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EXHIBIT 10.39

AMENDED AND RESTATED EMPLOYMENT AGREEMENT
THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the “Agreement”), is made on September 13, 2017 between Ashford Inc., a corporation organized under the laws of the State of Maryland and having its principal place of business at Dallas, Texas, ASHFORD HOSPITALITY ADVISORS, LLC, a Delaware limited liability company organized under the laws of the State of Delaware and having its principal place of business at Dallas, Texas (hereinafter, the “Company”) and MARK NUNNELEY, an individual residing in Dallas, Texas (the “Executive”).
RECITALS:
WHEREAS, the Company and the Executive are parties to a certain Employment Agreement (the “Original Agreement”), dated November 12, 2014;
WHEREAS, the parties desire to amend and restate the Original Agreement upon the terms and conditions specified herein.
NOW, THEREFORE, the Company and the Executive, in consideration of the respective covenants set out below, hereby agree as follows:
1.EMPLOYMENT.
(a)POSITIONS.  During the Term (defined below), the Executive shall be employed by the Company to serve as Chief Accounting Officer of the Company, Ashford Inc., Ashford Hospitality Trust, Inc. (“Ashford Trust”) and Ashford Hospitality Prime, Inc. (“Ashford Prime”).  In addition to the foregoing, the Executive shall serve the subsidiaries and affiliates of the Company, Ashford Inc., Ashford Trust, Ashford Prime and any other entities advised by the Company in these or other offices and capacities, including as a consultant to such entities, in each case upon the reasonable request of the Company.  If the Executive’s service in one or more of such additional capacities is terminated, the Executive’s compensation provided herein shall not be reduced for so long as the Executive otherwise remains employed by the Company under the terms of this Agreement.
(b)RESPONSIBILITIES.  The Executive’s principal employment duties and responsibilities shall be those duties and responsibilities customary for the positions of Chief Accounting Officer and such other executive duties and responsibilities as the Chief Executive Officer of the Company (“AINC CEO”) or the Board of Directors of Ashford Inc. (the “AINC Board”) shall from time to time reasonably assign to the Executive.  With respect to Ashford Trust and Ashford Prime, the Executive shall be required to follow all directives of the AINC CEO relating to the performance of the Company’s responsibilities pursuant to the applicable advisory agreements with each of Ashford Trust and Ashford Prime, as may be amended, unless doing so would conflict with his fiduciary duties to Ashford Trust or Ashford Prime, as applicable.  The Executive shall report directly to the AINC CEO or such person(s) as the AINC CEO may designate from time to time.
(c)EXTENT OF SERVICES.  Except for illnesses and vacation periods, the Executive shall devote substantially all of his working time and attention and his best efforts to the performance of his duties and responsibilities under this Agreement and shall not be otherwise employed.  However, the Executive may (i) make any passive investments where he is not obligated or required to, and shall not in fact, devote material managerial efforts, (ii) participate in charitable, academic or community activities or in trade or professional organizations, (iii) hold directorships in charitable or non-profit organizations, or (iv) subject to 

AINC CEO and AINC Board approval (which approval shall not be unreasonably withheld or withdrawn), hold directorships in for profit companies, except only that the AINC CEO or the AINC Board shall have the right to limit such services as a director or such participation whenever the AINC CEO or the AINC Board shall reasonably believe that the time spent on such activities infringes in any material respect upon the time required by the Executive for the performance of his duties under this Agreement or is otherwise incompatible with those duties.
2.TERM.  Upon the full execution and delivery hereof, this Agreement shall become effective and shall continue for a Term ending on December 31, 2017 (the “Initial Termination Date”) unless it is sooner terminated pursuant to Section 6; provided, however, that this Agreement shall be automatically extended for one additional year on the Initial Termination Date and on each subsequent anniversary of the Initial Termination Date, unless either the Company or the Executive elect not to extend the Term of this Agreement by notifying the other party in writing of such election not less than one hundred twenty (120) days prior to the expiration of the then current Term.  For purposes of this Agreement, “Term” shall mean the actual duration of the Executive’s employment hereunder, taking into account any extension pursuant to this Section 2 or early termination of employment pursuant to Section 6.
3.SALARY.  The Company shall pay the Executive a Base Salary which shall be payable in periodic installments, less statutory deductions and withholdings, according to the Company’s normal payroll practices.  Effective as of January 1, 2017, the Executive’s base salary shall be THREE HUNDRED FIFTY THOUSAND DOLLARS ($350,000) per year.  The AINC Board or a compensation committee duly appointed by the AINC Board (the “Compensation Committee”) shall thereafter review the Executive’s Base Salary annually to determine within its sole discretion whether and to what extent the Executive’s salary may be increased, but in no event shall it be decreased (for the purposes of this Agreement, the term “Base Salary” shall mean the amount established and adjusted from time to time pursuant to this Section 3).
4.ANNUAL INCENTIVE AWARDS.
(a)INCENTIVE BONUS.  The Executive shall be entitled to receive an annual cash incentive bonus (the “Incentive Bonus”) for each calendar year during the Term of this Agreement based on the level of accomplishment of management and performance objectives as established by the AINC CEO, the AINC Board or the Compensation Committee.  Except as otherwise provided in Section 7, if the Executive is not employed for the full calendar year, the Executive shall be paid a pro-rated Incentive Bonus in an amount equal to the product of (x) the amount of the Incentive Bonus for the calendar year to which the Executive would have been entitled if the Executive had remained employed for the entire calendar year and (y) a fraction, the numerator of which is the number of days in the applicable calendar year for which the Executive was employed through the last day of his employment and the denominator of which is the 365 days of the calendar year.  The targeted Incentive Bonus for the Term commencing January 1, 2017, is 50% to 125% of Base Salary (as determined by the Compensation Committee), and in no event shall such targeted Incentive Bonus be decreased.  The Incentive Bonus shall be paid as soon as reasonably practical following each calendar year but not later than June 1st of the following year.
(b)INCENTIVE, SAVINGS AND RETIREMENT PLANS.  During the Term, the Executive shall be entitled to participate in all other short- and long-term incentive plans, stock and option plans, long term incentive partnership (“LTIP”) plans, practices, policies and other programs, and all savings and retirement plans, practices, policies and programs, in each case that are applicable generally to senior executives of the Company or Ashford Inc., as may be 
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adopted, or amended from time to time, by the Compensation Committee, including, without limitation, equity incentive programs of other companies advised by the Company.
5.BENEFITS.
(a)VACATION.  The Executive will be entitled to paid vacation in conformance with the Company’s vacation policy for senior executives but in no event less than four (4) weeks of paid vacation per calendar year.  Vacation time not used within the calendar year will not carry forward.  The Executive shall not be entitled to cash in lieu of any unused vacation time except as provided herein.
(b)SICK LEAVE.  The Executive shall be entitled to paid sick leave in accordance with the sick leave policies of the Company in effect for other senior executive officers.
(c)EMPLOYEE BENEFITS.  The Executive and his spouse and eligible dependents, if any, and their respective designated beneficiaries where applicable, will be eligible for and entitled to participate in other benefits maintained by the Company or Ashford Inc. for its senior executive officers, as such benefits may be modified from time to time and for all such employees, such as, without limitation, any medical, dental, vision, pension, 401(k), deferred compensation, accident, disability, and life insurance benefits, on a basis not less favorable than that applicable to other senior executives of the Company or Ashford Inc.  The Executive will also be entitled to appropriate office space, administrative support, secretarial assistance, and such other facilities and services as are suitable to the Executive’s positions and as required for the performance of the Executive’s duties.
(d)EXPENSES.  The Executive will be entitled to reimbursement of all reasonable expenses, in accordance with the Company’s policy as in effect from time to time and on a basis not less favorable than that applicable to other senior executives of the Company or Ashford Inc., including, without limitation, telephone (including in-home, office and cellular telephone, DSL and/or wi-fi costs), travel and entertainment expenses incurred by the Executive in connection with the business of the Company, promptly upon the presentation by the Executive of supporting receipts or documentation.
(e)D&O INSURANCE COVERAGE.  During and for a period three (3) years after the Term, the Executive shall be entitled to director and officer insurance coverage for his acts and omissions while an officer of the Company, Ashford Inc., Ashford Trust, Ashford Prime and other entities advised by the Company on a basis no less favorable to him than the coverage provided current officers or directors.
6.TERMINATION.  The employment of the Executive by the Company and this Agreement (except as otherwise provided herein) shall terminate upon the occurrence of any of the following:
(a)DEATH OR DISABILITY.  Immediately upon death or Disability of the Executive.  As used in this Agreement, “Disability” shall mean an inability to perform the essential functions of his duties, with or without reasonable accommodation, for a period of 90 consecutive days or a total of 180 days, during any 365-day period, in either case as a result of incapacity due to mental or physical illness which is determined to be total and permanent.  A determination of Disability shall be made by a physician satisfactory to both the Executive (or his guardian) and the Company, provided that if the Executive and the Company do not agree on a physician, the Executive (or his guardian) and the Company shall each select a physician and these two together shall select a third physician, whose determination as to Disability shall be binding on all parties.  The appointment of one or more individuals to carry out the offices or 
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duties of the Executive during a period of the Executive’s inability to perform such duties and pending a determination of Disability shall not be considered a breach of this Agreement by the Company.
(b)FOR CAUSE.  At the election of the Company, for Cause, immediately upon written notice by the Company to the Executive unless the Executive fully corrects the circumstances constituting Cause within the cure periods provided below, if applicable.  For purposes of this Agreement, “Cause” for termination shall be deemed to exist solely in the event of the following:
(i)The conviction of the Executive of, or the entry of a plea of guilty or nolo contendere by the Executive to, a felony (exclusive of a conviction, plea of guilty or nolo contendere arising under a statutory provision imposing criminal liability upon the Executive on a PER SE basis due to any offices held by the Executive pursuant to the terms of this Agreement, so long as any act or omission of the Executive with respect to such matter was not taken or omitted in contravention of any applicable policy or directive of the AINC CEO or the AINC Board except as permitted in Section l(b));
(ii)willful breach of duty of loyalty which is materially detrimental to the Company, Ashford Inc. or any entity advised by the Company, except as permitted in Section 1(b), which is not cured to the reasonable satisfaction of the AINC CEO or the AINC Board within thirty (30) days following written warning to the Executive from the AINC CEO or the AINC Board describing the alleged circumstances, provided that if there is an inconsistency in directives given by the AINC Board as compared to a directive from the AINC CEO, the AINC Board directives shall control;
(iii)willful failure to perform or adhere to explicitly stated duties or guidelines of employment or to follow the lawful directives of the AINC CEO or the AINC Board, except as permitted in Section 1(b), which continues for thirty (30) days after written warning to the Executive that it will be deemed a basis for a “For Cause” termination, provided that if there is an inconsistency in directives given by the AINC Board as compared to a directive from the AINC CEO, the AINC Board directives shall control;
(iv)gross negligence or willful misconduct in the performance of the Executive’s duties (which is not cured by the Executive within 30 days after written warning from the AINC CEO);
(v)the Executive’s willful commission of an act of dishonesty resulting in material economic or financial injury to the Company, Ashford Inc. or any entity advised by the Company or willful commission of fraud; or
(vi)the Executive’s chronic absence from work for reasons other than illness which is not cured to the reasonable satisfaction of the AINC CEO within 30 days following written warning to the Executive from the AINC CEO describing the alleged circumstances.
For purposes of this Section, no act, or failure to act, on the Executive’s part will be deemed “willful” unless done, or omitted to be done, by the Executive not in good faith and without a reasonable belief that the Executive’s act, or failure to act, was in the best interest of the Company, Ashford Inc. or the entities advised by the Company, as applicable.  Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the AINC 
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Board, a directive of the AINC CEO, or based upon the advice of outside counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by the Executive in good faith and in the best interests of the Company, Ashford Inc. or the entities advised by the Company, as applicable.
(c)WITHOUT CAUSE OR GOOD REASON.  At the election of the Company, without Cause, and at the election of the Executive, without Good Reason, in either case upon sixty (60) days’ prior written notice to the Executive or to the Company, as the case may be; provided, however, that if the Executive gives notice, without Good Reason, the Company may waive all or a portion of the sixty (60) days’ written notice and accelerate the effective date of the termination.
(d)FOR GOOD REASON.  At the election of the Executive, for Good Reason, which is not cured by the Company within thirty (30) days after written notice from the Executive to the Company setting forth a description of the circumstances constituting Good Reason.  For purposes of this Agreement “Good Reason” shall mean any of the following actions, omissions or events occurring without the Executive’s prior written consent:
(i)the assignment to the Executive of any duties, responsibilities, or reporting requirements inconsistent with Section 1(b) or with his position as Chief Strategy Officer of the Company or Ashford Inc., or any material diminishment, on a cumulative basis, of the Executive’s overall duties, responsibilities, or status, including failure of Ashford Inc. or the Company to recommend to the board of directors of each of Ashford Trust and Ashford Prime that the Executive serve as the Chief Strategy Officer of such entities without the Executive’s prior written consent;
(ii)a reduction by the Company in the Executive’s annual Base Salary or targeted Incentive Bonus;
(iii)the requirement by the Company that the principal place of business at which the Executive performs his duties be changed to a location outside the greater Dallas metropolitan area; or
(iv)any material breach by the Company of any provision of this Agreement.
(e)NOTICE OF TERMINATION.  Any termination by the Company for Cause, or by the Executive for Good Reason, shall be communicated by Notice of Termination to the other parties hereto given in accordance with Section 16(a) of this Agreement.  For purposes of this Agreement, a “Notice of Termination” means a written notice which (i) indicates the specific termination provision in this Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated, and (iii) if the Date of Termination (as defined below) is other than the date of receipt of such notice, specifies the termination date (provided that the date specified shall not be more than thirty (30) days after the giving of the notice).  The failure by the Executive or the Company to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Good Reason or Cause shall not waive any right of the Executive or the Company, respectively, hereunder or preclude the Executive or the Company, respectively, from asserting such fact or circumstance in enforcing the Executive’s or the Company’s rights hereunder.
(f)DATE OF TERMINATION.  “Date of Termination” means (i) if the Executive’s employment is terminated by the Company for Cause, or by the Executive for Good Reason, the 
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date of receipt of the Notice of Termination or any later date specified in the notice (provided that the date specified shall not be more than thirty (30) days after the giving of the notice), as the case may be, (ii) if the Executive’s employment is terminated by the Company other than for Cause or Disability, the Date of Termination shall be the date on which the Company notifies the Executive of such termination or such later date specified in such notice, (iii) if the Executive’s employment is terminated by the Executive without Good Reason, the Date of Termination shall be the date on which the Executive notifies the Company of such termination or such later date specified in such notice, unless otherwise agreed by the Company and the Executive, and (iv) if the Executive’s employment is terminated by reason of death or Disability or non-renewal of this Agreement, the Date of Termination shall be the date of death or Disability of the Executive or the Agreement’s non-renewal date, as the case may be.
7.EFFECTS OF TERMINATION.
(a)TERMINATION BY THE COMPANY WITHOUT CAUSE; OR NON- RENEWAL BY THE COMPANY.  If the employment of the Executive should terminate by reason of (i) termination by the Company for any reason (other than Cause) or (ii) the Company’s failure to renew this Agreement, then all compensation and benefits for the Executive shall be as follows:
(i)The Executive shall be paid, in a single lump sum payment within thirty (30) days after the Date of Termination, the aggregate amount of (A) the Executive’s earned but unpaid Base Salary and accrued but unpaid vacation through the Date of Termination, and any Incentive Bonus required to be paid to the Executive pursuant to Section 4(a) above for the prior calendar year to the extent not previously paid, and reimbursement of all expenses through the Date of Termination as required pursuant to Section 5(d) hereof (the “Accrued Obligations”), and (B) two (2) (the “Severance Multiple”) times the sum of (x) the Base Salary in effect on the Termination Date plus (y) the average Incentive Bonus received by the Executive for the three complete calendar years or such lesser number of calendar years as the Executive has been employed by the Company) immediately prior to the Termination Date (the “Severance Payment”).
(ii)At the time when incentive bonuses are paid to the Company’s other senior executives for the calendar year of the Company in which the Date of Termination occurs, the Executive shall be paid a pro-rated Incentive Bonus in an amount equal to the product of (x) the amount of the Incentive Bonus to which the Executive would have been entitled if the Executive’s employment had not been terminated, and (y) a fraction, the numerator of which is the number of days in the applicable calendar year for which the Executive was employed through the Date of Termination and the denominator of which is the 365 days of the calendar year (a “Pro-Rated Bonus”).
(iii)The Company will allow the Executive and his dependents, at the Company’s cost, to continue to participate for a period of twenty-four (24) months following the Date of Termination in the Company’s medical, dental and vision plan in effect as of the Date of Termination.  The Company’s payment of this medical coverage will be made monthly during this period of coverage.  To the extent such medical benefits are taxable to the Executive, such benefits will not affect benefits to be provided in any other taxable year, and such amounts are intended to meet the requirements of Treasury Regulation Section 1.409A-3(i)(1)(iv)(A) as “inkind benefits”.  In addition, the Company will reimburse the Executive for a period of twenty-four (24) months following 
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the Date of Termination for the cost of coverage for life insurance and long-term disability insurance, based upon the level of such benefits that were provided to the Executive under the Company’s life insurance and long-term disability plans in effect as of the Date of Termination, which reimbursements will be paid within seven (7) days after the Executive pays any applicable premium.  (The amount of any such reimbursements may not affect the expenses eligible for reimbursement in any other year.  Such reimbursements are intended to meet the requirements of Treasury Regulation Section 1.409A-3(i)(1)(iv)(A).) (Collectively, these welfare benefits under (iii) are referred to as the “Other Benefits”).  If the Executive engages in regular employment after his termination of employment with any organization, any employee welfare benefits received by the Executive in consideration of such employment which are similar in nature to the Other Benefits provided by the Company will relieve the Company of its obligation under this Section 7(a)(iii) to provide comparable benefits to the extent of the benefits so received, and such benefit hereunder shall be forfeited.
(iv)Any annual performance shares, restricted shares, LTIP units or options awarded under Section 4(b) hereof shall immediately vest.  Without limiting the foregoing, it is agreed that if the Executive’s employment is terminated pursuant to this Section 7(a), all outstanding stock options, restricted stock, LTIP units, and other equity awards granted to the Executive under any of the Company’s equity incentive plans (or awards substituted therefore covering the securities of a successor company) shall become immediately vested and exercisable in full.  Likewise, all outstanding stock options, restricted stock, LTIP units and other equity awards granted to the Executive under any of the equity incentive plans of any entity advised by Ashford Inc. shall become immediately vested and exercisable in full to the extent provided in such plans and consistent with the vesting terms of such awards.  Further, the Company agrees that upon a termination by the Company without cause or a non-renewal by the Company, to the extent any LTIP units held by Executive have yet to reach the economic equivalent of common units, the LTIP units shall be fully vested (as provided above) but shall continue to be subject to the earn-up provisions of the organizational documents of the issuer, and the Company shall take all reasonable efforts to cause such LTIP units to fully earn-up in accordance with such provisions.
(b)TERMINATION BY THE EXECUTIVE WITH GOOD REASON.  In the event that the Executive’s employment is terminated by the Executive with Good Reason, the Company will pay the Executive the same Accrued Obligations, Severance Payment Pro-Rated Bonus, Other Benefits and accelerated vesting, all as provided in Sections 7(a)(i) (ii), (iii) and (iv) above at the times as provided in such sections.  Without limiting the foregoing, it is agreed that if the Executive’s employment is terminated pursuant to this Section 7(b), all outstanding stock options, restricted stock, LTIP units and other equity awards granted to the Executive under any of the Company’s equity incentive plans (or awards substituted therefore covering the securities of a successor company) shall become immediately vested and exercisable in full.  Likewise, all outstanding stock options, restricted stock, LTIP units and other equity awards granted to the Executive under any of the equity incentive plans of any entity advised by Ashford Inc. shall become immediately vested and exercisable in full to the extent provided in such plans and consistent with the vesting terms of such awards.  Further, the Company agrees that upon a termination by the Executive with Good Reason, to the extent any LTIP units held by Executive have yet to reach the economic equivalent of common units, the LTIP units shall be fully vested (as provided above) but shall continue to be subject to the earn-up provisions of the organizational documents of the issuer, and the Company shall take all reasonable efforts to cause such LTIP units to fully earn-up in accordance with such provisions.
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(c)TERMINATION BY EXECUTIVE WITHOUT GOOD REASON.  If the Executive’s employment is terminated by the Executive without Good Reason including a resignation by the Executive without Good Reason and including an election not to renew this Agreement by the Executive, the Company will pay the Executive the Accrued Obligations as provided in Section 7(a)(i) above but the Executive shall not be entitled to the Severance Payment, Pro-rated Bonus and accelerated vesting set forth in Sections 7(a)(i), (ii) and (iv) hereof; provided, however, the Company shall allow the Executive and his dependents, at the Company’s cost, during the Non-Compete Period (hereinafter defined), to continue to participate in the Company’s Other Benefits in effect as of the Date of Termination as provided and paid in the manner set forth in Section 7(a)(iii), but only through the expiration of the Non-Compete Period.  If the Executive engages in regular employment after his Date of Termination with any organization, any employee welfare benefits received by the Executive in consideration of such employment which are similar in nature to the Other Benefits provided by the Company will relieve the Company of its obligation under this Section 7(c) to provide comparable benefits to the extent of the benefits so received, and such benefit hereunder shall be forfeited.  In addition, subject to the Executive honoring the non-compete covenant in Section 10(a) hereof, the Company shall pay the Executive a non-compete payment (the “Non-Compete Payment”) equal to the Severance Payment determined with a Severance Multiple equal to one (1).  Subject to the Executive honoring the non-compete covenant in Section 10(a) hereof, the Non-Compete Payment shall be paid monthly over the one-year Non-Compete Period following the Date of Termination in equal monthly installments of one-twelfth (1112th) of the Non-Compete Payment.
(d)TERMINATION BY THE COMPANY FOR CAUSE.  If the Executive’s employment is terminated by the Company for Cause, the Company will pay the Executive the Accrued Obligations as provided in Section 7(a)(i) above but the Executive shall not be entitled to the Severance Payment, Pro-Rated Bonus, the Other Benefits and accelerated vesting set forth in Sections 7(a)(i), (ii), (iii) and (iv) hereof.
(e)TERMINATION FOR DEATH OR DISABILITY.  If the employment of the Executive should terminate by reason of death or Disability of the Executive, then, the Company will pay the Executive the same Accrued Obligations, Severance Payment, Pro-Rated Bonus, Other Benefits and accelerated vesting, all as provided in Sections 7(a)(i)(ii), (iii) and (iv) above at the times as provided in such sections; provided, however, the Severance Multiple for calculation of the Severance Payment shall be one (1).  Without limiting the foregoing, it is agreed that if the Executive’s employment is terminated pursuant to this Section 7(e), all outstanding stock options, restricted stock, LTIP units and other equity awards granted to the Executive under any of the Company’s equity incentive plans (or awards substituted therefore covering the securities of a successor company) shall become immediately vested and exercisable in full.  Likewise, all outstanding stock options, restricted stock, LTIP units and other equity awards granted to the Executive under any of the equity incentive plans of any entity advised by Ashford Inc. shall become immediately vested and exercisable in full to the extent provided in such plans and consistent with the vesting terms of such awards.  Further, the Company agrees that upon a termination by reason of death or disability of the Executive, to the extent any LTIP units held by Executive have yet to reach the economic equivalent of common units, the LTIP units shall be fully vested (as provided above) but shall continue to be subject to the earn-up provisions of the organizational documents of the issuer, and the Company shall take all reasonable efforts to cause such LTIP units to fully earn-up in accordance with such provisions.
(f)TERMINATION OF AUTHORITY.  Immediately upon the Date of Termination or upon the expiration of this Agreement, notwithstanding anything else to the contrary contained herein or otherwise, the Executive will stop serving the functions of his terminated or expired positions, and shall be without any of the authority or responsibility for such positions.  
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On request of the AINC Board at any time following the termination of the Executive’s employment by the Company for Cause or by the Executive without Good Reason (including Executive’s termination of his employment after a Change in Control (as defined herein) or an election by the Executive not to renew this Agreement), the Executive agrees to resign immediately from the AINC Board, if then a member, and from the board of any other entity advised by the Company.
(g)RELEASE OF CLAIMS.  As a condition of Executive’s entitlement to the Severance Payment, Pro-Rated Bonus, Non-Compete Payment and Other Benefits provided by this Agreement, the Executive shall be required to execute the terms of a waiver and release of claims against the Company substantially in the form attached hereto as Exhibit “A” (as may be modified consistent with the purposes of such waiver and release to reflect changes in law following the date hereof) (the “Release”) within the applicable time period provided in the Release (the “Applicable Release Period”); and shall forfeit all payments hereunder if it is not so timely executed; provided, however, that in any case where the first and last days of the Applicable Release Period are in two separate taxable years, any payments required to be made to Executive that are treated as deferred compensation for purposes of Code Section 409A shall be made in the later taxable year, promptly following the conclusion of the Applicable Release Period.
(h)CODE SECTION 409A AND TERMINATION PAYMENTS.  All payments provided under this Agreement shall be subject to this Section 7(h).  Notwithstanding anything herein to the contrary, to the extent that the AINC Board reasonably determines, in its sole discretion, that any payment or benefit to be provided under this Agreement to or for the benefit of Executive would be subject to the additional tax imposed under Section 409A(a)(1)(B) of the Code or a successor or comparable provision, the commencement of such payments and/or benefits shall be delayed until the earlier of (i) the date that is six months following the Date of Termination or (ii) the date of Executive’s death (such date is referred to herein as the “Distribution Date”), provided, if at such time Executive is a “specified employee” of the Company (as defined in Treasury Regulation Section 1.409A-1(i)) and if amounts payable under this Agreement are on account of an “involuntary separation from service” (as defined in Treasury Regulation Section 1.409A-1(m)), Executive shall receive payments during the sixmonth period immediately following the Date of Termination equal to the lesser of (x) the amount payable under this Agreement, as the case may be, or (y) two times the compensation limit in effect under Code Section 401(a)(17) for the calendar year in which the Termination Date occurs (with any amounts that otherwise would have been payable under this Agreement during such six-month period being paid on the first regular payroll date following the six-month anniversary of the Date of Termination).  In the event that the AINC Board determines that the commencement of any of the employee benefits to be provided under this Agreement are to be delayed pursuant to the preceding sentence, the Company shall require Executive to bear the full cost of such employee benefits until the Distribution Date at which time the Company shall reimburse Executive for all such costs.  Finally, for the purposes of this Agreement, amounts payable under this Agreement shall be deemed not to be a “deferral of compensation” subject to Section 409A to the extent provided in the exceptions in Treasury Regulation Sections 1.409A1(b)(4) (“short-term deferrals”) and (b)(9) (“separation pay plans,” including the exception under subparagraph (iii)) and other applicable provisions of Treasury Regulation Section 1.409A-1 through A-6.
8.CHANGE OF CONTROL.
(a)CHANGE OF CONTROL.  For purposes of this Agreement, a “Change of Control” will be deemed to have taken place upon the occurrence of any of the following events:
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(i)any “person” (as defined in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and as modified in Section 12(d) and 14(d) of the Exchange Act) other than (A) Ashford Inc. or any of its subsidiaries or any of its officers or directors, (B) any employee benefit plan of Ashford Inc. or the Company or any of their subsidiaries, (C) any Remington Affiliate, (D) a company owned, directly or indirectly, by stockholders of Ashford Inc. in substantially the same proportions as their ownership of Ashford Inc., or (E) an underwriter temporarily holding securities pursuant to an offering of such securities, becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of Ashford Inc. representing 30% or more of the shares of voting stock of Ashford Inc. then outstanding (for purposes hereof, “Remington Affiliate” shall mean Remington Holdings L.P., or any person or entity that directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with Remington Holdings L.P.);
(ii)the consummation of any merger, reorganization, business combination or consolidation of the Company, Ashford Inc. or one of the subsidiaries of the Company or Ashford Inc. with or into any other company (other than a Remington Affiliate), other than a merger, reorganization, business combination or consolidation which would result in the holders of the voting securities of the Company or Ashford Inc., as applicable, outstanding immediately prior thereto holding securities which represent immediately after such merger, reorganization, business combination or consolidation more than 50% of the combined voting power of the voting securities of Ashford Inc. or the surviving company or the parent of such surviving company;
(iii)the consummation of the sale or disposition by Ashford Inc. of all or substantially all of Ashford Inc.’s assets, other than a sale or disposition if the holders of the voting securities of Ashford Inc. outstanding immediately prior thereto hold securities immediately thereafter which represent more than 50% of the combined voting power of the voting securities of the acquiror, or parent of the acquiror, of such assets; or the stockholders of Ashford Inc. approve a plan of complete liquidation or dissolution of Ashford Inc.; or
(iv)individuals who, as of the Effective Date, constitute the AINC Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the AINC Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election to the Board was approved or recommended to stockholders of Ashford Inc. by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an election contest with respect to the election or removal of directors or other solicitation of proxies or consents by or on behalf of a person other than the AINC Board.
(b)CERTAIN BENEFITS UPON A CHANGE OF CONTROL.
(i)If a Change of Control occurs during the Term and the Executive’s employment is terminated by the Company without Cause (or not renewed by the Company) or by the Executive for Good Reason on or before the one (1) year anniversary of the effective date of the Change of Control, then the Executive shall be entitled to the Accrued Obligations, Pro-Rated Bonus, Other 
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Benefits and accelerated vesting, all as provided in Sections 7(a)(i), (ii), (iii) and (iv) above at the times as provided in such sections.  In addition, the Executive shall be entitled to a Severance Payment determined and paid in accordance with Section 7(a)(i) above.  Without limiting the foregoing, it is agreed that if the Executive’s employment is terminated pursuant to this Section 8(b)(i) by the Company without Cause (or not renewed by the Company) or by the Executive for Good Reason, all outstanding stock options, restricted stock, LTIP units and other equity awards granted to the Executive under any of the Company’s equity incentive plans (or awards substituted therefore covering the securities of a successor company) shall become immediately vested and exercisable in full.  Likewise, all outstanding stock options, restricted stock, LTIP units and other equity awards granted to the Executive under any of the equity incentive plans of any entity advised by Ashford Inc. shall become immediately vested and exercisable in full.
(ii)If a Change of Control occurs during the Term and the Executive’s employment is terminated by the Executive without Good Reason, on or before the one (1) year anniversary of the effective date of the Change of Control, then the Executive shall be entitled to the Accrued Obligations, Pro-Rated Bonus, Other Benefits and limited accelerated vesting as provided in Section 7(a)(i),(ii), (iii) and (iv) above at the times as provided in such sections; provided, however, only annual performance shares, restricted shares, LTIP units or options awarded prior to the date hereof, including such awards granted to the Executive prior to the date hereof under equity incentive plans of other companies advised by the Company, shall become immediately vested and exercisable in full.  Any unvested portion of annual performance shares, restricted shares, LTIP units or options awarded on or after the date hereof (including such awards granted to the Executive on or after the date hereof under equity incentive plans of other companies advised by the Company) shall be forfeited by the Executive on the Date of Termination.
(iii)All payments under this Section 8(b) are subject to the restrictions set forth in Section 7(h) and may be delayed as set forth in Section 7(h) in order to satisfy the requirements of Section 409A of the Internal Revenue Code.
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9.CONFIDENTIAL INFORMATION.  The Executive recognizes and acknowledges that the Executive has and will have access to confidential and proprietary information of the Company, Ashford Inc. and any entity advised by the Company, which, in each case, constitute valuable, special, and unique assets of such entity.  The term “Confidential Information” as used in this Agreement shall mean all proprietary information which is known only to the Executive, the Company, Ashford Inc., any entity advised by the Company, other employees of the Company, or others in a confidential relationship with the Company, Ashford Inc. or any entity advised by Ashford Inc., and relating to the business of the Company, Ashford Inc. or such other entity, as applicable (including, without limitation, information regarding clients, customers, pricing policies, methods of operation, proprietary company programs, sales, acquisitions, products, profits, costs, conditions (financial or other), cash flows, key personnel, formulae, product applications, technical processes, and trade secrets, as such information may exist from time to time), which the Executive acquired or obtained by virtue of work performed for the Company, or which the Executive may acquire or may have acquired knowledge of during the performance of said work.
The Executive acknowledges that the Company has put in place certain policies and practices to keep such Confidential Information secret, including dis closing the information only on a need-to-know basis.  The Executive further acknowledges that the Confidential Information has been developed or acquired by the Company through the expenditure of substantial time, effort, and money and provides the Company with an advantage over competitors who do not know such Confidential Information.  Finally, the Executive acknowledges that such Confidential Information, if revealed to or used for the benefit of the Company’s competitors or in a manner contrary to the Company’s interests, would cause extensive and immeasurable harm to the Company and to the Company’s competitive position.
The Executive shall not, during the Term or at any time thereafter, use for personal gain or detrimentally to the Company all or any part of the Confidential Information, or disclose or make available all or any part of the Confidential Information to any person, firm, corporation, association, or any other entity for any reason or purpose whatsoever, directly or indirectly, except as may be required pursuant to his employment hereunder, unless and until such Confidential Information becomes publicly available other than as a consequence of the breach by the Executive of his confidentiality obligations hereunder.  Notwithstanding the foregoing, Executive shall not be restricted from disclosing or using Confidential Information that: (i) is or becomes generally available to the public other than as a result of an unauthorized disclosure by Executive or his agent; (ii) becomes available to Executive in a manner that is not in contravention of applicable law from a source (other than the Company, Ashford Inc. or an entity advised by the Company or the affiliated entities of such entities or one of its or their officers, employees, agents or representatives) that is not known by Executive, after reasonable investigation, to be bound by a confidential relationship with the Company, Ashford Inc. or an entity advised by the Company or the affiliated entities of such entities or by a confidentiality or other similar agreement; or (iii) is required to be disclosed by law, court order or other legal process; provided, however, that in the event disclosure is required by law, court order or legal process, Executive shall provide the Company, if legally permissible, with prompt notice of such requirement as set forth below in this Section 9.
The Executive acknowledges that the Confidential Information shall remain at all times the exclusive property of the Company, and no license is granted.  In the event of the termination of his employment, whether voluntary or involuntary and whether by the Company or the Executive, or within seven (7) business days of the Company’s request under any other circumstances, the Executive shall deliver to the Company all Confidential Information, in any form whatsoever, including electronic formats, and shall not take with him any Confidential Information or any reproductions (in whole or in part) or extracts of any items relating to the Confidential Information.  The Company acknowledges that prior to his employment with the 
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Company, the Executive has lawfully acquired extensive knowledge of the industries in which the Company engages in business including, without limitation, markets, valuation methods and techniques, capital markets, investor relationships and similar items, and that the provisions of this Section 9 are not intended to restrict the Executive’s use of such previously acquired knowledge.
In the event that the Executive receives a request or is required (by deposition, interrogatory, request for documents, subpoena, civil investigative demand or similar process) to disclose all or any part of the Confidential Information, the Executive agrees, if legally permissible, to (a) promptly notify the Company of the existence, terms and circumstances surrounding such request or requirement, (b) consult with the Company on the advisability of taking legally available steps to resist or narrow such request or requirement and (c) assist the Company in seeking a protective order or other appropriate remedy; provided, however, that the Executive shall not be required to take any action in violation of applicable laws.  In the event that such protective order or other remedy is not obtained or that the Company waives compliance with the provisions hereof, the Executive shall not be liable for such disclosure unless disclosure to any such tribunal was caused by or resulted from a previous disclosure by the Executive not permitted by this Agreement.
By this Agreement, the company is providing the Executive with rights that the Executive did not previously have.  In exchange for the foregoing and the additional terms agreed to in this Agreement, the Executive agrees that: (i) he is being provided with access to Confidential Information to which he has not previously had access; and (ii) all goodwill developed with the Company’s clients, customers and other business contacts by the Executive is the exclusive property of the Company.  The Executive waives and releases any claim that he should be able to use, for the benefit of any competing person or entity, client and customer goodwill or Confidential Information that was previously received or developed by the Executive while working for the Company, Ashford Inc. or any entity advised by the Company.
10.NON-COMPETITION, NON-SOLICITATION AND NON-INTERFERENCE.
(a)NON-COMPETITION.  During the Term and any Non-Compete Period (hereinafter defined), the Executive will not, directly or indirectly, either as a principal, agent, employee, employer, stockholder or partner engage in any “Competitive Business”; PROVIDED, HOWEVER, the foregoing shall not prohibit or limit the Executive’s right to pursue and maintain passive investments allowed pursuant to Section l(c) hereof.
For purposes of this Section 10(a), “Competitive Business” means acquiring, investing in or with respect to, owning, leasing, managing or developing hotel properties in the United States or in any international market in which the Company or any clients it advises conduct such business or originating or acquiring loans in respect of hotel properties in the United States or in any international market in which the Company or any clients it advises conduct such business, in each case, where the Executive had duties or performed services for the Company, which the parties stipulate is a reasonable geographic area because of the scope of the Company’s operations and the Executive’s employment with the Company.  The Executive may not avoid the purpose and intent of this restriction by engaging in conduct within the geographically limited area from a remote location through means such as telecommunications, written correspondence, computer generated or assisted communications, or other similar methods.
For purposes of this Section 10(a), the “Non-Compete Period” shall mean the period ending on the first anniversary of his Date of Termination.
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The Executive acknowledges that the services provided by the Executive are of a special, unique, and extraordinary nature.  The Executive further acknowledges that his work and experience with the Company will enhance his value to a Competitive Business, and that the nature of the Confidential Information to which the Executive has immediate access and will continue to have access during the course of his employment makes it difficult, if not impossible, for him to engage in any Competitive Business without disclosing or utilizing the Confidential Information.  The Executive further acknowledges that his work and experience with the Company places him in a position of trust with the Company.
(b)NON-SOLICITATION OF EMPLOYEES.  The Executive covenants and agrees that (i) during the Term, and (ii) during the period ending on the first anniversary of his Date of Termination, he shall not, without the prior written consent of the Company, directly or indirectly, whether for his own account or on behalf of any person, firm, corporation, partnership, association or other entity or enterprise, solicit, recruit, hire or cause to be hired any employees of the Company or any of its affiliates, or any person who was an employee of the Company during the six months preceding the Executive’s Date of Termination, or solicit or encourage any employee of the Company or any of its affiliates to leave the employment of the Company or any of such affiliates, as applicable.  The parties hereto agree that (i) the placement of general advertisements that may be targeted to a particular geographic or technical area but which are not targeted directly or indirectly towards any employees, officers, agents or representatives of the Company (or any successor entity) shall not be deemed a breach of this Section 10(b) and (ii) the employment or engagement of such persons by an entity that is not controlled by Executive and whom Executive did not encourage, solicit or induce or in any manner attempt to encourage, solicit or induce to terminate his or her employment with the Company shall not be deemed a breach of this Section 10(b).
(c)NON-INTERFERENCE WITH COMPANY OPPORTUNITIES.  The Executive understands and agrees that all business opportunities with which he is involved during his employment with the Company constitute valuable assets of the Company and its affiliated entities, and may not be converted to Executive’s own use or converted by Executive for the use of any person, firm, corporation, partnership, association or other entity or enterprise.  Accordingly, Executive agrees that during the Term, Executive shall not, directly or indirectly, whether for his own account or on behalf of any person, firm, corporation, partnership, association or other entity or enterprise, interfere with, solicit, pursue, or in any manner make use of any such business opportunities.
(d)REASONABLE RESTRAINTS.  The Executive agrees that restraints imposed upon him pursuant to this Section are necessary for the reasonable and proper protection of the Company and its subsidiaries and affiliates, and that each and every one of the restraints is reasonable in respect to subject matter, length of time and geographic area.  The parties further agree that, in the event that any provision of this Section shall be determined by any court of competent jurisdiction to be unenforceable by reason of its being extended over too great a time, too large a geographic area or too great a range of activities, such provision shall be deemed to be modified to permit its enforcement to the maximum extent permitted by law.
11.NON-EXCLUSIVITY OF RIGHTS.  Nothing in this Agreement shall prevent or limit the Executive’s continuing or future participation in any plan, program, policy or practice provided by the Company and for which the Executive may qualify, nor shall anything herein limit or otherwise affect such rights as the Executive may have under any contract or agreement with the Company.  Amounts which are vested benefits or which the Executive is otherwise entitled to receive under any plan, policy, practice or program of or any contract agreement with the Company at or subsequent to the Date of Termination shall be payable in accordance with such plan, policy, practice or program or contract or agreement except as explicitly modified by 
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this Agreement.  Notwithstanding anything in this Agreement or any such plan, policy, practice or program noted above to the contrary, the timing of all payments pursuant to this Agreement or any such plan, policy, practice or program shall be subject to the timing rules specified in Section 7(h) of this Agreement.
12.FULL SETTLEMENT.  The Company’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may have against the Executive or others.  In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement and except as expressly provided, such amounts shall not be reduced whether or not the Executive obtains other employment.  The Company agrees to pay as incurred (within 30 days following the Company’s receipt of an invoice from the Executive), to the full extent permitted by law, all reasonable legal fees and expenses which the Executive or his beneficiaries may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive or his beneficiaries about the amount of any payment pursuant to this Agreement), plus in each case interest on any delayed payment at the applicable Federal rate provided for in Section 7872(f)(2)(a) of the Code to the extent permitted by 409A.  The preceding sentence shall not apply with respect to any such contest if the court having jurisdiction over such contest determines that the Executive’s claim in such contest is frivolous or maintained in bad faith.  This reimbursement obligation shall remain in effect following the Executive’s termination of employment for the applicable statute of limitations period relating to any such claim, and the amount of reimbursements hereunder during any tax year shall not affect the expenses eligible for reimbursement in any other tax year.  Such reimbursements are intended to comply with Treasury Regulation Section 1.409A-3(i)(1)(iv)(A).
13.DISPUTES.
(a)EQUITABLE RELIEF.  The Executive acknowledges and agrees that upon any breach by the Executive of his obligations under Sections 9 or 10 hereof, the Company will have no adequate remedy at law, and accordingly will be entitled to specific performance and other appropriate injunctive and equitable relief.  In the event an enforcement remedy is sought under Section 10 hereof, the time periods provided for in that Section shall be extended by one day for each day the Executive failed to comply with the restriction at issue.
(b)ARBITRATION.  Excluding only requests for equitable relief by the Company under Section 13(a) of this Agreement, in the event that there is any claim or dispute arising out of or relating to this Agreement, or the breach thereof, and the parties hereto shall not have resolved such claim or dispute within 60 days after written notice from one party to the other setting forth the nature of such claim or dispute, then such claim or dispute shall be settled exclusively by binding arbitration in Dallas, Texas in accordance with the Commercial Arbitration Rules of the American Arbitration Association by an arbitrator mutually agreed upon by the parties hereto or, in the absence of such agreement, by an arbitrator selected according to such Rules.  Notwithstanding the foregoing, if either the Company or the Executive shall request, such arbitration shall be conducted by a panel of three arbitrators, one selected by the Company, one selected by the Executive and the third selected by agreement of the first two, or, in the absence of such agreement, in accordance with such Rules.  Neither party shall have the right to claim or recover punitive damages.  Judgment upon the award rendered by such arbitrator(s) shall be entered in any Court having jurisdiction thereof upon the application of either party.
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14.INDEMNIFICATION.  The Company will indemnify the Executive, to the maximum extent permitted by applicable law, against all costs, charges and expenses incurred or sustained by the Executive, including the cost of legal counsel selected and retained by the Executive in connection with any action, suit or proceeding to which the Executive may be made a party by reason of the Executive being or having been an officer, director, or employee of the Company or any subsidiary or affiliate of the Company, any entity advised by the Company or any new platform or entity to be created by, or spun-off from, Ashford Inc., Ashford Prime or Ashford Trust.  The Company’s obligations under this Section 14 shall be in addition to any other indemnification rights to which the Executive may be entitled.
15.COOPERATION IN FUTURE MATTERS.  The Executive hereby agrees that, for a period of one (1) year following his termination of employment, he shall cooperate with the Company’s reasonable requests relating to matters that pertain to the Executive’s employment by the Company, including, without limitation, providing information or limited consultation as to such matters, participating in legal proceedings, investigations or audits on behalf of the Company, or otherwise making himself reasonably available to the Company for other related purposes.  Any such cooperation shall be performed at times scheduled taking into consideration the Executive’s other commitments, including business and family matters, and the Executive shall be compensated at a reasonable hourly or PER DIEM rate to be agreed by the parties to the extent such cooperation is required on more than an occasional and limited basis.  The Executive shall not be required to perform such cooperation to the extent it conflicts with any requirements of exclusivity of services for another employer or otherwise, nor in any manner that in the good faith belief of the Executive would conflict with his rights under or ability to enforce this Agreement.
16.GENERAL.
(a)NOTICES.  All notices and other communications hereunder shall be in writing or by written telecommunication, and shall be deemed to have been duly given if delivered personally or if sent by overnight courier or by certified mail, return receipt requested, postage prepaid or sent by written telecommunication or telecopy, to the relevant address set forth below, or to such other address as the recipient of such notice or communication shall have specified to the other party hereto in accordance with this Section 16(a).
If to the Company, to:    Ashford Hospitality Advisors, LLC
14185 Dallas Parkway, Suite 1100
Dallas, Texas 75254
Attn: Chief Executive Officer
with a copy to:    Ashford Inc.
14185 Dallas Parkway, Suite 1100
Dallas, Texas 75254 Attn: General Counsel
and
    Ashford Inc.
14185 Dallas Parkway, Suite 1100
Dallas, Texas 75254 Attn: Lead Director
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If to the Executive, at his last residence shown on the records of the Company,
with a copy to:    _________________________
_________________________
_________________________
_________________________
Any such notice shall be effective (i) if delivered personally, when received, (ii) if sent by overnight courier, when receipted for, and (iii) if mailed, two (2) days after being mailed as described above.
(b)SEVERABILITY.  If any provision of this Agreement is or becomes invalid, illegal or unenforceable in any respect under any law, the validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired.
(c)WAIVERS.  No delay or omission by either party hereto in exercising any right, power or privilege hereunder shall impair such right, power or privilege, nor shall any single or partial exercise of any such right, power or privilege preclude any further exercise thereof or the exercise of any other right, power or privilege.
(d)COUNTERPARTS.  This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  In making proof of this Agreement, it shall not be necessary to produce or account for more than one such counterpart.
(e)ASSIGNS.  This Agreement shall be binding upon and inure to the benefit of the Company’s successors and the Executive’s personal or legal representatives, executors, administrators, heirs, distributees, devisees and legatees.  This Agreement shall not be assignable by the Executive, it being understood and agreed that this is a contract for the Executive’s personal services.  This Agreement shall not be assignable by the Company except in connection with a transaction involving the succession by a third party to all or substantially all of the Company’s business and/or assets (whether direct or indirect and whether by purchase, merger, consolidation, liquidation or otherwise), in which case such successor shall assume this Agreement and expressly agree to perform this Agreement in the same manner and to the same extent as the Company would be required to perform it in the absence of a succession.  For all purposes under this Agreement, the term “Company” shall include any successor to the Company’s business and/or assets that executes and delivers the assumption agreement described in the immediately preceding sentence or that becomes bound by this Agreement by operation of law.
(f)ENTIRE AGREEMENT.  This Agreement contains the entire understanding of the parties, supersedes all prior agreements and understandings, including the Original Agreement, whether written or oral, relating to the subject matter hereof, and may not be amended except by a written instrument hereafter signed by the Executive and the Company.
(g)GOVERNING LAW.  This Agreement and the performance hereof shall be construed and governed in accordance with the laws of the State of Texas, without giving effect to principles of conflicts of law.  Jurisdiction and venue shall be solely in the federal or state courts of Dallas County, Texas.  This provision should not be read as a waiver of any right to removal to federal court in Dallas County.
(h)CONSTRUCTION.  The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict 
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construction will be applied against any party.  The headings of sections of this Agreement are for convenience of reference only and shall not affect its meaning or construction.
(i)PAYMENTS AND EXERCISE OF RIGHTS AFTER DEATH.  Any amounts due hereunder after the Executive’s death shall be paid to the Executive’s designated beneficiary or beneficiaries, whether received as a designated beneficiary or by will or the laws of descent and distribution.  The Executive may designate a beneficiary or beneficiaries for all purposes of this Agreement, and may change at any time such designation, by notice to the Company making specific reference to this Agreement.  If no designated beneficiary survives the Executive or the Executive fails to designate a beneficiary for purposes of this Agreement prior to his death, all amounts thereafter due hereunder shall be paid, as and when payable, to his spouse, if she survives the Executive, and otherwise to his estate.
(j)CONSULTATION WITH COUNSEL.  The Executive acknowledges that he has had a full and complete opportunity to consult with counsel or other advisers of his own choosing concerning the terms, enforceability and implications of this Agreement, and that the Company has not made any representations or warranties to the Executive concerning the terms, enforceability and implications of this Agreement other than as are reflected in this Agreement.
(k)WITHHOLDING.  Any payments provided for in this Agreement shall be paid net of any applicable tax withholding required under federal, state or local law.
(l)NON-DISPARAGEMENT.  The Executive agrees that, during the Term and thereafter including following Executive’s termination of employment for any reason) he will not make statements or representations, or otherwise communicate, directly or indirectly, in writing, orally, or otherwise, or take any action which may, directly or indirectly, disparage the Company or its affiliates or their respective officers, directors, employees, advisors, businesses or reputations.  The Company agrees that, during the Term and thereafter (including following Executive’s termination of employment for any reason), the Company’s directors, officers or other employees will not make statements or representations, or otherwise communicate, directly or indirectly, in writing, orally, or otherwise, or take any action which may directly or indirectly, disparage Executive or his family or his business or reputation; provided, however, the Company shall have no liability for any communication by its employees (other than its officers) that violates this non-disparagement clause, unless an officer of the Company is made aware of such communication and fails to take appropriate action to enforce this non-disparagement clause on behalf of the Company.  Notwithstanding the foregoing, nothing in this Agreement shall preclude either Executive or the Company from making truthful statements or disclosures that are required by applicable law, regulation, or legal process.  Notwithstanding the foregoing, nothing in this Agreement prohibits Executive from reporting possible violations of federal law or regulation to any government agency or entity or making the other disclosure protected under whistleblower provisions of law.  Executive does not need prior authorization to make such reports or disclosures and is not required to notify the Company that he has made any such report or disclosure.
(m)CODE SECTION 409A.  It is the intention of the parties to this Agreement that no payment or entitlement pursuant to this Agreement will give rise to any adverse tax consequences to the Executive under Section 409A of the Code.  The Agreement shall be interpreted to that end and, consistent with that objective and notwithstanding any provision herein to the contrary, the Company may unilaterally take any action it deems necessary or desirable to amend any provision herein to avoid the application of or excise tax under Section 409A.  Further, no effect shall be given to any provision herein in a manner that reasonably could be expected to give rise to adverse tax consequences under that provision.
[SIGNATURE PAGE FOLLOWS]
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IN WITNESS WHEREOF, and intending to be legally bound hereby, the parties hereto have caused this Agreement to be duly executed under seal as of the date first above written.
ASHFORD HOSPITALITY ADVISORS, LLC
By:  /s/ David A. Brooks    
Name: David A. Brooks
Title: Vice President

Dated: September 13, 2017
ASHFORD INC.
By: /s/ David A. Brooks    
Name: David A. Brooks
Title: Vice President

Dated: September 13, 2017
EXECUTIVE
/s/ Mark Nunneley    
MARK NUNNELEY

Dated: September 13, 2017

EXHIBIT “A”
RELEASE AND WAIVER
THIS RELEASE AND WAIVER (the “Termination Release”) is made as of the ___ day of _____, 200_ by «NAME» (the “Executive”).
WHEREAS, the Executive, and the Company have entered into an Employment Agreement (the “Agreement”) dated as of [__________], effective as of [__________] and providing certain compensation and severance amounts upon the Executive’s termination of employment; and
WHEREAS, the Executive has agreed, pursuant to the terms of the Agreement, to execute a release and waiver in the form set forth in this Termination Release in consideration of the Company’s agreement to provide the compensation and severance amounts upon the Executive’s termination of employment set out in the Agreement; and
WHEREAS, the Company and the Executive desire to settle all rights, duties and obligations between them, including without limitation all such rights, duties, and obligations arising under the Agreement or otherwise out of the Executive’s employment by the Company;
NOW THEREFORE, intending to be legally bound and for good and valid consideration the sufficiency of which is hereby acknowledged, the Executive agrees as follows:
1.QUALIFYING TERMINATION PAYMENTS AND CONDITIONS.  The Executive and the Company acknowledge and agree that the Date of Termination is _____________________, 20___.  Payment of the compensation and severance amounts contained in the Agreement is subject to Executive’s execution and non-revocation of the Termination Release and is due pursuant to the terms described in the Agreement.  Consistent with the revocation period described below, no such payment will be due sooner than eight days following the date that Executive executes the Termination Release.
2.GENERAL RELEASE BY EXECUTIVE.
(a)The Executive knowingly and voluntarily releases, acquits, covenants not to sue and forever discharges the Company, and its respective owners, parents, stockholders, predecessors, successors, assigns, agents, directors, officers, employees, representatives, divisions and subsidiaries (collectively, the “Releasees”) from any and all charges, complaints, claims, liabilities, obligations, promises, agreements, damages, causes of action, suits, rights, costs, losses, debts and expenses of any nature whatsoever, known or unknown, suspected or unsuspected, foreseen or unforeseen, matured or unmatured (collectively, the “Claims”), against them which the Executive or any of his heirs, executors, administrators, successors and assigns ever had, now has or at any time hereafter may have, own or hold by reason of any matter, fact, or cause whatsoever from the beginning of time up to and including the date of this Termination Release, including without limitation all claims arising under Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act of 1990, the Family and Medical Leave Act of 1993, the Employee Retirement Income Security Act of 1974, Texas Labor Code Section 21.001, et seq. (Texas Employment Discrimination); Texas Labor Code Section 61.001, et seq. (Texas Pay Day Act); Texas Labor Code Section 62.002, et seq. (Texas Minimum Wage Act); Texas Labor Code Section 201.001, et seq. (Texas Unemployment Compensation Act); Texas Labor Code Section 401.001, et seq., specifically Section 451.001 formerly codified as Article 8307c of the Revised Civil Statutes (Texas Workers’ Compensation Act and Discrimination Issues); and Texas Genetic Information and Testing Law, each as amended, or any other federal, state or local 
A-1

laws, rules, regulations, judicial decisions or public policies now or hereafter recognized.  Expressly excluded from this General Release are Claims which cannot be waived by law.
(b)    The Executive represents that he has not filed or permitted to be filed against any of the Releasees, any complaints, charges or lawsuits and covenants and agrees that he will not seek or be entitled to any personal recovery in any court or before any governmental agency, arbitrator or self-regulatory body against any of the Releasees arising out of any matters set forth in Section 1(a) hereof.  Nothing herein shall prevent the Executive from seeking to enforce his rights under the Agreement.  The Executive does not hereby waive or release his rights to any benefits under the Company’s employee benefit plans to which he is or will be entitled pursuant to the terms of such plans in the ordinary course.
3.ADEA RELEASE BY EXECUTIVE.  The Executive hereby completely and forever releases and irrevocably discharges the Releasees, from any and all Claims arising under the Age Discrimination in Employment Act (“ADEA”) on or before the date the Executive signs this Termination Release (the “ADEA Release”), and hereby acknowledges and agrees that: (i) this Termination Release, including the ADEA Release, was negotiated at arm’s length; (ii) this Termination Release, including the ADEA Release, is worded in a manner that the Executive fully understands; (iii) the Executive specifically waives any rights or claims under the ADEA; (iv) the Executive knowingly and voluntarily agrees to all of the terms set forth in this Termination Release, including the ADEA Release; (v) the Executive acknowledges and understands that any claims under the ADEA that may arise after the date of this Termination Release are not waived; and (vi) the rights and claims waived in this Termination Release, including the ADEA Release, are in exchange for consideration over and above anything to which the Executive was already entitled.
4.GENERAL RELEASE BY COMPANY.  The Company and its affiliates each does hereby fully, finally and completely release Executive from any and all Claims of any kind or nature arising out of the Executive’s employment with the Company arising from, relating to, or in any way connected with any facts or events occurring on or before the date of the Termination Release, provided, however, that the Executive is not released or discharged from his continuing obligations contained in the Termination Release, the Agreement, or in any other agreement with the Company.
5.NON-DISPARAGEMENT.  The Executive covenants and agrees he will not make statements or representations, or otherwise communicate, directly or indirectly, in writing, orally, or otherwise, or take any action which may, directly or indirectly, disparage the Company or its affiliates or their respective officers, directors, employees, advisors, businesses or reputations.  Notwithstanding the foregoing, nothing herein or in the Agreement shall preclude the Executive from making truthful statements or disclosures that are required by applicable law, regulation or legal process.  The Company covenants and agrees its directors, officers and other employees will not make statements or representations, or otherwise communicate, directly or indirectly, in writing, orally, or otherwise, or take any action which may, directly or indirectly, disparage Executive or his family or his business or reputation; provided, however, the Company shall have no liability for any communication by its employees (other than its officers) that violates this non-disparagement clause, unless an officer of the Company is made aware of such communication and fails to take appropriate action to enforce this non-disparagement clause on behalf of the Company.  Notwithstanding the foregoing, nothing herein or in the Agreement shall preclude the Executive or the Company’s officers and directors from making truthful statements or disclosures that are required by applicable law, regulation, or legal process.
6.REAFFIRMATION OF CONTINUING OBLIGATIONS.  Nothing in this Termination Release shall be deemed to affect or relieve the Executive from any continuing obligation contained in any other agreement with the Company or the Company’s rights with 
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respect thereto.  The Executive specifically acknowledges and reaffirms his continuing noncompetition and non-solicitation obligations to the Company under the Agreement.  The Executive further acknowledges that this reaffirmation is material to this Termination Release, and the Executive acknowledges and agrees that his continuing non-competition and nonsolicitation obligations under the Agreement are reasonable and enforceable and that he will not challenge or violate these covenants.
7.MODIFICATION; WAIVER.  No modification or addition hereto or waiver or cancellation of any provision hereof shall be valid except by a writing signed by the party to be charged therewith.  No delay on the part of any party to this Termination Release in exercising any right or privilege provided hereunder or by law shall impair, prejudice or constitute a waiver of such right or privilege.
8.SEVERABILITY.  If any provision contained in this Termination Release is determined to be void, illegal or unenforceable, in whole or in part, then the other provisions contained herein shall remain in full force and effect as if the provision which was determined to be void, illegal or unenforceable had not been contained herein.
9.COSTS.  The parties hereto agree that each party shall pay its respective costs, including attorney’s fees, if any, associated with this Termination Release.
10.FULLY UNDERSTOOD; PAYMENTS RECEIVED.  By signing this Termination Release, the Executive acknowledges and affirms that he has read and understands the foregoing Termination Release, agreed to the terms of the Release Agreement, and acknowledges receipt of a copy of the Termination Release.  The Executive also hereby acknowledges and affirms the sufficiency of the compensation and severance amounts recited herein.  The Executive further acknowledges that upon receipt of the compensation and severance amounts recited herein, he shall not be entitled to any further payment, compensation or remuneration of any kind from the Company, with respect to the Executive’s employment with the Company or otherwise.
11.ENTIRE AGREEMENT.  This Termination Release contains the entire agreement between the Executive and the Company and supersedes any and all prior understandings or agreements with respect to the subject matter hereof, whether written or oral, except as set forth herein and with respect to any of the Executive’s continuing obligations contained elsewhere (including those contained in the Agreement), which shall continue and remain in full force and effect per the terms of those covenants.
ACKNOWLEDGMENT.  The Company has advised the Executive to consult with an attorney of his choosing prior to signing this Termination Release and the Executive hereby represents to the Company that he has been offered an opportunity to consult with an attorney prior to signing this Termination Release.  The Company has also advised the Executive that Executive has up to twenty-one days to consider and sign the Termination Release and up to seven days after signing in which to revoke acceptance by giving notice to _________________________ at _________________________ by personal delivery or by mail postmarked no later than the seventh day after the Executive signs the Termination Release.  The Executive acknowledges and agrees that any changes in the terms of this Termination Release, whether material or immaterial, after the date upon which the Executive first received this Termination Release shall not affect or restart the above-referenced twenty-one day consideration period.
[SIGNATURE PAGE FOLLOWS]
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IN WITNESS WHEREOF, and intending to be legally bound hereby, the parties hereto has executed this Termination Release under seal as of the day and year first above written.
ASHFORD HOSPITALITY ADVISORS, LLC
By:___________________________________    
Name:    
Title:__________________________________    

Dated:_________________________________    
EXECUTIVE:
______________________________________    
MARK NUNNELEY

Dated:_________________________________Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT
(“Agreement”) is entered into this on March [ 22 ], 2022 (the “Effective Date”) by and between Lingge
Wu (“Employee”) and Farmmi, Inc., (“Farmmi”).

 

WHEREAS, Farmmi desires to
employ Employee as the Chief Financial Officer of FARMMI, the parent company of its subsidiaries (Farmmi International Limited, Farmmi
(Hangzhou) Enterprise Management Co., Ltd., Zhejiang Farmmi Agricultural Science and Technology Group Co., Ltd., Hangzhou Nongyuan Network
Technology Co., Ltd, Lishui Farmmi Technology Co., Ltd., Zhejiang FLS Mushroom Co., Ltd., Zhejiang Farmmi Food Co., Ltd., Lishui Farmmi
E-Commerce Co., Ltd., Zhejiang Farmmi Biotechnology Co., Ltd., Farmmi (Hangzhou) Ecology Agriculture Development Co., Ltd., Zhejiang Farmmi
Agricultural Supply Chain Co., Ltd., Zhejiang Yitang Medical Service Co., Ltd., Zhejiang Yiting Medical Technology Co., Ltd., Farmmi (Hangzhou)
Health Development Co., Ltd., Zhejiang Farmmi Healthcare Technology Co., Ltd., Zhejiang Farmmi Holding Group Co. LTD, Jiangxi Xiangbo
Agriculture and Forestry Development Co. Ltd., Yudu County Yada Forestry Co., Ltd., Guoning Zhonghao (Ningbo) Trade Co., Ltd., Shanghai
Zhongjian Yiting Healthcare Technology Partnership (Limited Partnership), Lishui Yifeng Healthcare Technology Co., Ltd., Lishui Yilong
Enterprise Management Co., Ltd., Lishui Yifeng Yilong Medical Technology Development Partnership (Limited Partnership), and Lishui Yitang
Shangke Medical and Health Technology Partnership (Limited Partnership) are all referred to collectively herein as “Farmmi”);
and

 

WHEREAS, Employee and Farmmi
desire to establish and govern the employment relationship under the terms and conditions set forth in this Agreement; and

 

NOW, THEREFORE, in consideration of the mutual
covenants and promises set forth herein, the adequacy of which is acknowledged, Employee and Farmmi hereby agree as follows:

 

1.       Employment.
Employee is being employed by Farmmi as the Chief Financial Officer upon and subject to the terms and conditions of this Agreement. During
the term of her employment under this Agreement, Employee shall report to Farmmi’s Chief Executive Officer and Board of Directors,
or to such other persons as Farmmi may designate from time to time. Farmmi reserves the right to change Employee’s title, duties,
and reporting relationships as may be determined by it to be in the best interests of Farmmi.

 

2.       Duties.

 

(a)       During
the term of her employment under this Agreement, Employee will perform her duties hereunder at such time or times as Farmmi may reasonably
request. Employee’s duties may be varied by Farmmi from time to time without violating the terms of this Agreement and shall include:
(i) devoting herbest efforts and her entire business time to further properly the interests and revenues of Farmmi to the satisfaction
of Farmmi, (ii) being subject to Farmmi’s direction and control at all times with respect to her activities on behalf of Farmmi,
(iii) complying with all rules, orders, regulations, policies, practices and decisions of Farmmi, (iv) truthfully and accurately maintaining
and preserving all records and making all reports as Farmmi may require, and (v) fully accounting for all monies and other property of
Farmmi of which she may from time to time have custody and delivering the same to Farmmi whenever and however directed to do so.

 

(b)       In
performing her duties, Employee shall not undertake any action inconsistent with or harmful to the best interests of Farmmi. Employee
shall perform her duties and responsibilities in a professional manner and consistent with the overall goals and objectives of Farmmi
and applicable federal, state, and local law.

  

(c)       In
performing her duties, Employee shall be familiar with and shall comply with: (i) all applicable federal, state, and local laws and regulations;
(ii) the policies and decisions of Farmmi’s Board of Directors; and (iii) all policies, procedures, and requirements enacted by
Farmmi’s Board of Directors, as they may be amended from time to time. Employee agrees to adhere to and support Farmmi’s policies
and practices as set forth in any employee handbook or policy manual. Employee acknowledges and agrees that Farmmi may amend or update
its employee handbooks or policy manuals from time to time by written notice to Employee.

 

(d)       During
her employment with Farmmi, Employee shall devote her full time, attention, and best efforts to the operations of Farmmi and the
fulfillment of her duties. Employee agrees that, during her employment with Farmmi, she will exercise the highest degree of loyalty
and will conduct her duties with the highest degree of care. During her employment with Farmmi, Employee shall not directly or
indirectly engage in any other business activity, whether as an employee, employer, consultant, principal, officer, or otherwise and
whether or not done for compensation, gain, or other financial or economic advantage.

 

     

     

    

 

3.       Compensation.

 

(a)       For
all services rendered by Employee to Farmmi, Farmmi has agreed to pay Employee a base gross annual salary of RMB [250,000],
paid by Zhejiang Farmmi Food Co., Ltd., a PRC company (“Farmmi Food”) (also referred to as 浙江农米食品有限公司 in
Chinese). Employee’s gross salary will be paid to Employee in accordance with Farmmi Food’s standard payroll policies and
practices, beginning with the first regularly scheduled pay date following the Effective Date of this Agreement. Employee understands
and acknowledges that the base gross annual salary to be paid to him under this Agreement will be reduced by all applicable federal and
state payroll and withholding taxes and any other deductions authorized by Employee for the provision of employee benefits or otherwise.
Farmmi Food will conduct an annual performance review of Employee, and any changes in Employee’s salary shall be determined in the
sole discretion of Farmmi Food.

 

4.       Expenses.
Farmmi shall reimburse Employee for all ordinary and necessary out-of-pocket expenses incurred and paid by Employee in the course of the
performance of Employee’s duties pursuant to this Agreement, provided that Employee incurred such expenses consistent with Farmmi’s
policies in effect from time to time with respect to travel, entertainment and other business expenses. To receive such expenses reimbursement,
Employee shall submit written requests, along with supporting documentation and/or receipts, in compliance with Farmmi’s requirements
with respect to the manner of approval and reporting of such expenses.

 

5.       Additional
Benefits.

 

(a)       Subject
to meeting the eligibility requirements to participate in such plans under the terms and conditions established by the plans, Employee
shall be eligible to participate in all employee benefits programs provided by Farmmi to its employees, as such may be established and
modified from time to time in the discretion of Farmmi. However, nothing contained in this Agreement shall be construed to obligate Farmmi
in any manner to maintain any existing plans, put into effect any plans not presently in existence, or provide special benefits to Employee.

 

(b)       During
the term of this Agreement, Employee shall be entitled to all national statutory annual paid vacation leave per year. Employee understands
and agrees that all vacation time shall be approved by the Chief Executive Officer before Employee takes such leave. Employee’s
ability to carry over unused vacation leave from year to year and to receive payment for unused vacation leave upon termination of employment
shall be governed by Farmmi’s policies in existence at the time of such occurrence.

 

6.       Indemnity.
Farmmi will indemnify Employee against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement
and reasonably incurred in connection with civil, criminal, administrative or investigative proceedings to which Employee is party or
are threatened to be made a party by reason of Employee acting as the Chief Financial Officer. To be entitled to indemnification, Employee
must have acted honestly and in good faith with a view to the best interest of Farmmi and, in the case of criminal proceedings, Employee
must have had no reasonable cause to believe Employee’s conduct was unlawful. Such limitation of liability does not affect the availability
of equitable remedies such as injunctive relief or rescission. These provisions will not limit Employee’s liability under United
States federal securities laws.

 

7.       Termination.

 

(a)       Either
party may terminate this Agreement at any time, for any reason or for no reason, with or without cause, upon thirty (30) days’ written
notice to the other party.

 

     

     

    

 

(b)       Notwithstanding
Paragraph 7(a) above, Employee’s employment with Farmmi shall terminate immediately upon: (i) the death, disability, or
adjudication of legal incompetence of Employee; (ii) Farmmi’s ceasing to carry on its business without assigning this
Agreement; or (iii) Farmmi becoming bankrupt. For purposes of this Agreement, Employee shall be deemed to be disabled when Employee
has become unable, by reason of physical or mental disability, to satisfactorily perform the essential functions of her job and
there is no reasonable accommodation that can be provided to enable him to perform satisfactorily those essential functions. Such
matters shall be determined by, or to the reasonable satisfaction of, Farmmi.

 

(c)       Notwithstanding
Paragraph 7(a) above, Farmmi may immediately terminate this Agreement for cause, effective upon the provision of notice to Employee, for
the following reasons: (i) Employee’s repeated failure to satisfactorily and substantially perform her duties as an employee of
Farmmi (other than any such failure resulting from a disability), which failure has continued without remedy for more than thirty (30)
days after Farmmi has provided written notice thereof; (ii) Employee’s dishonesty, incompetence, willful misconduct, gross negligence,
or breach of fiduciary duty; (iii) failure to comply with the lawful directives of Farmmi’s Board of Directors; (iv) failure to
abide by and/or comply with any laws or regulations governing or relating to the operations of Farmmi; (v) failure to abide by and/or
comply with any other applicable laws, including, but not limited to, laws prohibiting discrimination and harassment in the workplace;
(vi) theft, misappropriation, or misuse of Farmmi’s property or assets; (vii) Employee’s conviction of or plea of guilty or
nolo contendere to any felony or any other crime involving theft, dishonesty, or fraudulent conduct; or (viii) breach of Employee’s
obligations under this Agreement.

 

(d)       In
the event Employee’s employment with Farmmi is terminated by Employee or Employer for any or no reason, Farmmi shall pay or provide
to Employee any salary that Employee shall have earned and not yet received through the date of such employment termination, determined
on a pro rata basis based on the number of work days in the month of termination.

 

8.       Employee
Covenants.

 

(a)       Non-Disclosure
and Return of Confidential Information.

 

(i)     
Employee acknowledges that, as an employee of Farmmi, Employee will be provided access to, and may develop or assist in developing on
Farmmi’s behalf, confidential and proprietary information and trade secrets. As used in this Agreement, “Confidential Information”
shall be deemed to include, but shall not be limited to, information and materials related to Farmmi’s business procedures, methods,
and manufacturing processes for producing its products; marketing plans and strategies; customer lists, business histories, customer presentations,
strategic business opportunities and plans; market research, analyses of customer information, and prospective customer lists; pricing
of goods sold, margins, and sales strategies; accounting, operational, organizational, and financial data, processes, and services; technical
know-how; research and development; proprietary computer software and hardware; and any other information that is not generally known
to the public or within the industry in which Farmmi competes. “Confidential Information” shall also be deemed to include
information or material received by Farmmi from others and intended by them to be kept in confidence by its recipients. “Confidential
Information” shall not include Employee’s general skills and knowledge concerning general business practices not specific
to Farmmi’s business, nor shall it include information that has become widely disseminated and generally available to the public
through no wrongful act or omission on the part of Employee.

 

(ii)       At
all times during and after employment with Farmmi, Employee shall take all reasonable steps necessary to preserve the confidential and
proprietary nature of Confidential Information and to prevent the inadvertent or accidental disclosure of Confidential Information. Employee
will not use, disclose, transfer, or make available any Confidential Information other than: (i) as required by the proper performance
of Employee’s duties for Farmmi; (ii) as authorized by Farmmi; and (iii) as required by an order or subpoena from a court of competent
jurisdiction and/or administrative agency, provided that, prior to such disclosure, Employee promptly notifies Farmmi so that Farmmi may
take appropriate action with such court or agency to protect its Confidential Information. Employee will not remove any Confidential Information
from Farmmi’s premises or make copies of such materials except for use in Farmmi’s business. Employee shall not retain any
tangible, intangible, or electronic copies of any Confidential Information after the termination of her employment with Farmmi for any
reason.

 

(iii)       If
part of the Confidential Information is known by public, but other parts or the whole is not public knowledge yet, the whole Confidential
Information still has confidential value. Employee agrees to have non-disclosure covenant for such Confidential Information. Employee
shall not disclose such information directly or indirectly, or solicit any third party to put together Confidential Information by collecting
the public part(s).

 

     

     

    

 

(iv)       During
her employment with Farmmi, for the interest of Farmmi, Employee shall promptly report to Farmmi the Confidential Information arising
out of work, submit a written report, and assist Farmmi to obtain the right of such information. Such Confidential Information shall be
owned Farmmi exclusively. During employment with Farmmi, employee shall fully disclose all of her conceptions about Farmmi’s business
to Farmmi.

 

(v)       The
compensation paid to Employee by Farmmi has included all the consideration for Employee to perform the covenants in Paragraph 8(a).

 

(vi)       Employee
warrants that, unless Employee has stated to Farmmi in writing, Employee’s usage or disclosure of any confidential information during
employment with Farmmi does not violate any confidentiality agreement between Employee and any previous employer or other party. No matter
if Employee is bound by such confidentiality agreement, Employee shall not disclose it to Farmmi, or solicit Farmmi to use any confidential
information of Employee’s any previous employer or other party.

 

 

(b)        Non-Compete.

 

(i)     
Employee acknowledges that, during the course of her employment, Employee will be granted access to and may develop or assist in developing
Farmmi’s Confidential Information and goodwill. Employee recognizes and agrees that in light of her extensive access to and knowledge
of such Confidential Information and in order to protect Farmmi’s goodwill with its customers, Farmmi has a reasonable and legitimate
interest in protecting itself from unfair competition as set forth in subsection (ii).

 

(ii)     
Non-Compete Period is the course of employment with Farmmi and a period of two (2) years after
Employee’s employment with Farmmi ceases (whether voluntarily or involuntarily and for whatever reason) . During the Non-Compete
Period, Employee shall not, on her own behalf or on behalf of any other person or entity, compete with Farmmi by engaging in
a position where Employee holds any registered or beneficial ownership/stock interest, or as its employee, consultant, management,
director or other capacity, holds any interest of any company or entity that competes with
the goods and services provided by Farmmi, or helps or assists such company by any way; (ii) usurp business opportunities provided by
other parties to Farmmi, use Farmmi’s resources to create any business opportunity for himself; take commission fee related to Farmmi’s
transactions, sign contracts or conduct transactions with Farmmi without proper approval under internal rules of Farmmi; or conduct other
actions detrimental to Farmmi’s interests and/or competitive position, (iii) use any of Farmmi’s names, any other name that
Farmmi uses to operate business, or any similar name, or use such name to build or create any entrepreneur entity, organization or domain
name, or use it in any other way without written consent of Farmmi, or (iv) call himself employee of Farmmi or related with Farmmi in
any way, after termination of her employment with Farmmi. This restriction shall only apply within any geographic area serviced
by Employee for Farmmi at any time during the one (1) year period preceding Employee’s termination of employment.

  

(iii)     
During the Non-Compete Period, if Employee continues performing all the covenants in Paragraph 8(b), Farmmi will pay Employee compensation.
The calculation of such compensation is: if Employee continues performing non-compete covenant within twenty (24) months after the termination
of employment, Farmmi will pay Employee compensation equaling to six (6) months of base salary
prior to the termination of employment and pay it month by month. Employee confirms that such compensation is enough and reasonable. Employee
further agrees that Farmmi has the right at its sole discretion to choose to pay consideration for Employee to perform the covenants in
Paragraph 8(b), or choose to cease payment of consideration to waive Employee’s covenants in Paragraph 8(b). Farmmi has the right
at its sole discretion to require Employee to continue to perform the non-compete covenant (but
the term shall not exceed 24 months after the termination of the employment).

 

(iv)     
The benefits obtained (including already obtained or agreed to obtain) by Employee through conducting restricted actions in the Non-Compete
Period shall belong to Farmmi.

 

     

     

    

 

(c)       Non-Solicitation
of Customers. Employee specifically agrees that, at all times during her employment
with Farmmi and for a period of two (2) years Employee will not solicit or offer to any Customer of Farmmi any goods or services
that compete with the goods or services provided by Farmmi. For purposes of this Agreement, the term “Customer”
means: (i) any person or entity that contracted with Farmmi for goods or services at any time during the twelve (12) month period
preceding the Employee's termination of employment; and (ii) any person or entity to whom Farmmi made a proposal or presentation for
the provision of goods or services at any time during the six (6) month period preceding Employee’s termination of employment.
Except as set forth in Paragraph 8(b), this restriction is not intended to prohibit Employee from providing goods or services to
persons or entities who are not Customers of Company.

 

(d)       Non-Solicitation
of Employees. Employee specifically agrees that, at all times during her employment with Farmmi and for a period of two (2) years
after Employee’s employment with Farmmi ceases (whether voluntarily or involuntarily and for whatever reason), Employee shall not,
on Employee’s own behalf or on behalf of any other person or entity, hire, recruit, solicit for employment, or assist in solicitation
or hiring any other employee who works for Farmmi. This includes, but is not limited to: (i) providing to any such prospective employer
the identities of any of Farmmi’s employees; (ii) providing to any such prospective employer information about the quantity of work,
quality of work, special knowledge, or personal characteristics of any person who is still employed at the Farmmi at the time such information
is provided; and/or (iii) assisting any of Farmmi’s employees in obtaining employment with any such prospective employer through
the dissemination of resumes and applications, or otherwise. Employee also specifically agrees that she will not provide the information
set forth in subparts (i), (ii), or (iii) above to any prospective employer during interviews preceding possible employment.

 

(e)        Intellectual
Property.

 

(i)       Employee
agrees to disclose to Farmmi all inventions, ideas, works of authorship and other trade secrets made, developed and/or conceived by him
and arising out of Employee’s employment at all times during her employment with Farmmi and for a period of one (1) year.

 

(ii)       Employee
further agrees that all such inventions, ideas, works of authorship and other trade secrets made shall be “works made for hire”
and that Farmmi shall be deemed the author thereof under the U.S. Copyright Act or other applicable law, and all work product is and shall
be free from any claim or retention of rights thereto on the part of Employee.

 

(iii)       In
any event and at any time, Employee hereby irrevocably assigns to Farmmi any and all right, title interest in such inventions, ideas,
works of authorship and other trade secrets made, including any and all patents and/or copyrights in connection with any of the foregoing,
and agrees to do any and all acts necessary, and sign any and all instruments, which Farmmi may request to secure all rights related to
the foregoing in the United States or in any foreign country.

 

(iv)       By
exhibit to this Agreement, Employee lists all inventions she owns, including the ones she invents by himself and the ones she invents
with others. All the inventions, completed prior to the employment with Farmmi, and owned by Employee, or although owned by third party
but Employee can use within the scope of agreement, are called Prior Inventions. If no exhibit discloses such inventions, it deems that
Employee states such Prior Invention does not exist. If, during her employment with Farmmi, Employee uses any Prior Invention on products,
service, procedure, or machine equipment of Farmmi, Farmmi automatically gets non-exclusive, free, irrevocable, permanent and global license
(including sublicensing to others through different levels of sublicense) to produce, modify, use and sell such Prior Invention. In light
of the foregoing, Employee agrees that, without prior written consent of Farmmi, Employee shall not use any Prior Invention which has
been used on Farmmi’s products or service, or authorize others to use.

 

(v)       During
her employment with Farmmi, Employee confirms the compensation paid from Farmmi to Employee fully covers the work for enforcing the invention,
such as proposal of concept, creation, development, improvement or simplification. Employee represents to give up all legal priority rights
to apply patent or trademark, rights to transfer any invention or technology products, and rights to claim or challenge the ownership
of “works made for hire.”

 

(vi)       Employee
acknowledges and agrees that the covenants and rights in Paragraph 8(e) will be effective for an indefinite period, and will not be restricted
by the termination of employment with Farmmi.

 

     

     

    

 

(f)        Return
of Company Property.

 

Upon the request of Farmmi
or upon the termination of Employee’s employment with Farmmi for any reason, Employee shall return to Farmmi: (a) all Confidential
Information; (b) all other records, designs, patents, business plans, financial statements, manuals, memoranda, lists, correspondence,
reports, records, charts, advertising materials, and other data or property delivered to or compiled by Employee by or on behalf of Farmmi
or its operating subsidiaries, or their representatives, vendors, or customers that pertain to Farmmi’s business, whether in paper,
electronic, or other form; and (c) all keys, credit cards, computers, telephones, PDA’s, equipment, and other property of Farmmi.
Employee shall not retain or cause to be retained any copies of the foregoing. Employee hereby agrees that all of the foregoing shall
be and remain the property of Farmmi, and be subject, at all times to its discretion and control.

  

(g)        Enforcement.

 

(i)      Employee
and Farmmi have examined in detail the covenants and restrictions set forth in Paragraph 8 (including all subsections) of this Agreement
and agree that the restraints imposed upon Employee are reasonable in light of the legitimate interests of Farmmi and are not unduly restrictive
of Employee’s ability to earn a living following the termination of her employment.

 

(ii)      Employee
understands and agrees that the covenants and restrictions set forth in Paragraph 8 (including all subsections) of this Agreement survive
the termination of her employment (regardless of the reason) and remain binding and enforceable against him according to the restrictions’
respective terms.

 

(iii)     
If any of the covenants contained in Paragraph 8 (including all subsections) of this Agreement are held by a court or other enforcement
authority to be overly broad by reason of time period, geography or scope, the court shall modify any time period, geography or scope
deemed overly broad to the maximum time period, geography or scope that such court or other enforcement authority finds reasonable and
enforceable in light of all the circumstances present at the time such determination is made and this Agreement shall be deemed to be
amended at such time to reflect such determination.

 

(iv)     
Employee agrees that a breach by him of any of the covenants and restrictions set forth in Paragraph 8 (including all subsections) of
this Agreement will result in irreparable injury to Farmmi for which a remedy at law shall be insufficient. Employee agrees that in the
event of a breach or threatened breach of such covenants, Farmmi shall be entitled to temporary, preliminary, and permanent injunctive
relief without the need to prove irreparable harm and without the necessity of placing a bond for such injunction. The application of
any form of injunctive relief shall not make any other legal or equitable remedy unavailable.

 

(v)       In
the event that the Employee is found by a court or other enforcement authority to have breached any of the covenants and restrictions
set forth in Paragraph 8 (including all subsections) of this Agreement, then the time periods set forth in such restrictions, if any,
shall automatically be extended by the length of time which Employee shall have been in breach of any of said provisions.

 

9.       Survival
of Obligations. All obligations of Employee that by their nature involve performance after the expiration or termination of Employee’s
employment with Farmmi, or that cannot be ascertained to have been fully performed until after the expiration or termination of Employee’s
employment with Farmmi, shall survive the expiration or termination of this Agreement. Except as otherwise specifically provided in this
Agreement, all of Farmmi’s obligations under this Agreement will terminate at the time this Agreement or Employee’s employment
with Farmmi is terminated for any reason.

 

     

     

    

 

10.       Notice.
Any notice, request, consent or communication under this Agreement shall be effective only if it is in writing and personally delivered
or sent by certified mail, return receipt requested, postage prepaid, or by a nationally recognized overnight delivery service, with delivery
confirmed, addressed as follows:

                   

	If to Farmmi: 	Farmmi, Inc.
	 	F1 1, Building No. 1, 888 Tianning Street, Liandu District
	 	Lishui, Zhejiang Province
	 	People’s Republic of China 323000

  

	With a Copy to:	Anthony W. Basch
	 	Kaufman & Canoles, P.C.
	 	Two James Center, 14th Floor
	 	1021 E. Cary St.
	 	Richmond, VA 23219

  

	If to Employee:   	Lingge Wu
	 	Farmmi, Inc.
	 	F1 1, Building No. 1, 888 Tianning Street, Liandu District
	 	Lishui, Zhejiang Province
	 	People’s Republic of China 323000

 

or such other persons and/or
addresses as shall be furnished in writing by any party to the other party, and shall be deemed to have been given only upon its delivery
in accordance with this Paragraph 10.

 

11.       No
Conflicts. Employee represents and warrants to Farmmi that neither the execution nor delivery of this Agreement, nor the performance
of Employee’s obligations hereunder will conflict with, or result in a breach of, any term, condition, or provision of, or constitute
a default under, any obligation, contract, agreement, covenant or instrument to which Employee is a party or under which Employee is bound,
including, but not limited to, the breach by Employee of a fiduciary duty to any former employers.

 

12.       Defined
Terms. A term defined in any part of this Agreement shall have the defined meaning wherever the term is used in this Agreement.

 

13.       Assignment.

 

(a)       This
Agreement may be assigned by Farmmi to any successor, subsidiary or affiliated entity or in connection with sale, merger, or consolidation
of Farmmi with another entity. Additionally, this Agreement shall be deemed to have been assigned without any further action on the part
of Farmmi to a successor entity in the event of a sale, merger, or consolidation of Farmmi. Such assignment may occur without
prior notice to Employee and without the provision of any additional consideration to Employee.

 

(b)       Employee
understands and agrees that the duties and obligations of Employee under this Agreement are personal in nature and cannot be assigned,
in whole or in part, by Employee.

 

14.       Waiver.

 

(a)       Any
failure of any party on one or more occasions to enforce or require the strict keeping and performance of any of the terms and conditions
of this Agreement shall not constitute a waiver of such terms and conditions of this Agreement, shall not constitute a waiver of such
term or condition at any future time, and shall not prevent any party from insisting on the strict keeping and performance of such terms
and conditions at a later time.

 

(b)       The
existence of any claim or cause of action of the Employee against Farmmi, whether predicated upon an alleged breach of this Agreement
or otherwise, shall not relieve Employee of her obligations under this Agreement and shall not constitute a defense to the enforcement
by Farmmi of any provision of this Agreement, including but not limited to the covenants contained in Paragraph 8 of this Agreement.

 

     

     

    

 

15.       Governing
Law. This Agreement is deemed to have been entered into in China and shall be construed and interpreted at all times and in all
respects in accordance with the laws of China without regard to the principles of conflicts of laws, and jurisdiction and venue for
any action relating in any manner to this Agreement shall be in a court of competent jurisdiction located in or having jurisdiction
over China.

 

16.       Attorneys’
Fees. In the event there is any litigation to enforce this Agreement, the prevailing party will be awarded its/his costs, expenses,
and reasonable attorneys’ fees.

 

17.       Severability.
In the event that any provision of this Agreement shall be determined by a court or tribunal having proper jurisdiction to be invalid,
or illegal, or unenforceable, the remainder of this Agreement shall not be affected but shall continue in full force and effect as though
such invalid, illegal or unenforceable provision were not originally part of this Agreement.

 

18.       Amendment.
This Agreement may not be amended or modified except by an agreement in writing signed by all the parties hereto.

 

19.       Construction
of Agreement. Each party to this Agreement agrees and acknowledges that no presumption, inference, or conclusion of any kind shall
be made or drawn against the drafter or drafter(s) of this Agreement. Each party to this Agreement also agrees and acknowledges that she/it
has contributed to the final version of this Agreement through comments and negotiations.

 

20.       Headings.
The headings used in this Agreement are for convenience only and shall not be used to construe or interpret the meaning or intent of any
provision.

 

21.       Entire
Agreement. This Agreement represents and contains the entire agreement and understanding between the parties with respect to the terms
and conditions of this Agreement and supersedes any and all prior and contemporaneous written and oral agreements, understandings, representations,
inducements, promises, warranties, and conditions between the parties with respect to the terms and conditions of this Agreement. No agreement,
understanding, representation, inducement, promise, warranty or condition of any kind with respect to the terms and conditions of this
Agreement shall be relied upon by either party unless expressly incorporated herein.

 

22.       Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which shall constitute
one agreement that is binding upon both of the parties hereto, notwithstanding that both parties are not signatories to the same counterpart.

 

[Signature page follows]

 

     

     

    

 

IN WITNESS WHEREOF, the parties have
executed this Employment Agreement with the Effective Date indicated above:

 

	 	 	Farmmi, Inc.
	 	 	 
	/s/ Lingge Wu	 	/s/ Yefang Zhang
	Lingge Wu	 	By: Yefang Zhang
	 	 	Title: CEO
	 	 	 
	Date: March 22, 2022	 	Date: March 22, 2022

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}]]