Document:

EX-10.2

 Exhibit 10.2 

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

 

			
	 Principal Amount: Up to $400,000
	  	 Dated as of July 1, 2022

Charleston, West Virginia

 This Amended and Restated Promissory Note (this “Note”) amends and restates the promissory note
dated December 28, 2021 issued by CE Energy Acquisition Corp., a Delaware corporation and blank check company (the “Maker”), payable to the order of CE Energy Sponsors LLC or its registered assigns or successors in
interest (the “Payee”), in the principal amount of up to $300,000 to increase the principal amount thereof to up to $400,000, payable in lawful money of the United States of America, on the terms and conditions described
below. All payments on this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined by the Maker to such account as the Payee may from time to time designate by written notice in accordance with
the provisions of this Note. 
 1. Principal. The principal balance of this Note shall be payable by
the Maker on the earlier of: (i) January 31, 2023 or (ii) the date on which Maker consummates an initial public offering of its securities. The principal balance may be prepaid at any time. Under no circumstances shall any
individual, including but not limited to any officer, director, employee or shareholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder. 

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

3. Drawdown Requests. Maker and Payee agree that Maker may request up to Four Hundred Thousand Dollars
($400,000) for costs reasonably related to Maker’s initial public offering of its securities. The principal of this Note may be drawn down from time to time prior to the earlier of: (i) January 31, 2023 or (ii) the date on which Maker
consummates an initial public offering of its securities, upon written request from Maker to Payee (each, a “Drawdown Request”). Each Drawdown Request must state the amount to be drawn down, and must not be an amount less than Ten
Thousand Dollars ($10,000) unless agreed upon by Maker and Payee. Payee shall fund each Drawdown Request no later than five (5) business days after receipt of a Drawdown Request; provided, however, that the maximum amount of drawdowns
collectively under this Note is Four Hundred Thousand Dollars ($400,000). Once an amount is drawn down under this Note, it shall not be available for future Drawdown Requests even if prepaid. No fees, payments or other amounts shall be due to Payee
in connection with, or as a result of, any Drawdown Request by Maker. Notwithstanding the foregoing, all payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including (without
limitation) reasonable attorneys’ fees, and then to the reduction of the unpaid principal balance of this Note. 

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

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

 (a) Failure to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5)
business days of the date specified above. 
 (b) Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case under any
applicable bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official)
of Maker or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action by Maker in
furtherance of any of the foregoing. 

 (c) Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court
having jurisdiction in the premises in respect of Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official)
of Maker or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60
consecutive days. 
 6. Remedies. 
 (a)
Upon the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note,
and all other amounts payable hereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing
the same to the contrary notwithstanding.
 (b) Upon the occurrence of an Event of Default specified in
Sections 5(b) and 5(c), the unpaid principal balance of this Note, and all other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on
the part of Payee. 
 7. Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note
waive presentment for payment, demand, notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might
accrue to Maker by virtue of any present or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of
execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof or any writ of execution issued hereon, may be sold upon any
such writ in whole or in part in any order desired by Payee. 
 8. Unconditional Liability. Maker hereby
waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not
be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with
respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder. 

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

10. Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF DELAWARE, WITHOUT
REGARD TO CONFLICT OF LAW PROVISIONS THEREOF. 
 11. Severability. Any provision contained in this Note which
is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

 12. Trust Waiver. Notwithstanding anything herein to the
contrary, the Payee hereby waives any and all right, title, interest or claim of any kind (“Claim”) in or to any distribution of or from the trust account to be established in which the proceeds of the initial public offering (the
“IPO”) to be conducted by the Maker (including the deferred underwriters discounts and commissions) and the proceeds of the sale of the warrants to be issued in a private placement to occur prior to the closing of the IPO are to be
deposited, as described in greater detail in the registration statement and prospectus to be filed with the Securities and Exchange Commission in connection with the IPO, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction
for any Claim against the trust account for any reason whatsoever. 
 13. Amendment; Waiver. Any amendment
hereto or waiver of any provision hereof may be made with, and only with, the written consent of the Maker and the Payee. 

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

[Signature page follows] 

	
	

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

			
	 CE ENERGY ACQUISITION CORP.

		
	By:	 	/s/ Ryan Cunningham
		 	 Name: Ryan Cunningham

		 	 Title: Chief Executive Officer

 [Signature Page to Founder Promissory Note]Exhibit 10.1 

 

AMENDMENT
NO. 11

TO

SEVENTH AMENDED AND RESTATED

AGREEMENT OF LIMITED PARTNERSHIP

OF

ASHFORD HOSPITALITY LIMITED PARTNERSHIP

 

SEPTEMBER
14, 2022

 

This Amendment No. 11
to the Seventh Amended and Restated Agreement of Limited Partnership of Ashford Hospitality Limited Partnership (this “Amendment”)
is made as of September 14, 2022, by Ashford OP General Partner LLC, a Delaware limited liability company, as general partner (the
 “General Partner”) of Ashford Hospitality Limited Partnership, a Delaware limited partnership (the “Partnership”),
pursuant to the authority granted to the General Partner in Section 11.1(b) of the Seventh Amended and Restated Agreement
of Limited Partnership of Ashford Hospitality Limited Partnership, dated April 14, 2016, as amended by Amendment No. 1 thereto
dated as of July 13, 2016, Amendment No. 2 thereto dated October 18, 2016, Amendment No. 3 thereto dated as of August 25,
2017, Amendment No. 4 thereto dated as of November 17, 2017, Amendment No. 5 thereto dated as of December 13, 2017,
Amendment No. 6 thereto dated as of February 26, 2019, Amendment No. 7 thereto dated as of July 15, 2020, Amendment
No. 8 thereto dated as of December 9, 2020, Amendment No. 9 thereto dated as of July 16, 2021, and Amendment No. 10
thereto dated as of April 28, 2022 (the “Partnership Agreement”), for the purpose of issuing additional
Partnership Units in the form of Preferred Partnership Units. Capitalized terms used and not defined herein shall have the meanings set
forth in the Partnership Agreement.

 

WHEREAS, the Board of Directors
(the “Board”) of Ashford Hospitality Trust, Inc. (the “Company”) and a duly authorized
committee thereof adopted resolutions on February 22, 2022 and April 27, 2022, respectively, classifying and designating an
aggregate of 28,000,000 shares of Preferred Stock (as defined in the Articles of Amendment and Restatement of the Company (as amended
and supplemented to date and as may be amended and supplemented from time to time (the “Charter”))) as shares
of the Series J Preferred Stock (as defined below) and Series K Preferred Stock (as defined below);

 

WHEREAS, the Board initially
filed Articles Supplementary to the Charter with the State Department of Assessments and Taxation of Maryland on April 28, 2022,
establishing the Series J Preferred Stock and the Series K Preferred Stock;

 

WHEREAS, the Board adopted
resolutions on September 12, 2022 and filed Articles Supplementary to the Charter with the State Department of Assessments and
Taxation of Maryland on September 14, 2022, (i) reclassifying the authorized Series J Preferred Stock and Series K
Preferred Stock as unissued shares of Preferred Stock, (ii) establishing the Series J Preferred Stock, with such preferences,
rights, powers, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption as described in the
Series J Articles Supplementary (as defined below), and (iii) establishing the Series K Preferred Stock, with such preferences,
rights, powers, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption as described in the
Series K Articles Supplementary (as defined below);

 

    

     

    

 

WHEREAS, Section 11.1(b) of
the Partnership Agreement permits the General Partner to amend the Partnership Agreement without the approval of any other Partner if
such amendment is to create, issue or reflect the creation or issuance of additional Partnership Interests;

 

WHEREAS, the General Partner
has determined that, in connection with the issuance of the Series J Preferred Stock and the Series K Preferred Stock, it is
necessary and desirable to amend the Partnership Agreement to amend the terms of the Series J Preferred Stock and the Series K
Preferred Stock; and

 

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

 

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

 

1.            Article I
is amended to revise the following defined terms:

 

“Series J Articles
Supplementary” shall mean the Articles Supplementary Establishing and Fixing the Rights and Preferences of a Series of
Preferred Stock, designating the rights and preferences of the Series J Redeemable Preferred Stock, filed as part of the Company’s
Charter with the State Department of Assessments and Taxation of Maryland, on September 14, 2022.

 

“Series K Articles
Supplementary” shall mean the Articles Supplementary Establishing and Fixing the Rights and Preferences of a Series of
Preferred Stock, designating the rights and preferences of the Series K Redeemable Preferred Stock, filed as part of the Company’s
Charter with the State Department of Assessments and Taxation of Maryland, on September 14, 2022.

 

2.            In
accordance with Section 4.3 of the Partnership Agreement, Section (g) of Exhibit X to the Partnership
Agreement, which sets forth the terms and conditions of the Series J Preferred Partnership Units, is hereby deleted in its entirety.

 

3.            In
accordance with Section 4.3 of the Partnership Agreement, Section (g) of Exhibit Y to the Partnership
Agreement, which sets forth the terms and conditions of the Series K Preferred Partnership Units, is hereby deleted in its entirety.

 

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

 

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

 

    Page 2

     

    

 

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

 

(The remainder of this page intentionally
left blank.)

 

    Page 3

     

    

 

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

 

	 	Ashford OP General Partner LLC,
	 	a Delaware limited liability company, as General Partner of Ashford Hospitality Limited Partnership
	 	 
	 	By:	/s/ Alex Rose
	 	Name: Alex Rose 
	 	Title: Executive Vice President

 

Amendment
No. 11 to Seventh Amended and Restated Agreement of Limited Partnership of 

Ashford Hospitality Limited Partnership

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