in a manner otherwise than in strict conformity with the terms of this Section
3.5 only if necessary to ensure compliance with the Securities Act and the applicable rules of the Trading Market.

 

Section 3.6.        
Beneficial Ownership Limitation. Notwithstanding anything to the contrary contained in this Agreement, the Company shall
not issue or sell, and the Investor shall not purchase or acquire, any shares of Common Stock under this Agreement which,
when aggregated with all other shares of Common Stock then beneficially owned by the Investor and its affiliates (as calculated pursuant
to Section 13(d) of the Exchange Act and Rule 13d-3 promulgated thereunder), would result in the beneficial ownership by the Investor of
more than 4.99% of the outstanding shares of Common Stock (the “Beneficial Ownership Limitation”). Upon
the written or oral request of the Investor, the Company shall promptly (but not later than the next business day on which the Transfer
Agent is open for business) confirm orally or in writing to the Investor the number of shares of Common Stock outstanding as of the most
recent date for which the Transfer Agent has such information. The Investor and the Company shall each cooperate in good faith in the
determinations required under this Section 3.6 and the application of this Section 3.6. The Investor’s written certification to
the Company of the applicability of the Beneficial Ownership Limitation, and the resulting effect thereof hereunder at any time, shall
be conclusive with respect to the applicability thereof and such result absent manifest error. The provisions of this Section 3.6 shall
be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 3.6 to the extent necessary
to properly give effect to the limitations contained in this Section 3.6.

 

Article
IV

REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE INVESTOR

 

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

 

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

 

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

 

    6

     

    

 

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

 

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

 

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

 

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

 

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

 

    7

     

    

 

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

 

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

 

Section 4.10.    
Not an Affiliate. The Investor is not an officer, director or an Affiliate of the Company or the Operating Partnership.
As of the date of this Agreement, the Investor does not beneficially own any shares of Common Stock or securities exercisable for or
convertible into shares of Common Stock, and during the Restricted Period, Investor will not acquire beneficial ownership of any shares
of the Company’s capital stock (including shares of Common Stock or securities exercisable for or convertible into shares of Common
Stock) other than pursuant to this Agreement; provided, however, that nothing in this Agreement shall prohibit or be deemed
to prohibit the Investor from purchasing, in an open market transaction or otherwise, shares of Common Stock necessary to make delivery
by the Investor in satisfaction of a sale by the Investor of Shares that the Investor anticipated receiving from the Company in connection
with the settlement of a Fixed Purchase, VWAP Purchase or Additional VWAP Purchase, as applicable, if the Company or the Transfer Agent
shall have failed for any reason to electronically transfer all of the Shares subject to such Fixed Purchase, VWAP Purchase or Additional
VWAP Purchase, as applicable, to the Investor by crediting the Investor’s or its designated Broker-Dealer’s account at DTC
through its DWAC delivery system, at or prior to the applicable time required by and otherwise in compliance with Section 3.4 of this
Agreement.

 

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

 

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

 

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

 

Article
V

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

 

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

 

    8

     

    

 

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

 

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

 

    9

     

    

 

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

 

Section 5.4.        
Issuance of Securities. The Shares to be issued under this Agreement have been, or with respect to Shares to be purchased
by the Investor pursuant to a particular Fixed Purchase Notice, a particular VWAP Purchase Notice or a particular Additional VWAP Purchase
Notice, will be, prior to the delivery to the Investor hereunder of such Fixed Purchase Notice, VWAP Purchase Notice and Additional VWAP
Purchase Notice, respectively, duly authorized by all necessary corporate action on the part of the Company. As of the date of this Agreement,
40,093,080 shares of Common Stock have been duly authorized and reserved by the Company for issuance and sale by the Company to the Investor
as Shares under this Agreement, collectively representing a number of shares equal to 19.99% of the shares of Common Stock issued and
outstanding immediately prior to the execution of this Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 5.9.        
No Material Adverse Effect or Material Adverse Change. Except as disclosed in the Commission Documents, since December
31, 2020, there has not been (A) any change, or any development or event that would reasonably be expected to result in a change,
that has or would reasonably be expected to have a Material Adverse Effect, whether or not arising in the ordinary course of business,
(B) any transaction that is material to the Company and the Subsidiaries taken as a whole entered into or agreed to be entered into
by the Company or any of the Subsidiaries, (C) any obligation, contingent or otherwise, directly or indirectly incurred by the Company
or any Subsidiary that is material to the Company and Subsidiaries taken as a whole or (D) except for regular quarterly dividends
on the Common Stock and shares of the Company’s preferred stock, par value $.01 per share, and regular quarterly distributions on
the Common Units and the Preferred Units, any dividend or distribution of any kind declared, paid or made by the Company on any class
of its capital stock or by the Operating Partnership on any of its partnership interests.

 

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

 

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

 

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

 

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

 

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

 

Section 5.15.    
Certain Fees. Except as set forth on Schedule 5.15, no brokerage or finder’s fees or commissions are or will be
payable by the Company, the Operating Partnership or any of the Subsidiaries to any broker, financial advisor or consultant, finder, placement
agent, investment banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents. The Investor
shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type
contemplated in this Section 5.15 incurred by the Company, the Operating Partnership or any of the Subsidiaries that may be due or payable
in connection with the transactions contemplated by the Transaction Documents.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 5.42.    
Acknowledgement Regarding Investor’s Acquisition of Securities. Each
of the Company and the Operating Partnership acknowledges and agrees that the Investor is acting solely in the capacity of an arm’s-length
purchaser with respect to this Agreement and the transactions contemplated by the Transaction Documents. Each of the Company and the
Operating Partnership further acknowledges that the Investor is not acting as a financial advisor or fiduciary of the Company or the
Operating Partnership (or in any similar capacity) with respect to this Agreement and the transactions contemplated by the Transaction
Documents, and any advice given by the Investor or any of its representatives or agents in connection therewith is merely incidental
to the Investor’s acquisition of the Securities. Each of the Company and the Operating Partnership further represents to the Investor
that the Company’s and the Operating Partnership’s decision to enter into the Transaction Documents to which it is a party
has been based solely on the independent evaluation of the transactions contemplated thereby by the Company and the Operating Partnership,
respectively, and their respective representatives. Each of the Company and the Operating Partnership acknowledges and agrees that the
Investor has not made and does not make any representations or warranties with respect to the transactions contemplated by the Transaction
Documents other than those specifically set forth in Article IV.

 

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Article
VI

ADDITIONAL COVENANTS

 

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

 

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

 

Section 6.2.         Reservation
of Common Stock. The Company has available and the Company shall reserve and keep available at all times, free of preemptive
and other similar rights of stockholders, the requisite aggregate number of authorized but unissued shares of Common Stock to enable
the Company to timely effect the issuance, sale and delivery of all Shares pursuant to this Agreement. Without limiting the
generality of the foregoing, as of the date of this Agreement the Company has reserved, and as of the Commencement Date shall have
continued to reserve, out of its authorized and unissued Common Stock, 40,093,080 shares of Common Stock solely for the purpose of
effecting Fixed Purchases, VWAP Purchases and Additional VWAP Purchases under this Agreement. The number of shares of Common Stock
so reserved for the purpose of effecting Fixed Purchases, VWAP Purchases and Additional VWAP Purchases under this Agreement may be
increased from time to time by the Company from and after the Commencement Date, and such number of reserved shares may be reduced
from and after the Commencement Date only by the number of Shares actually issued, sold and delivered to the Investor pursuant to
any Fixed Purchase, VWAP Purchase and Additional VWAP Purchase effected from and after the Commencement Date pursuant to this
Agreement.

 

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

 

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Section 6.4.        
Compliance with Laws.

 

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

 

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

 

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

 

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

 

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

 

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Section 6.6.        
No Frustration; Prohibition of Certain Issuances Before Settlement of Purchases.

 

(i)                
No Frustration. Neither the Company nor the Operating Partnership shall enter into, announce or recommend to the
Company’s stockholders any agreement, plan, arrangement or transaction in or of which the terms thereof would restrict, materially
delay, conflict with or impair the ability or right of the Company or the Operating Partnership to perform its obligations under the Transaction
Documents to which it is a party, including, without limitation, the obligation of the Company to deliver (i) the Shares to the Investor
in respect of a Fixed Purchase as DWAC Shares not later than 10:00 a.m., New York City time, on the Trading Day immediately following
the applicable Fixed Purchase Date for such Fixed Purchase in accordance with Section 3.4 of this Agreement, (ii) the Shares to the Investor
in respect of a VWAP Purchase as DWAC Shares not later than 10:00 a.m., New York City time, on the Trading Day immediately following the
applicable VWAP Purchase Date for such VWAP Purchase in accordance with Section 3.4 of this Agreement, and (iii) Shares to the Investor
in respect of an Additional VWAP Purchase as DWAC Shares not later than 10:00 a.m., New York City time, on the Trading Day immediately
following the applicable Additional VWAP Purchase Date for such Additional VWAP Purchase in accordance with Section 3.4 of this Agreement.
For the avoidance of doubt, nothing in this Section 6.6(i) shall in any way limit the Company’s right to terminate this Agreement
in accordance with Section 8.2 (subject in all cases to Section 8.3).

 

(ii)             
No Dilutive Issuances During Reference Periods. None of the Company, the Operating Partnership or any Subsidiary
shall issue, sell or grant any right, option or warrant to purchase, or issue, sell or grant any right to reprice (or reset the purchase
price therefor), or otherwise dispose of for cash (or enter into any agreement, plan or arrangement contemplating any of the foregoing,
or seek to utilize any existing agreement, plan or arrangement to effect any of the foregoing), or announce any offer, issuance, sale
or grant of any option or warrant to purchase or other disposition for cash (or any agreement, plan or arrangement therefor), at any time
during the following periods: (i) with respect to each Fixed Purchase for which the Company has delivered to the Investor a Fixed Purchase
Notice, the period beginning at 6:00 a.m., New York City time, on the applicable Fixed Purchase Date for such Fixed Purchase, and ending
at 9:30 a.m., New York City time, on the second (2nd) Trading Day next following the Trading Day on which the Investor shall
have received all of the Shares subject to such Fixed Purchase Notice for such Fixed Purchase as DWAC Shares, (ii) with respect to each
VWAP Purchase under this Agreement for which the Company has delivered to the Investor a VWAP Purchase Notice, the period beginning at
6:00 a.m., New York City time, on the Trading Day on which the Company shall have delivered to the Investor the VWAP Purchase Notice for
such VWAP Purchase, and ending at 9:30 a.m., New York City time, on the second (2nd) Trading Day next following the Trading
Day on which the Investor shall have received all of the Shares subject to such VWAP Purchase Notice for such VWAP Purchase as DWAC Shares,
and (iii) with respect to each Additional VWAP Purchase under this Agreement for which the Company has delivered to the Investor an Additional
VWAP Purchase Notice, the period beginning at 6:00
a.m., New York City time, on the Trading Day immediately preceding the Trading Day on which the Company shall have delivered to the Investor
the Additional VWAP Purchase Notice for such Additional VWAP Purchase, and ending at 9:30 a.m., New York City time, on the second (2nd)
Trading Day next following the Trading Day on which the Investor shall have received all of the Shares subject to such Additional VWAP
Purchase Notice for such Additional VWAP Purchase as DWAC Shares (each such period referred to in clauses (i), (ii) and (iii) above, a
 “Reference Period”), any Common Stock or Common Stock Equivalents, at an effective price per share of Common
Stock less than the applicable Fixed Purchase Price, VWAP Purchase Price or Additional VWAP Purchase Price (as applicable) per Share (such
price, the “Reference Price”) to be sold to the Investor in the applicable Fixed Purchase, VWAP Purchase and
Additional VWAP Purchase (as applicable) to which such Reference Period relates (each such issuance, a “Dilutive Issuance”),
other than an Exempt Issuance (it being understood and agreed that if the holder of the Common Stock or Common Stock Equivalents so issued
shall at any time, whether by operation of purchase price adjustments, reset provisions, floating conversion, exercise or exchange prices
or otherwise, or due to warrants, options or rights per share which are issued in connection with such issuance, be entitled to receive
shares of Common Stock at an effective price per share of Common Stock that is less than the applicable Reference Price, such issuance
shall be deemed to have occurred for less than the applicable Reference Price on such date of the Dilutive Issuance at such effective
price). If the Company enters into a Variable Rate Transaction, the Company shall be deemed to have issued Common Stock or Common Stock
Equivalents at the lowest possible conversion or exercise price at which such securities may be converted or exercised. The Investor shall
be entitled to seek injunctive relief against the Company, the Operating Partnership and the Subsidiaries to preclude any such Dilutive
Issuance that does not constitute an Exempt Issuance, which remedy shall be in addition to any right to collect damages, without the necessity
of showing economic loss and without any bond or other security being required.

 

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

 

Section 6.8.        
Fundamental Transaction. If a Fixed Purchase Notice, a VWAP Purchase Notice or an Additional VWAP Purchase Notice has
been delivered by the Company to the Investor under Article III and the applicable Fixed Purchase, VWAP Purchase and Additional VWAP Purchase,
respectively, has or have not yet been fully settled in accordance with this Agreement (including, without limitation, the delivery by
the Investor to the Company of the applicable total purchase price for all of the Shares to be purchased by the Investor in such Fixed
Purchase, VWAP Purchase and Additional VWAP Purchase, respectively, as contemplated by Section 3.4), the Company shall not effect any
Fundamental Transaction until the expiration of three (3) Trading Days following the Trading Day on which the Investor has delivered to
the Company the applicable total purchase price for all of the Shares to be purchased by the Investor in such Fixed Purchase, VWAP Purchase
and Additional VWAP Purchase, respectively.

 

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Section 6.9.        
Selling Restrictions.

 

(i)                
Except as expressly set forth below, the Investor covenants that from and after the Closing Date through and including the Trading
Day next following the expiration or termination of this Agreement (the “Restricted Period”), neither the Investor
nor any of its Affiliates nor any entity managed or controlled by the Investor (collectively, the “Restricted Persons”
and each of the foregoing is referred to herein as a “Restricted Person”) shall, directly or indirectly, (x)
engage in any Short Sales involving the Company’s securities or (y) grant any option to purchase, or acquire any right to dispose
of or otherwise dispose for value of, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for
any shares of Common Stock, or enter into any swap, hedge or other similar agreement that transfers, in whole or in part, the economic
risk of ownership of the Common Stock. Notwithstanding the foregoing, it is expressly understood and agreed that nothing contained herein
shall (without implication that the contrary would otherwise be true) prohibit any Restricted Person during the Restricted Period
from: (1) selling “long” (as defined under Rule 200 promulgated under Regulation SHO) the Securities; or (2) selling a
number of shares of Common Stock equal to the number of Shares that such Restricted Person is or may be obligated to purchase under
a pending Fixed Purchase Notice, a pending VWAP Purchase Notice or a pending Additional VWAP Purchase Notice but has not yet taken
possession of so long as such Restricted Person (or the Broker-Dealer, as applicable) delivers the Shares purchased pursuant to such Fixed
Purchase Notice, such VWAP Purchase Notice or such Additional VWAP Purchase Notice (as applicable) to the purchaser thereof or the applicable
Broker-Dealer upon such Restricted Person’s receipt of such shares of Common Stock from the Company pursuant to this Agreement.

 

(ii)             
In addition to the foregoing, in connection with any sale of Securities (including any sale permitted by paragraph (i) above),
the Investor shall comply in all respects with all applicable laws, rules, regulations and orders, including, without limitation, the
requirements of the Securities Act and the Exchange Act.

 

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

 

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

 

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

 

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

 

Section 6.14.    
Disclosure Schedule.

 

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

 

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

 

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

 

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Article
VII

CONDITIONS TO CLOSING AND CONDITIONS TO THE SALE AND

PURCHASE OF THE SHARES

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(xiv)        
Reservation of Shares. As of the Commencement Date, the Company shall have reserved out of its authorized and unissued
Common Stock, 40,093,080 shares of Common Stock solely for the purpose of effecting Fixed Purchases, VWAP Purchases and Additional VWAP
Purchases under this Agreement.

 

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

 

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Section 7.3.            
Conditions Precedent to Fixed Purchases, VWAP Purchases and Additional VWAP Purchases after Commencement Date. The
right of the Company to deliver Fixed Purchase Notices, VWAP Purchase Notices and Additional VWAP Purchase Notices under this Agreement
after the Commencement Date, and the obligation of the Investor to accept Fixed Purchase Notices, VWAP Purchase Notices and Additional
VWAP Purchase Notices under this Agreement after the Commencement Date, are subject to the satisfaction of each of the conditions set
forth in this Section 7.3: (i) with respect to each Fixed Purchase after the Commencement Date, at the time of delivery of the applicable
Fixed Purchase Notice to the Investor on the applicable Fixed Purchase Date for such Fixed Purchase, (ii) with respect to each VWAP Purchase
after the Commencement Date, (A) at the time of delivery of the applicable VWAP Purchase Notice to the Investor and (B) immediately prior
to the applicable VWAP Purchase Commencement Time on the applicable VWAP Purchase Date for such VWAP Purchase, and (iii) with respect
to each Additional VWAP Purchase after the Commencement Date, (A) at the time of delivery of the applicable Additional VWAP Purchase
Notice to the Investor and (B) immediately prior to the applicable Additional VWAP Purchase Commencement Time on the applicable Additional
VWAP Purchase Date for such Additional VWAP Purchase (each such time referred to in clauses (i), (ii) and (iii) hereof, a “Notice
Delivery Time”).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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Article
VIII

TERMINATION

 

Section 8.1.        
Automatic Termination. Unless earlier terminated as provided hereunder, this Agreement shall terminate automatically
on the earliest to occur of (i) the first day of the month next following the 24-month anniversary of the Commencement Date, (ii) the
earlier of (A) date on which the Investor shall have purchased the Total Purchase Commitment of Shares pursuant to this Agreement and
(B) the Company shall have issued the Aggregate Limit of shares of Common Stock pursuant to this Agreement, (iii) the date on which the
Common Stock shall have failed to be listed or quoted on the Trading Market or any other Eligible Market, and (iv) the date on which,
pursuant to or within the meaning of any Bankruptcy Law, the Company or the Operating Partnership commences a voluntary case or any Person
commences a proceeding against the Company or the Operating Partnership, a Custodian is appointed for the Company or for the Operating
Partnership or for all or substantially all of their respective property, or the Company or the Operating Partnership makes a general
assignment for the benefit of its creditors.

 

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

 

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Section 8.3.         Effect
of Termination. In the event of termination by the Company or the Investor (other than by mutual termination) pursuant to
Section 8.2, written notice thereof shall forthwith be given to the other party as provided in Section 10.4 and the transactions
contemplated by this Agreement shall be terminated without further action by either party. If this Agreement is terminated as
provided in Section 8.1 or Section 8.2, this Agreement shall become void and of no further force and effect, except that (i) the
provisions of Article V (Representations, Warranties and Covenants of the Company and the Operating Partnership), Article IX
(Indemnification), Article X (Miscellaneous) and this Article VIII (Termination) shall remain in full force and effect indefinitely
notwithstanding such termination, and, (ii) so long as the Investor owns any Securities, the covenants and agreements of the Company
and the Operating Partnership contained in Article VI (Additional Covenants) shall remain in full force and notwithstanding such
termination for a period of six (6) months following such termination. Notwithstanding anything in this Agreement to the contrary,
no termination of this Agreement by any party shall (i) become effective prior to the first Trading Day immediately following the
settlement date related to any pending Fixed Purchase Notice, any pending VWAP Purchase Notice or any pending Additional VWAP
Purchase Notice (as applicable) that has not been fully settled in accordance with the terms and conditions of this Agreement (it
being hereby acknowledged and agreed that no termination of this Agreement shall limit, alter, modify, change or otherwise affect
any of the parties’ respective rights or obligations under the Transaction Documents with respect to any pending Fixed
Purchase, pending VWAP Purchase and pending Additional VWAP Purchase (as applicable), and that the parties shall fully perform their
respective obligations with respect to any such pending Fixed Purchase, any such pending VWAP Purchase and any such pending
Additional VWAP Purchase (as applicable) under the Transaction Documents, provided all of the conditions to the settlement
thereof set forth in Article VII are timely satisfied), (ii) limit, alter, modify, change or otherwise affect the parties’
respective rights or obligations under the Registration Rights Agreement, all of which shall survive any such termination, (iii)
affect the Investor Expense Reimbursement paid to the Investor, all of which shall be non-refundable when paid as of the Closing
Date pursuant to Section 10.1(i), regardless of whether any Fixed Purchases, VWAP Purchases or Additional VWAP Purchases are made or
settled hereunder or any subsequent termination of this Agreement. Nothing in this Section 8.3 shall be deemed to release the
Company, the Operating Partnership or the Investor from any liability for any breach or default under this Agreement or any of the
other Transaction Documents to which it is a party, or to impair the respective rights of the Company, the Operating Partnership and
the Investor to compel specific performance by the other party of its obligations under the Transaction Documents to which it is a
party.

 

    39

     

    

 

Article
IX

INDEMNIFICATION

 

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

 

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

 

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

 

    40

     

    

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

 

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

 

    41

     

    

 

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

 

Article
X

MISCELLANEOUS

 

Section 10.1.    
Certain Fees and Expenses; Commencement Irrevocable Transfer Agent Instructions.

 

(i)                
Certain Fees and Expenses. Each party shall bear its own fees and expenses related to the transactions contemplated
by this Agreement; provided, however, that the Company shall have paid, prior to the date of this Agreement, by wire transfer
of immediately available funds to an account designated by the Investor, an amount equal to $35,000 to be applied against the Investor’s
reasonable out-of-pocket expenses, including the legal fees and disbursements of the Investor’s legal counsel, incurred by the Investor
in connection with the preparation, negotiation, execution and delivery of the Transaction Documents by the Investor and its due diligence
investigation of the Company and the Operating Partnership (such amount, the “Investor Expense Reimbursement”).
For the avoidance of doubt, the Investor Expense Reimbursement shall be non-refundable when paid as of the Closing Date, regardless of
whether any Fixed Purchases, VWAP Purchases or Additional VWAP Purchases are made or settled hereunder or any subsequent termination of
this Agreement. The Company shall pay all U.S. federal, state and local stamp and other similar transfer and other taxes and duties levied
in connection with issuance of the Securities pursuant hereto.

 

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

 

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

 

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

 

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

 

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

 

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

 

If to the Company or the Operating
Partnership:

 

Ashford Hospitality Trust, Inc.

14185 Dallas Parkway Suite 1200

Dallas, TX 75254

Telephone Number: (972) 490-9600

Email: rhaiman@ashfordinc.com

Attention: Robert G. Haiman

 

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

 

Cadwalader, Wickersham & Taft LLP

200 Liberty Street

New York, NY 10291

Telephone Number: (212) 504-6780

Facsimile: (212) 494-6596

Email: greg.patti@cwt.com

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

 

    43

     

    

 

If to the Investor:

 

Seven Knots, LLC

7 Rose Avenue

Great Neck, NY 11021

Telephone Number:

Email: mjw@7-knots.com

Attention: Marissa J. Welner

 

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

 

Dorsey & Whitney
LLP

51 West 52nd
Street

New York, NY 10019

Telephone Number:
(212) 415-9214

Facsimile: (212)
953-7201

Email: marsico.anthony@dorsey.com

Attention: Anthony J. Marsico, Esq.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    45

     

    

 

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

 

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

 

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

 

[Signature Pages Follow]

 

    46

     

    

 

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

 

	 	THE
    COMPANY:
	 	 
	 	ASHFORD
    HOSPITALITY TRUST, INC.:
	 	 
	 	By:	/s/
    J. Robison Hays, III
	 	Name:	J. Robison Hays, III
	 	Title:	President and Chief Executive Officer
	 	 
	 	THE
    OPERATING PARTNERSHIP:
	 	 
	 	ASHFORD
    HOSPITALITY LIMITED PARTNERSHIP
	 	 
	 	By:
    Ashford OP General Partner LLC, its sole general partner
	 	 
	 	By:
    Ashford Hospitality Trust, Inc., its sole member
	 	 
	 	By:	/s/
    Deric S. Eubanks
	 	Name:  	Deric S. Eubanks
	 	Title:	Chief Financial Officer and Treasurer
	 	 
	 	THE
    INVESTOR:
	 	 
	 	SEVEN
    KNOTS, LLC:
	 	 
	 	By:	/s/ Marissa
J. Welner   
	 	Name: 	Marissa J. Welner
	 	Title:	Managing Member

 

    

     

    

 

ANNEX I TO THE

COMMON STOCK PURCHASE AGREEMENT

DEFINITIONS

 

“Additional VWAP
Purchase” shall have the meaning assigned to such term in Section 3.3.

 

“Additional VWAP
Purchase Confirmation” shall have the meaning assigned to such term in Section 3.3.

 

“Additional VWAP
Purchase Commencement Time” means, (i) with respect to the first Additional VWAP Purchase to be made on an Additional VWAP
Purchase Date, the applicable VWAP Purchase Termination Time with respect to the VWAP Purchase made on such Additional VWAP Purchase Date,
and (ii) with respect to any Additional VWAP Purchase to be made on an Additional VWAP Purchase Date, other than the first Additional
VWAP Purchase to be made on such Additional VWAP Purchase Date, the applicable Additional VWAP Purchase Termination Time with respect
to the most recently completed prior Additional VWAP Purchase made on such Additional VWAP Purchase Date.

 

“Additional VWAP
Purchase Date” means, with respect to an Additional VWAP Purchase made pursuant to Section 3.3, the Trading Day (i) that
is also the VWAP Purchase Date for the corresponding VWAP Purchase referred to in clause (i) of the second sentence of Section 3.3 and
(ii) on which the Investor receives, prior to 1:30 p.m., New York City time, on such Trading Day, a valid Additional VWAP Purchase Notice
for such Additional VWAP Purchase in accordance with this Agreement.

 

“Additional VWAP
Purchase Maximum Amount” means, with respect to an Additional VWAP Purchase made pursuant to Section 3.3, a number of shares
of Common Stock equal to the lesser of (i) 300% of the number of Shares directed by the Company to be purchased by the Investor pursuant
to the corresponding Fixed Purchase Notice for the corresponding Fixed Purchase referred to in clause (i) of the second sentence of Section
3.3 and (ii) a number of Shares equal to (A) the Additional VWAP Purchase Share Percentage multiplied by (B) the total number (or volume)
of shares of Common Stock traded on the Trading Market (or, if the Common Stock is then listed on an Eligible Market, on such Eligible
Market) during the applicable Additional VWAP Purchase Period on the applicable Additional VWAP Purchase Date for such Additional VWAP
Purchase.

 

“Additional VWAP
Purchase Minimum Price Threshold” means, with respect to an Additional VWAP Purchase made pursuant to Section 3.3, seventy-five
percent (75%) of the Closing Sale Price of the Common Stock on the Trading Day immediately preceding the applicable Additional VWAP Purchase
Date with respect to such Additional VWAP Purchase.

 

“Additional
VWAP Purchase Notice” means, with respect to an Additional VWAP Purchase made pursuant to Section 3.3, an irrevocable
written notice delivered by the Company to the Investor, prior to 1:30 p.m., New York City time, on the applicable Additional VWAP
Purchase Date for such Additional VWAP Purchase, directing the Investor to purchase an Additional VWAP Purchase Share Amount (such
specified Additional VWAP Purchase Share Amount subject to adjustment as set forth in Section 3.3 as necessary to give effect to the
Additional VWAP Purchase Maximum Amount), at the applicable Additional VWAP Purchase Price therefor on the applicable Additional
VWAP Purchase Date for such Additional VWAP Purchase in accordance with this Agreement.

 

    I-1

     

    

 

“Additional VWAP
Purchase Period” means, with respect to an Additional VWAP Purchase made pursuant to Section 3.3, the period on the applicable
Additional VWAP Purchase Date for such Additional VWAP Purchase beginning at the applicable Additional VWAP Purchase Commencement Time
and ending at the applicable Additional VWAP Purchase Termination Time.

 

“Additional VWAP
Purchase Price” means, with respect to an Additional VWAP Purchase made pursuant to Section 3.3, the purchase price per
Share to be purchased by the Investor in such Additional VWAP Purchase equal to ninety-six percent (96%) of the lower of (i) the VWAP
for the applicable Additional VWAP Purchase Period during the applicable Additional VWAP Purchase Date for such Additional VWAP Purchase,
and (ii) the Closing Sale Price of the Common Stock on such applicable Additional VWAP Purchase Date for such Additional VWAP Purchase
(to be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar
transaction).

 

“Additional VWAP
Purchase Share Amount” means, with respect to an Additional VWAP Purchase made pursuant to Section 3.3, the number of Shares
to be purchased by the Investor in such Additional VWAP Purchase as specified by the Company in the applicable Additional VWAP Purchase
Notice, which number of Shares shall not exceed the applicable Additional VWAP Purchase Maximum Amount.

 

“Additional VWAP
Purchase Share Percentage” means, with respect to an Additional VWAP Purchase made pursuant to Section 3.3, thirty percent
(30%).

 

“Additional VWAP
Purchase Share Volume Maximum” means, with respect to an Additional VWAP Purchase made pursuant to Section 3.3, a number
of shares of Common Stock equal to (i) the number of Shares specified by the Company in the applicable Additional VWAP Purchase Notice
as the Additional VWAP Purchase Share Amount to be purchased by the Investor in such Additional VWAP Purchase, divided by (ii) the Additional
VWAP Purchase Share Percentage (to be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split,
reverse stock split or other similar transaction).

 

“Additional
VWAP Purchase Termination Time” means, with respect to an Additional VWAP Purchase made pursuant to Section 3.3, the
earliest of (i) 4:00 p.m., New York City time, on the applicable Additional VWAP Purchase Date, or such other time publicly
announced by the Trading Market as the official close of trading on the Trading Market (or, if the Common Stock is then listed on an
Eligible Market, by such Eligible Market as the official close of trading on such Eligible Market) on such applicable Additional
VWAP Purchase Date, (ii) such time, from and after the Additional VWAP Purchase Commencement Time for such Additional VWAP Purchase,
that the total number (or volume) of shares of Common Stock traded on the Trading Market (or, if the Common Stock is then listed on
an Eligible Market, on such Eligible Market) has exceeded the applicable Additional VWAP Purchase Share Volume Maximum, and (iii)
such time, from and after the Additional VWAP Purchase Commencement Time for such Additional VWAP Purchase, that the Sale Price has
fallen below the applicable Additional VWAP Purchase Minimum Price Threshold.

 

    I-2

     

    

 

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

 

“Aggregate Limit”
shall have the meaning assigned to such term in Section 3.5(a).

 

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

 

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

 

“Beneficial Ownership
Limitation” shall have the meaning assigned to such term in Section 3.6.

 

“Bloomberg”
means Bloomberg, L.P.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Closing Date”
means the date of this Agreement.

 

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

 

    I-3

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Cover Price”
shall have the meaning assigned to such term in Section 3.4.

 

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

 

    I-4

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    I-5

     

    

 

“Exempt
Issuance” means the issuance of (a) Common Stock, options or other equity incentive awards to employees, officers,
directors or vendors of the Company pursuant to any equity incentive plan duly adopted for such purpose, by the Company’s
Board of Directors or a majority of the members of a committee of the Board of Directors established for such purpose, (b) (1) any
Securities issued to the Investor pursuant to this Agreement, (2) any securities issued upon the exercise or exchange of or
conversion of any shares of Common Stock or Common Stock Equivalents held by the Investor or an Affiliate of the Investor at any
time, or (3) any securities issued upon the exercise or exchange of or conversion of any Common Stock Equivalents issued and
outstanding on the date of this Agreement, provided that such securities referred to in this clause (3) have not been amended since
the date of this Agreement to increase the number of such securities or to decrease the exercise price, exchange price or conversion
price of such securities, (c) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the
disinterested directors of the Company, provided that such securities are issued as “restricted securities” (as defined
in Rule 144) and carry no registration rights that require or permit the filing of any registration statement in connection
therewith, and, provided that any such issuance shall only be to a Person (or to the equityholders of a Person) which is, itself or
through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business of the Company
and shall provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in
which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is
investing in securities, or (d) any securities issued by the Company at any time from and after the date of this Agreement in
exchange for any shares of its 8.45% Series D Cumulative Preferred Stock, par value $0.01 per share, shares of its 7.375% Series F
Cumulative Preferred Stock, par value $0.01 per share, shares of its 7.375% Series G Cumulative Preferred Stock, par value $0.01 per
share, shares of its 7.50% Series H Cumulative Preferred Stock, par value $0.01 per share, and/or shares of 7.50% Series I
Cumulative Preferred Stock, par value $0.01 per share, issued and outstanding as of the date of this Agreement, pursuant to one or
more privately negotiated exchange agreements with existing holders of such securities, in reliance on the exemption from the
registration requirements of the Securities Act contained in Section 3(a)(9) of the Securities Act on the basis that such
transactions constitute an exchange of securities by the Company with existing holders of the Company’s securities exclusively
where no commission or other remuneration is paid or given directly or indirectly to any party for soliciting such exchange.

 

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

 

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

 

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

 

“FINRA”
means the Financial Industry Regulatory Authority.

 

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

 

“Fixed Purchase
Date” means, with respect to a Fixed Purchase made pursuant to Section 3.1, the Trading Day on which the Investor receives,
after 4:00 p.m., New York City time, but prior to 5:30 p.m., New York City time, on such Trading Day, a valid Fixed Purchase Notice for
such Fixed Purchase in accordance with this Agreement.

 

    I-6

     

    

 

 

“Fixed Purchase
Maximum Amount” means, with respect to a Fixed Purchase made pursuant to Section 3.1, 350,000 shares of Common Stock (to
be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split or other similar transaction that occurs
on or after the date of this Agreement).

 

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

 

“Fixed Purchase
Price” means, with respect to a Fixed Purchase made pursuant to Section 3.1, the purchase price per Share to be purchased
by the Investor in such Fixed Purchase equal to ninety-six percent (96%) of the lower of: (i) the lowest Sale Price on the applicable
Fixed Purchase Date for such Fixed Purchase and (ii) the arithmetic average of the three (3) Closing Sale Prices for the Common Stock
during the three (3) consecutive Trading-Day period ending on the Trading Day immediately preceding such Fixed Purchase Date for such
Fixed Purchase (in each case, to be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split or
other similar transaction that occurs on or after the date of this Agreement).

 

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

 

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

 

    I-7

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    I-8

     

    

 

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

 

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

 

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

 

“Notice Delivery
Time” shall have the meaning assigned to such term in Section 7.3.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    I-9

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Restricted Period”
shall have the meaning assigned to such term in Section 6.9(i).

 

“Restricted Person”
shall have the meaning assigned to such term in Section 6.9(i).

 

“Restricted Persons”
shall have the meaning assigned to such term in Section 6.9(i).

 

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

 

“Sale Price”
means any trade price for a share of Common Stock executed on the Trading Market (or if the Common Stock is then traded on an Eligible
Market, on such Eligible Market) between 9:30 a.m., New York City time, or such other time publicly announced by the Trading Market or
such other Eligible Market, as the case may be, and ending at 4:00 p.m., New York City time, on the applicable Purchase Date, as reported
by Bloomberg.

 

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

 

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

 

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

 

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

 

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

 

“Securities”
means, the Shares.

 

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

 

    I-10

     

    

 

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

 

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

 

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

 

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

 

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

 

“Threshold Price”
means, with respect to a Fixed Purchase, a VWAP Purchase and an Additional VWAP Purchase (as applicable), $1.00, which shall be appropriately
adjusted for any reorganization, recapitalization, non-cash dividend, stock split or other similar transaction and, effective upon the
consummation of any such reorganization, recapitalization, non-cash dividend, stock split or other similar transaction, the “Threshold
Price” shall mean the lower of (i) the adjusted price and (ii) $1.00.

 

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

 

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

 

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

 

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

 

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

 

    I-11

     

    

 

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

 

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

 

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

 

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

 

“VWAP Purchase
Commencement Time” means, with respect to a VWAP Purchase made pursuant to Section 3.2, 9:31 a.m., New York City time, on
the applicable VWAP Purchase Date, or such other time publicly announced by the Trading Market (or, if the Common Stock is then listed
on an Eligible Market, by such Eligible Market) as the official open (or commencement) of trading on the Trading Market (or such Eligible
Market, as applicable) on such applicable VWAP Purchase Date.

 

“VWAP Purchase
Date” means, with respect to a VWAP Purchase made pursuant to Section 3.2, the Trading Day immediately following the applicable
Fixed Purchase Date with respect to the corresponding Fixed Purchase referred to in clause (i) of the second sentence of Section 3.2,
on which the Investor receives, concurrently with the receipt of the applicable Fixed Purchase Notice for such corresponding Fixed Purchase,
after 4:00 p.m., New York City time, but prior to 5:30 p.m., New York City time, on such applicable Fixed Purchase Date, a valid VWAP
Purchase Notice for such VWAP Purchase in accordance with this Agreement.

 

    I-12

     

    

 

“VWAP Purchase
Maximum Amount” means, with respect to a VWAP Purchase made pursuant to Section 3.2, a number of shares of Common Stock
equal to the lesser of (i) 300% of the number of Shares directed by the Company to be purchased by the Investor pursuant to the corresponding
Fixed Purchase Notice for the corresponding Fixed Purchase referred to in clause (i) of the second sentence of Section 3.2 and (ii) a
number of Shares equal to (A) the VWAP Purchase Share Percentage multiplied by (B) the total number (or volume) of shares of Common Stock
traded on the Trading Market (or, if the Common Stock is then listed on an Eligible Market, on such Eligible Market) during the applicable
VWAP Purchase Period on the applicable VWAP Purchase Date for such VWAP Purchase.

 

“VWAP Purchase
Minimum Price Threshold” means, with respect to a VWAP Purchase made pursuant to Section 3.2, seventy-five percent (75%)
of the Closing Sale Price of the Common Stock on the Trading Day immediately preceding the applicable VWAP Purchase Date with respect
to such VWAP Purchase.

 

“VWAP Purchase
Notice” means, with respect to a VWAP Purchase made pursuant to Section 3.2, an irrevocable written notice delivered by
the Company to the Investor (concurrently with the delivery of the applicable Fixed Purchase Notice by the Company to the Investor on
the applicable Fixed Purchase Date with respect to the corresponding Fixed Purchase referred to in clause (i) of the second sentence of
Section 3.2) directing the Investor to purchase a VWAP Purchase Share Amount (such specified VWAP Purchase Share Amount subject to adjustment
as set forth in Section 3.2 as necessary to give effect to the VWAP Purchase Maximum Amount), at the applicable VWAP Purchase Price therefor
on the applicable VWAP Purchase Date for such VWAP Purchase in accordance with this Agreement.

 

“VWAP Purchase
Period” means, with respect to a VWAP Purchase made pursuant to Section 3.2, the period on the applicable VWAP Purchase
Date for such VWAP Purchase beginning at the applicable VWAP Purchase Commencement Time and ending at the applicable VWAP Purchase Termination
Time.

 

“VWAP Purchase
Price” means, with respect to a VWAP Purchase made pursuant to Section 3.2, the purchase price per Share to be purchased
by the Investor in such VWAP Purchase equal to ninety-six percent (96%) of the lower of (i) the VWAP for the applicable VWAP Purchase
Period during the applicable VWAP Purchase Date for such VWAP Purchase, and (ii) the Closing Sale Price of the Common Stock on such applicable
VWAP Purchase Date for such VWAP Purchase (to be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock
split, reverse stock split or other similar transaction).

 

“VWAP Purchase
Share Amount” means, with respect to a VWAP Purchase made pursuant to Section 3.2, the number of Shares to be purchased
by the Investor in such VWAP Purchase as specified by the Company in the applicable VWAP Purchase Notice, which number of Shares shall
not exceed the applicable VWAP Purchase Maximum Amount.

 

“VWAP Purchase
Share Percentage” means, with respect to a VWAP Purchase made pursuant to Section 3.2, thirty percent (30%).

 

    I-13

     

    

 

“VWAP Purchase
Share Volume Maximum” means, with respect to a VWAP Purchase made pursuant to Section 3.2, a number of shares of Common
Stock equal to (i) the number of Shares specified by the Company in the applicable VWAP Purchase Notice as the VWAP Purchase Share Amount
to be purchased by the Investor in such VWAP Purchase, divided by (ii) the VWAP Purchase Share Percentage (to be appropriately adjusted
for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction).

 

“VWAP Purchase
Termination Time” means, with respect to a VWAP Purchase made pursuant to Section 3.2, the earliest of (i) 4:00 p.m., New
York City time, on the applicable VWAP Purchase Date, or such other time publicly announced by the Trading Market (or, if the Common Stock
is then listed on an Eligible Market, by such Eligible Market) as the official close of trading on the Trading Market on such applicable
VWAP Purchase Date, (ii) such time, from and after the VWAP Purchase Commencement Time for such VWAP Purchase, that the total number (or
volume) of shares of Common Stock traded on the Trading Market (or, if the Common Stock is then listed on an Eligible Market, on such
Eligible Market) has exceeded the applicable VWAP Purchase Share Volume Maximum, and (iii) such time, from and after the VWAP Purchase
Commencement Time for such VWAP Purchase, that the Sale Price has fallen below the applicable VWAP Purchase Minimum Price Threshold.

 

    I-14

     

    

 

EXHIBIT A TO THE

COMMON STOCK PURCHASE AGREEMENT

 

[TO BE FURNISHED SEPARATELY]

 

    A-1

     

    

 

EXHIBIT B TO THE

COMMON STOCK PURCHASE AGREEMENT

CERTiFICATE OF THE COMPANY

 

CLOSING CERTIFICATE

 

[●], 2021

 

The undersigned, the [●]
of Ashford Hospitality Trust, Inc., a Maryland corporation (the “Company”), delivers this certificate in connection
with the Common Stock Purchase Agreement, dated as of June 18, 2021 (the “Agreement”), by and between the Company,
Ashford Hospitality Limited Partnership, a Delaware limited partnership (the “Operating Partnership”), and Seven
Knots, LLC, a Montana limited liability company (the “Investor”), and hereby certifies on the date hereof that
(capitalized terms used herein without definition have the meanings assigned to them in the Agreement):

 

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

 

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

 

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

 

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

 

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

 

	 	Name:
	 	Title:

 

    B-1

     

    

 

EXHIBIT C TO THE

COMMON STOCK PURCHASE AGREEMENT

COMPLIANCE CERTIFICATE

 

The undersigned, the [●]
of Ashford Hospitality Trust, Inc., a Maryland corporation (the “Company”), delivers this certificate in connection
with the Common Stock Purchase Agreement, dated as of June 18, 2021 (the “Agreement”), by and between the Company,
Ashford Hospitality Limited Partnership, a Delaware limited partnership (the “Operating Partnership”), and Seven
Knots, LLC, a Montana limited liability company (the “Investor”), and hereby certifies on the date hereof that,
to the best of his knowledge after reasonable investigation, on behalf of the Company and the Operating Partnership (capitalized terms
used herein without definition have the meanings assigned to them in the Agreement):

 

1.       The
undersigned is the duly appointed [●] of the Company.

 

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

 

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

 

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

 

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

 

6.       As
of [the Commencement Date][the date hereof], the Company has reserved out of its authorized and unissued Common Stock, [●] shares
of Common Stock solely for the purpose of effecting Fixed Purchases, VWAP Purchases and Additional VWAP Purchases under the Agreement.

 

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

 

The undersigned has executed
this Certificate this [●] day of [●], 20[●].

 

	 	By:	 

 

    C-1

     

    

 

	 	Name:	 
	 	 	 
	 	Title:	 

 

    C-2

     

    

 

DISCLOSURE SCHEDULE

RELATING TO THE COMMON STOCK

PURCHASE AGREEMENT, DATED AS OF JUNE 18, 2021

BY AND AMONG ASHFORD HOSPITALITY TRUST, INC., ASHFORD 

HOSPITALITY LIMITED PARTNERSHIP AND SEVEN KNOTS, LLC

 

This disclosure schedule is
made and given pursuant to Article V of the Common Stock Purchase Agreement, dated as of June 18, 2021 (the “Agreement”),
by and between Ashford Hospitality Trust, Inc., a Maryland corporation (the “Company”), Ashford Hospitality
Limited Partnership, a Delaware limited partnership (the “Operating Partnership”), and Seven Knots, LLC, a Montana
limited liability company (the “Investor”). Unless the context otherwise requires, all capitalized terms are
used herein as defined in the Agreement. The numbers below correspond to the section numbers of representations and warranties in the
Agreement most directly modified by the below exceptions.

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