<SEC-DOCUMENT>0001104659-22-034114.txt : 20220315
<SEC-HEADER>0001104659-22-034114.hdr.sgml : 20220315
<ACCEPTANCE-DATETIME>20220315211327
ACCESSION NUMBER:		0001104659-22-034114
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20220311
FILED AS OF DATE:		20220315
DATE AS OF CHANGE:		20220315

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Bennett Monty J
		CENTRAL INDEX KEY:			0001260654

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31775
		FILM NUMBER:		22743096

	MAIL ADDRESS:	
		STREET 1:		14185 DALLAS PARKWAY
		STREET 2:		SUITE 1100
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75254

	FORMER NAME:	
		FORMER CONFORMED NAME:	BENNETT MONTGOMERY J
		DATE OF NAME CHANGE:	20030820

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ASHFORD HOSPITALITY TRUST INC
		CENTRAL INDEX KEY:			0001232582
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				861062192
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		14185 DALLAS PARKWAY SUITE 1100
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75254
		BUSINESS PHONE:		9724909600

	MAIL ADDRESS:	
		STREET 1:		14185 DALLAS PARKWAY SUITE 1100
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75254
</SEC-HEADER>
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<TYPE>4
<SEQUENCE>1
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<DESCRIPTION>OWNERSHIP DOCUMENT
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        <issuerName>ASHFORD HOSPITALITY TRUST INC</issuerName>
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                    <value>I</value>
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                    <value>By Reserve, LP IV</value>
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                    <value>By Reserve, LP III</value>
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            <securityTitle>
                <value>Common Limited Partnership Units</value>
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                    <value>By Ashford Financial Corporation</value>
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    <footnotes>
        <footnote id="F1">Represents shares of common stock forfeited to the Issuer to satisfy certain tax-withholding obligations of the Reporting Person arising as a result of the vesting of restricted stock held by the Reporting Person.</footnote>
        <footnote id="F2">Represents the closing price of the common stock on March 10, 2022, the last trading day before the date of forfeiture.</footnote>
        <footnote id="F3">Each performance stock unit (&quot;Performance Stock Unit&quot;) award represents a right to receive between zero (0) and two (2) shares of the Issuer's common stock if and when the applicable vesting criteria have been achieved.</footnote>
        <footnote id="F4">Represents the target number of common stock shares that may be issued pursuant to the award of Performance Stock Units. The actual number of shares of common stock to be issued upon vesting can range from 0% to 200% of the target number of Performance Stock Units reported, based on achievement of specified relative and total stockholder returns of the Issuer. Assuming continued service through the vesting date and achievement of the specified relative and total stockholder returns, the Performance Stock Units, as adjusted, will generally vest on December 31, 2022.</footnote>
        <footnote id="F5">Each performance LTIP unit (&quot;Performance LTIP Unit&quot;) award represents an LTIP Unit (as defined below) subject to specified performance-based vesting criteria.</footnote>
        <footnote id="F6">The Reporting Person received the Performance LTIP Units and LTIP Units awards reported herein under the Issuer's 2021 Stock Incentive Plan.</footnote>
        <footnote id="F7">Represents the maximum number of LTIP Units that may vest pursuant to such award of Performance LTIP Units, which is 250% of the target number of LTIP Units. The actual number of Performance LTIP Units that may vest can range from 0% to 250% of the target number of Performance LTIP Units, based on achievement of specified relative and total stockholder returns of the Issuer. Assuming continued service through the vesting date and achievement of the specified relative and total stockholder return, the Performance LTIP Units will generally vest on December 31, 2023 (with respect to the 2021 grant) and December 31, 2024 (with respect to the 2022 grant). Vested LTIP Units, upon achieving parity with the Common Units (as defined below), are convertible into Common Units at the option of the Reporting Person. See Footnote 12 discussing the convertibility of the Common Units.</footnote>
        <footnote id="F8">Represents special long-term incentive partnership units (&quot;LTIP Units&quot;) in Ashford Hospitality Limited Partnership, the Issuer's operating subsidiary (&quot;Subsidiary&quot;). Vested LTIP Units, upon achieving parity with the Common Units, are convertible into Common Units at the option of the Reporting Person. See Footnote 12 discussing the convertibility of the Common Units.</footnote>
        <footnote id="F9">The LTIP Units reported herein vest in three (3) substantially equal installments on the first three (3) anniversaries of the date of grant. See Footnote 8 discussing the convertibility of vested LTIP Units.</footnote>
        <footnote id="F10">Neither the Common Units nor the LTIP Units have an expiration date.</footnote>
        <footnote id="F11">Reflects the aggregate number of LTIP Units held directly or indirectly by the Reporting Person, and includes LTIP Units comprising awards previously granted to, and reported by, the Reporting Person. Such LTIP Units have different grant and vesting dates and include those which (i) may have achieved parity with the Common Units, (ii) have not yet achieved parity with the Common Units, (iii) are currently vested, or (iv) have not yet vested. Such LTIP Units have been combined herein solely for reporting purposes.</footnote>
        <footnote id="F12">Common Limited Partnership Units of the Subsidiary (&quot;Common Units&quot;). Common Units are redeemable for cash or, at the option of the Issuer, convertible into shares of the Issuer's common stock on a 1-for-1 basis.</footnote>
        <footnote id="F13">Reflects the aggregate number of Common Units currently held directly or indirectly, as noted, by the Reporting Person, some of which may have been converted from LTIP Units by the Reporting Person since the Reporting Person's most recent Form 4 or Form 5 filing. See Footnote 12 discussing the convertibility of the Common Units.</footnote>
        <footnote id="F14">Reflects only the Reporting Person's pecuniary interest in the aggregate number of Common Units held directly by Ashford Financial Corporation. The Reporting Person hereby disclaims any interest in all other securities of the Issuer held directly by Ashford Financial Corporation.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Monty J. Bennett</signatureName>
        <signatureDate>2022-03-15</signatureDate>
    </ownerSignature>
</ownershipDocument>
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