Document:

Exhibit 10.4

 

March 13, 2020

 

Ashford TRS Corporation

14185 Dallas Parkway, Suite 1100

Dallas, Texas 75254

Attention: Chief Financial Officer

 

		Re:	Consolidated, Amended and Restated Hotel Master Management Agreement (the “Management
Agreement”) dated August 8, 2018, by and among Ashford TRS Corporation, RI Manchester Tenant Corporation, CY Manchester
Corporation (collectively, “Owner”) and Remington Lodging & Hospitality, LLC

 

To the Chief Financial Officer:

 

Capitalized terms used, but not defined,
herein shall have the meanings given to them in the Management Agreement.

 

With regard to each Hotel that is subject
to the Management Agreement, Section 16.01 of the Management Agreement provides that Manager shall be paid its monthly Base
Management Fee on the fifth (5th) day of each month for the preceding Accounting Period. As you are no doubt aware,
the spread of the novel coronavirus (Covid-19) is having a significant impact on the travel and hospitality industry. In order
for Manager to better manage its corporate working capital to ensure the continued efficient operation of the Hotels, we request
that you agree to permit: (i) payment of the Base Management Fee to Manager; and (ii) reimbursement to Manager of all
expenses for which Manager is entitled to be reimbursed under the Management Agreement, in each case, on a weekly rather than monthly
basis (the “Proposal”). If approved, the timing of payments contemplated by the Proposal will begin immediately
and will continue until terminated by Owner.

 

Please indicate your agreement to the Proposal
by your signature below. Should you have any questions, please do not hesitate to contact me.

 

 

	 	REMINGTON lodging & hospitality, llc, a Delaware

    limited liability company, on behalf of itself and its

    affiliates who manage Hotels under the Management

    Agreement
	 	 
	 	By:	/s/ Sloan Dean
	 	Name:	Sloan Dean
	 	Title:	Chief Executive Officer

 

     

     

    

 

APPROVED AND AGREED:

 

Ashford TRS Corporation, on behalf of itself and

all New Lessees under the Management Agreement,

hereby agrees to Proposal

 

ASHFORD TRS CORPORATION

 

	 	 
	 	 
	By:	/s/ Deric Eubanks	 
	Name:	Deric Eubanks	 
	Title:	President	 

 

cc:

 

Ashford Hospitality Limited Partnership

14185 Dallas Parkway, Suite 1100

Dallas, Texas 75254

Attention: General CounselExhibit 10.6

 

March 13, 2020

 

Braemar TRS Corporation

14185 Dallas Parkway, Suite 1100

Dallas, Texas 75254

Attention: Chief Financial Officer

 

		Re:	Amended and Restated Braemar Hotel Master Management Agreement (the “Management Agreement”)
dated August 8, 2018, by and among Braemar TRS Corporation, CHH III Tenant Parent Corp., RC Hotels (Virgin Islands), Inc.
and Remington Lodging & Hospitality, LLC

 

To the Chief Financial Officer:

 

Capitalized terms used, but not defined,
herein shall have the meanings given to them in the Management Agreement.

 

With regard to each Hotel that is subject
to the Management Agreement, Section 16.01 of the Management Agreement provides that Manager shall be paid its monthly Base
Management Fee on the fifth (5th) day of each month for the preceding Accounting Period. As you are no doubt aware, the spread
of the novel coronavirus (Covid-19) is having a significant impact on the travel and hospitality industry. In order for Manager
to better manage its corporate working capital to ensure the continued efficient operation of the Hotels, we request that you agree
to permit: (i) payment of the Base Management Fee to Manager; and (ii) reimbursement to Manager of all expenses for which
Manager is entitled to be reimbursed under the Management Agreement, in each case, on a weekly rather than monthly basis (the “Proposal”).
If approved, the timing of payments contemplated by the Proposal will begin immediately and will continue until terminated by Owner.

 

Please indicate your agreement to the Proposal
by your signature below. Should you have any questions, please do not hesitate to contact me.

  

	 	REMINGTON lodging &
hospitality, llc, a Delaware
	 	limited liability company
	 	 
	 	By:
	/s/
                           Sloan Dean

	 	Name:	Sloan Dean
	 	Title:	Chief Executive Officer

 

     

     

    

 

APPROVED AND AGREED:

 

Braemar TRS Corporation, on behalf of itself and

all New Lessees under the Management Agreement,

hereby agrees to Proposal

 

BRAEMAR TRS CORPORATION

 

	By:	/s/ Deric Eubanks	 
	Name:	Deric Eubanks	 
	Title:	President	 

 

 

cc:

 

Braemar Hospitality Limited Partnership

14185 Dallas Parkway, Suite 1100

Dallas, Texas 75254

Attention: General CounselExhibit 10.7

 

[Ashford
Inc. Letterhead]

 

March 15, 2020

 

[_______]

c/o Ashford Inc.

14185 Dallas Parkway, Suite 1100

Dallas, TX 75254

 

RE:  Base Salary Reduction

 

Dear [_______],

 

As we have discussed, in light of the
uncertainty created by the effects of the novel coronavirus (Covid-19), effective as of March 21, 2020 and subject to
your signature below, your base salary is being reduced by [ ] percent ([ ]%). This reduction will be effective until such
time as the [Chief Executive Officer][independent members of the Board of Directors (the “Board”)] of Ashford
Inc. (the “Company”) determine[s] in [his][their] sole and absolute discretion that the effects of the novel
coronavirus (Covid-19) on the lodging industry have subsided and it has been determined by the [Chief Executive Officer][Board] that the Company is in a healthy financial position. You will be promptly notified of such determination in writing
(which may be via e-mail), and such notification may also provide for a “make whole” amount attributable to the
reduction in your base salary as determined in the sole and absolute discretion of the [Chief Executive Officer][Board].
Please note that this reduction does not change your targeted incentive bonus percentages for purposes of the Company’s
annual cash incentive program, and the bonus payable to you under this program, if any, shall take into account your base
salary prior to any reduction as specified in this letter.

 

By your signature below, you hereby acknowledge
and consent to this salary reduction, and further acknowledge and agree that you shall not have, and hereby waive, any right to
resign for “Good Reason” (or any term of similar meaning) solely in connection with the temporary base salary reduction
described in this letter, under any and all employment, compensation, and benefits agreements, programs, policies, and arrangements
of the Company and the entities that it and its subsidiaries advise, including, without limitation, your employment agreement with
the Company (and Ashford Hospitality Advisors, LLC). You expressly acknowledge and agree that all such entities are third party
beneficiaries of this letter agreement.

 

We appreciate your continued service in
helping the Company navigate the uncertainty created by Covid-19.

 

Very truly yours,

 

ASHFORD INC.

 

_____________________________

By:

Its:

 

ACKNOWLEDGED AND AGREED:

 

_____________________________

[_______]mux_Ex4_1

		
			Exhibit 4.1
		

		
			DESCRIPTION OF REGISTRANT’S SECURITIES
		

		
			REGISTERED PURSUANT TO SECTION 12 OF THE
		

		
			SECURITIES EXCHANGE ACT OF 1934
		

		
			As of December 31, 2019, McEwen Mining Inc. had one class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended, its common stock.  Following is a description of our common stock, which description is qualified in its entirety by reference to our Amended and Restated Articles of Incorporation (“Articles of Incorporation”) and Amended and Restated Bylaws (“Bylaws”), each as amended, filed with this report and relevant provisions of the Colorado Business Corporation Act.
		

		
			DESCRIPTION OF COMMON STOCK
		

		
			We are authorized to issue up to 500,000,000 shares of common stock, no par value. As of December 31, 2019, there were a total of 400,338,425 shares of our common stock issued and outstanding; this number excludes 29,770,766 shares of common stock issuable upon the exercise of outstanding warrants and 5,293,277 shares of common stock issuable upon the exercise of outstanding options under our Equity Incentive Plan and other plans as of December 31, 2019. 
		

		
			The holders of our common stock are entitled to one vote for each share held of record and the holders of any fractional share are entitled to a corresponding fractional vote on all matters submitted to a vote of the shareholders, including the election of directors. Cumulative voting for directors is not permitted. Subject to preferences that may be applicable to any then-outstanding preferred stock, holders of common stock are entitled to receive ratably those dividends, if any, as may be declared by our board of directors out of legally available funds. Upon our liquidation, dissolution or winding up, the holders of common stock will be entitled to share ratably in the net assets legally available for distribution to shareholders after the payment of all of our debts and other liabilities of our company, subject to the prior rights of any preferred stock then outstanding. Holders of common stock have no preemptive or conversion rights or other subscription rights and there are no redemption or sinking funds provisions applicable to the common stock. There are no restrictions on the alienability of our common stock and there are no provisions discriminating against any existing or prospective holder of our common stock as a result of such holder owning a substantial amount of our securities. All outstanding shares of our common stock are fully paid and non-assessable.
		

		
			We refer you to the “Anti-Takeover Provisions” subsection below for information regarding provisions that would delay, defer or prevent a change in control of our Company.
		

		
			Anti-Takeover Provisions
		

		
			Our Articles of Incorporation and our Bylaws include certain provisions that could delay, defer or prevent a change in control of our company. Among other things, our Articles of Incorporation and Bylaws:
		

			
	
			
				 ·
			

			
	
			
			provide that the authorized number of directors may be fixed from time to time by our board of directors; provided, however, that the authorized number of directors shall not be less than three nor more than nine;

			
	
			
				 ·
			

			
	
			
			do not provide for cumulative voting rights (therefore allowing the holders of a majority of the shares of common stock entitled to vote in any election of directors to elect all of the directors standing for election, if they should so choose); and

			
	
			
				 ·
			

			
	
			
			provide that special meetings of our shareholders may be called only by our president, the chairman of the board of directors, the board of directors, or the holders of not less than 10% of all shares entitled to vote at the meeting.

		
			Moreover, pursuant to the laws of the State of Colorado, certain significant transactions would require the affirmative vote of a majority of the shares eligible to vote at a meeting of shareholders, which requirement could result in delays to or greater cost associated with a change in control of McEwen Mining.

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