Document:

EX-10.2

 Exhibit 10.2 

VIVINT SMART HOME, INC. 

FORM OF INDEMNIFICATION AGREEMENT 
 This
Indemnification Agreement (this “Agreement”) is dated as of [insert date], and is between Vivint Smart Home, Inc., a Delaware corporation (the “Company”), and [insert name of indemnitee]
(“Indemnitee”). 
 RECITALS 
  

	 	A.	 Indemnitee’s service to the Company substantially benefits the Company. 

 

	 	B.	 Individuals are reluctant to serve as [directors or] officers of corporations or in certain other capacities
unless they are provided with adequate protection through insurance or indemnification against the risks of claims and actions against them arising out of such service. 

 

	 	C.	 Indemnitee does not regard the protection currently provided by applicable law, the Company’s governing
documents and any insurance as adequate under the present circumstances, and Indemnitee may not be willing to serve as a [director or] officer without additional protection. 

 

	 	D.	 In order to induce Indemnitee to continue to provide services to the Company, it is reasonable, prudent and
necessary for the Company to contractually obligate itself to indemnify, and to advance expenses on behalf of, Indemnitee as permitted by applicable law. 

  

	 	E.	 This Agreement is a supplement to and in furtherance of the indemnification provided in the Company’s
certificate of incorporation and bylaws, and any resolutions adopted pursuant thereto, and this Agreement shall not be deemed a substitute therefor, nor shall this Agreement be deemed to limit, diminish or abrogate any rights of Indemnitee
thereunder. 

 The parties therefore agree as follows: 
  

	 	1.	 Definitions.  

 

	 	(a)	 “Corporate Transactions” means the effective date of a merger or consolidation of the
Company with any other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or
by being converted into voting securities of the surviving entity) at least 50% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and with the power to elect at
least a majority of the board of directors or other governing body of such surviving entity. 

  

	 	(b)	 “Liquidation Transaction” means the approval by the stockholders of the Company of a
complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets. 

  

	 	(c)	 “Corporate Status” describes the status of a person who is or was a director, trustee,
general partner, managing member, officer, employee, agent or fiduciary of the Company or any other Enterprise. 

  

	 	(d)	 “DGCL” means the General Corporation Law of the State of Delaware.

  

	 	(e)	 “Disinterested Director” means a director of the Company who is not and was not a party
to the Proceeding in respect of which indemnification is sought by Indemnitee. 

	 	(f)	 “Enterprise” means the Company and any other corporation, partnership, limited
liability company, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, trustee, general partner, managing member, officer, employee, agent, fiduciary or
deemed fiduciary. 

  

	 	(g)	 “Expenses” include all reasonable attorneys’ fees and costs, retainers, court,
arbitration and mediation costs, transcript costs, fees and costs of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of
the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding. Expenses also include (i) Expenses
incurred in connection with any appeal resulting from any Proceeding, including without limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond or other appeal bond or their equivalent, (ii) any
federal, state, local or foreign taxes imposed on the Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement and (iii) for purposes of Section 12(d), Expenses incurred by Indemnitee in connection with
the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement or under any directors’ and officers’ liability insurance policies maintained by the Company. Expenses, however, shall not include amounts paid in
settlement by Indemnitee or the amount of judgments or fines against Indemnitee. 

  

	 	(h)	 “Independent Counsel” means a law firm, or a partner or member of a law firm, that is
experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent (i) the Company or Indemnitee in any matter material to either such party (other than as Independent Counsel with
respect to matters concerning Indemnitee under this Agreement, or other indemnitees under similar indemnification agreements), or (ii) any other party to or participant or witness in the Proceeding giving rise to a claim for indemnification
hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in
representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. 

  

	 	(i)	 “Proceeding” means any threatened, pending or completed action, suit, arbitration,
mediation, alternate dispute resolution mechanism, investigation (whether formal or informal), inquiry (whether formal or informal), administrative hearing or proceeding, whether brought by or in the right of the Company or otherwise and whether of
a civil, criminal, administrative or investigative nature, including any appeal therefrom and including without limitation any such Proceeding pending as of the date of this Agreement, in which Indemnitee was, is or will be involved as a party, a
potential party, a non-party witness or otherwise by reason of (i) the fact that Indemnitee is or was a director or officer of the Company, (ii) any action taken by Indemnitee or any action or
inaction on Indemnitee’s part while acting as a director or officer of the Company (including, without limitation, any actual or alleged act or omission to act), or (iii) the fact that he or she is or was serving at the request of the
Company as a director, trustee, general partner, managing member, officer, employee, agent or fiduciary of the Company or any other Enterprise, in each case whether or not serving in such capacity at the time any liability or Expense is incurred for
which indemnification, reimbursement or advancement of expenses can be provided under this Agreement. 

  

	 	(j)	 Reference to “other Enterprises” shall include employee benefit plans; references to
“fines” shall include any excise taxes assessed on a person with respect to any employee benefit plan; references to “serving at the request of the Company” shall include any service as a director,
officer, employee or agent of the Company which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries, including as a deemed fiduciary
thereto; and a person who acted in good faith and in a manner he or she reasonably believed to be in the best interests of the participants in and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not
opposed to the best interests of the Company” as referred to in this Agreement. 

  
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	 	2.	 Indemnity in Third-Party Proceedings. The Company shall indemnify Indemnitee in accordance with the
provisions of this Section 2 if Indemnitee was or is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this
Section 2, Indemnitee shall be indemnified to the fullest extent permitted by applicable law against all Expenses, judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee or on his or her behalf
in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company and, with respect to any criminal
Proceeding, had no reasonable cause to believe that his or her conduct was unlawful. 

  

	 	3.	 Indemnity in Proceedings by or in the Right of the Company. The Company shall indemnify Indemnitee in
accordance with the provisions of this Section 3 if Indemnitee was or is, or is threatened to be made, a party to or a participant in any Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this
Section 3, Indemnitee shall be indemnified to the fullest extent permitted by applicable law against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any claim,
issue or matter therein, if Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company. No indemnification for Expenses shall be made under this Section 3 in respect
of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court of competent jurisdiction to be liable to the Company, unless and only to the extent that the Delaware Court of Chancery or any court in which the
Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification for such expenses as the Delaware
Court of Chancery or such other court shall deem proper. 

  

	 	4.	 Indemnification for Expenses of a Party Who is Wholly or Partly Successful. To the extent that
Indemnitee was or is a party to or a participant in and is successful (on the merits or otherwise) in defense of any Proceeding or any claim, issue or matter therein, the Company shall indemnify Indemnitee against all Expenses actually and
reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. To the extent permitted by applicable law, if Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, in defense
of one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each such
successfully resolved claim, issue or matter. For purposes of this section, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, or settlement, with or without court approval, shall be deemed to
be a successful result as to such claim, issue or matter. 

  

	 	5.	 Indemnification for Expenses of a Witness. To the extent that Indemnitee was or is, by reason of his or
her Corporate Status, a witness, or is made (or asked to) respond to discovery requests, in any Proceeding to which Indemnitee is not a party, Indemnitee shall be indemnified to the extent permitted by applicable law against all Expenses actually
and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. 

  

	 	6.	 Additional Indemnification. 

 

	 	(a)	 Notwithstanding any limitation in Sections 2, 3 or 4, the Company shall indemnify Indemnitee to the fullest
extent permitted by applicable law if Indemnitee was or is, or is threatened to be made, a party to or a participant in any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all
Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee or on his or her behalf in connection with the Proceeding or any claim, issue or matter therein. 

  
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	 	(b)	 For purposes of Section 6(a), the meaning of the phrase “to the fullest extent permitted by
applicable law” shall include, but not be limited to: 

  

	 	i.	 the fullest extent permitted by the provision of the DGCL that authorizes or contemplates additional
indemnification by agreement, or the corresponding provision of any amendment to or replacement of the DGCL; and 

  

	 	ii.	 the fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted after the
date of this Agreement that increase the extent to which a corporation may indemnify its officers and directors. 

  

	 	7.	 Exclusions. Notwithstanding any provision in this Agreement, the Company shall not be obligated under
this Agreement to make any indemnity in connection with any Proceeding (or any part of any Proceeding): 

  

	 	(a)	 for which payment has actually been made to or on behalf of Indemnitee under any statute, insurance policy,
indemnity provision, vote or otherwise, except (i) with respect to any excess beyond the amount paid and (ii) for payments made to or on behalf of Indemnitee by a Third Party Indemnitor or pursuant to any Third Party Insurance Policies
pursuant to Section 15; 

  

	 	(b)	 for an accounting or disgorgement of profits pursuant to Section 16(b) of the Securities Exchange Act of
1934, as amended (the “Exchange Act”), or similar provisions of federal, state or local statutory law or common law, if Indemnitee is held liable therefor (including pursuant to any settlement arrangements);

  

	 	(c)	 for any reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based
compensation or of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to
Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the
Sarbanes-Oxley Act), if Indemnitee is held liable therefor (including pursuant to any settlement arrangements); 

  

	 	(d)	 initiated by Indemnitee and not by way of defense, including any Proceeding (or any part of any Proceeding)
initiated by Indemnitee against the Company or its directors, officers, employees, agents or other indemnitees, unless (i) the Company’s board of directors authorized the Proceeding (or the relevant part of the Proceeding) prior to its
initiation, (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law, (iii) otherwise authorized in Section 12(d) or (iv) otherwise required by
applicable law; or 

  

	 	(e)	 if prohibited by applicable law as determined in a final adjudication. 

 

	 	8.	 Advances of Expenses.  

 

	 	(a)	 The Company shall advance the Expenses incurred by Indemnitee in connection with any Proceeding prior to its
final resolution, and such advancement shall be made as soon as reasonably practicable, but in any event no later than 30 days, after the receipt by the Company of a written statement or statements requesting such advance or advances from time to
time (which shall include (a) invoices received by Indemnitee in connection with such Expenses but, in the case of invoices in connection with legal services, any references to legal work performed or to expenditure made that would cause
Indemnitee to waive any privilege accorded by applicable law shall not be included with the invoice and (b) contain the affirmation required by Section 9(a)). Advances shall be unsecured and interest free and made without regard to
Indemnitee’s ability to repay such advances. The Indemnitee shall qualify for advances to the fullest extent permitted by law upon the execution hereby; provided, however, Indemnitee undertakes to repay any advance

  
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(without interest) if and to the extent that it is ultimately determined by a court of competent jurisdiction in a final judgment, not subject to appeal, that Indemnitee is not entitled to be
indemnified by the Company. This Section 8 shall not apply to the extent advancement is prohibited by law as determined in a final adjudication and shall not apply to any Proceeding for which indemnity is not permitted under this Agreement, but
shall apply to any Proceeding referenced in Sections 7(b) or 7(c) prior to a determination that Indemnitee is not entitled to be indemnified by the Company. 

  

	 	(b)	 The Company’s obligation to advance Expenses is conditioned upon the reasonableness of the Expenses. In
the event a dispute arises as to the reasonableness of Expenses, the Company shall have the right, either prior to or after the final resolution of the underlying Proceeding, to challenge the reasonableness of specific Expenses or the Expenses as a
whole by filing an action in the Delaware Court of Chancery or, at the Company’s option, initiating an arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. In
connection with such an action or arbitration, the Company shall have the right to recoup any and all amounts already advanced that are determined to be unreasonable. Indemnitee agrees not to oppose the Company’s right to bring such an action
or arbitration to resolve disputes regarding the reasonableness of Expenses or the Company’s right to seek recoupment of unreasonable amounts already advanced, and Indemnitee specifically agrees not to assert that such action or arbitration
(including without limitation any recoupment request included therein) is/are premature. 

  

	 	9.	 Procedures for Notification and Defense of Claim. 

 

	 	(a)	 Indemnitee shall notify the Company in writing of any matter with respect to which Indemnitee intends to seek
indemnification or advancement of Expenses as soon as reasonably practicable following the receipt by Indemnitee of notice thereof. The written notification to the Company shall include, (i) a description of the nature of the Proceeding and
(ii) an affirmation of the Indemnitee’s good faith belief that: (A) the conduct of such Indemnitee was in good faith, (B) the Indemnitee reasonably believed that his conduct was in the best interests of the Company, or at least
not opposed to the Company’s best interests and (C) in the case of any criminal Proceeding, the Indemnitee had no reasonable cause to believe that his conduct was unlawful. The failure by Indemnitee to notify the Company will not relieve
the Company from any liability which it may have to Indemnitee hereunder or otherwise than under this Agreement, and any delay in so notifying the Company shall not constitute a waiver by Indemnitee of any right, except to the extent that such
failure or delay materially prejudices the Company. 

  

	 	(b)	 If, at the time of the receipt of a notice of a Proceeding pursuant to the terms hereof, the Company has
directors’ and officers’ liability insurance in effect, the Company shall give prompt notice of the commencement of the Proceeding to the insurers in accordance with the procedures set forth in the applicable policies. The Company shall
thereafter take all commercially reasonable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies. 

 

	 	(c)	 If the Company may be obligated to make any indemnity in connection with a Proceeding, the Company shall be
entitled to assume the defense of such Proceeding with counsel approved by Indemnitee, which approval shall not be unreasonably withheld. After the retention of such counsel by the Company, the Company will not be liable to Indemnitee for any fees
or expenses of counsel subsequently incurred by Indemnitee with respect to the same Proceeding. Notwithstanding the Company’s assumption of the defense of any such Proceeding, the Company shall be obligated to pay the fees and expenses of
Indemnitee’s separate counsel to the extent (i) the employment of separate counsel by Indemnitee is authorized by the Company, (ii) counsel for the Company or Indemnitee shall have reasonably concluded that there is a conflict of
interest between the Company and Indemnitee in the conduct of any such defense such that Indemnitee needs to be separately represented, (iii) the Company is not financially or legally able to perform its indemnification obligations, or
(iv) the Company shall not have retained, or shall not continue 

  
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to retain, such counsel to defend such Proceeding. Indemnitee agrees that any such separate counsel will be a member of any approved list of panel counsel under the Company’s applicable
directors’ and officers’ insurance policy, should the applicable policy provide for a panel of approved counsel. In the event that the Company was to assume the defense of a Proceeding, the Company shall have the right to conduct such
defense as it sees fit in its sole discretion. Regardless of any provision in this Agreement, Indemnitee shall have the right to employ counsel in any Proceeding at Indemnitee’s personal expense. The Company shall not be entitled, without the
consent of Indemnitee, to assume the defense of any claim brought by or in the right of the Company. 

  

	 	(d)	 Indemnitee shall give the Company such information and cooperation in connection with the Proceeding as may be
reasonably appropriate. 

  

	 	(e)	 The Company shall not be liable to indemnify Indemnitee for any settlement of any Proceeding (or any part
thereof) without the Company’s prior written consent, which shall not be unreasonably withheld. 

  

	 	(f)	 The Company shall have the right to settle any Proceeding (or any part thereof) with respect to persons other
than Indemnitee (including the Company) without the consent of Indemnitee; provided, however, that the Company shall not, on its own behalf, settle any part of any Proceeding to which Indemnitee is party with respect to other parties
(including the Company) without the written consent of Indemnitee if any portion of such settlement is to be funded from insurance proceeds unless approved by (1) the written consent of Indemnitee or (2) a majority of the independent
members of the Company’s board of directors; provided, further, that the right to constrain the Company’s use of corporate insurance as described in this section shall terminate at the time the Company concludes (per the terms of this
Agreement) that (i) Indemnitee is not entitled to indemnification pursuant to this agreement, or (ii) such indemnification obligation to Indemnitee has been fully discharged by the Company. 

 

	 	(g)	 The Company shall promptly notify Indemnitee once the Company has received an offer or intends to make an offer
to settle any such Proceeding (or any part thereof) and the Company shall provide Indemnitee as much time as reasonably practicable to consider such offer prior to responding to the offer or making the offer to settle any such Proceeding (or part
thereof). 

  

	 	10.	 Procedures upon Application for Indemnification.  

 

	 	(a)	 To obtain indemnification, Indemnitee shall submit to the Company a written request, including therein or
therewith such documentation and information as is reasonably available to Indemnitee and as is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of the Proceeding.
The Company shall, as soon as reasonably practicable after receipt of such a request for indemnification, advise the board of directors that Indemnitee has requested indemnification. Any delay in providing the request will not relieve the Company
from its obligations under this Agreement, except to the extent such failure is prejudicial. 

  

	 	(b)	 Upon written request by Indemnitee for indemnification pursuant to Section 10(a), a determination with
respect to Indemnitee’s entitlement thereto shall be made, if required by applicable law, (A) by a majority vote of the Disinterested Directors, even though less than a quorum of the Company’s board of directors, (B) by a
committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum of the Company’s board of directors, (C) if there are no such Disinterested Directors or, if such
Disinterested Directors so direct, by Independent Counsel in a written opinion to the Company’s board of directors, a copy of which shall be delivered to Indemnitee or (D) if so directed by the Company’s board of directors, by the
stockholders of the Company. If it is determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within 10 days after such determination. Indemnitee shall cooperate with the person, persons or entity making the

  
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determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or
information that is not privileged or otherwise protected from disclosure and that is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or expenses (including attorneys’ fees and disbursements)
reasonably incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company, to the extent permitted by applicable law. 

 

	 	(c)	 In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant
to Section 10(b), the Independent Counsel shall be selected as provided in this Section 10(c). The Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Company’s board
of directors, in which event the Company shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected), and Indemnitee shall give written notice to the Company advising it of the identity of the
Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within 10 days after such written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written
objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in
Section 1 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If such written objection is
so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit. If, within 20 days after the later of
(i) submission by Indemnitee of a written request for indemnification pursuant to Section 10(a) hereof and (ii) the final disposition of the Proceeding, the parties have not agreed upon an Independent Counsel, either the Company or
Indemnitee may petition a court of competent jurisdiction for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel and for the appointment as Independent Counsel of
a person selected by the court or by such other person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 10(b) hereof. Upon
the due commencement of any judicial proceeding or arbitration pursuant to Section 12(a) of this Agreement, the Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable
standards of professional conduct then prevailing). 

  

	 	(d)	 The Company agrees to pay the fees and expenses of any Independent Counsel and to fully indemnify such counsel
against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto. 

  

	 	11.	 Presumptions and Effect of Certain Proceedings. 

 

	 	(a)	 In making a determination with respect to entitlement to indemnification hereunder, the person, persons or
entity making such determination shall, to the fullest extent not prohibited by law, presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with
Section 10(a) of this Agreement, and the Company shall, to the fullest extent not prohibited by law, have the burden of proof to overcome that presumption in connection with the making by such person, persons or entity of any determination
contrary to that presumption. 

  

	 	(b)	 The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or
conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself create a presumption that Indemnitee did not act in good faith and in a manner which he or she
reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his or her conduct was unlawful. 

  
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	 	(c)	 For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith to the
extent Indemnitee relied in good faith on (i) the records or books of account of the Enterprise, including financial statements, (ii) information supplied to Indemnitee by the officers of the Enterprise in the course of their duties,
(iii) the advice of legal counsel for the Enterprise or its board of directors or counsel selected by any committee of the board of directors or (iv) information or records given or reports made to the Enterprise by an independent
certified public accountant, an appraiser, investment banker or other expert selected with reasonable care by the Enterprise or its board of directors or any committee of the board of directors. The provisions of this Section 11(c) shall not be
deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement. 

 

	 	(d)	 Neither the knowledge, actions nor failure to act of any other director, officer, agent or employee of the
Enterprise shall be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. 

  

	 	12.	 Remedies of Indemnitee. 

 

	 	(a)	 Subject to Section 12(e), in the event that (i) a claim under this Agreement is not paid in full by
the Company within (A) sixty (60) days after a written claim for indemnification has been received by the Company(B) twenty (20) days after a claim for an advancement of expenses has been received by the Company or (ii) the Company or
any other person or entity takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or proceeding designed to deny, or to recover from, Indemnitee the benefits provided or
intended to be provided to Indemnitee hereunder, Indemnitee shall be entitled to an adjudication by a court of competent jurisdiction of his or her entitlement to such indemnification or advancement of Expenses. Alternatively, Indemnitee, at his or
her option, may seek an award in arbitration with respect to his or her entitlement to such indemnification or advancement of Expenses, to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration
Association. Indemnitee shall commence such proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 12(a);
provided, however, that the foregoing clause shall not apply in respect of a proceeding brought by Indemnitee to enforce his or her rights under Section 4 of this Agreement. The Company shall not oppose Indemnitee’s right to seek any such
adjudication or award in arbitration in accordance with this Agreement. 

  

	 	(b)	 Neither (i) the failure of the Company, its board of directors, any committee or subgroup of the board of
directors, Independent Counsel or stockholders to have made a determination that indemnification of Indemnitee is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor (ii) an actual determination by the
Company, its board of directors, any committee or subgroup of the board of directors, Independent Counsel or stockholders that Indemnitee has not met the applicable standard of conduct, shall create a presumption that Indemnitee has or has not met
the applicable standard of conduct. In the event that a determination shall have been made pursuant to Section 10 of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to
this Section 12 shall be conducted in all respects as a de novo trial, or arbitration, on the merits, and Indemnitee shall not be prejudiced by reason of that adverse determination. In any judicial proceeding or arbitration commenced
pursuant to this Section 12, the Company shall, to the fullest extent not prohibited by law, have the burden of proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be. 

 

	 	(c)	 To the fullest extent not prohibited by law, the Company shall be precluded from asserting in any judicial
proceeding or arbitration commenced pursuant to this Section 12 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company
is bound by all the provisions of this 

  
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Agreement. If a determination shall have been made pursuant to Section 10 of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination
in any judicial proceeding or arbitration commenced pursuant to this Section 12, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statements not materially
misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law. 

  

	 	(d)	 To the extent not prohibited by law, the Company shall indemnify Indemnitee against all Expenses that are
incurred by Indemnitee in connection with any action for indemnification or advancement of Expenses from the Company under this Agreement or under any directors’ and officers’ liability insurance policies maintained by the Company to the
extent Indemnitee is successful in such action, and, if requested by Indemnitee, shall (as soon as reasonably practicable, but in any event no later than 60 days, after receipt by the Company of a written request therefor) advance such Expenses to
Indemnitee, subject to the provisions of Section 8. Such advances shall be subject to Indemnitee’s agreement to repay the sums advanced if the court (or arbitrator) finds that each material argument or defense advanced by Indemnitee in
such action or arbitration was either frivolous or not made in good faith. 

  

	 	(e)	 Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to
indemnification shall be required to be made prior to the final disposition of the Proceeding. 

  

	 	13.	 Contribution. To the fullest extent permissible under applicable law, if the indemnification provided
for in this Agreement is unavailable to Indemnitee, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amounts incurred by Indemnitee, whether for Expenses, judgments, fines or amounts paid or to be paid in settlement, in
connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits
received by the Company and Indemnitee as a result of the events and transactions giving rise to such Proceeding; and (ii) the relative fault of Indemnitee and the Company (and its other directors, officers, employees and agents) in connection
with such events and transactions. 

  

	 	14.	 Non-exclusivity. The rights of indemnification and to receive
advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Company’s certificate of incorporation or bylaws, any agreement, a
vote of stockholders or a resolution of directors, or otherwise. To the extent that a change in Delaware law, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded currently under
the Company’s certificate of incorporation and bylaws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change, subject to the restrictions
expressly set forth herein or therein. Except as expressly set forth herein, no right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every
other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. Except as expressly set forth herein, the assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other right or remedy. 

  

	 	15.	 Primary Responsibility. The Company hereby acknowledges that Indemnitee may have certain rights to
indemnification, advancement of expenses and/or insurance provided by The Blackstone Group Inc., Summit Partners, L.P., Fortress Investment Group LLC and/or certain of their respective affiliates (collectively, the “Fund
Indemnitors”). The Company hereby agrees (i) that, as between the Company and the Fund Indemnitors, the Company is the indemnitor of first resort (i.e., its obligations to Indemnitee are primary and any obligation of the Fund
Indemnitors to advance Expenses or to provide indemnification for the same Expenses or liabilities incurred by Indemnitee are secondary), (ii) that the Company shall be required to advance the full amount of Expenses incurred by Indemnitee and
shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this Agreement and the certificate of incorporation or bylaws of the
Company (or any other agreement between the Company and Indemnitee), without regard to any rights 

  
 9 

	 	
Indemnitee may have against the Fund Indemnitors, and, (iii) that the Company irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all claims against the Fund
Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Fund Indemnitors on behalf of Indemnitee with respect to any claim for which Indemnitee
has sought indemnification from the Company shall affect the foregoing and the Fund Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of Indemnitee
against the Company. The Company and Indemnitee agree that the Fund Indemnitors are express third party beneficiaries of the terms of this Section 15. 

  

	 	16.	 No Duplication of Payments. Subject to Section 15, the Company shall not be liable under this
Agreement to make any payment of amounts otherwise indemnifiable hereunder (or for which advancement is provided hereunder) if and to the extent that Indemnitee has otherwise actually received payment for such amounts under any insurance policy,
contract, agreement or otherwise. Notwithstanding any other provision of this Agreement to the contrary, (i) Indemnitee shall have no obligation to reduce, offset, allocate, pursue or apportion any indemnification, hold harmless, exoneration,
advancement, contribution or insurance coverage among multiple parties possessing such duties to Indemnitee prior to the Company’s satisfaction and performance of all its obligations under this Agreement, and (ii) the Company shall perform
fully its obligations under this Agreement without regard to whether Indemnitee holds, may pursue or has pursued any indemnification, advancement, hold harmless, exoneration, contribution or insurance coverage rights against any person or entity
other than the Company. 

  

	 	17.	 Insurance. To the extent that the Company maintains an insurance policy or policies providing liability
insurance for directors, trustees, general partners, managing members, officers, employees, agents or fiduciaries of the Company or any other Enterprise, Indemnitee shall be covered by such policy or policies to the same extent as the most
favorably-insured persons under such policy or policies in a comparable position. 

  

	 	18.	 Subrogation. In the event of any payment under this Agreement, the Company shall be subrogated to the
extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring
suit to enforce such rights. 

  

	 	19.	 Services to the Company. Indemnitee agrees to serve as a director or officer of the Company or, at the
request of the Company, as a director, trustee, general partner, managing member, officer, employee, agent or fiduciary of another Enterprise, for so long as Indemnitee is duly elected or appointed or until Indemnitee tenders his or her resignation
or is removed from such position. Indemnitee may at any time and for any reason resign from such position (subject to any other contractual obligation or any obligation imposed by operation of law), in which event the Company shall have no
obligation under this Agreement to continue Indemnitee in such position. This Agreement shall not be deemed an employment contract between the Company (or any of its subsidiaries or any Enterprise) and Indemnitee. Indemnitee specifically
acknowledges that any employment with the Company (or any of its subsidiaries or any Enterprise) is at will, and Indemnitee may be discharged at any time for any reason, with or without cause, with or without notice, except as may be otherwise
expressly provided in any executed, written employment contract between Indemnitee and the Company (or any of its subsidiaries or any Enterprise), any existing formal severance policies adopted by the Company’s board of directors or, with
respect to service as a director or officer of the Company, the Company’s certificate of incorporation or bylaws or the DGCL. No such document shall be subject to any oral modification thereof. 

 

	 	20.	 Duration. This Agreement shall continue until and terminate upon the later of (a) ten years after
the date that Indemnitee shall have ceased to serve as a director or officer of the Company or as a director, trustee, general partner, managing member, officer, employee, agent or fiduciary of any other Enterprise, as applicable; or (b) one
year after the final termination of any Proceeding, including any appeal, then pending in respect of which Indemnitee is granted rights of indemnification or advancement of Expenses hereunder and of any proceeding commenced by Indemnitee pursuant to
Section 12 of this Agreement relating thereto. 

  
 10 

	 	21.	 Successors. This Agreement shall be binding upon the Company and its successors and assigns, including
any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company, and shall inure to the benefit of Indemnitee and Indemnitee’s heirs, executors and
administrators. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company, by written agreement, expressly to
assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. In the event of a Corporate Transaction, a Liquidation Transaction or the
Company becoming insolvent (including being placed into receivership or entering the federal bankruptcy process and the like), the Company shall use reasonable best efforts (i) to maintain in force for a period of 6 years thereafter any and all
insurance policies then maintained by the Company in providing insurance (including directors’ and officers’ liability, fiduciary, employment practices or otherwise) in respect of Indemnitee, (ii) to obtain substantially equivalent
coverage for a period of 6 years thereafter for the benefit of Indemnitee, or (iii) to obtain an extension of the claims reporting period under the polices referenced in (i) or (ii) for a period of 6 years thereafter (such extension, a
“Tail Policy”). Such coverage shall be substantially comparable in scope and amount as the expiring policies, and the insurance carriers shall have an AM Best rating that is the same or better than the AM Best ratings of the
insurance carriers under the expiring policies. 

  

	 	22.	 Severability. Nothing in this Agreement is intended to require or shall be construed as requiring the
Company to do or fail to do any act in violation of applicable law. The Company’s inability, pursuant to court order or other applicable law, to perform its obligations under this Agreement shall not constitute a breach of this Agreement. If
any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (i) the validity, legality and enforceability of the remaining provisions of this Agreement (including without
limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and
shall remain enforceable to the fullest extent permitted by law; (ii) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto;
and (iii) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not
itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby. 

  

	 	23.	 Enforcement. The Company expressly confirms and agrees that it has entered into this Agreement and
assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director or officer of the
Company. The Company and Indemnitee agree that a monetary remedy for breach of this Agreement may be inadequate, impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties
hereto agree that Indemnitee may enforce this Agreement by seeking injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific
performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which he may be entitled. The Company and Indemnitee further agree that Indemnitee shall be entitled to such specific performance and injunctive relief,
including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertaking in connection therewith. The Company acknowledges that in the absence of a waiver, a bond or
undertaking may be required of Indemnitee by the Court, and the Company hereby waives any such requirement of a bond or undertaking. 

  

	 	24.	 Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto with
respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided, however, that this Agreement is a
supplement to and in furtherance of the Company’s certificate of incorporation and bylaws and applicable law. 

  
 11 

	 	25.	 Modification and Waiver. No supplement, modification or amendment to this Agreement shall be binding
unless executed in writing by the parties hereto. No amendment, alteration or repeal of this Agreement shall adversely affect any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her
Corporate Status prior to such amendment, alteration or repeal. No waiver of any of the provisions of this Agreement shall constitute or be deemed a waiver of any other provision of this Agreement nor shall any waiver constitute a continuing waiver.

  

	 	26.	 Notices. All notices and other communications required or permitted hereunder shall be in writing and
shall be mailed by registered or certified mail, postage prepaid, sent by facsimile or electronic mail or otherwise delivered by hand, messenger or courier service addressed: 

 

	 	(a)	 if to Indemnitee, to Indemnitee’s address, facsimile number or electronic mail address, as shown on the
signature page of this Agreement or in the Company’s records, as may be updated in accordance with the provisions hereof; or 

  

	 	(b)	 if to the Company, to the attention of the Chief Legal Officer of the Company at 4931 North 300 West, Provo,
Utah 84604, or at such other current address as the Company shall have furnished to Indemnitee, with a copy (which shall not constitute notice) to Igor Fert, Simpson Thacher & Bartlett LLP, 425 Lexington Avenue, New York, New York 10017.

 Each such notice or other communication shall for all purposes of this Agreement be treated as effective or having been
given (i) if delivered by hand, messenger or courier service, when delivered (or if sent via a nationally-recognized overnight courier service, freight prepaid, specifying next-business-day
delivery, one business day after deposit with the courier), (ii) if sent via mail, at the earlier of its receipt or five days after the same has been deposited in a regularly-maintained receptacle for the deposit of the United States
mail, addressed and mailed as aforesaid, or (iii) if sent via facsimile, upon confirmation of facsimile transfer or, if sent via electronic mail, upon confirmation of delivery when directed to the relevant electronic mail address, if sent
during normal business hours of the recipient, or if not sent during normal business hours of the recipient, then on the recipient’s next business day. 
  

	 	27.	 Applicable Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties
shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. Except with respect to any arbitration commenced by Indemnitee pursuant to Section 12(a) of
this Agreement, the Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Delaware Court of Chancery, and not in
any other state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court of Chancery for purposes of any action or proceeding arising out of
or in connection with this Agreement, (iii) appoint, to the extent such party is not otherwise subject to service of process in the State of Delaware, [•] as its agent in the State of Delaware as such party’s agent for acceptance of
legal process in connection with any such action or proceeding against such party with the same legal force and validity as if served upon such party personally within the State of Delaware, (iv) waive any objection to the laying of venue of
any such action or proceeding in the Delaware Court of Chancery, and (v) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court of Chancery has been brought in an improper or
inconvenient forum. 

  

	 	28.	 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all
purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. This Agreement may also be executed and delivered by facsimile signature and in counterparts, each of which shall for all purposes be deemed
to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

  

	 	29.	 Captions. The headings of the paragraphs of this Agreement are inserted for convenience only and shall
not be deemed to constitute part of this Agreement or to affect the construction thereof. 

  
 12 

 (signature page follows) 

  
 13 

 The parties are signing this Indemnification Agreement as of the date stated in the
introductory sentence. 
  

	
	 VIVINT SMART HOME, INC.

	 
	(Signature)
	 
	(Print name)
	 
	(Title)
	
	 [INSERT INDEMNITEE NAME]

	 
	(Signature)
	 
	(Print name)
	 
	(Street address)
	 
	(City, State and ZIP)

  
 14Exhibit 10.1

 

AMENDMENT NO. 4

TO THE THIRD AMENDED AND RESTATED

AGREEMENT OF LIMITED PARTNERSHIP

OF

BRAEMAR HOSPITALITY LIMITED PARTNERSHIP

January 24, 2020

 

This Amendment No. 4
to the Third Amended and Restated Agreement of Limited Partnership of Braemar Hospitality Limited Partnership (this “Amendment”)
is made as of January 24, 2020, by Braemar OP General Partner LLC, a Delaware limited liability company, as general partner (the
 “General Partner”) of Braemar Hospitality Limited Partnership, a Delaware limited partnership (the “Partnership”),
pursuant to the authority granted to the General Partner in Section 11.1(b) of the Third Amended and Restated Agreement
of Limited Partnership of Braemar Hospitality Limited Partnership, dated March 7, 2017, as amended by Amendment No. 1 thereto
dated as of April 23, 2018, Amendment No. 2 thereto dated as of November 20, 2018 and Amendment No. 3 thereto dated as of December
3, 2019 (the “Partnership Agreement”), for the purpose of issuing additional Partnership Units in the
form of Preferred Partnership Units. Capitalized terms used and not defined herein shall have the meanings set forth in the Partnership
Agreement.

 

WHEREAS, the Board
of Directors (the “Board”) of Braemar Hotels & Resorts Inc. (the “Company”)
adopted resolutions on November 5, 2019 and January 22, 2020 classifying and designating (i) 28,000,000 shares of Preferred Stock
(as defined in the Articles of Amendment and Restatement of the Company (as amended and supplemented to date and as may be amended
and supplemented from time to time, the “Charter”)) as Series E Preferred Stock (as defined below) and
(ii) 28,000,000 shares of Preferred Stock as Series M Preferred Stock (as defined below);

 

WHEREAS, the Board
filed Articles Supplementary to the Charter with the State Department of Assessments and Taxation of Maryland on January 23, 2020,
establishing the Series E Preferred Stock, each with such preferences, rights, powers, restrictions, limitations as to distributions,
qualifications and terms and conditions of redemption as described in the Series E Articles Supplementary (as defined below);

 

WHEREAS, the Board
filed Articles Supplementary to the Charter with the State Department of Assessments and Taxation of Maryland on January 23, 2020,
establishing the Series M Preferred Stock, with such preferences, rights, powers, restrictions, limitations as to distributions,
qualifications and terms and conditions of redemption as described in the Series M Articles Supplementary (as defined below);

 

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

 

WHEREAS, the General
Partner has determined that, in connection with the issuance of the Series E Preferred Stock and the Series M Preferred Stock,
it is necessary and desirable to amend the Partnership Agreement to create additional Partnership Units in the form of Preferred
Partnership Units having designations, preferences and other rights which are substantially the same as the economic rights of
the Series E Preferred Stock and the Series M Preferred Stock; and

 

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

 

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

 

     

     

    

 

1.                  
Article I is amended to add the following defined terms in their respective alphabetical order within Article I:

 

“Series E
Articles Supplementary” shall mean the Articles Supplementary Establishing and Fixing the Rights and Preferences of a
Series of Preferred Stock, designating the rights and preferences of the Series E Redeemable Preferred Stock, filed as part
of the Company’s charter with the State Department of Assessments and Taxation of Maryland, on January 23, 2020.

 

“Series E
Preferred Partnership Interests” shall mean a partnership interest in the Partnership evidenced by the Series E
Preferred Partnership Units, having a preference in payment of distributions or on liquidation as set forth in Exhibit I
to this Agreement.

 

“Series E
Preferred Partnership Units” shall mean the series of Preferred Partnership Units established pursuant to this Agreement,
representing a fractional, undivided share of the Series E Preferred Partnership Interests of all Partners issued under this
Agreement.

 

“Series E
Preferred Stock” shall mean the Series E Redeemable Preferred Stock of the Company, with such preferences, rights,
voting powers, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption as described
in the Series E Articles Supplementary.

 

“Series M
Articles Supplementary” shall mean the Articles Supplementary Establishing and Fixing the Rights and Preferences of a
Series of Preferred Stock, designating the rights and preferences of the Series M Redeemable Preferred Stock, filed as part of
the Company’s charter with the State Department of Assessments and Taxation of Maryland, on January 23, 2020.

 

“Series M
Preferred Partnership Interests” shall mean a partnership interest in the Partnership evidenced by the Series M Preferred
Partnership Units, having a preference in payment of distributions or on liquidation as set forth in Exhibit J to this
Agreement.

 

“Series M
Preferred Partnership Units” shall mean the series of Preferred Partnership Units established pursuant to this Agreement,
representing a fractional, undivided share of the Series M Preferred Partnership Interests of all Partners issued under this Agreement.

 

“Series M
Preferred Stock” shall mean the Series M Redeemable Preferred Stock of the Company, with such preferences, rights, voting
powers, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption as described in the
Series M Articles Supplementary.

 

2.                  
In accordance with Section 4.3 of the Partnership Agreement, set forth in Exhibit I hereto are the
terms and conditions of the Series E Preferred Partnership Units which are hereby established and issued to Braemar OP Limited
Partner, LLC in consideration of its contribution to the Partnership of the proceeds from the issuance and sale of the Series E
Preferred Stock by the Company. The Partnership Agreement is hereby amended to incorporate such Exhibit I as Exhibit I
thereto.

 

3.                  
In accordance with Section 4.3 of the Partnership Agreement, set forth in Exhibit J hereto are the
terms and conditions of the Series M Preferred Partnership Units which are hereby established and issued to Braemar OP Limited
Partner, LLC in consideration of its contribution to the Partnership of the proceeds from the issuance and sale of the Series M
Preferred Stock by the Company. The Partnership Agreement is hereby amended to incorporate such Exhibit J as Exhibit J
thereto.

 

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

 

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

 

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

 

[The remainder of this page intentionally
left blank.]

 

    -2-

     

    

 

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

 

	 	Braemar OP General Partner LLC,
 a Delaware limited
    liability company, as General Partner of Braemar Hospitality Limited Partnership
	 	 
	 	 
	 	By:	/s/ Robert G. Haiman
	 	 	Name:	Robert G. Haiman
	 	 	Title:	 Executive Vice President, General Counsel and Secretary

 

[Amendment No. 4 to Third Amended and
Restated LP Agreement of Braemar Hospitality Limited Partnership]

 

    

     

    

 

EXHIBIT I

DESIGNATION OF TERMS AND CONDITIONS OF SERIES E PREFERRED PARTNERSHIP UNITS 

 

(a)              Designation and Number. A series of Preferred Partnership Units, designated as Series E Preferred Partnership Units,
is hereby established. The number of authorized Series E Preferred Partnership Units shall be 28,000,000.

 

(b)              Rank. The Series E Preferred Partnership Units, with respect to rights to distributions and payments to Partners
and the distribution of assets upon the liquidation, dissolution or winding up of the Partnership, rank (a) prior or senior to
the Common Partnership Units and all Partnership Units issued by the Partnership (“Junior Units”) the
terms of which specifically provide that such Partnership Units rank junior to the Series E Preferred Partnership Units; (b) on
a parity with the Series B Preferred Partnership Units, the Series D Preferred Partnership Units, the Series M Preferred Partnership
Units and all other Partnership Units issued in the future by the Partnership (“Parity Units”) the terms
of which specifically provide that such Partnership Units rank on a parity with the Series E Preferred Partnership Units; (c) junior
to all Partnership Units issued by the Partnership the terms of which specifically provide that such Partnership Units rank senior
to the Series E Preferred Partnership Units; and (d) junior to all of the Partnership’s existing and future indebtedness.

 

(c)               Distributions.

 

(i)              
Pursuant to Section 8.1 of the Partnership Agreement but subject to the rights of holders of any Preferred Partnership
Units ranking senior to the Series E Preferred Partnership Units as to the payment of distributions, Braemar OP Limited Partner
LLC, in its capacity as the holder of the then outstanding Series E Preferred Partnership Units, shall be entitled to receive,
when and as authorized by the General Partner, from the Cash Flow, cumulative monthly preferential cash distributions in an amount
per Series E Preferred Partnership Unit equal to 6.5% per annum of the stated value of $25.00 per Series E Preferred Partnership
Unit (the “Stated Value”) (equivalent to an annual distribution rate of $1.625 per Series E Preferred
Partnership Unit). Distributions shall be payable monthly on the 15th day of each month (or, if such payment date is
not a Business Day, the next succeeding Business Day, with the same force and effect as if paid on such distribution payment date,
and no interest or additional distributions or other sums shall accrue on the amount so payable from such distribution payment
date to such next succeeding Business Day). Distributions of Preferred Return shall be payable in arrears to holders of record
as they appear on the records of the Partnership at the close of business on the last Business Day of each month immediately preceding
the applicable distribution payment date, which dates shall be the Partnership Record Dates for the Series E Preferred Partnership
Units. Any distribution of Preferred Return payable on the Series E Preferred Partnership Units for any distribution period (as
defined below) will be computed on the basis of twelve 30-day months and a 360-day year. Except for distributions in liquidation
or redemption as provided in Sections D and E, respectively, holders of Series E Preferred Partnership Units will
not be entitled to receive any distributions in excess of full cumulative Preferred Returns accrued on the Series E Preferred Partnership
Units at the distribution rate specified in this paragraph. No interest will be paid in respect of any distribution payment or
payments on the Series E Preferred Partnership Units that may be in arrears.

 

(ii)               
Distributions of Preferred Return on each Series E Preferred Partnership Unit shall be cumulative from (and including) the
first day of the distribution period during which such Series E Preferred Partnership Unit was originally issued, whether or not
in any distribution period or periods (x) such distributions shall be authorized by the General Partner, (y) there shall
be funds legally available for the payment of such distributions or (z) any agreement prohibits the Partnership’s payment
of such distributions. As used herein, “distribution period” shall mean the respective periods commencing
on, and including, the first day of each month of each year and ending on, and including, the day preceding the first day of the
next succeeding distribution period (other than the distribution period during which any Series E Preferred Partnership Units shall
be redeemed or otherwise acquired by the Partnership, which shall end on, and include, the day preceding the redemption or acquisition
date with respect to the Series E Preferred Partnership Units being redeemed or acquired).

 

    I-1

     

    

 

(iii)             When distributions of Preferred Return are not paid in full upon the Series E Preferred Partnership Units or any other series
of Parity Units, or a sum sufficient for such payment is not set apart, all distributions of Preferred Return authorized by the
General Partner upon the Series E Preferred Partnership Units and any other series of Parity Units shall be authorized by the General
Partner ratably in proportion to the respective amounts of such distributions accumulated, accrued and unpaid on the Series E Preferred
Partnership Units and accumulated, accrued and unpaid on such Parity Units. Except as set forth in the preceding sentence, unless
distributions on the Series E Preferred Partnership Units equal to the full amount of accumulated, accrued and unpaid distributions
of Preferred Return have been or contemporaneously are authorized by the General Partner and paid, or authorized by the General
Partner and a sum sufficient for the payment thereof set apart for such payment for all past distribution periods, no distributions
(other than distributions paid in Junior Units or options, warrants or rights to subscribe for or purchase Junior Units) shall
be authorized by the General Partner or paid or set aside for payment by the Partnership with respect to any class or series of
Parity Units. Unless distributions of Preferred Return on the Series E Preferred Partnership Units equal to the full amount of
accumulated, accrued and unpaid distributions have been or contemporaneously are authorized by the General Partner and paid, or
authorized by the General Partner and a sum sufficient for the payment thereof set apart for such payment for all past distribution
periods, no distributions (other than distributions paid in Junior Units or options, warrants or rights to subscribe for or purchase
Junior Units) shall be authorized by the General Partner or paid or set apart for payment by the Partnership with respect to any
Junior Units, nor shall any Junior Units or Parity Units be redeemed, purchased or otherwise acquired for any consideration, or
any monies be paid to or made available for a sinking fund for the redemption of any Junior Units or Parity Units (except by conversion
or exchange for Junior Units, or options, warrants or rights to subscribe for or purchase Junior Units), nor shall any other cash
or property be paid or distributed to or for the benefit of holders of Junior Units or Parity Units. Notwithstanding the foregoing,
the General Partner shall not be prohibited from (i) authorizing or paying or setting apart for payment any Preferred Return or
distribution on any Junior Units or Parity Units or (ii) redeeming, purchasing or otherwise acquiring any Junior Units or Parity
Units, in each case, if such authorization, payment, redemption, purchase or other acquisition is necessary to maintain the Company’s
qualification as a REIT.

 

(iv)             No distribution of Preferred Return on the Series E Preferred Partnership Units shall be authorized by the General Partner
or paid or set apart for payment at such time as the terms and provisions of any agreement of the Partnership, including any agreement
of the Partnership relating to the Partnership’s indebtedness, prohibits such authorization, payment or setting apart for
payment or provides that such authorization, payment or setting apart for payment would constitute a breach thereof, or a default
thereunder, or if such authorization, payment or setting apart for payment shall be restricted or prohibited by law.

 

(v)              In determining whether a distribution (other than upon voluntary or involuntary liquidation, dissolution or winding up of
the Partnership) of Preferred Return or in redemption or otherwise, is permitted, amounts that would be needed, if the Partnership
were to be dissolved at the time of the distribution, to satisfy the liquidation preference of the Series E Preferred Partnership
Units (as provided in Section D below) will not be added to the Partnership’s total liabilities.

 

(d)              
Liquidation Preference.

 

(i)               Upon
any voluntary or involuntary liquidation, dissolution or winding up of the Partnership, before any distribution or payment
shall be made to or set apart for the holders of any Junior Units, Braemar OP Limited Partner LLC, in its capacity as holder
of the Series E Preferred Partnership Units, shall be entitled to receive a liquidation preference distribution equal to the
Stated Value per Series E Preferred Partnership Unit, plus an amount equal to all accumulated, accrued and unpaid
Preferred Return to, but not including, the date of final distribution, but Braemar OP Limited Partner LLC shall not be
entitled to any further payment with respect thereto. If upon any liquidation, dissolution or winding up of the Partnership,
its assets, or proceeds thereof, distributable among Braemar OP Limited Partner LLC, in its capacity as the holder of the
Series E Preferred Partnership Units, shall be insufficient to pay in full the above described preferential distribution and
liquidating distributions on any other series of Parity Units, then such assets, or the proceeds thereof, shall be
distributed among Braemar OP Limited Partner LLC, in its capacity as the holder of the Series E Preferred Partnership Units,
and the holders of any such other Parity Units ratably in the same proportion as the respective amounts that would be payable
on such Series E Preferred Partnership Units and any such other Parity Units if all amounts payable thereon were paid in
full.

 

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(ii)               
Upon any liquidation, dissolution or winding up of the affairs of the Partnership, after payment of the full amount of liquidating
distributions have been made to Breamar OP Limited Partner LLC, in its capacity as the holder of the Series E Preferred Partnership
Units, holders of the Series E Preferred Partnership Units shall have no right or claim to any of the remaining assets of the Partnership.

 

(iii)               None
of a consolidation or merger of the Partnership with or into any other corporation, trust or other entity, a consolidation or
merger of any other corporation, trust or other entity with or into the Partnership, a statutory unit exchange by the Partnership
or a sale, lease, transfer or conveyance of any or all of the Partnership’s assets or business shall be deemed to constitute
a liquidation, dissolution or winding up of the affairs of the Partnership.

 

(e)               Redemption.
In connection with the cash redemption by the Company of any shares of Series E Preferred Stock in accordance with the provisions
of the Series E Articles Supplementary, the Partnership shall provide cash to Braemar OP Limited Partner LLC for such purpose
which shall be equal to the applicable redemption price (as set forth in the Series E Articles Supplementary), plus all distributions
of Preferred Return accumulated and unpaid to, but not including, the applicable redemption date (as set forth in the Series E
Articles Supplementary), and one Series E Preferred Partnership Unit shall be concurrently redeemed with respect to each share
of Series E Preferred Stock so redeemed by the Company. In connection with the redemption by the Company of any shares of Series
E Preferred Stock for shares of REIT Common Shares in accordance with the provisions of the Series E Articles Supplementary, the
Partnership shall convert Series E Preferred Partnership Units into Common Partnership Units and issue such Common Partnership
Units to Braemar OP Limited Partner LLC. The number of Common Partnership Units into which the Series E Preferred Partnership
Units are convertible shall be equal to the number of REIT Common Shares into which the Series E Preferred Stock is then being
redeemed, as set forth in the Series E Articles Supplementary. From and after the applicable redemption date, the Series E Preferred
Partnership Units so redeemed shall no longer be outstanding and all rights hereunder, to distributions or otherwise, with respect
to such Series E Preferred Partnership Units shall cease.

 

(f)               Voting Rights. Except as required by applicable law, the holder of the Series E Preferred Partnership Units, as such,
shall have no voting rights.

 

(g)              Conversion.
In connection with the conversion by the Company of any shares of Series E Preferred Stock into shares of REIT Common Shares in
accordance with the provisions of the Series E Articles Supplementary, the Partnership shall convert Series E Preferred Partnership
Units into Common Partnership Units and issue such Common Partnership Units to Braemar OP Limited Partner LLC. The number of Common
Partnership Units into which the Series E Preferred Partnership Units are convertible shall be equal to the number of REIT Common
Shares into which the Series E Preferred Stock is then being converted, as set forth in the Series E Articles Supplementary. From
and after the applicable Change of Control Conversion Date (as such term is defined in the Series E Articles Supplementary), the
Series E Preferred Partnership Units so converted shall no longer be outstanding and all rights hereunder, to distributions or
otherwise, with respect to such Series E Preferred Partnership Units shall cease.

 

(h)              Restriction on Ownership. The Series E Preferred Partnership Units shall be owned and held solely by Braemar OP Limited
Partner LLC.

 

(i)               Allocations. Allocations of the Partnership’s items of income, gain, loss and deduction allocable with respect
to Series E Preferred Partnership Units shall be allocated pro rata among holders of Series E Preferred Partnership Units in accordance
with Article V of the Partnership Agreement.

 

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EXHIBIT J

DESIGNATION OF TERMS AND CONDITIONS OF SERIES M PREFERRED PARTNERSHIP UNITS 

 

(a)               Designation
and Number. A series of Preferred Partnership Units, designated as Series M Preferred Partnership Units, is hereby established.
The number of authorized Series M Preferred Partnership Units shall be 28,000,000.

 

(b)               Rank. The Series M Preferred Partnership Units, with respect to rights to distributions and payments to Partners
and the distribution of assets upon the liquidation, dissolution or winding up of the Partnership, rank (a) prior or senior to
the Common Partnership Units and all Partnership Units issued by the Partnership (“Junior Units”) the
terms of which specifically provide that such Partnership Units rank junior to the Series M Preferred Partnership Units; (b) on
a parity with the Series B Preferred Partnership Units, the Series D Preferred Partnership Units, the Series E Preferred Partnership
Units and all other Partnership Units issued in the future by the Partnership (“Parity Units”) the terms
of which specifically provide that such Partnership Units rank on a parity with the Series M Preferred Partnership Units; (c) junior
to all Partnership Units issued by the Partnership the terms of which specifically provide that such Partnership Units rank senior
to the Series M Preferred Partnership Units; and (d) junior to all of the Partnership’s existing and future indebtedness.

 

(c)               Distributions.

 

(i)              
Pursuant to Section 8.1 of the Partnership Agreement but subject to the rights of holders of any Preferred Partnership
Units ranking senior to the Series M Preferred Partnership Units as to the payment of distributions, Braemar OP Limited Partner
LLC, in its capacity as the holder of the then outstanding Series M Preferred Partnership Units, shall be entitled to receive,
when and as authorized by the General Partner, from the Cash Flow, cumulative monthly preferential cash distributions in an amount
per Series M Preferred Partnership Unit equal to 7.0% per annum of the stated value of $25.00 per Series M Preferred Partnership
Unit (the “Stated Value”) (equivalent to an annual distribution rate of $1.75 per Series M Preferred
Partnership Unit). Beginning one year from the date of original issuance of each Series M Preferred Partnership Unit, and on each
one year anniversary thereafter for such Series M Preferred Partnership Unit, the dividend rate shall increase by 0.10% per annum
for such Series M Preferred Partnership Unit; provided, however, that the dividend rate for any Series M Preferred Partnership
Unit shall not exceed 7.5% per annum of the Stated Value. For purposes of this section (c)(i) only, the “date of the original
issuance” of the Series M Preferred Partnership Unit shall mean the earliest date that any Series M Preferred Partnership
Unit was issued during the calendar quarter in which the Series M Preferred Partnership Unit was issued. Distributions shall be
payable monthly on the 15th day of each month (or, if such payment date is not a Business Day, the next succeeding Business
Day, with the same force and effect as if paid on such distribution payment date, and no interest or additional distributions or
other sums shall accrue on the amount so payable from such distribution payment date to such next succeeding Business Day). Distributions
of Preferred Return shall be payable in arrears to holders of record as they appear on the records of the Partnership at the close
of business on the last Business Day of each month immediately preceding the applicable distribution payment date, which dates
shall be the Partnership Record Dates for the Series M Preferred Partnership Units. Any distribution of Preferred Return payable
on the Series M Preferred Partnership Units for any distribution period (as defined below) will be computed on the basis of twelve
30-day months and a 360-day year. Except for distributions in liquidation or redemption as provided in Sections D and E,
respectively, holders of Series M Preferred Partnership Units will not be entitled to receive any distributions in excess of full
cumulative Preferred Returns accrued on the Series M Preferred Partnership Units at the distribution rate specified in this paragraph.
No interest will be paid in respect of any distribution payment or payments on the Series M Preferred Partnership Units that may
be in arrears.

 

(ii)                Distributions
of Preferred Return on each Series M Preferred Partnership Unit shall be cumulative from (and including) the first day of the
distribution period during which such Series M Preferred Partnership Unit was originally issued, whether or not in any
distribution period or periods (x) such distributions shall be authorized by the General Partner, (y) there shall
be funds legally available for the payment of such distributions or (z) any agreement prohibits the
Partnership’s payment of such distributions. As used herein, “distribution period” shall mean
the respective periods commencing on, and including, the first day of each month of each year and ending on, and including,
the day preceding the first day of the next succeeding distribution period (other than the distribution period during which
any Series M Preferred Partnership Units shall be redeemed or otherwise acquired by the Partnership, which shall end on, and
include, the day preceding the redemption or acquisition date with respect to the Series M Preferred Partnership Units being
redeemed or acquired).

 

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(iii)              When distributions of Preferred Return are not paid in full upon the Series M Preferred Partnership Units or any other series
of Parity Units, or a sum sufficient for such payment is not set apart, all distributions of Preferred Return authorized by the
General Partner upon the Series M Preferred Partnership Units and any other series of Parity Units shall be authorized by the General
Partner ratably in proportion to the respective amounts of such distributions accumulated, accrued and unpaid on the Series M Preferred
Partnership Units and accumulated, accrued and unpaid on such Parity Units. Except as set forth in the preceding sentence, unless
distributions on the Series M Preferred Partnership Units equal to the full amount of accumulated, accrued and unpaid distributions
of Preferred Return have been or contemporaneously are authorized by the General Partner and paid, or authorized by the General
Partner and a sum sufficient for the payment thereof set apart for such payment for all past distribution periods, no distributions
(other than distributions paid in Junior Units or options, warrants or rights to subscribe for or purchase Junior Units) shall
be authorized by the General Partner or paid or set aside for payment by the Partnership with respect to any class or series of
Parity Units. Unless distributions of Preferred Return on the Series M Preferred Partnership Units equal to the full amount of
accumulated, accrued and unpaid distributions have been or contemporaneously are authorized by the General Partner and paid, or
authorized by the General Partner and a sum sufficient for the payment thereof set apart for such payment for all past distribution
periods, no distributions (other than distributions paid in Junior Units or options, warrants or rights to subscribe for or purchase
Junior Units) shall be authorized by the General Partner or paid or set apart for payment by the Partnership with respect to any
Junior Units, nor shall any Junior Units or Parity Units be redeemed, purchased or otherwise acquired for any consideration, or
any monies be paid to or made available for a sinking fund for the redemption of any Junior Units or Parity Units (except by conversion
or exchange for Junior Units, or options, warrants or rights to subscribe for or purchase Junior Units), nor shall any other cash
or property be paid or distributed to or for the benefit of holders of Junior Units or Parity Units. Notwithstanding the foregoing,
the General Partner shall not be prohibited from (i) authorizing or paying or setting apart for payment any Preferred Return or
distribution on any Junior Units or Parity Units or (ii) redeeming, purchasing or otherwise acquiring any Junior Units or Parity
Units, in each case, if such authorization, payment, redemption, purchase or other acquisition is necessary to maintain the Company’s
qualification as a REIT.

 

(iv)              No distribution of Preferred Return on the Series M Preferred Partnership Units shall be authorized by the General Partner
or paid or set apart for payment at such time as the terms and provisions of any agreement of the Partnership, including any agreement
of the Partnership relating to the Partnership’s indebtedness, prohibits such authorization, payment or setting apart for
payment or provides that such authorization, payment or setting apart for payment would constitute a breach thereof, or a default
thereunder, or if such authorization, payment or setting apart for payment shall be restricted or prohibited by law.

 

(v)              
In determining whether a distribution (other than upon voluntary or involuntary liquidation, dissolution or winding up of
the Partnership) of Preferred Return or in redemption or otherwise, is permitted, amounts that would be needed, if the Partnership
were to be dissolved at the time of the distribution, to satisfy the liquidation preference of the Series M Preferred Partnership
Units (as provided in Section D below) will not be added to the Partnership’s total liabilities.

 

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(d)               Liquidation Preference.

 

(i)               Upon
any voluntary or involuntary liquidation, dissolution or winding up of the Partnership, before any distribution or payment
shall be made to or set apart for the holders of any Junior Units, Braemar OP Limited Partner LLC, in its capacity as holder
of the Series M Preferred Partnership Units, shall be entitled to receive a liquidation preference distribution equal to the
Stated Value per Series M Preferred Partnership Unit, plus an amount equal to all accumulated, accrued and unpaid
Preferred Return to, but not including, the date of final distribution, but Braemar OP Limited Partner LLC shall not be
entitled to any further payment with respect thereto. If upon any liquidation, dissolution or winding up of the Partnership,
its assets, or proceeds thereof, distributable among Braemar OP Limited Partner LLC, in its capacity as the holder of the
Series M Preferred Partnership Units, shall be insufficient to pay in full the above described preferential distribution and
liquidating distributions on any other series of Parity Units, then such assets, or the proceeds thereof, shall be
distributed among Braemar OP Limited Partner LLC, in its capacity as the holder of the Series M Preferred Partnership Units,
and the holders of any such other Parity Units ratably in the same proportion as the respective amounts that would be payable
on such Series M Preferred Partnership Units and any such other Parity Units if all amounts payable thereon were paid in
full.

 

(ii)              Upon any liquidation, dissolution or winding up of the affairs of the Partnership, after payment of the full amount of liquidating
distributions have been made to Breamar OP Limited Partner LLC, in its capacity as the holder of the Series M Preferred Partnership
Units, holders of the Series M Preferred Partnership Units shall have no right or claim to any of the remaining assets of the Partnership.

 

(iii)             None of a consolidation or merger of the Partnership with or into any other corporation, trust or other entity, a consolidation
or merger of any other corporation, trust or other entity with or into the Partnership, a statutory unit exchange by the Partnership
or a sale, lease, transfer or conveyance of any or all of the Partnership’s assets or business shall be deemed to constitute
a liquidation, dissolution or winding up of the affairs of the Partnership.

 

(e)               Redemption. In connection with the cash redemption by the Company of any shares of Series M Preferred Stock in accordance
with the provisions of the Series M Articles Supplementary, the Partnership shall provide cash to Braemar OP Limited Partner LLC
for such purpose which shall be equal to the applicable redemption price (as set forth in the Series M Articles Supplementary),
plus all distributions of Preferred Return accumulated and unpaid to, but not including, the applicable redemption date (as set
forth in the Series M Articles Supplementary), and one Series M Preferred Partnership Unit shall be concurrently redeemed with
respect to each share of Series M Preferred Stock so redeemed by the Company. In connection with the redemption by the Company
of any shares of Series M Preferred Stock for shares of REIT Common Shares in accordance with the provisions of the Series M Articles
Supplementary, the Partnership shall convert Series M Preferred Partnership Units into Common Partnership Units and issue such
Common Partnership Units to Braemar OP Limited Partner LLC. The number of Common Partnership Units into which the Series M Preferred
Partnership Units are convertible shall be equal to the number of REIT Common Shares into which the Series M Preferred Stock is
then being redeemed, as set forth in the Series M Articles Supplementary. From and after the applicable redemption date, the Series
M Preferred Partnership Units so redeemed shall no longer be outstanding and all rights hereunder, to distributions or otherwise,
with respect to such Series M Preferred Partnership Units shall cease.

 

(f)                Voting Rights. Except as required by applicable law, the holder of the Series M Preferred Partnership Units, as such,
shall have no voting rights.

 

(g)               Conversion. In connection with the conversion by the Company of any shares of Series M Preferred Stock into shares
of REIT Common Shares in accordance with the provisions of the Series M Articles Supplementary, the Partnership shall convert Series
M Preferred Partnership Units into Common Partnership Units and issue such Common Partnership Units to Braemar OP Limited Partner
LLC. The number of Common Partnership Units into which the Series M Preferred Partnership Units are convertible shall be equal
to the number of REIT Common Shares into which the Series M Preferred Stock is then being converted, as set forth in the Series
M Articles Supplementary. From and after the applicable Change of Control Conversion Date (as such term is defined in the Series
M Articles Supplementary), the Series M Preferred Partnership Units so converted shall no longer be outstanding and all rights
hereunder, to distributions or otherwise, with respect to such Series M Preferred Partnership Units shall cease.

 

(h)               Restriction
on Ownership. The Series M Preferred Partnership Units shall be owned and held solely by Braemar OP Limited Partner LLC.

 

(i)                Allocations. Allocations of the Partnership’s items of income, gain, loss and deduction allocable with respect
to Series M Preferred Partnership Units shall be allocated pro rata among holders of Series M Preferred Partnership Units in accordance
with Article V of the Partnership Agreement.

 

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