<SEC-DOCUMENT>0001104659-22-058867.txt : 20220511
<SEC-HEADER>0001104659-22-058867.hdr.sgml : 20220511
<ACCEPTANCE-DATETIME>20220511171821
ACCESSION NUMBER:		0001104659-22-058867
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20220511
DATE AS OF CHANGE:		20220511
EFFECTIVENESS DATE:		20220511

FILER:

	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

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-264868
		FILM NUMBER:		22914754

	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>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>tm2214732d1_s8.htm
<DESCRIPTION>FORM S-8
<TEXT>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on May 11, 2022</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13.5pt"><B>FORM
S-8<BR>
</B></FONT><B>REGISTRATION STATEMENT<BR>
UNDER THE SECURITIES ACT OF 1933</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>



<P STYLE="font: bold 13.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 13.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ASHFORD HOSPITALITY TRUST, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">(Exact name of
registrant as specified in its charter)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="width: 49%; padding-top: 6pt; text-align: center; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maryland</B></FONT><BR>
<FONT STYLE="font-weight: normal">(State or other jurisdiction of<BR>
incorporation or organization)</FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 48%; padding-top: 6pt; text-align: center; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>86-1062192</B></FONT><BR>
<FONT STYLE="font-weight: normal">(I.R.S. Employer<BR>
Identification Number)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ashford
Hospitality Trust, Inc.<BR>
2021 Stock Incentive Plan<BR>
</B></FONT><FONT STYLE="font-weight: normal">(Full title of the plan)</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14185
Dallas Parkway, Suite 1200<BR>
Dallas, Texas 75254<BR>
(972)&nbsp;490-9600<BR>
</B></FONT><FONT STYLE="font-weight: normal">(Address, including zip code, and telephone number, including area code, of registrant&rsquo;s
principal executive offices)</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Alex
Rose<BR>
Executive Vice President, General Counsel and Secretary<BR>
14185 Dallas Parkway, Suite 1200<BR>
Dallas, Texas 75254<BR>
(972)&nbsp;490-9600<BR>
</B></FONT><FONT STYLE="font-weight: normal">(Name, address, including zip code, and telephone number, including area code, of agent for
service)</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Copies to:</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Richard M. Brand<BR>
Gregory P. Patti Jr.<BR>
Cadwalader, Wickersham &amp; Taft LLP<BR>
200 Liberty Street<BR>
New York, NY 10281<BR>
(212)&nbsp;504-6000</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &ldquo;large
accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2 of the Exchange Act.
(Check one):</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%; padding: 6pt 0.75pt 0.75pt; text-align: center; font-size: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Large accelerated filer </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD STYLE="width: 27%; padding: 6pt 0.75pt 0.75pt; text-align: center; font-size: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Accelerated filer <FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="width: 25%; padding: 6pt 0.75pt 0.75pt; text-align: center; font-size: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Non-accelerated filer <FONT STYLE="font-family: Wingdings">&#168;</FONT> <BR>
(Do not check if a smaller <BR>
reporting company)</FONT></TD>
    <TD STYLE="width: 24%; padding: 6pt 0.75pt 0.75pt; text-align: center; font-size: 9.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9.5pt">Smaller reporting company <FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">EXPLANATORY
NOTE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Registration Statement on Form S-8 is filed
pursuant to General Instruction E to Form S-8 for the purpose of registering an additional 650,000 shares of the Common Stock of Ashford
Hospitality Trust, Inc. (the &ldquo;Company&rdquo; or &ldquo;Registrant&rdquo;), which may be issued pursuant to awards under the Ashford
Hospitality Trust, Inc. 2021 Stock Incentive Plan, as further amended effective as of May 10, 2022 (the &ldquo;Plan&rdquo;). In accordance
with General Instruction E to Form S-8, the Company hereby incorporates herein by reference the Registration Statement on <A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465921065154/tm2116029d1_s8.htm" STYLE="-sec-extract: exhibit">Form S-8 (No. 333-256037), filed with the Securities and Exchange Commission on May 12, 2021</A>, together with all exhibits filed therewith or incorporated
therein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">PART
II<BR>
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-indent: -0.1in">Item 8. Exhibits.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-indent: -0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Exhibits to this Registration Statement are
listed in the Index to Exhibits immediately following the signature pages.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">SIGNATURES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that the registrant meets all of the requirements
for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in the City of Dallas, State of Texas, on this 11<SUP>th</SUP> day of May, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ashford Hospitality Trust, Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Alex Rose</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%"></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alex Rose</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Vice President, General Counsel and Secretary</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="POWEROFATTORNEY"></A><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>POWER
OF ATTORNEY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">KNOW ALL MEN BY
THESE PRESENTS, that each person whose signature appears below constitutes and appoints Deric S. Eubanks, J. Robison Hays,&nbsp;III and
Alex Rose and each of them, with full power to act without the other, such person&rsquo;s true and lawful attorneys-in-fact and agents,
with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign this
registration statement, and any and all pre-effective and post-effective amendments thereto as well as any related registration statements
(or amendment thereto) filed pursuant to Rule&nbsp;462(b)&nbsp;promulgated under the Securities Act of 1933, as amended, and to file
the same, with exhibits and schedules thereto, and other documents in connection therewith, with the Securities and Exchange Commission,
granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and
thing necessary or desirable to be done in and about the premises, as fully to all intents and purposes as he might or could do in person,
hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his substitute or substitutes,
may lawfully do or cause to be done by virtue hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Pursuant to the
requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities
and on the dates indicated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 34%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="font-size: 10pt; width: 1%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid; width: 40%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT></TD>
    <TD STYLE="font-size: 10pt; width: 1%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 24%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ J. Robison Hays,&nbsp;III</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer
    and President; Director</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;11, 2022</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">J. Robison Hays,&nbsp;III</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"> (Principal Executive Officer)</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Alex
Rose</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Vice President,
    General Counsel and Secretary</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;11, 2022</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">Alex Rose</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"></TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Deric S. Eubanks</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer
    and Treasurer<BR> </FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;11, 2022</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">Deric S. Eubanks</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">(Principal Financial Officer)</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Jeremy J. Welter</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Operating Officer</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;11, 2022</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">Jeremy J. Welter</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Mark L. Nunneley</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Accounting Officer<BR> </FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;11, 2022</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">Mark L. Nunneley</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">(Principal Accounting Officer)</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Monty J. Bennett</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director and Chairman of
    the Board</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;11, 2022</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">Monty J. Bennett</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Benjamin
J. Ansell, MD</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;11, 2022</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">Benjamin J. Ansell, MD</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"></TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Amish V. Gupta</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lead Director</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;11, 2022</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">Amish V. Gupta</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Kamal Jafarnia</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;11, 2022</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">Kamal Jafarnia</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Frederick J. Kleisner</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;11, 2022</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">Frederick J. Kleisner</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Sheri L. Pantermuehl</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;11, 2022</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">Sheri L. Pantermuehl</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Alan L. Tallis</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;11, 2022</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">Alan L. Tallis</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>EXHIBIT&nbsp;INDEX</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 8%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit</B></FONT></TD>
    <TD STYLE="font-size: 10pt; width: 1%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 91%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465915038758/a15-11024_1ex4d6.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></A></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465915038758/a15-11024_1ex4d6.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles of Amendment and Restatement, as amended by
    Amendment Number One to Articles of Amendment and Restatement (incorporated by reference to Exhibit&nbsp;4.6 to Registration Statement
    on Form&nbsp;S-3 filed May&nbsp;15, 2015).</FONT></A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000123258217000040/exhibit31.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT></A></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000123258217000040/exhibit31.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment Number Two to Articles of Amendment and Restatement
    (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Form&nbsp;8-K, filed on May&nbsp;22, 2017) (File No.&nbsp;001-31775).</FONT></A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000123258220000039/ahtarticlesofamendment.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3</FONT></A></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000123258220000039/ahtarticlesofamendment.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles of Amendment to the Company&rsquo;s charter
    (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Form&nbsp;8-K, filed on July&nbsp;1, 2020) (File No.&nbsp;001-31775).</FONT></A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465921093098/tm2122248d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4</FONT></A></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465921093098/tm2122248d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles of Amendment to the Articles of Amendment
    and Restatement of the Company (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Form&nbsp;8-K, filed on July&nbsp;16,
    2021) (File No.&nbsp;001-31775).</FONT></A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465922035693/tm228861d2_ex3-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.5</FONT></A></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465922035693/tm228861d2_ex3-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Second Amended and Restated Bylaws, as amended by Amendment
    No.&nbsp;1 on October&nbsp;26, 2014,by Amendment No.&nbsp;2 on October&nbsp;19, 2015, by Amendment No.&nbsp;3 on August&nbsp;2, 2016
    and by Amendment No.&nbsp;4 on March&nbsp;17, 2022, adopted on March&nbsp;17, 2022 (incorporated by reference to Exhibit&nbsp;3.2
    to the Registrant&rsquo;s Form&nbsp;8-K, filed on March&nbsp;18, 2022).</FONT></A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000095013403012071/d05872a3exv4w1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></A></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000095013403012071/d05872a3exv4w1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Certificate for Common Stock (incorporated
    by reference to Exhibit&nbsp;4.1 of Form&nbsp;S-11/A, filed on August&nbsp;20, 2003).</FONT></A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000119312512085352/d273182dex411.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1.1</FONT></A></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000119312512085352/d273182dex411.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles Supplementary for Series&nbsp;A Cumulative
    Preferred Stock, dated September&nbsp;15, 2004 (incorporated by reference to Exhibit&nbsp;4.1.1 of Form&nbsp;10-K, filed on February&nbsp;28,
    2012) (File No.&nbsp;001-31775).</FONT></A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000119312512085352/d273182dex412.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1.2</FONT></A></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000119312512085352/d273182dex412.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Certificate of Series&nbsp;A Cumulative
    Preferred Stock (incorporated by reference to Exhibit&nbsp;4.1.2 of Form&nbsp;10-K, filed on February&nbsp;28, 2012) (File No.&nbsp;001-31775).</FONT></A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000095013407015305/d48277exv3w5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2.1</FONT></A></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000095013407015305/d48277exv3w5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles Supplementary for Series&nbsp;D Cumulative
    Preferred Stock, dated July&nbsp;17, 2007 (incorporated by reference to Exhibit&nbsp;3.5 to the Registrant&rsquo;s Form&nbsp;8-A,
    filed July&nbsp;17, 2007).</FONT></A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000095013407015305/d48277exv4w2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2.2</FONT></A></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000095013407015305/d48277exv4w2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Certificate of Series&nbsp;D Cumulative
    Preferred Stock (incorporated by reference to Exhibit&nbsp;4.2 to the Registrant&rsquo;s Form&nbsp;8-A, filed July&nbsp;17, 2007).</FONT></A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000095012311036344/d81429bexv3w6.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3.1</FONT></A></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000095012311036344/d81429bexv3w6.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles Supplementary for Series&nbsp;E Cumulative
    Preferred Stock, dated April&nbsp;15, 2011 (incorporated by reference to Exhibit&nbsp;3.6 to the Registrant&rsquo;s Form&nbsp;8-A,
    filed April&nbsp;18, 2011).</FONT></A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000095012311036344/d81429bexv4w2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3.2</FONT></A></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000095012311036344/d81429bexv4w2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Certificate of Series&nbsp;E Cumulative
    Preferred Stock (incorporated by reference to Exhibit&nbsp;4.2 to the Registrant&rsquo;s Form&nbsp;8-A, filed April&nbsp;18, 2011).</FONT></A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465916132245/a16-14775_1ex3d1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</FONT></A></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465916132245/a16-14775_1ex3d1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles Supplementary for Series&nbsp;F Cumulative
    Preferred Stock, accepted for record and certified by the Maryland State Department of Assessments and Taxation on July&nbsp;11,
    2016 (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Form&nbsp;8-K, filed July&nbsp;12, 2016) (File No.&nbsp;001-31775).</FONT></A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465916150730/a16-20094_1ex3d1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</FONT></A></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465916150730/a16-20094_1ex3d1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles Supplementary for Series&nbsp;G Cumulative
    Preferred Stock, accepted for record and certified by the Maryland State Department of Assessments and Taxation on October&nbsp;17,
    2016 (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Form&nbsp;8-K, filed on October&nbsp;18, 2016) (File
    No.&nbsp;001-31775).</FONT></A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465917053131/a17-20817_1ex3d1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</FONT></A></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465917053131/a17-20817_1ex3d1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles Supplementary for Series&nbsp;H Cumulative
    Preferred Stock, accepted for record and certified by the Maryland State Department of Assessments and Taxation on August&nbsp;18,
    2017 (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Form&nbsp;8-K, filed on August&nbsp;22, 2017) (File
    No.&nbsp;001-31775).</FONT></A></TD></TR>
</TABLE>

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<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 8%"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465917068558/a17-27110_1ex3d1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7</FONT></A></TD>
    <TD STYLE="font-size: 10pt; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt; width: 91%"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000110465917068558/a17-27110_1ex3d1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles Supplementary for Series&nbsp;I Cumulative
    Preferred Stock, accepted for record and certified by the Maryland State Department of Assessments and Taxation on November&nbsp;14,
    2017 (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Form&nbsp;8-K, filed on November&nbsp;14, 2017) (File
    No.&nbsp;001-31775).</FONT></A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000123258222000038/aht2021q410-kxex48.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8</FONT></A></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1232582/000123258222000038/aht2021q410-kxex48.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of Securities (incorporated by reference
    to Exhibit&nbsp;4.8 to the Registrant&rsquo;s Form&nbsp;10-K, filed on February&nbsp;28, 2022).</FONT></A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="tm2214732d1_ex10-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1*</FONT></A></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><A HREF="tm2214732d1_ex10-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021 Stock Incentive Plan of Ashford Hospitality Trust,&nbsp;Inc.,
    as amended and restated through May&nbsp;10, 2022.</FONT></A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="tm2214732d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1 *</FONT></A></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><A HREF="tm2214732d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Hogan Lovells US LLP.</FONT></A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="tm2214732d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1*</FONT></A></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><A HREF="tm2214732d1_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Hogan Lovells US LLP (included in Exhibit&nbsp;5.1).</FONT></A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="tm2214732d1_ex23-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2*</FONT></A></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><A HREF="tm2214732d1_ex23-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of BDO USA, LLP.</FONT></A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="#POWEROFATTORNEY"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1*</FONT></A></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><A HREF="#POWEROFATTORNEY"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney (included in the signature page&nbsp;to
    this registration statement).</FONT></A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="tm2214732d1_ex-filingfees.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">107*</FONT></A></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><A HREF="tm2214732d1_ex-filingfees.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing Fee Table.</FONT></A></TD></TR>
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<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;Filed herewith.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm2214732d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; width: 70%; font-size: 10pt; text-align: justify"><IMG SRC="tm2214732d1_ex5-1img001.jpg" ALT="">&nbsp;</TD>
    <TD STYLE="width: 30%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hogan Lovells US LLP</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Harbor East</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 International Drive</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suite&nbsp;2000</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Baltimore, MD 21202</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">T &nbsp;&nbsp;+1 410 659 2700</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">F &nbsp;&nbsp;+1 410 659 2701</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">www.hoganlovells.com</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May&nbsp;11, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Board of Directors of Ashford Hospitality Trust,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">14185 Dallas Parkway, Suite&nbsp;1100</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dallas, TX 72524</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the addressee referred to above:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We are acting as counsel to
Ashford Hospitality Trust, Inc., a Maryland corporation (the &ldquo;<B>Company</B>&rdquo;), in connection with its registration statement
on Form&nbsp;S-8 (the &ldquo;<B>Registration Statement</B>&rdquo;), filed with the Securities and Exchange Commission under the Securities
Act of 1933, as amended (the &ldquo;<B>Act</B>&rdquo;) relating to the proposed offering of up to an additional 650,000 newly issued&nbsp; shares
of the common stock, par value $.01 per share (the &ldquo;<B>Common Stock</B>&rdquo;) of the Company (the &ldquo;<B>Shares</B>&rdquo;),
all of which shares are issuable pursuant to the 2021 Stock Incentive Plan (as amended through May 10, 2022, the &ldquo;<B>Plan</B>&rdquo;).
This opinion letter is furnished to you at your request to enable you to fulfill the requirements of Item&nbsp;601(b)(5) of Regulation
S-K, 17&nbsp;C.F.R. &sect;&nbsp;229.601(b)(5), in connection with the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of this opinion letter, we have examined
copies of such agreements, instruments and documents as we have deemed an appropriate basis on which to render the opinions hereinafter
expressed.&nbsp; In our examination of the aforesaid documents, we have assumed the genuineness of all signatures, the legal capacity
of all natural persons, the accuracy and completeness of all documents submitted to us, the authenticity of all original documents, and
the conformity to authentic original documents of all documents submitted to us as copies (including pdfs). We also have assumed that
the Shares will not be issued in violation of the ownership limit contained in the Company&rsquo;s charter. As to all matters of fact,
we have relied on the representations and statements of fact made in the documents so reviewed, and we have not independently established
the facts so relied on. This opinion letter is given, and all statements herein are made, in the context of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This opinion letter is based as to matters
of law solely on the Maryland General Corporation Law, as amended. We express no opinion herein as to any other statutes,
rules&nbsp;or regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based upon, subject to and limited by the foregoing,
we are of the opinion that following (i)&nbsp;effectiveness of the Registration Statement, (ii)&nbsp;issuance of the Shares pursuant to
the terms of the Plan,&nbsp; and (iii)&nbsp;receipt by the Company of the consideration&nbsp; for the Shares specified in the applicable
resolutions of the Board of Directors and in the Plan,&nbsp; the Shares will be validly issued,&nbsp; fully paid, and nonassessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This opinion letter has been prepared for use
in connection with the Registration Statement. We assume no obligation to advise of any changes in the foregoing subsequent to the effective
date of the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">May&nbsp;11, 2022</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hereby consent to the filing of this opinion
letter as Exhibit&nbsp;5.1 to the Registration Statement. In giving this consent, we do not thereby admit that we are an &ldquo;expert&rdquo;
within the meaning of the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ Hogan Lovells US LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">HOGAN LOVELLS US LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>tm2214732d1_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<P STYLE="text-align: right; margin-top: 0; margin-bottom: 0"><B>Exhibit 10.1</B></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ASHFORD HOSPITALITY TRUST, INC.<BR>
2021 STOCK INCENTIVE PLAN<BR>
(AS AMENDED THROUGH MAY 10, 2022)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE I<BR>
INTRODUCTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>1.1 Purpose</B>. The Ashford Hospitality Trust,
Inc. 2021 Stock Incentive Plan (as amended from time to time, the &ldquo;<I><U>Plan</U></I>&rdquo;) is intended to promote the interests
of Ashford Hospitality Trust, Inc., a Maryland corporation (the &ldquo;<I><U>Company</U></I>&rdquo;) and its stockholders by encouraging
Employees, Consultants and Non-Employee Directors of the Company or its Affiliates (as defined below) to acquire or increase their equity
interests in the Company, thereby giving them an added incentive to work toward the continued growth and success of the Company. The Board
of Directors of the Company (the &ldquo;<I><U>Board</U></I>&rdquo;) also contemplates that through the Plan, the Company and its Affiliates
will be better able to compete for the services of the individuals needed for the continued growth and success of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>1.2 Shares Subject to the Plan</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) <I>General</I>. The aggregate number of shares
of common stock, $.01 par value per share, of the Company (&ldquo;<I><U>Common Stock</U></I>&rdquo;) that may be issued under the Plan
shall not exceed, subject to Section 1.2(b), 1,180,000 shares of Common Stock (the &ldquo;<I><U>Share Limit</U></I>&rdquo;); provided,
that Awards may, in the sole discretion of the Committee, be granted under the Plan in assumption of, or in substitution for, outstanding
Awards previously granted by an entity directly or indirectly acquired by the Company or with which the Company combines (&ldquo;<I><U>Substitute
Awards</U></I>&rdquo;). Substitute Awards shall not be counted against the Share Limit; provided, that Substitute Awards issued in connection
with the assumption of, or in substitution for, outstanding Options intended to qualify as Incentive Options shall be counted against
the Share Limit. Subject to applicable stock exchange requirements and applicable law, available shares of Common Stock under a stockholder-approved
plan of an entity directly or indirectly acquired by the Company or with which the Company combines (as appropriately adjusted to reflect
the acquisition or combination transaction) may be used for Awards under the Plan and shall not reduce the number of shares of Common
Stock available for issuance under the Plan. Subject to Section 1.2(b), no more than the number of shares equal to the Share Limit may
be issued in the aggregate pursuant to Incentive Options granted under the Plan. Any shares of Common Stock subject to an Award that is
forfeited or expires or is settled for cash shall, to the extent of such forfeiture, expiration or cash settlement, again become available
for Awards under this Plan, and the total number of shares of Common Stock available for grant under this Section 1.2(a) shall be increased
by the number of shares of Common Stock that is forfeited or expires or is settled for cash; <U>provided</U>, that the following shares
of Common Stock shall not again become available for Awards or increase the number of shares of Common Stock available for grant under
this Section 1.2(a): (i) shares of Common Stock tendered by the Participant or withheld by the Company in payment of the purchase price
of an Option issued under this Plan, (ii) shares of Common Stock tendered by the Participant or withheld by the Company to satisfy any
tax withholding obligation with respect to an Award, (iii) shares of Common Stock repurchased by the Company with proceeds received from
the exercise of an Option issued under this Plan, and (iv) shares of Common Stock subject to a Stock Appreciation Right issued under this
Plan that are not issued in connection with the stock settlement of that Stock Appreciation Right upon its exercise. Shares issued pursuant
to the Plan (i) may be treasury shares, authorized but unissued shares or, if applicable, shares acquired in the open market and (ii)
shall be fully paid and nonassessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) <I>Adjustments</I>. In the event of (i) any
dividend (other than regular cash dividends) or other distribution (whether in the form of cash, shares of Common Stock, other securities
or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, split-off, spin-off,
combination, repurchase or exchange of shares of Common Stock or other securities of the Company, issuance of warrants or other rights
to acquire shares of Common Stock or other securities of the Company or other similar corporate transaction or event that affects the
shares of Common Stock (including, without limitation, a Change of Control), or (ii) unusual or nonrecurring events affecting the Company,
including changes in applicable rules, rulings, regulations or other requirements, that the Committee determines, in its sole discretion,
could result in dilution or enlargement of the rights intended to be granted to, or available for, Participants (any event in (i) or (ii),
an &ldquo;<I><U>Adjustment Event</U></I>&rdquo;), the Committee shall, in respect of any such Adjustment Event, make such proportionate
substitution or adjustment, if any, as it deems equitable, to any or all of: (A) the Share Limit, or any other limit applicable under
the Plan with respect to the number of Awards which may be granted hereunder; (B) the number of shares of Common Stock or other securities
of the Company (or number and kind of other securities or other property) which may be issued in respect of Awards or with respect to
which Awards may be granted under the Plan; and (C) the terms of any outstanding Award, including, without limitation, (I) the number
of shares of Common Stock or other securities of the Company (or number and kind of other securities or other property) subject to outstanding
Awards or to which outstanding Awards relate; (II) the exercise price or strike price with respect to any Award; or (III) any applicable
performance measures; provided, that in the case of any &ldquo;equity restructuring&rdquo; (within the meaning of the Financial Accounting
Standards Board Accounting Standards Codification Topic 718 (or any successor pronouncement thereto)), the Committee shall make an equitable
or proportionate adjustment to outstanding Awards to reflect such equity restructuring. Any adjustment provided under this Section 1.2
may provide for the elimination of any fractional share that might otherwise become subject to an Award. Any adjustment by the Committee
under this Section 1.2 shall be conclusive and binding for all purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>1.3 Administration of the Plan</B>. The Plan
shall be administered by the Committee; provided, that the Board may exercise full authority to administer the Plan at any time, and all
references to the &ldquo;Committee&rdquo; hereunder shall be deemed to include the Board at any time that the Board so administers the
Plan. Subject to the provisions of the Plan, the Committee shall (i) designate Participants; (ii) determine the type or types of Awards
to be granted to a Participant; (iii) determine the number of shares of Common Stock to be covered by, or with respect to which payments,
rights, or other matters are to be calculated in connection with, Awards; (iv) determine the terms and conditions of any Award; (v) determine
whether, to what extent, and under what circumstances Awards may be settled in, or exercised for, cash, shares of Common Stock, other
securities, other Awards, or other property, or canceled, forfeited or suspended and the method or methods by which Awards may be settled,
exercised, canceled, forfeited or suspended; (vi) determine whether, to what extent, and under what circumstances the delivery of cash,
shares of Common Stock, other securities, other Awards, or other property and other amounts payable with respect to an Award shall be
deferred either automatically or at the election of the Participant or of the Committee; (vii) interpret, administer, reconcile any inconsistency
in, correct any defect in, and/or supply any omission in the Plan and any instrument or agreement relating to, or Award granted under,
the Plan; (viii) establish, amend, suspend, or waive any rules and regulations and appoint such agents as the Committee shall deem appropriate
for the proper administration of the Plan; and (ix) make any other determination and take any other action that the Committee deems necessary
or desirable for the administration of the Plan. Any action taken or determination made by the Committee pursuant to this and the other
paragraphs of the Plan shall be conclusive on all parties. The act or determination of a majority of the Committee shall be deemed to
be the act or determination of the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>1.4 Amendment and Discontinuance of the Plan</B>.
The Board may amend, suspend or terminate the Plan; provided, however, no amendment, suspension or termination of the Plan may without
the consent of the holder of an Award terminate such Award or adversely affect such person&rsquo;s rights with respect to such Award in
any material respect; provided further, however, that any amendment which would constitute a &ldquo;material revision&rdquo; of the Plan
(as that term is used in the rules of the New York Stock Exchange) shall be subject to shareholder approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>1.5 Granting of Awards to Participants</B>.
The Committee shall have the authority to grant, prior to the expiration date of the Plan, Awards to such Employees, Consultants and Non-Employee
Directors as may be selected by it on the terms and conditions hereinafter set forth in the Plan. In selecting the persons to receive
Awards, including the type and size of the Award, the Committee may consider any factors that it may deem relevant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>1.6 Term of Plan</B>. The Plan shall be effective
as of the date that the Plan is approved by the shareholders of the Company at the Company&rsquo;s 2021 Annual Meeting of Stockholders
(the &ldquo;<I><U>Effective Date</U></I>&rdquo;). The provisions of the Plan are applicable to all Awards granted under the Plan. If not
sooner terminated under the provisions of Section 1.4, the Plan shall terminate upon, and no further Awards shall be made after, the tenth
anniversary of the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>1.7 Leave of Absence</B>. If an employee is
on military, sick leave or other bona fide leave of absence, such person shall be considered an &ldquo;Employee&rdquo; for purposes of
an outstanding Award during the period of such leave provided it does not exceed 90 days, or, if longer, so long as the person&rsquo;s
right to reemployment is guaranteed either by statute or by contract. If the period of leave exceeds 90 days, the employment relationship
shall be deemed to have terminated on the 91st day of such leave, unless the person&rsquo;s right to reemployment is guaranteed by statute
or contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>1.8 Definitions</B>. As used in the Plan, the
following terms shall have the meanings set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I><U>1933 Act</U></I>&rdquo; means the
Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I><U>1934 Act</U></I>&rdquo; means the
Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I><U>Affiliate</U></I>&rdquo; means (i)
Ashford Inc., (ii) any entity in which the Company or Ashford Inc., directly or indirectly, owns 10% or more of the combined voting power,
as determined by the Committee, (iii) any &ldquo;parent corporation&rdquo; of the Company or Ashford Inc. (as defined in Section 424(e)
of the Code), (iv) any &ldquo;subsidiary corporation&rdquo; of any such parent corporation (as defined in Section 424(f) of the Code)
of the Company or Ashford Inc. and (v) any trades or businesses, whether or not incorporated which are members of a controlled group or
are under common control (as defined in Sections 414(b) or (c) of the Code) with the Company or Ashford Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I><U>Awards</U></I>&rdquo; means, collectively,
Options, Purchased Stock, Bonus Stock, Stock Appreciation Rights, Phantom Stock, Restricted Stock, Performance Awards, or Other Stock-Based
Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I><U>Bonus Stock</U></I>&rdquo; is defined
in Article V.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I><U>Cause</U></I>&rdquo; for termination
of any Participant who is a party to an agreement of employment with or services to the Company or Ashford Inc. (or a subsidiary thereof)
shall mean termination for &ldquo;Cause&rdquo; as such term is defined in such agreement, the relevant portions of which are incorporated
herein by reference. If such agreement does not define &ldquo;Cause&rdquo; or if a Participant is not a party to such an agreement, &ldquo;Cause&rdquo;
means (i) the willful commission by a Participant of a criminal or other act that causes or is likely to cause substantial economic damage
to the Company or an Affiliate or substantial injury to the business reputation of the Company or Affiliate; (ii) the commission by a
Participant of an act of fraud in the performance of such Participant&rsquo;s duties on behalf of the Company or an Affiliate; or (iii)
the continuing willful failure of a Participant to perform the duties of such Participant to the Company or an Affiliate (other than such
failure resulting from the Participant&rsquo;s incapacity due to physical or mental illness) after written notice thereof (specifying
the particulars thereof in reasonable detail) and a reasonable opportunity to be heard and cure such failure are given to the Participant
by the Committee. For purposes of the Plan, no act, or failure to act, on the Participant&rsquo;s part shall be considered &ldquo;willful&rdquo;
unless done or omitted to be done by the Participant not in good faith and without reasonable belief that the Participant&rsquo;s action
or omission was in the best interest of the Company or an Affiliate, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I><U>Change of Control</U></I>&rdquo;
shall be deemed to have occurred upon any of the following events:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(i) any &ldquo;person&rdquo; (as defined in Section
3(a)(9) of the 1934 Act, and as modified in Section 13(d) and 14(d) of the 1934 Act) other than (A) the Company or any of its subsidiaries,
(B) any employee benefit plan of the Company or any of its subsidiaries, (C) Ashford Inc. or any Affiliate, (D) a company owned, directly
or indirectly, by stockholders of the Company in substantially the same proportions as their ownership of the Company, or (E) an underwriter
temporarily holding securities pursuant to an offering of such securities, becomes the &ldquo;beneficial owner&rdquo; (as defined in Rule
13d-3 of the 1934 Act), directly or indirectly, of securities of the Company representing 30% or more of the shares of voting stock of
the Company then outstanding;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(ii) the consummation of any merger, organization,
business combination or consolidation of the Company or one of its subsidiaries with or into any other company, other than a merger, reorganization,
business combination or consolidation which would result in the holders of the voting securities of the Company outstanding immediately
prior thereto holding securities which represent immediately after such merger, reorganization, business combination or consolidation
more than 50% of the combined voting power of the voting securities of the Company or the surviving company or the parent of such surviving
company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(iii) the consummation of a sale or disposition
by the Company of all or substantially all of the Company&rsquo;s assets, other than a sale or disposition if the holders of the voting
securities of the Company outstanding immediately prior thereto hold securities immediately thereafter which represent more than 50% of
the combined voting power of the voting securities of the acquiror, or parent of the acquiror, of such assets, or the stockholders of
the Company approve a plan of complete liquidation or dissolution of the Company; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(iv) individuals who constitute the Board (the
 &ldquo;<I><U>Incumbent Board</U></I>&rdquo;) cease for any reason to constitute at least a majority of the Board; provided, however, that
any individual becoming a director whose election by the Board was approved by a vote of at least a majority of the directors then comprising
the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose,
any such individual whose initial assumption of office occurs as a result of an election contest with respect to the election or removal
of directors or other solicitation of proxies or consents by or on behalf of a person other than the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I><U>Code</U></I>&rdquo; means the Internal
Revenue Code of 1986, as amended from time to time, and the rules and regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I><U>Committee</U></I>&rdquo; means the
Compensation Committee of the Board or other committee appointed by the Board to administer the Plan. If no such Compensation Committee
or other committee exists, the Committee shall be the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<I><U>Consultant</U></I>&rdquo; means any individual, other
than a Non-Employee Director or an Employee, who renders consulting or advisory services to the Company or an Affiliate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I><U>Disability</U></I>&rdquo; means an
inability to perform the Participant&rsquo;s material services for the Company for a period of 90 consecutive days or a total of 180 days,
during any 365-day period, in either case as a result of incapacity due to mental or physical illness, which is determined to be total
and permanent. A determination of Disability shall be made by a physician satisfactory to both the Participant (or his guardian) and the
Company, provided that if the Participant (or his guardian) and the Company do not agree on a physician, the Participant and the Company
shall each select a physician and these two together shall select a third physician, whose determination as to Disability shall be binding
on all parties. Eligibility for disability benefits under any policy for long-term disability benefits provided to the Participant by
the Company shall conclusively establish the Participant&rsquo;s disability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<I><U>Employee</U></I>&rdquo; means any employee of the Company
or an Affiliate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<I><U>Employment</U></I>&rdquo; includes any period in which
a Participant is an Employee or a Consultant to the Company or an Affiliate, or serves as a Non-Employee Director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I><U>Fair Market Value or FMV Per Share</U></I>&rdquo;
means the closing price on the New York Stock Exchange or other national securities exchange or over-the-counter market, if applicable,
for the date of the determination, or if no trade of Common Stock shall have been reported for such date, the closing sales price quoted
on such exchange for the most recent trade prior to the determination date. If shares of Common Stock are not listed or admitted to trading
on any exchange, over-the-counter market or any similar organization as of the determination date, the FMV Per Share shall be determined
by the Committee in good faith using any fair and reasonable means selected in its discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I><U>Good Reason</U>&rdquo; </I>means
termination of employment by an Employee, termination of service by a Consultant or resignation from the Board of a Non-Employee Director
under any of the following circumstances:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(i) if such Employee, Consultant or Non-Employee
Director is a party to an agreement for employment with or services to the Company or Ashford Inc. (or a subsidiary thereof), which agreement
includes a definition of &ldquo;Good Reason&rdquo; for termination of employment with or services to the Company or Ashford Inc. (or a
subsidiary thereof), &ldquo;Good Reason&rdquo; shall have the same definition for purposes of the Plan as is set forth in such agreement,
the relevant portions of which are incorporated herein by reference;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(ii) if such Employee, Consultant or Non-Employee
Director is not a party to an agreement with the Company or Ashford Inc. (or a subsidiary thereof) that defines the term &ldquo;Good Reason,&rdquo;
such term shall mean termination of employment or service under any of the following circumstances, in each case without the Participant&rsquo;s
consent, if the Company fails to cure such circumstances within 30 days after receipt of written notice from the Participant to the Company
setting forth a description of such Good Reason and the Participant terminates employment with the Company within 10 days after the expiration
of such cure period:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(i) the removal from or failure to re-elect the
Participant to the office or position in which he or she last served;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(ii) the assignment to the Participant of any
duties, responsibilities, or reporting requirements inconsistent with his or her position with the Company, or any material diminishment,
on a cumulative basis, of the Participant&rsquo;s overall duties, responsibilities, or status;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(iii) a material reduction by the Company in the
Participant&rsquo;s fees, compensation, or benefits; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(iv) the requirement by the Company that the principal
place of business at which the Participant performs duties be changed to a location more than fifty (50) miles from downtown Dallas, Texas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<I><U>Incentive Option</U></I>&rdquo; means any Option which
satisfies the requirements of Code Section 422 and is granted pursuant to Article III of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I><U>Non-Employee Director</U></I>&rdquo;
means persons who are members of the Board but who are neither Employees nor Consultants of the Company or any Affiliate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I><U>Non-Qualified Option</U></I>&rdquo;
shall mean an Option not intended to satisfy the requirements of Code Section 422 and which is granted pursuant to Article II of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I><U>Option</U></I>&rdquo; means an option
to acquire Common Stock granted pursuant to the provisions of the Plan, and refers to either an Incentive Option or a Non-Qualified Stock
Option, or both, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I><U>Option Expiration Date</U></I>&rdquo;
means the date determined by Committee on which an Option granted under shall expire and no longer be exercisable, and which shall not
be more than ten years after the date of grant of an Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I><U>Optionee</U>&rdquo; </I>means a Participant
who has received or will receive an Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I><U>Other Stock-Based Award</U></I>&rdquo;
means an award granted pursuant to Article IX of the Plan that is not otherwise specifically provided for in the Plan, the value of which
is based in whole or in part upon the value of a share of Common Stock (including, for the avoidance of doubt, an award of &ldquo;<I><U>LTIP
Units</U></I>&rdquo; as described in the Seventh Amended and Restated Agreement of Limited Partnership of Ashford Hospitality Limited
Partnership, as amended from time to time).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I><U>Participant</U></I>&rdquo; means
any Non-Employee Director, Employee or Consultant granted an Award under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I><U>Performance Award</U></I>&rdquo;
means an Award granted pursuant to Article VIII of the Plan, which, if earned, shall be payable in shares of Common Stock, cash, other
securities, other property or any combination thereof as determined by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I><U>Phantom Stock</U></I>&rdquo; means
an Award which is a rights to receive cash, Common Stock, other securities or other property equal to the Fair Market Value of a specified
number of shares of Common Stock at the end of a specified deferral period and which is granted pursuant to Article VI of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I><U>Purchased Stock</U></I>&rdquo; means
a right to purchase Common Stock granted pursuant to Article IV of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I><U>Restricted Period</U></I>&rdquo;
shall mean the period established by the Committee with respect to an Award during which the Award either remains subject to forfeiture
or is not exercisable by the Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I><U>Restricted Stock</U></I>&rdquo; shall
mean any share of Common Stock, prior to the lapse of restrictions thereon, granted under Article VII of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<I><U>Stock Appreciation Rights</U></I>&rdquo;
means an Award granted pursuant to Article VI of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE II<BR>
NONQUALIFIED STOCK OPTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>2.1 Grants</B>. The Committee may grant Options
to purchase Common Stock to any Employee, Consultant or Non-Employee Director according to the terms set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>2.2 Calculation of Exercise Price</B>. The
exercise price to be paid for each share of Common Stock deliverable upon exercise of each Option granted under this Article II shall
not be less than the FMV Per Share on the date of grant of such Option. The exercise price for each Option granted under Article II shall
be subject to adjustment as provided in Section 2.3(d).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>2.3 Terms and Conditions of Options</B>. Options
shall be in such form as the Committee may from time to time approve, shall be subject to the following terms and conditions and may contain
such additional terms and conditions, not inconsistent with this Article II, as the Committee shall deem desirable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) <I>Option Period and Conditions and Limitations
on Exercise</I>. No Option shall be exercisable later than the Option Expiration Date. To the extent not prohibited by other provisions
of the Plan, each Option shall be exercisable at such time or times as the Committee in its discretion may determine at the time such
Option is granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) <I>Manner of Exercise</I>. In order to exercise
an Option, the person or persons entitled to exercise it shall deliver to the Company payment in full for the shares being purchased,
together with any required withholding taxes. The payment of the exercise price for each Option shall either be (i) in cash or by check
payable and acceptable to the Company, (ii) with the consent of the Committee, by tendering to the Company shares of Common Stock owned
by the person for more than 6 months having an aggregate Fair Market Value as of the date of exercise that is not greater than the full
exercise price for the shares with respect to which the Option is being exercised and by paying any remaining amount of the exercise price
as provided in (i) above, or (iii) subject to such instructions as the Committee may specify, at the person&rsquo;s written request the
Company may deliver certificates for the shares of Common Stock for which the Option is being exercised to a broker for sale on behalf
of the person, provided that the person has irrevocably instructed such broker to remit directly to the Company on the person&rsquo;s
behalf the full amount of the exercise price from the proceeds of such sale. In the event that the person elects to make payment as allowed
under clause (ii) above, the Committee may, upon confirming that the Optionee owns the number of additional shares being tendered, authorize
the issuance of a new certificate for the number of shares being acquired pursuant to the exercise of the Option less the number of shares
being tendered upon the exercise and return to the person (or not require surrender of) the certificate for the shares being tendered
upon the exercise. If the Committee so requires, such person or persons shall also deliver a written representation that all shares being
purchased are being acquired for investment and not with a view to, or for resale in connection with, any distribution of such shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c) <I>Options not Transferable</I>. Except as
provided below, no Non-Qualified Option granted hereunder shall be transferable other than by (i) will or by the laws of descent and distribution
or (ii) pursuant to a domestic relations order and, during the lifetime of the Participant to whom any such Option is granted, it shall
be exercisable only by the Participant (or his guardian) except as otherwise determined by the Committee. Any attempt to transfer, assign,
pledge, hypothecate or otherwise dispose of, or to subject to execution, attachment or similar process, any Option granted hereunder,
or any right thereunder, contrary to the provisions hereof, shall be void and ineffective, shall give no right to the purported transferee,
and shall, at the sole discretion of the Committee, result in forfeiture of the Option with respect to the shares involved in such attempt.
With respect to a specific Non-Qualified Option, the Participant (or his guardian) may transfer, for estate planning purposes, all or
part of such Option to one or more immediate family members or related family trusts or partnerships or similar entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d) <I>Adjustment of Options</I>. Options granted
under the Plan are subject to adjustment upon an Adjustment Event. Such adjustment in an outstanding Option shall be made without change
in the total price applicable to the Option or the unexercised portion of the Option (except for any change in the aggregate price resulting
from rounding-off of share quantities or prices) and with any necessary corresponding adjustment in exercise price per share, in each
case in compliance with Section 409A of the Code and the regulations promulgated thereunder. Any such adjustment made by the Committee
shall be final and binding upon all Participants, the Company, and all other interested persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(e) <I>Listing and Registration of Shares</I>.
Each Option shall be subject to the requirement that if at any time the Committee determines, in its discretion, that the listing, registration,
or qualification of the shares subject to such Option under any securities exchange or under any state or federal law, or the consent
or approval of any governmental regulatory body, is necessary or desirable as a condition of, or in connection with, the issue or purchase
of shares thereunder, such Option may not be exercised in whole or in part unless such listing, registration, qualification, consent or
approval shall have been effected or obtained and the same shall have been free of any conditions not acceptable to the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>2.4 Amendment</B>. The Committee may, without
the consent of the person or persons entitled to exercise any outstanding Option, amend, modify or terminate such Option; provided, however,
such amendment, modification or termination shall not, without such person&rsquo;s consent, reduce or diminish the value of such Option
determined as if the Option had been exercised, vested, cashed in or otherwise settled on the date of such amendment or termination. The
Committee may at any time or from time to time, in its discretion, in the case of any Option which is not then immediately exercisable
in full, accelerate the time or times at which such Option may be exercised to any earlier time or times.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>2.5 Acceleration of Vesting</B>. Any Option
granted hereunder which is not otherwise vested shall vest (unless specifically provided to the contrary by the Committee in the Award
agreement evidencing an Option granted hereunder) upon (i) termination of an Employee or Consultant or removal of a Non-Employee Director
without Cause or termination by an Employee or Consultant or resignation of a Non-Employee Director with Good Reason; (ii) termination
or removal (other than for Cause) or resignation with Good Reason of an Employee, Consultant or Non-Employee Director within 1 year following
the effective date of the Change of Control; or (iii) termination because of death or Disability of the Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2.6 Other Provisions</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) The person or persons entitled to exercise,
or who have exercised, an Option shall not be entitled to any rights as a stockholder of the Company with respect to any shares subject
to such Option until such person shall have become the holder of record of such shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) No Option granted hereunder shall be construed
as limiting any right which the Company or any Affiliate may have to terminate at any time, with or without Cause, the employment of any
person to whom such Option has been granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c) Notwithstanding any provision of the Plan
or the terms of any Option, the Company shall not be required to issue any shares hereunder if such issuance would, in the judgment of
the Committee, constitute a violation of any state or federal law or of the rules or regulations of any governmental regulatory body.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>2.7 Prohibition on Option Repricing</B>. Without
stockholder approval, the Committee may not (i) grant to holders of outstanding Options, in exchange for the surrender and cancellation
of such Options, (x) new Options having exercise prices lower than the exercise price provided in the Options so surrendered and canceled,
or (y) another Award or cash payment with a value that is greater than the intrinsic value (if any) of the canceled Option, or (ii) take
any other action which is considered a &ldquo;repricing&rdquo; for purposes of the stockholder approval rules of any securities exchange
or inter-dealer quotation system on which the securities of the Company are listed or quoted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE III<BR>
INCENTIVE OPTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The terms specified below shall be applicable
to all Incentive Options. Except as modified by the provisions of this Article III, all the provisions of Article II shall be applicable
to Incentive Options. Options which are specifically designated as Non-Qualified Options shall <B><U>not</U></B> be subject to the terms
of this Article III.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>3.1 Eligibility</B>. Incentive Options may
only be granted to Employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>3.2 Exercise Price</B>. Except as provided
in Section 3.4, the exercise price per Share shall not be less than 100% of the FMV Per Share on the option grant date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>3.3 Dollar Limitation</B>. The aggregate Fair
Market Value (determined as of the respective date or dates of grant) of shares of Common Stock for which one or more options granted
to any Employee under the Plan (or any other option plan of the Company or its subsidiaries) may for the first time become exercisable
as Incentive Options during any 1 calendar year shall not exceed the sum of $100,000. To the extent the Employee holds 2 or more such
options which become exercisable for the first time in the same calendar year, the foregoing limitation on the exercisability of such
options as Incentive Options shall be applied on the basis of the order in which such options are granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>3.4 10% Stockholder</B>. If any Employee to
whom an Incentive Option is granted holds more than 10% of the total combined voting power of all classes of stock of the Company or any
of its subsidiaries, as determined under Section 422 of the Code and regulations promulgated thereunder, then the exercise price per share
shall not be less than 110% of the FMV Per Share on the option grant date and the Option Expiration Date shall not exceed 5 years measured
from the Option&rsquo;s grant date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>3.5 Options Not Transferable</B>. No Incentive
Option granted hereunder shall be transferable other than by will or by the laws of descent and distribution and shall be exercisable
during the Optionee&rsquo;s lifetime only by such Optionee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>3.6 Compliance with Section 422</B>. All Options
that are intended to be Incentive Options shall be designated as such in the Option grant and in all respects shall be issued in compliance
with Code Section 422.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>3.7 Limitations on Exercise</B>. No Incentive
Option shall be exercisable more than 3 months after the Optionee ceases to be an Employee for any reason other than death or Disability,
or more than 1 year after the Optionee ceases to be an Employee due to death or Disability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE IV<BR>
PURCHASED STOCK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>4.1 Eligible Persons</B>. The Committee shall
have the authority to sell shares of Common Stock to such Employees, Consultants and Non-Employee Directors of the Company or its Affiliates
as may be selected by it, on such terms and conditions as it may establish, subject to the further provisions of this Article IV. Each
issuance of Common Stock under this Plan shall be evidenced by an agreement which shall be subject to applicable provisions of this Plan
and to such other provisions not inconsistent with this Plan as the Committee may approve for the particular sale transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>4.2 Purchase Price</B>. The price per share
of Common Stock to be purchased by a Participant under this Plan shall be determined in the sole discretion of the Committee, and may
be less than, but shall not be greater than, the FMV Per Share at the time of purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>4.3 Payment of Purchase Price</B>. Payment
of the purchase price of Purchased Stock under this Plan shall be made in full in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE V<BR>
BONUS STOCK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Committee may, from time to time and subject
to the provisions of the Plan, grant shares of Bonus Stock to Employees, Consultants or Non-Employee Directors. Bonus Stock shall be shares
of Common Stock that are not subject to a Restricted Period under Article VII.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE VI<BR>
STOCK APPRECIATION RIGHTS AND PHANTOM STOCK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>6.1 Stock Appreciation Rights</B>. The Committee
is authorized to grant Stock Appreciation Rights to Employees, Consultants or Non-Employee Directors on the following terms and conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) <I>Right to Payment</I>. A Stock Appreciation
Right shall confer on the Participant to whom it is granted a right to receive, upon exercise thereof, the excess of (A) the FMV Per Share
on the date of exercise over (B) the grant price of the Stock Appreciation Right as determined by the Committee (which grant price shall
not be less than the FMV Per Share on the date of grant). Payment may be made in cash, Common Stock, other securities, other property,
or any combination of the foregoing, in each case as determined by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) <I>Rights Related to Options</I>. A Stock
Appreciation Right granted in connection with an Option shall entitle a Participant, upon exercise thereof, to surrender that Option or
any portion thereof, to the extent unexercised, and to receive payment of an amount computed pursuant to Section 6.1(a) hereof. That Option
or portion thereof shall then cease to be exercisable to the extent surrendered. A Stock Appreciation Right granted in connection with
an Option shall be exercisable only at such time or times and only to the extent that the related Option is exercisable and shall not
be transferable (other than by will or the laws of descent and distribution) except to the extent that the related Option is transferable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c) <I>Right Without Option</I>. A Stock Appreciation
Right granted independent of an Option shall be exercisable as determined by the Committee and set forth in the Award agreement governing
the Stock Appreciation Right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d) <I>Terms</I>. The Committee shall determine
at the date of grant the time or times at which and the circumstances under which a Stock Appreciation Right may be exercised in whole
or in part (including based on achievement of performance goals and/or future service requirements), the method of exercise, whether or
not a Stock Appreciation Right shall be in tandem or in combination with any other Award, and any other terms and conditions of any Stock
Appreciation Right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(e) <I>Prohibition on Stock Appreciation Right
Repricing</I>. Without stockholder approval, the Committee may not (i) grant to holders of outstanding Stock Appreciation Rights, in exchange
for the surrender and cancellation of such Stock Appreciation Rights, (x) new Stock Appreciation Rights having grant prices lower than
the grant price provided in the Stock Appreciation Rights so surrendered and canceled, or (y) another Award or cash payment with a value
that is greater than the intrinsic value (if any) of the canceled Stock Appreciation Right, or (ii) take any other action which is considered
a &ldquo;repricing&rdquo; for purposes of the stockholder approval rules of any securities exchange or inter-dealer quotation system on
which the securities of the Company are listed or quoted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>6.2 Phantom Stock Awards</B>. The Committee
is authorized to grant Phantom Stock to Participants, subject to the following terms and conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) <I>Award and Restrictions</I>. Satisfaction
of an Award of Phantom Stock shall occur upon expiration of the deferral period specified for such Phantom Stock by the Committee or,
if permitted by the Committee, as elected by the Participant. In addition, Phantom Stock shall be subject to such restrictions (which
may include a risk of forfeiture), if any, as the Committee may impose, which restrictions may lapse at the expiration of the deferral
period or at earlier specified times (including based on achievement of performance goals and/or future service requirements), separately
or in combination, installments or otherwise, as the Committee may determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) <I>Forfeiture</I>. Except as otherwise determined
by the Committee or as may be set forth in any Award, employment or other agreement pertaining to an Award of Phantom Stock, upon termination
of employment or services during the applicable deferral period or portion thereof to which forfeiture conditions apply, all Awards of
Phantom Stock that are at that time subject to deferral (other than a deferral at the election of the Participant) shall be forfeited;
provided that the Committee may provide, by rule or regulation or in any Award agreement, or may determine in any individual case, that
restrictions or forfeiture conditions relating to Phantom Stock shall be waived in whole or in part in the event of terminations resulting
from specified causes, and the Committee may in other cases waive in whole or in part the forfeiture of Phantom Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE VII<BR>
RESTRICTED STOCK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>7.1 Eligible Persons</B>. All Employees, Consultants
and Non-Employee Directors shall be eligible for grants of Restricted Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>7.2 Restricted Period and Vesting.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) Unless the Award specifically provides otherwise,
Restricted Stock shall be subject to vesting, restrictions on transfer by the Participant and repurchase by the Company such that the
Participant shall not be permitted to transfer such shares and the Company shall have the right to repurchase or recover such shares for
the amount of cash paid therefor, if any, if the Participant shall terminate employment from or services to the Company or its Affiliates,
as applicable, and in each case as determined by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) Notwithstanding the foregoing, unless the
applicable Award agreement specifically provides otherwise, all Restricted Stock not otherwise vested shall vest upon (i) termination
of an Employee or Consultant or removal of a Non-Employee Director without Cause; (ii) termination by an Employee or Consultant or resignation
of a Non-Employee Director with Good Reason; (iii) termination or removal (other than for Cause) or resignation for Good Reason of an
Employee, Consultant or Non-Employee Director within 1 year following the effective date of a Change of Control; or (iv) termination because
of death or Disability of the Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c) Each certificate representing Restricted Stock
awarded under the Plan (if certificated) shall be registered in the name of the Participant and, during the Restricted Period, shall be
left in deposit with the Company and a stock power endorsed in blank; provided, however, that the Company may also issue any such Restricted
Stock in &ldquo;book entry&rdquo; or electronic form. The grantee of Restricted Stock shall have all the rights of a stockholder with
respect to such shares including the right to vote and the right to receive dividends or other distributions paid or made with respect
to such shares, except as provided in an applicable Award agreement. Any certificate or certificates (or &ldquo;book entries&rdquo; or
other electronic forms) representing shares of Restricted Stock shall bear a legend similar to the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify">The shares represented by this certificate
have been issued pursuant to the terms of the Ashford Hospitality Trust, Inc. 2021 Stock Incentive Plan and Grant of Restricted Stock
dated _______, 20____ and may not be sold, pledged, transferred, assigned or otherwise encumbered in any manner except as is set forth
in the terms of such plan or grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE VIII<BR>
PERFORMANCE AWARDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>8.1 Performance Awards</B>. The Committee may
grant Performance Awards based on performance criteria established by the Committee from time to time in its sole discretion. The Committee
may use such business criteria and other measures of performance as it may deem appropriate in establishing any performance conditions,
and may exercise its discretion to increase or decrease the amounts payable under any Award subject to performance conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>8.2 Settlement of Performance Awards; Other
Terms</B>. After the end of each performance period applicable to a Performance Award, the Committee shall determine the amount, if any,
of Performance Awards payable to each Participant based upon achievement of business criteria over such performance period. The Committee
shall specify the circumstances in which such Performance Awards shall be paid or forfeited in the event of termination of employment
by the Participant prior to the end of a performance period or settlement of Performance Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE IX<BR>
OTHER STOCK BASED AWARDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Committee is hereby authorized to grant to
Employees, Non-Employee Directors and Consultants of the Company or its Affiliates, Other Stock-Based Awards, which shall consist of a
right which (i) is not an Award described in any other Article of this Plan and (ii) is denominated or payable in, valued in whole or
in part by reference to, or otherwise based on or related to, shares of Common Stock (including, without limitation, securities convertible
into shares of Common Stock, restricted stock units and/or LTIP Units) or cash as are deemed by the Committee to be consistent with the
purposes of the Plan. Subject to the terms of the Plan, the Committee shall determine the terms and conditions of any such Other Stock-Based
Award (including, without limitation, any time-based and/or performance-based vesting or forfeiture conditions).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE X<BR>
CERTAIN PROVISIONS APPLICABLE TO ALL AWARDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>10.1 General</B>. Awards may be granted on
the terms and conditions set forth herein. In addition, the Committee may impose on any Award or the exercise thereof, such additional
terms and conditions, not inconsistent with the provisions of the Plan, as the Committee shall determine, including terms requiring forfeiture
of Awards in the event of termination of employment by the Participant and terms permitting a Participant to make elections relating to
his or her Award. Notwithstanding the foregoing, the Committee may amend any Award without the consent of the holder if the Committee
deems it necessary to avoid adverse tax consequences to the holder under Code Section 409A. The Committee shall retain full power and
discretion to accelerate or waive, at any time, any term or condition of an Award that is not mandatory under this Plan; provided, however,
that the Committee shall not have discretion to accelerate or waive any term or condition of an Award if such discretion would cause the
Award to have adverse tax consequences to the Participant under Section 409A of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>10.2 Stand-Alone, Additional, Tandem, and Substitute
Awards</B>. Subject to Sections 2.7 and 6.1(e), awards granted under the Plan may, in the discretion of the Committee, be granted either
alone or in addition to, in tandem with, or in substitution or exchange for, any other Award or any award granted under another plan of
the Company, any Affiliate, or any business entity to be acquired by the Company or an Affiliate, or any other right of a Participant
to receive payment from the Company or any Affiliate. Such additional, tandem and substitute or exchange Awards may be granted at any
time. If an Award is granted in substitution or exchange for another Award, the Committee shall require the surrender of such other Award
in consideration for the grant of the new Award. In addition, Awards may be granted in lieu of cash compensation, including in lieu of
cash amounts payable under other plans of the Company or any Affiliate. For the avoidance of doubt, this Section 10.2 shall not be construed
to permit, without stockholder approval, (i) a grant to holders of outstanding Options or Stock Appreciation Rights, in exchange for the
surrender and cancellation of such Options or Stock Appreciation Rights, (x) new Options or Stock Appreciation Rights having exercise
or grant prices lower than the exercise or grant price provided in the Options or Stock Appreciation Rights so surrendered and canceled,
or (y) another Award or cash payment with a value that is greater than the intrinsic value (if any) of the canceled Option or Stock Appreciation
Right, or (ii) any other action which is considered a &ldquo;repricing&rdquo; for purposes of the stockholder approval rules of any securities
exchange or inter-dealer quotation system on which the securities of the Company are listed or quoted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>10.3 Term of Awards</B>. The term or Restricted
Period of each Award shall be for such period as may be determined by the Committee; provided that in no event shall the term of any such
Award exceed a period of ten years (or such shorter terms as may be require in respect of an Incentive Option under Section 422 of the
Code).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>10.4 Form and Timing of Payment under Awards;
Deferrals</B>. Subject to the terms of the Plan and any applicable Award agreement, payments to be made by the Company or any of its subsidiaries
upon the exercise of an Option or other Award or settlement of an Award may be made in a single payment or transfer, in installments,
or on a deferred basis. The settlement of any Award may, subject to any limitations set forth in the Award agreement, be accelerated and
cash paid in lieu of shares in connection with such settlement, in the discretion of the Committee or upon occurrence of one or more specified
events; provided, however, that such discretion may not be exercised by the Committee if the exercise of such discretion would result
in adverse tax consequences to the Participant under Section 409A of the Code. In the discretion of the Committee, Awards granted pursuant
to Article VI or VIII of the Plan may be payable in shares to the extent permitted by the terms of the applicable Award agreement. Installment
or deferred payments may be required by the Committee (subject to Section 1.4 of the Plan, including the consent provisions thereof in
the case of any deferral of an outstanding Award not provided for in the original Award agreement) or permitted at the election of the
Participant on terms and conditions established by the Committee; provided, however, that no deferral shall be required or permitted by
the Committee if such deferral would result in adverse tax consequences to the Participant under Section 409A of the Code. Payments may
include, without limitation, provisions for the payment or crediting of reasonable interest on installment or deferred payments or the
grant or crediting of amounts in respect of installment or deferred payments denominated in shares. Any deferral shall only be allowed
in compliance with Section 409A of the Code. The Plan shall not constitute any &ldquo;employee benefit plan&rdquo; as defined in Section
3(3) of the Employee Retirement Income Security Act of 1974, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>10.5 Vested and Unvested Awards</B>. After
the satisfaction of all of the terms and conditions set by the Committee, Awards shall be vested or settled (upon exercise, if applicable)
in accordance with the Plan. Upon termination, resignation or removal of a Participant under circumstances that do not cause such Participant
to become fully vested, any remaining unvested Awards shall either be forfeited back to the Company or, if appropriate under the terms
of the Award, shall continue to be subject to the restrictions, terms and conditions set by the Committee with respect to such Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>10.6 Exemptions from Section 16(b) Liability</B>.
It is the intent of the Company that the grant of any Awards to or other transaction by a Participant who is subject to Section 16 of
the 1934 Act shall be exempt from Section 16(b) of the 1934 Act pursuant to an applicable exemption (except for transactions acknowledged
by the Participant in writing to be non-exempt). Accordingly, if any provision of this Plan or any Award agreement does not comply with
the requirements of Rule 16b-3 promulgated under the 1934 Act as then applicable to any such transaction, such provision shall be construed
or deemed amended to the extent necessary to conform to the applicable requirements of Rule 16b-3 so that such Participant shall avoid
liability under Section 16(b) of the 1934 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>10.7 Other Provisions</B>. No grant of any
Award shall be construed as limiting any right which the Company or any Affiliate may have to terminate at any time, with or without Cause,
the employment of any person to whom such Award has been granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>10.8 Stock Ownership Guidelines</B>. The stock
ownership guidelines set forth in Section XVIII of the Company&rsquo;s Corporate Governance Guidelines (revised as of March 28, 2019,
as the same may be amended from time to time) are incorporated by reference as though fully set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE XI<BR>
WITHHOLDING FOR TAXES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any issuance of Common Stock pursuant to the exercise
of an Option or payment of any other Award under the Plan shall not be made until appropriate arrangements satisfactory to the Company
have been made for the payment of any tax amounts (federal, state, local or other) that may be required to be withheld or paid by the
Company with respect thereto. Such arrangements may, at the discretion of the Committee, include allowing the person to tender to the
Company shares of Common Stock owned by the person, or to request the Company to withhold shares of Common Stock being acquired pursuant
to the Award, whether through the exercise of an Option or as a distribution pursuant to the Award, which have an aggregate FMV Per Share
as of the date of such withholding that is not greater than the sum of all tax amounts to be withheld with respect thereto, together with
payment of any remaining portion of such tax amounts in cash or by check payable and acceptable to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the foregoing, if on the date
of an event giving rise to a tax withholding obligation on the part of the Company the person is an officer or individual subject to Rule
16b-3, such person may direct that such tax withholding be effectuated by the Company withholding the necessary number of shares of Common
Stock (at the tax rate required by the Code) from such Award payment or exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE XII<BR>
MISCELLANEOUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>12.1 No Rights to Awards</B>. No Participant
or other person shall have any claim to be granted any Award, there is no obligation for uniformity of treatment of Participants, or holders
or beneficiaries of Awards and the terms and conditions of Awards need not be the same with respect to each recipient.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>12.2 No Right to Employment</B>. The grant
of an Award shall not be construed as giving a Participant the right to be retained in the employ of the Company or any Affiliate. Further,
the Company or any Affiliate may at any time dismiss a Participant from employment, free from any liability or any claim under the Plan,
unless otherwise expressly provided in the Plan or in any Award Agreement. No Award or payment under the Plan shall be taken into account
in determining any benefits under any pension, retirement, profit sharing, group insurance, or other benefit plan of the Company or its
Affiliates except as otherwise specifically provided in such other plan or as required by applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>12.3 Governing Law</B>. The validity, construction,
and effect of the Plan and any rules and regulations relating to the Plan shall be determined in accordance with applicable federal law
and the laws of the State of Maryland, without regard to any principles of conflicts of law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>12.4 Severability</B>. If any provision of
the Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any Participant
or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed
or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended without, in the determination of the
Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, Participant
or Award and the remainder of the Plan and any such Award shall remain in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>12.5 Other Laws</B>. The Committee may refuse
to issue or transfer any shares or other consideration under an Award if, acting in its sole discretion, it determines that the issuance
of transfer or such shares or such other consideration might violate any applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>12.6 Stockholder Agreements</B>. The Committee
may condition the grant, exercise or payment of any Award upon such person entering into a stockholders&rsquo; agreement in such form
as approved from time to time by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>12.7 Award Agreements</B>. Each Award under
the Plan shall be evidenced by a written Award agreement issued by the Company to an applicable Participant and executed by such Participant
and an authorized officer of the Company. In the event of any conflict between the terms of the Plan and an Award agreement issued hereunder,
the terms of the Plan shall govern and control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>12.8 Dividends and Dividend Equivalents</B>.
The Committee may, in its sole discretion, provide a Participant as part of an Award with dividends, dividend equivalents, or similar
payments in respect of Awards, payable in cash, shares of Common Stock, other securities, other Awards or other property, on a current
or deferred basis, on such terms and conditions as may be determined by the Committee in its sole discretion, including, without limitation,
payment directly to the Participant, withholding of such amounts by the Company subject to vesting of the Award or reinvestment in additional
shares of Common Stock, Restricted Stock or other Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>12.9 Indemnification</B>. No member of the
Board, the Committee, or any employee or agent of the Company or any of its subsidiaries (each such Person, an &ldquo;<I><U>Indemnifiable
Person</U></I>&rdquo;) shall be liable for any action taken or omitted to be taken or any determination made with respect to the Plan
or any Award hereunder (unless constituting fraud or a willful criminal act or omission). Each Indemnifiable Person shall be indemnified
and held harmless by the Company against and from any loss, cost, liability or expense (including attorneys&rsquo; fees) that may be imposed
upon or incurred by such Indemnifiable Person in connection with or resulting from any action, suit or proceeding to which such Indemnifiable
Person may be a party or in which such Indemnifiable Person may be involved by reason of any action taken or omitted to be taken or determination
made with respect to the Plan or any Award hereunder and against and from any and all amounts paid by such Indemnifiable Person with the
Company&rsquo;s approval, in settlement thereof, or paid by such Indemnifiable Person in satisfaction of any judgment in any such action,
suit or proceeding against such Indemnifiable Person, and the Company shall advance to such Indemnifiable Person any such expenses promptly
upon written request (which request shall include an undertaking by the Indemnifiable Person to repay the amount of such advance if it
shall ultimately be determined, as provided below, that the Indemnifiable Person is not entitled to be indemnified); provided, that the
Company shall have the right, at its own expense, to assume and defend any such action, suit, or proceeding and once the Company gives
notice of its intent to assume the defense, the Company shall have sole control over such defense with counsel of the Company&rsquo;s
choice. The foregoing right of indemnification shall not be available to an Indemnifiable Person to the extent that a final judgment or
other final adjudication (in either case not subject to further appeal) binding upon such Indemnifiable Person determines that the acts,
omissions or determinations of such Indemnifiable Person giving rise to the indemnification claim resulted from such Indemnifiable Person&rsquo;s
fraud or willful criminal act or omission or that such right of indemnification is otherwise prohibited by law or by the organizational
documents of the Company or its subsidiaries. The foregoing right of indemnification shall not be exclusive of or otherwise supersede
any other rights of indemnification to which such Indemnifiable Persons may be entitled under the organizational documents of the Company
or any of its subsidiaries, as a matter of law, under an individual indemnification agreement or contract or otherwise, or any other power
that the Company may have to indemnify such Indemnifiable Persons or hold such Indemnifiable Persons harmless.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>12.10 No Trust or Fund Created</B>. Neither
the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between
the Company or any of its Affiliates, on the one hand, and a Participant, on the other hand. No provision of the Plan or any Award shall
require the Company, for the purpose of satisfying any obligations under the Plan, to purchase assets or place any assets in a trust or
other entity to which contributions are made or otherwise to segregate any assets, nor shall the Company be obligated to maintain separate
bank accounts, books, records, or other evidence of the existence of a segregated or separately maintained or administered fund for such
purposes. Participants shall have no rights under the Plan other than as unsecured general creditors of the Company, except that insofar
as they may have become entitled to payment of additional compensation by performance of services, they shall have the same rights as
other service providers under general law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>12.11 Section 409A</B>. Notwithstanding any
provision of the Plan to the contrary, it is intended that the provisions of the Plan comply with (or are otherwise exempt from) Section
409A of the Code, and all provisions of the Plan shall be construed and interpreted in a manner consistent with the requirements for avoiding
taxes or penalties under Section 409A of the Code. Each Participant is solely responsible and liable for the satisfaction of all taxes
and penalties that may be imposed on or in respect of such Participant in connection with the Plan (including any taxes and penalties
under Section 409A of the Code), and neither the Company nor any of its subsidiaries shall have any obligation to indemnify or otherwise
hold such Participant (or any beneficiary) harmless from any or all of such taxes or penalties. With respect to any Award that is considered
 &ldquo;deferred compensation&rdquo; subject to Section 409A of the Code, references in the Plan to &ldquo;termination of employment&rdquo;
(and substantially similar phrases) shall mean &ldquo;separation from service&rdquo; within the meaning of Section 409A of the Code. For
purposes of Section 409A of the Code, each of the payments that may be made in respect of any Award granted under the Plan is designated
as a separate payment. Notwithstanding anything in the Plan to the contrary, if a Participant is a &ldquo;specified employee&rdquo; within
the meaning of Section 409A(a)(2)(B)(i) of the Code, no payments in respect of any Awards that are &ldquo;deferred compensation&rdquo;
subject to Section 409A of the Code and which would otherwise be payable upon the Participant&rsquo;s &ldquo;separation from service&rdquo;
(as defined in Section 409A of the Code) shall be made to such Participant prior to the date that is 6 months after the date of such Participant&rsquo;s
 &ldquo;separation from service&rdquo; or, if earlier, the date of the Participant&rsquo;s death. Following any applicable 6-month delay,
all such delayed payments will be paid in a single lump sum (without interest) on the earliest date permitted under Section 409A of the
Code that is also a business day. Unless otherwise provided by the Committee in an Award agreement or otherwise, in the event that the
timing of payments in respect of any Award (that would otherwise be considered &ldquo;deferred compensation&rdquo; subject to Section
409A of the Code) are accelerated upon the occurrence of (A) a Change of Control, no such acceleration shall be permitted unless the event
giving rise to the Change of Control satisfies the definition of a change in the ownership or effective control of a corporation, or a
change in the ownership of a substantial portion of the assets of a corporation, pursuant to Section 409A of the Code or (B) a Disability,
no such acceleration shall be permitted unless the Disability also satisfies the definition of &ldquo;Disability&rdquo; pursuant to Section
409A of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>12.12 Clawback/Repayment</B>. All Awards shall
be subject to reduction, cancellation, forfeiture or recoupment to the extent necessary to comply with (i) any clawback, forfeiture or
other similar policy adopted by the Board or the Committee and as in effect from time to time; and (ii) applicable law. Further, unless
otherwise determined by the Committee, to the extent that the Participant receives any amount in excess of the amount that the Participant
should otherwise have received under the terms of the Award for any reason (including, without limitation, by reason of a financial restatement,
mistake in calculations, or other administrative error), the Participant may be required by the Committee to repay any such excess amount
to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>12.13 Right of Offset</B>. The Company will
have the right to offset against its obligation to deliver shares of Common Stock (or other property or cash) under the Plan or any Award
agreement any outstanding amounts (including, without limitation, travel and entertainment or advance account balances, loans, repayment
obligations under any Awards, or amounts repayable to the Company pursuant to tax equalization, housing, automobile, or other employee
programs) that a Participant then owes to the Company or any of its subsidiaries and any amounts the Committee otherwise deems appropriate
pursuant to any tax equalization policy or agreement. Notwithstanding the foregoing, if an Award is &ldquo;deferred compensation&rdquo;
subject to Section 409A of the Code, the Committee will have no right to offset against its obligation to deliver shares of Common Stock
(or other property or cash) under the Plan or any Award agreement if such offset could subject the Participant to the additional tax imposed
under Section 409A of the Code in respect of an outstanding Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>12.14 Expenses; Titles and Headings</B>. The
expenses of administering the Plan shall be borne by the Company. The titles and headings of the sections in the Plan are for convenience
of reference only, and in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>12.15 Transferability</B>. Awards are generally
not transferable by a Participant other than by will or by the laws of descent and distribution. Any attempt to assign, alienate, pledge,
attach, sell or otherwise transfer or encumber an Award in violation of this Section 12.15 shall be wholly ineffective and, if any such
attempt is made, the applicable Award will be automatically forfeited by the Participant and all of the Participant&rsquo;s rights with
respect to such Award shall immediately terminate without any payment or consideration by the Company or any Affiliate thereof. Notwithstanding
the foregoing, the Committee may, in its sole discretion, permit Awards (other than Incentive Options) to be transferred by a Participant,
without consideration, subject to such rules as the Committee may adopt consistent with any applicable Award agreement to preserve the
purposes of the Plan, to: (A) any person who is a &ldquo;family member&rdquo; of the Participant, as such term is used in the instructions
to Form S-8 under the Securities Act or any successor form of registration statement promulgated by the Securities and Exchange Commission
(collectively, the &ldquo;<I><U>Immediate Family Members</U></I>&rdquo;); (B) a trust solely for the benefit of the Participant and the
Participant&rsquo;s Immediate Family Members; (C) a partnership or limited liability company whose only partners or stockholders are the
Participant and the Participant&rsquo;s Immediate Family Members; or (D) a beneficiary to whom donations are eligible to be treated as
 &ldquo;charitable contributions&rdquo; for federal income tax purposes (each transferee described in clauses (A), (B), (C), and (D) above
is hereinafter referred to as a &ldquo;<I><U>Permitted Transferee</U></I>&rdquo;); provided, that the Participant gives the Committee
advance written notice describing the terms and conditions of the proposed transfer and the Committee notifies the Participant in writing
that such a transfer would comply with the requirements of the Plan. The terms of any Award transferred in accordance with the preceding
sentence shall apply to the Permitted Transferee and any reference in the Plan or in any applicable Award agreement to a Participant shall
be deemed to refer to the Permitted Transferee, except that: (A) Permitted Transferees shall not be entitled to transfer any Award, other
than by will or the laws of descent and distribution; (B) Permitted Transferees shall not be entitled to exercise any transferred Option
unless there shall be in effect a registration statement on an appropriate form covering the shares of Common Stock to be acquired pursuant
to the exercise of such Option if the Committee determines, consistent with any applicable Award agreement, that such a registration statement
is necessary or appropriate; (C) neither the Committee nor the Company shall be required to provide any notice to a Permitted Transferee,
whether or not such notice is or would otherwise have been required to be given to the Participant under the Plan or otherwise; and (D)
the consequences of a Participant&rsquo;s termination of employment or service under the terms of the Plan and the applicable Award agreement
shall continue to be applied with respect to the Participant, including, without limitation, that an Option shall be exercisable by the
Permitted Transferee only to the extent, and for the periods, specified in the Plan and the applicable Award agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>4
<FILENAME>tm2214732d1_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
<HTML>
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     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

                           <P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="text-align: right; margin: 0pt"><B>Exhibit 23.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Consent of Independent Registered
Public Accounting Firm</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ashford Hospitality Trust, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dallas, Texas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hereby consent to the incorporation by reference
in this Registration Statement of our reports dated February 28, 2022, relating to the consolidated financial statements and the effectiveness
of Ashford Hospitality Trust, Inc.&#8217;s internal control over financial reporting, appearing in the Company&#8217;s Annual Report
on Form 10-K for the year ended December 31, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ BDO USA, LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">BDO USA, LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dallas, Texas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">May 11, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">BDO USA, LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company limited by guarantee,
and forms part of the international BDO network of independent member firms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">BDO is the brand name for the BDO network and for each of
the BDO Member Firms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>tm2214732d1_ex5-1img001.jpg
<DESCRIPTION>GRAPHIC
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>6
<FILENAME>tm2214732d1_ex-filingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
<HTML>
<HEAD>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 107</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Calculation of Filing Fee Tables</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form S-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Form Type)</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ashford Hospitality Trust, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Table 1. Newly Registered Securities</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Security<BR>
    Type</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Security
    Class<BR>
 Title</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Fee<BR>
    Calculation<BR> Rule</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Amount<BR>
    Registered<SUP>(1)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;</SUP></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Proposed<BR>

    Maximum<BR> Offering Price<BR>
 Per<BR> Unit</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;</SUP></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Maximum<BR>

    Aggregate<BR> Offering Price</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Fee
    <BR>
Rate</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Amount
    of<BR> Registration<BR> Fee</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 10%; font-size: 10pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Equity</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Common Stock, par value
    $0.01 per share</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Other</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">650,000</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">5.88</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>(3)</SUP></FONT></TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">3,822,000</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">0.0000927</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">354.30</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="5" STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Total Offering Amounts</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;</SUP></FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;</SUP></FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">3,822,000</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">354.30</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="5" STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Total Fee Offsets</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;</SUP></FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;</SUP></FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="5" STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Net Fee Due</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;</SUP></FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;</SUP></FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">354.30</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px">(1)</TD>
    <TD>Pursuant to Rule 416 under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), this Registration Statement shall also cover any additional shares of common stock which become issuable under the above-named plans by reason of any stock dividend, stock split, recapitalization or any other similar transaction effected without the receipt of consideration which results in an increase in the number of our outstanding shares of common stock.</TD></TR>

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    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px">(2)</TD>
    <TD STYLE="text-align: justify">Represents 650,000 shares of Common Stock available for issuance under the Ashford Hospitality Trust, Inc. 2021 Stock Incentive Plan.</TD></TR>

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    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px">(3)</TD>
    <TD>Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c) and Rule 457(h) under the Securities Act. The offering price per share and aggregate offering price are based upon the average of the high and low prices per share of Common Stock as reported on the New York Stock Exchange on May 10, 2022, which was $5.88 per share.</TD></TR>
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