<SEC-DOCUMENT>0001104659-25-121398.txt : 20251216
<SEC-HEADER>0001104659-25-121398.hdr.sgml : 20251216
<ACCEPTANCE-DATETIME>20251216084544
ACCESSION NUMBER:		0001104659-25-121398
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20251215
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Material Modifications to Rights of Security Holders
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20251216
DATE AS OF CHANGE:		20251216

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ASHFORD HOSPITALITY TRUST INC
		CENTRAL INDEX KEY:			0001232582
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				861062192
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31775
		FILM NUMBER:		251573465

	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
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>UNITED STATES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>SECURITIES AND
EXCHANGE COMMISSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>WASHINGTON, D.C. 20549</b></p>

<p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>FORM <span id="xdx_909_edei--DocumentType_c20251215__20251215_zo2BMItFxJc"><ix:nonNumeric contextRef="AsOf2025-12-15" id="Fact000011" name="dei:DocumentType">8-K</ix:nonNumeric></span></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>CURRENT REPORT</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PURSUANT TO SECTION 13 OR 15(d) OF THE</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES EXCHANGE ACT OF 1934</b></p>

<p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Date of Report (Date of earliest event reported): <b><span id="xdx_903_edei--DocumentPeriodEndDate_c20251215__20251215_zbcH40c5voLh"><ix:nonNumeric contextRef="AsOf2025-12-15" format="ixt:datemonthdayyearen" id="Fact000012" name="dei:DocumentPeriodEndDate">December 15, 2025</ix:nonNumeric></span></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">(Exact name of registrant as specified in its charter)</p>

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<p style="margin: 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">(Address of principal executive offices, including zip code)</p>


<p style="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <b>(<span id="xdx_90F_edei--CityAreaCode_c20251215__20251215_zTQHM8rVTx0k"><ix:nonNumeric contextRef="AsOf2025-12-15" id="Fact000022" name="dei:CityAreaCode">972</ix:nonNumeric></span>)</b> <b><span id="xdx_90D_edei--LocalPhoneNumber_c20251215__20251215_zFp0POyOlqj7"><ix:nonNumeric contextRef="AsOf2025-12-15" id="Fact000023" name="dei:LocalPhoneNumber">490-9600</ix:nonNumeric></span></b></p>

<p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">(Registrant&#8217;s telephone number, including
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<p style="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>N/A<br/>
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<p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:</p>

<p style="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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<p style="font-size: 10pt; text-align: left; text-indent: -36px; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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<p style="font-size: 10pt; text-align: left; text-indent: -36px; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</span></td>
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<p style="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Securities registered pursuant to Section
12(b) of the Act:</p>

<p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="text-indent: 0px; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; margin-right: auto; margin-left: auto; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="border-bottom: rgb(0, 0, 0) 1px solid; padding: 2px; text-align: center; width: 32%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title
    of each class</span></td>
    <td style="padding: 2px; width: 2%">&#160;</td>
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    Symbol(s)</span></td>
    <td style="padding: 2px; width: 2%">&#160;</td>
    <td style="border-bottom: rgb(0, 0, 0) 1px solid; padding: 2px; text-align: center; width: 32%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name
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<tr>
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<tr>
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<tr>
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    <td style="padding: 2px; vertical-align: bottom">&#160;</td>
    <td style="padding: 2px; vertical-align: bottom; text-align: center"><span id="xdx_90C_edei--TradingSymbol_c20251215__20251215__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesFPreferredStockMember_zBKBeSRqfDB8"><ix:nonNumeric contextRef="From2025-12-152025-12-15_us-gaap_SeriesFPreferredStockMember" id="Fact000038" name="dei:TradingSymbol">AHT-PF</ix:nonNumeric></span></td>
    <td style="padding: 2px; vertical-align: bottom">&#160;</td>
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<tr>
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    <td style="padding: 2px; vertical-align: bottom">&#160;</td>
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    <td style="padding: 2px; vertical-align: bottom">&#160;</td>
    <td style="padding: 2px; vertical-align: bottom; text-align: center"><span id="xdx_906_edei--SecurityExchangeName_c20251215__20251215__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesGPreferredStockMember_zy3ZAVonEpi4"><ix:nonNumeric contextRef="From2025-12-152025-12-15_us-gaap_SeriesGPreferredStockMember" format="ixt-sec:exchnameen" id="Fact000043" name="dei:SecurityExchangeName">New York Stock Exchange</ix:nonNumeric></span></td></tr>
<tr>
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    <td style="padding: 2px; vertical-align: bottom">&#160;</td>
    <td style="padding: 2px; vertical-align: bottom; text-align: center"><span id="xdx_90C_edei--TradingSymbol_c20251215__20251215__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember_zeGSE5H98Qq4"><ix:nonNumeric contextRef="From2025-12-152025-12-15_us-gaap_SeriesHPreferredStockMember" id="Fact000046" name="dei:TradingSymbol">AHT-PH</ix:nonNumeric></span></td>
    <td style="padding: 2px; vertical-align: bottom">&#160;</td>
    <td style="padding: 2px; vertical-align: bottom; text-align: center"><span id="xdx_907_edei--SecurityExchangeName_c20251215__20251215__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesHPreferredStockMember_z6vKmlm3hOfk"><ix:nonNumeric contextRef="From2025-12-152025-12-15_us-gaap_SeriesHPreferredStockMember" format="ixt-sec:exchnameen" id="Fact000047" name="dei:SecurityExchangeName">New York Stock Exchange</ix:nonNumeric></span></td></tr>
<tr>
    <td style="padding: 2px; vertical-align: top; text-align: center"><span id="xdx_90D_edei--Security12bTitle_c20251215__20251215__us-gaap--StatementClassOfStockAxis__custom--PreferredStockSeriesIMember_zEVNXZMsDiJ3"><span id="xdx_917_ecustom--PreferredStockSeriesIMember_zjg218kJITCj"><ix:nonNumeric contextRef="From2025-12-152025-12-15_custom_PreferredStockSeriesIMember" id="Fact000048" name="dei:Security12bTitle">Preferred Stock, Series I</ix:nonNumeric></span></span></td>
    <td style="padding: 2px; vertical-align: bottom">&#160;</td>
    <td style="padding: 2px; vertical-align: bottom; text-align: center"><span id="xdx_909_edei--TradingSymbol_c20251215__20251215__us-gaap--StatementClassOfStockAxis__custom--PreferredStockSeriesIMember_zeVIXLLaMyH8"><ix:nonNumeric contextRef="From2025-12-152025-12-15_custom_PreferredStockSeriesIMember" id="Fact000050" name="dei:TradingSymbol">AHT-PI</ix:nonNumeric></span></td>
    <td style="padding: 2px; vertical-align: bottom">&#160;</td>
    <td style="padding: 2px; vertical-align: bottom; text-align: center"><span id="xdx_907_edei--SecurityExchangeName_c20251215__20251215__us-gaap--StatementClassOfStockAxis__custom--PreferredStockSeriesIMember_zoAIzcsA7ZP5"><ix:nonNumeric contextRef="From2025-12-152025-12-15_custom_PreferredStockSeriesIMember" format="ixt-sec:exchnameen" id="Fact000051" name="dei:SecurityExchangeName">New York Stock Exchange</ix:nonNumeric></span></td></tr>
</table>
<p style="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Indicate by check
mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of
this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p>

<p style="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">Emerging
growth company&#160;&#160;&#160;&#160;</span><span style="font-family: Wingdings"><span style="font-family: Wingdings"><span id="xdx_901_edei--EntityEmergingGrowthCompany_c20251215__20251215_zFkm3kXpNJQi"><ix:nonNumeric contextRef="AsOf2025-12-15" format="ixt:booleanfalse" id="Fact000052" name="dei:EntityEmergingGrowthCompany">&#168;</ix:nonNumeric></span></span></span></p>

<p style="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">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 13(a) of the Exchange Act. </span><span style="font-family: Wingdings"><span style="font-family: Wingdings">&#168;</span></span></p>


<p style="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt"></p>

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<p style="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>



<p style="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt"></p>
<div style="display: none; visibility: hidden">

</div>
<p style="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt"></p>
<p style="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt"></p>

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<p style="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 11%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Item 1.01</i></b></span></td>
    <td style="width: 89%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Entry into
    a Material Definitive Agreement.</i></b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The information set
forth in Item 3.03 of this Current Report on Form&#160;8-K is incorporated into this Item 1.01 by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 11%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Item 3.03</i></b></span></td>
    <td style="width: 89%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Material
    Modifications to Rights of Security Holders.</i></b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On December&#160;15,
2025, the Board of Directors (the &#8220;<span style="text-decoration: underline">Board</span>&#8221;) of Ashford Hospitality Trust,&#160;Inc. (the &#8220;<span style="text-decoration: underline">Company</span>&#8221;)
declared a dividend of one preferred share purchase right (a &#8220;<span style="text-decoration: underline">Right</span>&#8221;) for each outstanding share of common stock,
par value $0.01 per share, of the Company (the &#8220;<span style="text-decoration: underline">Common Stock</span>&#8221;), each Right initially representing the right to purchase
from the Company one one-thousandth of a share of Series&#160;N Junior Participating Preferred Stock, par value $0.01 per share, of the
Company (the &#8220;<span style="text-decoration: underline">Series&#160;N Preferred Stock</span>&#8221;) at a price of $20.00 per one one-thousandth of a share of Series&#160;N
Preferred Stock (the &#8220;<span style="text-decoration: underline">Purchase Price</span>&#8221;), subject to adjustment as provided in the Rights Agreement (defined below).
The dividend is payable to holders of Common Stock of record as of 5:00 p.m.&#160;New York City time on December&#160;26, 2025 (the
&#8220;<span style="text-decoration: underline">Record Date</span>&#8221;). The description and terms of the Rights are set forth in a Rights Agreement, dated as of December&#160;15,
2025, as the same may be amended from time to time (the &#8220;<span style="text-decoration: underline">Rights Agreement</span>&#8221;), between the Company and Computershare
Trust Company, N.A., as Rights Agent (the &#8220;<span style="text-decoration: underline">Rights Agent</span>&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Rights Agreement
is designed to prevent the Company from facing a substantial limitation on its ability to use its Tax Benefits (as such term is defined
in the Rights Agreement) to offset potential future income taxes for federal income tax purposes and realize other efficiencies.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The following is a summary
of the terms of the Rights Agreement. The summary does not purport to be complete and is qualified in its entirety by reference to the
full text of the Rights Agreement, a copy of which is attached as Exhibit&#160;4.1 and incorporated herein by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i>Effectiveness</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Rights Agreement
became effective at 5:00 p.m.&#160;New York City time on December&#160;15, 2025 (the &#8220;<span style="text-decoration: underline">Effective Date</span>&#8221;). Upon and
following the Effective Date, Rights will be issued in respect of all outstanding shares of Common Stock on the Record Date, and for
all shares of Common Stock issued after the Record Date and, subject to the terms described in the Rights Agreement, prior to the earliest
of the Distribution Date (as defined below), the redemption of the Rights or the expiration of the Rights as provided by the Rights Agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i>Distribution and
Transfer of Rights; Distribution Date; Rights Certificates</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Subject to certain exceptions
specified in the Rights Agreement, the Rights will separate from the Common Stock and become exercisable at 5:00 p.m.&#160;New York City
time on the next business day following the earlier of (i)&#160;the Flip-In Date (as defined below) or (ii)&#160;10 business days after
the date (prior to such time as any person or group of affiliated persons becomes an Acquiring Person), if any, as may be determined
by action of the Board, in its sole discretion, following the commencement of, or public announcement of an intention to commence, a
tender or exchange offer the consummation of which would result in any person or group of affiliated or associated persons becoming an
Acquiring Person (the earlier of such dates being called the &#8220;<span style="text-decoration: underline">Distribution Date</span>&#8221;). A person or group of affiliated
or associated persons becomes an &#8220;<span style="text-decoration: underline">Acquiring Person</span>&#8221; upon acquiring Beneficial Ownership of 4.99% or more of any class
of Company Securities then outstanding, except in certain situations (including a person or group of affiliated or associated persons
that currently has Beneficial Ownership of any class of Company Securities then outstanding in excess of such threshold unless and until
such person or group becomes the Beneficial Owner of a percentage of any class of Company Securities outstanding that exceeds by 0.5%
or more the percentage of any class of Company Securities outstanding that such person or group owned as of the first public announcement
of the adoption of the Rights Agreement). For purposes of the Rights Agreement, &#8220;<span style="text-decoration: underline">Company Securities</span>&#8221; means the Common
Stock and any other interest that the Board determines would be treated as &#8220;stock&#8221; of the Company for purposes of Section&#160;382
of the Internal Revenue Code of 1986, as amended (the &#8220;<span style="text-decoration: underline">Code</span>&#8221;) (including Treasury Regulation Sections 1.382-2(a)(3)&#160;and
1.382-2T(f)(18)).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Rights Agreement
provides that, until the Distribution Date (or earlier redemption or expiration of the Rights), the Rights will be transferred with and
only with the Common Stock. Until the Distribution Date (or earlier redemption or expiration of the Rights), new Common Stock certificates
issued after the Record Date upon transfer or new issuances of Common Stock will contain a legend incorporating the Rights Agreement
by reference (and notice of such legend will be furnished to holders of book entry shares). Until the Distribution Date (or earlier redemption
or expiration of the Rights), the surrender for transfer of any certificates for shares of Common Stock (or of any book entry shares
of Common Stock) outstanding as of the Record Date, even without such legend (or notice of such legend) or a copy of the Summary of Rights
(as such term is defined in the Rights Agreement), will also constitute the transfer of the Rights associated with the shares of Common
Stock represented by such certificate (or book entry). As soon as practicable following the Distribution Date, separate certificates
evidencing the Rights (&#8220;<span style="text-decoration: underline">Right Certificates</span>&#8221;) will be mailed to holders of record of the Common Stock as of the close
of business on the Distribution Date and such separate Right Certificates alone will evidence the Rights.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Rights are not exercisable
until the Distribution Date.&#160;Pursuant to the terms of the Rights Agreement, the Rights will expire on the earliest of (i)&#160;5:00
p.m.&#160;New York City time on December&#160;14, 2026, (ii)&#160;the effective date of the repeal of Section&#160;382 of the Code
or any successor statute if the Board determines in its sole discretion that the Rights Agreement is no longer necessary or desirable
for the preservation of Tax Benefits, or (iii)&#160;the first day of a taxable year of the Company to which the Board determines in its
sole discretion that no Tax Benefits may be carried forward, unless the Rights are earlier redeemed or exchanged by the Company, in each
case as described below, or upon the occurrence of certain transactions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i>Series&#160;N Preferred
Stock Purchasable Upon Exercise of Rights</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Because of the nature
of the Series&#160;N Preferred Stock&#8217;s dividend, liquidation and voting rights, the value of the one one-thousandth interest in
a share of Series&#160;N Preferred Stock purchasable upon exercise of each Right should approximate the value of one share of Common
Stock.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i>Exempt Persons and
Transactions</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Rights Agreement
includes procedures whereby the Board will consider requests to exempt (a)&#160;any person or group (an &#8220;<span style="text-decoration: underline">Exempt Person</span>&#8221;)
which would otherwise be an Acquiring Person, or (b)&#160;any transaction (an &#8220;<span style="text-decoration: underline">Exempt Transaction</span>&#8221;) resulting in the
Beneficial Ownership of Company Securities, prior to the consummation of such transaction, from the Acquiring Person trigger, in each
case as determined by the Board in its sole discretion, provided that it will only grant such an exemption if it determines in its sole
discretion that such ownership would not reasonably be expected to jeopardize or endanger the availability of the Tax Benefits to the
Company or if it otherwise determines that the exemption is in the best interests of the Company; provided further that, (A)&#160;in
the case of an Exempt Person, if the Board later makes a contrary determination with respect to the effect of such person or group&#8217;s
Beneficial Ownership with respect to the availability to the Company of its Tax Benefits, such person or group will cease to be an Exempt
Person and (B)&#160;in the case of an Exempt Person or Exempt Transaction, the Board in its sole discretion may require the applicable
person or group to make certain representations or undertakings, the violation or attempted violation of which will be subject to such
consequences as the Board may determine in its sole discretion, including that such person or group will become an Acquiring Person.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i>Flip-In Trigger</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On the first date of
public announcement by the Company that any person or group of affiliated or associated persons has become an Acquiring Person pursuant
to the Rights Agreement, which announcement makes express reference to such status as an Acquiring Person pursuant to the Rights Agreement
(the &#8220;<span style="text-decoration: underline">Stock Acquisition Date</span>&#8221;), or on such later date as the Board may fix by resolution adopted prior to such Stock
Acquisition Date (such date, a &#8220;<span style="text-decoration: underline">Flip-In Date</span>&#8221;, and the first Flip-In Date to occur, a &#8220;<span style="text-decoration: underline">Flip-In Event</span>&#8221;),
each holder of a Right (other than Rights beneficially owned by the Acquiring Person, affiliates and associates of the Acquiring Person
and certain transferees thereof which will thereupon become null and void) will thereafter have the right to receive upon exercise of
a Right that number of shares of Common Stock or, at the Company&#8217;s option, shares of Series&#160;N Preferred Stock (or fraction
thereof, having an equivalent value to the substituted Common Stock) having a market value of two times the exercise price of the Right;
provided that if such exercise of Rights would result in a person becoming the Beneficial Owner of more than 4.99% of any class of Company
Securities then outstanding, the Board may elect (in its sole discretion) to distribute cash to such person or a note or other form of
indebtedness of equivalent value.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Flip-Over Trigger</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">If, after a Flip-In
Event, the Company is acquired in a merger or other business combination transaction or 50% or more of its consolidated assets or earning
power are sold, proper provisions will be made so that each holder of a Right (other than Rights beneficially owned by an Acquiring Person,
affiliates and associates of the Acquiring Person and certain transferees thereof which will have become null and void) will thereafter
have the right to receive upon the exercise of a Right that number of shares of common stock of the person with whom the Company has
engaged in the foregoing transaction (or its parent) that at the time of such transaction have a market value of two times the exercise
price of the Right.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i>Exchange Provision</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">At any time after a
Flip-In Event and prior to the earlier of one of the events described in the previous paragraph or the acquisition by such Acquiring
Person of 50% or more of the outstanding shares of Common Stock, the Board may exchange the Rights (other than Rights owned by such Acquiring
Person, affiliates and associates of the Acquiring Person and certain transferees thereof which will have become null and void), in whole
or in part, for shares of Common Stock or Series&#160;N Preferred Stock (or a series of the Company&#8217;s preferred stock having equivalent
rights, preferences, privileges and restrictions), at an exchange ratio of one share of Common Stock, or a fractional share of Series&#160;N
Preferred Stock (or other preferred stock) equivalent in value thereto, per Right; provided that if such exchange of Rights would result
in a person becoming the Beneficial Owner of more than 4.99% of any class of Company Securities then outstanding, the Board may elect
(in its sole discretion) to distribute cash to such person or a note or other form of indebtedness of equivalent value.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i>Redemption of the
Rights</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">At any time prior to
a Flip-In Event, the Board may redeem the Rights in whole, but not in part, at a price of $0.0001 per Right (the &#8220;<span style="text-decoration: underline">Redemption
Price</span>&#8221;) payable, at the option of the Company, in cash, shares of Common Stock or such other form of consideration as the Board
determines in its sole discretion. The redemption of the Rights may be made effective at such time, on such basis and with such conditions
as the Board in its sole discretion may establish. Immediately upon any redemption of the Rights, the right to exercise the Rights will
terminate and the only right of the holders of Rights will be to receive the Redemption Price.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i>Amendment of Terms
of Rights Agreement and Rights</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">For so long as the Rights
are then redeemable, the Company may, except with respect to the Redemption Price, amend the Rights Agreement in any manner without the
approval of any holders of the Rights. After the Rights are no longer redeemable, the Company may, except with respect to the Redemption
Price, amend the Rights Agreement in any manner that does not adversely affect the interests of holders of the Rights (other than an
Acquiring Person, affiliates and associates of the Acquiring Person and certain transferees thereof).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i>Voting Rights; Other
Stockholder Rights</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Until a Right is exercised
or exchanged, the holder thereof, as such, will have no rights as a stockholder of the Company, including, without limitation, the right
to vote or to receive dividends.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i>Anti-Dilution Provisions</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Purchase Price payable,
and the number of shares of Series&#160;N Preferred Stock or other securities or property issuable, upon exercise of the Rights is subject
to adjustment from time to time to prevent dilution (i)&#160;in the event of a stock dividend on, or a subdivision, combination or reclassification
of, the Series&#160;N Preferred Stock, (ii)&#160;upon the grant to holders of the Series&#160;N Preferred Stock of certain rights or
warrants to subscribe for or purchase Series&#160;N Preferred Stock at a price, or securities convertible into Series&#160;N Preferred
Stock with a conversion price, less than the then-current market price of the Series&#160;N Preferred Stock or (iii)&#160;upon the distribution
to holders of the Series&#160;N Preferred Stock of evidences of indebtedness or assets (other than regular periodic cash dividends or
dividends payable in Series&#160;N Preferred Stock) or of subscription rights or warrants (other than those referred to above).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The number of outstanding
Rights is subject to adjustment in the event of a stock dividend on the Common Stock payable in shares of Common Stock, or subdivisions,
consolidations or combinations of the Common Stock occurring, in any such case, prior to the Distribution Date.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Item 5.03</i></b></span></td>
    <td style="width: 89%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Amendments to Articles of
    Incorporation or Bylaws; Change in Fiscal Year.</i></b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In connection with the
adoption of the Rights Agreement,  the Company filed the Articles Supplementary Establishing and Fixing the
Rights and Preference of a Series&#160;of Preferred Stock (the &#8220;<span style="text-decoration: underline">Articles Supplementary</span>&#8221;) with the Secretary of State
of the State of Maryland, effective December 17, 2025.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The summary of the rights,
preferences, privileges and restrictions of the Series&#160;N Preferred Stock set forth in Item 3.03 of this Current Report on Form&#160;8-K
is incorporated by reference into this Item 5.03. A copy of the Articles Supplementary is attached as Exhibit&#160;3.1 and is incorporated
herein by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 11%; text-align: left"><b><i>Item 9.01.</i></b></td><td style="text-align: justify; width: 89%"><b><i>Financial Statements
                                            and Exhibits.</i></b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b>(d)&#160;Exhibits.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom; background-color: white">
    <td style="text-align: justify; width: 10%"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Exhibit&#160;<br/>
    Number</b></p></td>
    <td style="width: 2%">&#160;</td>
    <td style="text-align: justify; width: 88%"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Description</b></p></td></tr>
  <tr style="background-color: white">
    <td style="text-align: justify; vertical-align: top"><a href="tm2533452d1_ex3-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: justify"><a href="tm2533452d1_ex3-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles
    Supplementary Establishing and Fixing the Rights and Preference of a Series&#160;of Preferred Stock.</span></a></td></tr>
  <tr style="background-color: white">
    <td style="vertical-align: top; text-align: justify"><a href="tm2533452d1_ex4-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: justify"><a href="tm2533452d1_ex4-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights
    Agreement, dated as of December&#160;15, 2025, between Ashford Hospitality Trust,&#160;Inc. and Computershare Trust Company, N.A.,
    as Rights Agent</span></a></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover page&#160;interactive
    data file (formatted in Inline XBRL).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURE</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td>&#160;</td><td colspan="2">ASHFORD HOSPITALITY TRUST,&#160;INC.</td></tr>
                                                                                                                                          <tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
                                                                                                                                          <tr style="vertical-align: top">
<td>Date: December&#160;16, 2025</td><td>By:</td><td style="border-bottom: Black 1pt solid">/s/ Jim Plohg</td></tr>
                                                                                                                                          <tr style="vertical-align: top">
<td>&#160;</td><td>Name:</td><td>Jim Plohg</td></tr>
                                                                                                                                          <tr style="vertical-align: top">
<td style="width: 50%"/><td style="width: 5%">Title:</td><td style="width: 45%">Executive Vice President, General Counsel and Secretary</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

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<p style="font-size: 10pt; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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<DESCRIPTION>EXHIBIT 3.1
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin: 0"><B>Exhibit 3.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ASHFORD HOSPITALITY TRUST,&nbsp;INC.</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: center"><B>ARTICLES SUPPLEMENTARY ESTABLISHING AND FIXING
THE RIGHTS AND PREFERENCES OF A SERIES OF PREFERRED STOCK</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; text-indent: 0.5in">Ashford Hospitality Trust,&nbsp;Inc.,
a Maryland corporation (the &ldquo;<I>Corporation</I>&rdquo;), having its principal office in the State of Maryland in Baltimore City,
Maryland and its principal executive office in Dallas, Texas certifies to the State Department of Assessments and Taxation of Maryland
that:</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: 0.5in"><I>FIRST:&#8239;&#8239;</I>Under
a power contained in Section&nbsp;2-208 of the Maryland General Corporation Law and Article&nbsp;V of the Corporation&rsquo;s Articles
of Amendment and Restatement (as the same may be amended or supplemented, the &ldquo;<I>Charter</I>&rdquo;), the Board of Directors (the
 &ldquo;<I>Board</I>&rdquo;) on December&nbsp;15, 2025, classified and designated 300,000 shares of the unissued preferred stock, par
value $0.01 per share, of the Corporation as Series&nbsp;N Junior Participating Preferred Stock, par value $0.01 per share, with the following
preferences, rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions
of redemption. Capitalized terms used and not otherwise defined herein have the meanings set forth in the Charter.</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: 0.5in">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Designation
and Number</I>. There shall be a series of preferred stock, par value $0.01&nbsp;per share, of the Corporation (the &ldquo;<I>Series&nbsp;N
Preferred Stock</I>&rdquo;) that shall be designated as &ldquo;Series&nbsp;N Junior Participating Preferred Stock&rdquo; and the number
of shares constituting such series shall be&nbsp;300,000. Such number of shares may be increased or decreased by resolution of the Board
of Directors; <U>provided</U>, <U>however</U>, that no decrease shall reduce the number of shares of Series&nbsp;N Junior Participating
Preferred Stock to less than the number of shares then issued and outstanding plus the number of shares issuable upon exercise of outstanding
rights, options or warrants or upon conversion of outstanding securities issued by the Corporation.</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: 0.5in">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Rank</I>.
The Series&nbsp;N Preferred Stock will, with respect to dividend rights and rights upon liquidation, dissolution or winding up of the
Corporation, rank:&nbsp;(i)&nbsp;prior or senior to any class or series of common stock of the Corporation and any other class or series
of equity securities, if the holders of Series&nbsp;N Preferred Stock are entitled to the receipt of dividends or of amounts distributable
upon liquidation, dissolution or winding up in preference or priority to the holders of shares of such class or series (&ldquo;<I>Junior
Stock</I>&rdquo;); (ii)&nbsp;on a parity with any other class or series of the equity securities of the Corporation issued in the future
if, pursuant to the specific terms of such class or series of equity securities, the holders of such class or series of equity securities
and the holders of the Series&nbsp;N Preferred Stock are entitled to the receipt of dividends and of amounts distributable upon liquidation,
dissolution or winding up in proportion to their respective amounts of accrued and unpaid dividends per share or liquidation preferences,
without preference or priority one over the other (&ldquo;<I>Parity Stock</I>&rdquo;); (iii)&nbsp;junior to the 8.45% Series&nbsp;D Cumulative
Preferred Stock, par value $0.01 per share, of the Corporation, the 7.375% Series&nbsp;F Cumulative Preferred Stock, par value $0.01 per
share, of the Corporation, the 7.375% Series&nbsp;G Cumulative Preferred Stock, par value $0.01 per share, of the Corporation, the 7.50%
Series&nbsp;H Cumulative Preferred Stock, par value $0.01 per share, of the Corporation, the 7.50% Series&nbsp;I Cumulative Preferred
Stock, par value $0.01 per share, of the Corporation, the Series&nbsp;J Redeemable Preferred Stock, par value $0.01 per share, of the
Corporation, the Series&nbsp;K Redeemable Preferred Stock, par value $0.01 per share, of the Corporation, the Series&nbsp;L Redeemable
Preferred Stock, par value $0.01 per share, of the Corporation, the Series&nbsp;M Redeemable Preferred Stock, par value $0.01 per share
of the Corporation, and any other class or series of the equity securities of the Corporation issued in the future if, pursuant to the
specific terms of such class or series of equity securities, the holders of such class or series are entitled to the receipt of dividends
or amounts distributable upon liquidation, dissolution or winding up in preference or priority to the holders of the Series&nbsp;N Preferred
Stock (collectively, the &ldquo;<I>Senior Stock</I>&rdquo;); and (iv)&nbsp;junior to all of the existing and future indebtedness of the
Corporation. The term &ldquo;equity securities&rdquo; does not include convertible debt securities, which, unless otherwise provided,
will rank senior to the Series&nbsp;N Preferred Stock prior to conversion.</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; text-indent: 0.5in">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Dividends
and Distributions</I>.</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: 1in">(A)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Subject
to the prior and superior rights of the holders of any shares of any Senior Stock, the holders of shares of Series&nbsp;N Preferred Stock,
in preference to the holders of shares of any Junior Stock, shall be entitled to receive, when, as and if declared by the Board of Directors
out of funds legally available for the purpose, quarterly cash dividends in an amount per share (rounded to the nearest cent) equal to
the greater of (a)&nbsp;$1.00 and (b)&nbsp;the sum of (1)&nbsp;the Adjustment Number (as defined below) times the aggregate per share
amount of all cash dividends <U>plus</U> (2)&nbsp;the Adjustment Number times the aggregate per share amount (payable in kind) of all
non-cash dividends or other distributions other than a dividend payable in shares of Common Stock, par value $0.01&nbsp;per share, of
the Corporation (the &ldquo;<I>Common Stock</I>&rdquo;), or a subdivision of the outstanding shares of Common Stock (by reclassification
or otherwise), in each case declared on the Common Stock since the immediately preceding Quarterly Dividend Payment Date (as defined below),
or, with respect to the first Quarterly Dividend Payment Date, since the first issuance of any share or fraction of a share of Series&nbsp;N
Preferred Stock. Dividends on the Series&nbsp;N Preferred Stock shall by payable on the 15<SUP>th</SUP> day of each January, April, July,
and October&nbsp;in each year (each such date being referred to herein as a &ldquo;<I>Quarterly Dividend Payment Date</I>&rdquo;), commencing
on the first Quarterly Dividend Payment Date after the first issuance of a share or fraction of a share of Series&nbsp;N Preferred Stock,
<I>provided</I>&nbsp;that if any Quarterly Dividend Payment Date is not a business day, then the dividend which would otherwise have been
payable on that Quarterly Dividend Payment Date may be paid on the next succeeding business day, and no interest, additional dividends
or other sums will accrue on the amount so payable for the period from and after that dividend payment date to that next succeeding business
day. The &ldquo;<I>Adjustment Number</I>&rdquo; shall initially be&nbsp;1,000. In the event the Corporation shall at any time after December&nbsp;15,
2025 (i)&nbsp;declare and pay a dividend on the Common Stock payable in shares of Common Stock, (ii)&nbsp;subdivide the outstanding Common
Stock, or (iii)&nbsp;combine the outstanding Common Stock into a smaller number of shares of Common Stock, then in each such case the
Adjustment Number in effect immediately prior to such event shall be adjusted by multiplying such Adjustment Number by a fraction the
numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the
number of shares of Common Stock that were outstanding immediately prior to such event.</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: 1in">(B)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Corporation shall declare a dividend or distribution on the Series&nbsp;N Preferred Stock as provided in paragraph&nbsp;<U>(A)</U>&nbsp;above
immediately after it declares a dividend or distribution on the Common Stock (other than a dividend payable in shares of Common Stock).</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: 1in">(C)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Dividends
shall begin to accrue and be cumulative on outstanding shares of Series&nbsp;N Preferred Stock from the Quarterly Dividend Payment Date
next preceding the date of issue of such shares of Series&nbsp;N Preferred Stock, unless the date of issue of such shares is prior to
the record date for the first Quarterly Dividend Payment Date; in which case dividends on such shares shall begin to accrue from the date
of issue of such shares, or unless the date of issue is a Quarterly Dividend Payment Date or is a date after the record date for the determination
of holders of shares of Series&nbsp;N Preferred Stock entitled to receive a quarterly dividend and before such Quarterly Dividend Payment
Date, in either of which events such dividends shall begin to accrue and be cumulative from such Quarterly Dividend Payment Date. Accrued
but unpaid dividends shall not bear interest. Dividends paid on the shares of Series&nbsp;N Preferred Stock in an amount less than the
total amount of such dividends at the time accrued and payable on such shares shall be allocated <U>pro rata</U> on a share-by-share basis
among all such shares at the time outstanding. Dividends will be payable to holders of record as they appear in the Corporation&rsquo;s
stock records for the Series&nbsp;N Preferred Stock at the close of business on the applicable record date, which shall be, whether or
not a business day, the 30th calendar day of the month preceding the next applicable dividend payment date.</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; text-indent: 0.5in">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Voting
Rights</I>. The holders of shares of Series&nbsp;N Preferred Stock shall have the following voting rights:</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: 1in">(A)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Subject
to the rights of holders of any other class or series of preferred stock, if any, and any other class of stock hereinafter created by
the Corporation, each share of Series&nbsp;N Preferred Stock shall entitle the holder thereof to a number of votes equal to the Adjustment
Number on all matters submitted to a vote of the holders of Common Stock. Except as otherwise provided herein, in another articles supplementary
establishing and fixing the rights and preferences of a series of preferred stock of the Corporation or as required by law, the holders
of shares of Series&nbsp;N Preferred Stock and the holders of shares of Common Stock shall have the exclusive right to vote for the election
of directors of the Corporation and on all other matters requiring stockholder action by the holders of the Common Stock, each share being
entitled to vote to the same extent as one share of Common Stock, and all such shares voting together as a single class.</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: 1in">(B)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Except
as required by law, by the Charter, and by Section&nbsp;<U>10</U> hereof, holders of Series&nbsp;N Preferred Stock shall have no special
voting rights and their consent shall not be required (except to the extent they are entitled to vote with holders of Common Stock as
set forth herein) for taking any corporate action.</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: 0.5in">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Certain
Restrictions</I>.</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: 1in">(A)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Whenever
quarterly dividends or other dividends or distributions payable on the Series&nbsp;N Preferred Stock as provided in Section&nbsp;<U>3</U>
hereof are in arrears, thereafter and until all accrued and unpaid dividends and distributions, whether or not declared, on shares of
Series&nbsp;N Preferred Stock outstanding shall have been paid in full, the Corporation shall not:</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: 1.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;declare
or pay dividends on, make any other distributions on, or redeem or purchase or otherwise acquire for consideration any Junior Stock (either
as to dividends or upon liquidation, dissolution or winding up) other than (A)&nbsp;such redemptions or purchases that may be deemed to
occur upon the exercise of stock options, warrants or similar rights or grant, vesting or lapse of restrictions on the grant of any other
performance shares, restricted stock, restricted stock units or other equity awards to the extent that such shares represent all or a
portion of (x)&nbsp;the exercise or purchase price of such options, warrants or similar rights or other equity awards and (y)&nbsp;the
amount of withholding taxes owed by the recipient of such award in respect of such grant, exercise, vesting or lapse of restrictions;
(B)&nbsp;the repurchase, redemption, or other acquisition or retirement for value of any such shares from employees, former employees,
directors, former directors, consultants or former consultants of the Corporation or their respective estate, spouse, former spouse or
family member, pursuant to the terms of the agreements pursuant to which such shares were acquired;</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: 1.5in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;declare
or pay dividends on or make any other distributions on any Parity Stock, except dividends paid ratably on the Series&nbsp;N Preferred
Stock and all such Parity Stock on which dividends are payable or in arrears in proportion to the total amounts to which the holders of
all such shares are then entitled; or</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: 1.5in">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;purchase
or otherwise acquire for consideration any shares of Series&nbsp;N Preferred Stock, or any Parity Stock, except in accordance with a purchase
offer made in writing or by publication (as determined by the Board of Directors) to all holders of Series&nbsp;N Preferred Stock, or
to such holders and holders of any such Parity Stock, upon such terms as the Board of Directors, after consideration of the respective
annual dividend rates and other relative rights and preferences of the respective series and classes, shall determine will result in fair
and equitable treatment among the respective series or classes.</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: 1in">(B)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Corporation shall not permit any subsidiary of the Corporation to purchase or otherwise acquire for consideration any shares of stock
of the Corporation unless the Corporation could, under paragraph&nbsp;<U>(A)</U>&nbsp;of this Section&nbsp;<U>5</U>, purchase or otherwise
acquire such shares at such time and in such manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;&#8239;</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; text-indent: 0.5in">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Reacquired
Shares</I>. Any shares of Series&nbsp;N Preferred Stock purchased or otherwise acquired by the Corporation in any manner whatsoever shall
be retired promptly after the acquisition thereof. All such shares shall upon their retirement have the status of authorized but unissued
preferred stock, without designation as to class or series until such shares are once more designated as part of a particular class or
series by the Board.</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: 0.5in">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Liquidation
Preference</I>.</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: 1in">(A)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Upon
any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, before any distribution or payment shall be made
to or set apart for the holders of any Junior Stock, the holders of Series&nbsp;N Preferred Stock shall be entitled to receive, out of
the Corporation&rsquo;s assets legally available for distribution its stockholders, after payment or provision for the Corporation&rsquo;s
debts and other liabilities, a liquidation preference equal to the greater of (i)&nbsp;$1.00 plus an amount equal to accrued and unpaid
dividends and distributions thereon, whether or not declared, to, but not including, the date of such payment, and (ii)&nbsp;the Adjustment
Number times the per share amount of all cash and other property to be distributed in respect of the Common Stock upon such liquidation,
dissolution or winding up of the Corporation (the &ldquo;<I>Series&nbsp;N Liquidation Preference</I>&rdquo;). If upon any liquidation,
dissolution or winding up of the Corporation, its assets, or proceeds thereof, distributable among the holders of Series&nbsp;N Preferred
Stock shall be insufficient to pay in full the above described preferential amount and liquidating payments on any other shares of any
class or series of Parity Stock, then such assets, or the proceeds thereof, shall be distributed among the holders of Series&nbsp;N Preferred
Stock and any such other Parity Stock ratably in the same proportion as the respective amounts that would be payable on such Series&nbsp;N
Preferred Stock and any such other Parity Stock if all amounts payable thereon were paid in full.</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: 1in">(B)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Neither
the merger or consolidation of the Corporation into or with another entity nor the merger or consolidation of any other entity into or
with the Corporation shall be deemed to be a liquidation, dissolution or winding up of the Corporation within the meaning of this Section&nbsp;<U>7</U>.</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: 0.5in">8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Consolidation,
Merger, Etc</I>. In case the Corporation shall enter into any consolidation, merger, combination or other transaction in which the outstanding
shares of Common Stock are exchanged for or changed into other stock or securities, cash and/or any other property, then in any such case
each share of Series&nbsp;N Preferred Stock shall at the same time be similarly exchanged or changed in an amount per share equal to the
Adjustment Number times the aggregate amount of stock, securities, cash and/or any other property (payable in kind), as the case may be,
into which or for which each share of Common Stock is changed or exchanged.</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: 0.5in">9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>No
Redemption</I>. Shares of Series&nbsp;N Preferred Stock shall not be subject to redemption by the Corporation.</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: 0.5in">10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Amendment</I>.
At any time that any shares of Series&nbsp;N Preferred Stock are outstanding, the Charter shall not be amended, by merger, consolidation
or otherwise, in any way which would materially alter or change the powers, preferences or special rights of the Series&nbsp;N Preferred
Stock so as to affect them adversely without the affirmative vote of the holders of two-thirds of the outstanding shares of Series&nbsp;N
Preferred Stock, voting separately as a class. The holders of the Series&nbsp;N Preferred Stock shall have the exclusive voting right
on any amendment that would alter the contract rights of the Series&nbsp;N Preferred Stock, as expressly set forth in the Charter, of
only the Series&nbsp;N Preferred Stock, and no holders of any other class of capital stock, including the Common Stock, shall have any
voting right with respect thereto.</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: 0.5in">11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Fractional
Shares</I>. Series&nbsp;N Preferred Stock may be issued in fractions of a share that shall entitle the holder, in proportion to such holder&rsquo;s
fractional shares, to exercise voting rights, receive dividends, participate in distributions and to have the benefit of all other rights
of holders of Series&nbsp;N Preferred Stock.</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; text-indent: 0.5in">12.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Restrictions
on Transfer, Acquisition and Redemption of Shares</I>. The Series&nbsp;N Preferred Stock is governed by and issued subject to all of the
limitations, terms and conditions of the Charter, including but not limited to the terms and conditions (including exceptions and exemptions)
of Article&nbsp;VI of the Charter; provided, however, that the terms and conditions (including exceptions and exemptions) of Article&nbsp;VI
of the Charter shall also be applied to the Series&nbsp;N Preferred Stock separately and without regard to any other series or class.
The foregoing sentence shall not be construed to limit the applicability of any other term or provision of the Charter to the Series&nbsp;N
Preferred Stock. In addition to the legend contemplated by Article&nbsp;VI, Section&nbsp;2.9 of the Charter, each certificate for Series&nbsp;N
Preferred Stock shall bear substantially the following legend:</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 0pt 0.5in; text-align: justify">&ldquo;The Corporation will furnish
to any stockholder on request and without charge a full statement of the designations and any preferences, conversion and other rights,
voting powers, restrictions, limitations as to dividends, qualifications and terms and conditions of redemption of the stock of each class
which the Corporation is authorized to issue, to the extent they have been set, and of the authority of the Board of Directors to set
the relative rights and preferences of a subsequent series of a preferred or special class of stock. Such request may be made to the Secretary
of the Corporation or to its transfer agent.&rdquo;</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: 0.5in"><I>SECOND:&#8239;&#8239;</I>The
Series&nbsp;N Preferred Stock has been classified and designated by the Board under the authority contained in the Charter.</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: 0.5in"><I>THIRD:&#8239;&#8239;</I>These
Articles Supplementary have been approved by the Board in the manner and by the vote required by law.</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: 0.5in"><I>FOURTH:&#8239;&#8239;</I>The
undersigned President of the  the Corporation
and, as to all matters or facts required to be verified under oath, the undersigned President  acknowledges
that to the best of his knowledge, information and belief, these matters and facts are true in all material respects and that this statement
is made under the penalties for perjury.</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: center">[The remainder of this page&nbsp;is intentionally
left blank.]</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; text-indent: 0.5in">IN WITNESS WHEREOF, the Corporation
has caused these Articles Supplementary to be executed in its name and on its behalf by its President and Chief Executive Officer and
attested to by its Chief Financial Officer as of the date first written above.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">ASHFORD HOSPITALITY TRUST,&nbsp;INC.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;/s/
    Stephen Zsigray</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 42%"><FONT STYLE="font-size: 10pt">Stephen Zsigray</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">President and Chief Executive Officer</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">ATTEST:</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;/s/
    Jim Plohg</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Jim Plohg</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Executive Vice President, General Counsel and Secretary</TD></TR>
  </TABLE>


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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[Signature Page to Series N Junior Participating Preferred Stock Articles Supplementary]</P>

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

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<TYPE>EX-4.1
<SEQUENCE>3
<FILENAME>tm2533452d1_ex4-1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 4.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Dated&nbsp;December&nbsp;15,
2025</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: center"><FONT STYLE="font-size: 10pt"><B>Rights Agreement</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: center"><FONT STYLE="font-size: 10pt">between</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: center"><FONT STYLE="font-size: 10pt"><B>Ashford Hospitality
Trust,&nbsp;Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">as Company</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: center"><FONT STYLE="font-size: 10pt">and</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: center"><FONT STYLE="font-size: 10pt"><B>Computershare
Trust Company, N.A.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">as Rights Agent</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: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Table of Contents</B></FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 5%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;1.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Certain Definitions</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;2.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Appointment of Rights Agent</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;3.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Issue of Right Certificates</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;4.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Form&nbsp;of Right Certificates</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;5.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Countersignature and Registration</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;6.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Transfer, Split Up, Combination
    and Exchange of Right Certificates; Mutilated,&#8239;Destroyed, Lost or Stolen Right Certificates; Uncertificated Rights</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;7.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exercise of Rights, Purchase
    Price; Expiration Date of Rights</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;8.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Cancellation and Destruction
    of Right Certificates</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;9.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Availability of Shares of
    Preferred Stock</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;10.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Preferred Stock Record Date</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;11.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Adjustment of Purchase Price,
    Number and Kind of Shares and Number of Rights</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;12.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Certificate of Adjusted
    Purchase Price or Number of Shares</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;13.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Consolidation, Merger or
    Sale or Transfer of Assets or Earning Power</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;14.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fractional Rights and Fractional
    Shares</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;15.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Rights of Action</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;16.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Agreement of Right Holders</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;17.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Right Certificate Holder
    Not Deemed a Stockholder</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;18.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Concerning the Rights Agent</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;19.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Merger or Consolidation
    or Change of Name of Rights Agent</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;20.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Duties of Rights Agent</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;21.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Change of Rights Agent</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;22.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Issuance of New Right Certificates</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;23.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redemption</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;24.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exchange</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;25.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notice of Certain Events</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;26.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notices</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;27.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Supplements and Amendments</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;28.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Successors</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;29.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Beneficiaries of this Agreement</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;30.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Process to Seek Exemption</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;31.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Determinations and Actions
    by the Board of Directors</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
</TABLE>

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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">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</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="vertical-align: bottom; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;32.</B></FONT></TD>
    <TD STYLE="font-size: 10pt; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Severability</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;33.</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Governing Law</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;34.</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Counterparts</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;35.</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Effectiveness</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;36.</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Descriptive Headings; Interpretation</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;37.</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Force Majeure</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;38.</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Entire Agreement</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>EXHIBIT</U></B></FONT></TD>
    <TD STYLE="text-align: left; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;<FONT STYLE="text-transform: uppercase">a</FONT></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">--</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Articles Supplementary Designating Series&nbsp;N Junior Participating Preferred Stock</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;B</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">--</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Right Certificate</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;C</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">--</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Summary of Rights</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"></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: center"><U>RIGHTS AGREEMENT</U></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: 0.5in">Rights Agreement, dated as
of December 15, 2025 (&ldquo;<U>Agreement</U>&rdquo;), between Ashford Hospitality Trust,&nbsp;Inc., a Maryland corporation (the
 &ldquo;<U>Company</U>&rdquo;), and Computershare Trust Company, N.A., a federally chartered trust company, as Rights Agent (the &ldquo;<U>Rights
Agent</U>&rdquo;).</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: 0.5in">The Board of Directors of
the Company has adopted resolutions creating a series of preferred stock designated as &ldquo;Series&nbsp;N Junior Participating Preferred
Stock&rdquo; and authorized and declared a dividend of one preferred share purchase right (a &ldquo;<U>Right</U>&rdquo;) for each share
of Common Stock (as such term is hereinafter defined) outstanding as of the Close of Business (as such term is hereinafter defined) on
December&nbsp;26, 2025 (the &ldquo;<U>Record Date</U>&rdquo;), each Right initially representing the right to purchase one one-thousandth
(subject to adjustment as provided herein) of a share of Preferred Stock (as such term is hereinafter defined), upon the terms and subject
to the conditions herein set forth, and has further authorized and directed the issuance of one Right (subject to adjustment as provided
herein) with respect to each share of Common Stock that shall become outstanding between the Record Date and the earlier of the Distribution
Date and the Expiration Date (as such terms are hereinafter defined); <U>provided</U>, <U>however</U>, that Rights may be issued with
respect to shares of Common Stock that shall become outstanding after the Distribution Date and prior to the Expiration Date in accordance
with <U>Section&nbsp;22</U> hereof.</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: 0.5in">Accordingly, in consideration
of the premises and the mutual agreements herein set forth, the parties hereby agree as follows:</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: 0.5in"><B>Section&nbsp;1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Certain
Definitions</B>. For purposes of this Agreement, the following terms have the meaning indicated:</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: 0.5in">&ldquo;<U>Acquiring Person</U>&rdquo;
shall mean any Person (as such term is hereinafter defined) who or which shall be the Beneficial Owner (as such term is hereinafter defined)
of 4.99% or more of any class of Company Securities (as such term is hereinafter defined) then outstanding, but shall not include an
Exempt Person (as such term is hereinafter defined); <U>provided</U>, <U>however</U>, that</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;if
the Board of Directors of the Company determines that a Person who would otherwise be an &ldquo;Acquiring Person&rdquo; became the Beneficial
Owner of a number of Company Securities such that the Person would otherwise qualify as an &ldquo;Acquiring Person&rdquo; inadvertently
(including because (A)&nbsp;such Person was unaware that it beneficially owned that number of Company Securities that would otherwise
cause such Person to be an &ldquo;Acquiring Person&rdquo; or (B)&nbsp;such Person was aware of the extent of its Beneficial Ownership
of Company Securities but had no actual knowledge of the consequences of such Beneficial Ownership under this Agreement), then such Person
shall not be deemed to be or to have become an &ldquo;Acquiring Person&rdquo; unless and until such Person shall have failed to divest
itself, as soon as practicable (as determined by the Board of Directors of the Company), of Beneficial Ownership of a sufficient number
of shares of any class of Company Securities so that such Person would no longer otherwise qualify as an &ldquo;Acquiring Person&rdquo;;</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;if,
as of the date hereof or prior to the first public announcement of the adoption of this Agreement, any Person is or becomes the Beneficial
Owner of 4.99% or more of any class of Company Securities (a &ldquo;<U>Grandfathered Person</U>&rdquo;), such Grandfathered Person shall
not be deemed to be or to become an &ldquo;Acquiring Person&rdquo; unless and until such time as such Grandfathered Person shall, after
the first public announcement of the adoption of this Agreement, become the Beneficial Owner of a percentage of any class of Company
Securities outstanding exceeding such Grandfathered Person&rsquo;s Grandfathered Percentage by 0.5% or more (other than pursuant to a
dividend or distribution paid or made by the Company on any class of outstanding Company Securities or pursuant to a split or subdivision
of any class of outstanding Company Securities), unless, upon becoming the Beneficial Owner of such additional Company Securities, such
Person is not then the Beneficial Owner of 4.99% or more of any class of Company Securities then outstanding;</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;no
Person shall become an &ldquo;Acquiring Person&rdquo; solely as a result of any unilateral grant of any security by the Company or through
the exercise of any options, warrants, rights or similar interests (including restricted stock) granted by the Company to its directors,
officers and employees; and</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;no
Person shall become an &ldquo;Acquiring Person&rdquo; solely as the result of an acquisition of Company Securities by the Company which,
by reducing the number of shares of any class of Company Securities outstanding, increases the proportion of the Company Securities beneficially
owned by such Person to 4.99% or more (or in the case of a Grandfathered Person, to exceed such Grandfathered Person&rsquo;s Grandfathered
Percentage by 0.5% or more) of any class of Company Securities then outstanding; <U>provided</U>, <U>however</U>, that if a Person shall
become the Beneficial Owner of 4.99% or more (or in the case of a Grandfathered Person, shall exceed such Grandfathered Person&rsquo;s
Grandfathered Percentage by 0.5% or more) of any class of Company Securities then outstanding by reason of such share acquisitions by
the Company and shall thereafter become the Beneficial Owner of any additional Company Securities (other than pursuant to a dividend
or distribution paid or made by the Company on any class of Company Securities or pursuant to a split or subdivision of any class of
Company Securities), then such Person shall be deemed to be an &ldquo;Acquiring Person&rdquo; unless, upon becoming the Beneficial Owner
of such additional Company Securities, such Person does not beneficially own 4.99% or more (or in the case of a Grandfathered Person,
does not exceed such Grandfathered Person&rsquo;s Grandfathered Percentage by 0.5% or more) of any class of Company Securities then outstanding.</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">Notwithstanding the foregoing, no Person shall
become an &ldquo;Acquiring Person&rdquo; solely as a result of an Exempt Transaction.</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">With respect to any Person, for all purposes
of this Agreement, any calculation of the number of Company Securities outstanding at any particular time, including for purposes of
determining the particular percentage of the outstanding Company Securities of which such Person is the Beneficial Owner, shall include
the number of Company Securities not outstanding at the time of such calculation that such Person is otherwise deemed to beneficially
own for purposes of this Agreement, but the number of Company Securities not outstanding that such Person is otherwise deemed to beneficially
own for purposes of this Agreement shall not be included for the purpose of computing the percentage of the outstanding Company Securities
beneficially owned by any other Person (unless such other Person is also otherwise deemed to beneficially own for purposes of this Agreement
such Company Securities not outstanding).</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: 0.5in">&ldquo;<U>Affiliate</U>&rdquo;
and &ldquo;<U>Associate</U>&rdquo; shall have the respective meanings ascribed to such terms in Rule&nbsp;12b-2 of the General Rules&nbsp;and
Regulations under the Exchange Act (as such term is hereinafter defined), and to the extent not included within the foregoing, shall
also include with respect to any Person, any other Person whose Company Securities would be deemed to be constructively owned by such
first Person or otherwise aggregated with shares owned by such first Person, pursuant to the provisions of the Code, or any successor
or replacement provision, and the Treasury Regulations promulgated thereunder.</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: 0.5in">&ldquo;<U>Agreement</U>&rdquo;
shall have the meaning set forth in the preamble.</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: 0.5in">A Person shall be deemed
the &ldquo;<U>Beneficial Owner</U>&rdquo; of, shall be deemed to have &ldquo;<U>Beneficial Ownership</U>&rdquo; of and shall be deemed
to &ldquo;<U>beneficially own</U>&rdquo; any securities:</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;which
such Person actually owns, directly or indirectly, or would be deemed to actually or constructively own pursuant to Section&nbsp;382
of the Code and the Treasury Regulations promulgated thereunder (including any coordinated acquisition of securities by any Persons who
have a formal or informal understanding with respect to such acquisition (to the extent that ownership of such securities would be attributed
to such Persons under Section&nbsp;382 of the Code and the Treasury Regulations promulgated thereunder));</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;which
such Person or any of such Person&rsquo;s Affiliates or Associates is deemed to beneficially own, directly or indirectly, within the
meaning of Rule&nbsp;l3d-3 or Rule&nbsp;13d-5 of the General Rules&nbsp;and Regulations under the Exchange 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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;which
such Person or any of such Person&rsquo;s Affiliates or Associates has: (A)&nbsp;the right or obligation to acquire (whether such right
is exercisable, or such obligation is required to be performed, immediately or only after the passage of time, upon compliance with regulatory
requirements, upon the satisfaction of conditions (whether or not within the control of such Person) or otherwise) pursuant to any agreement,
arrangement or understanding (whether or not in writing) (other than customary agreements with and between underwriters and selling group
members with respect to a bona fide public offering of securities), or upon the exercise of conversion rights, exchange rights, rights
(other than the Rights), warrants or options, or otherwise; <U>provided</U>, <U>however</U>, that a Person shall not be deemed the Beneficial
Owner of, or to beneficially own, (w)&nbsp;securities tendered pursuant to a tender or exchange offer made by or on behalf of such Person
or any of such Person&rsquo;s Affiliates or Associates until such tendered securities are accepted for purchase, (x)&nbsp;securities
which such Person has a right to acquire upon the exercise of Rights at any time prior to the time that any Person becomes an Acquiring
Person, (y)&nbsp;securities issuable upon the exercise of Rights from and after the time that any Person becomes an Acquiring Person
if such Rights were acquired by such first Person or any of such first Person&rsquo;s Affiliates or Associates prior to the Distribution
Date or pursuant to <U>Section&nbsp;3(a)</U>&nbsp;or <U>Section&nbsp;22</U> hereof (&ldquo;<U>Original Rights</U>&rdquo;) or pursuant
to <U>Section&nbsp;11(i)</U>&nbsp;or <U>Section&nbsp;11(n)</U>&nbsp;hereof with respect to an adjustment to Original Rights, or (z)&nbsp;securities
which such Person or any of such Person&rsquo;s Affiliates or Associates may acquire, does or do acquire or may be deemed to have the
right to acquire, pursuant to any merger or other acquisition agreement between the Company and such Person (or one or more of such Person&rsquo;s
Affiliates or Associates) if such agreement has been approved by the Board of Directors of the Company prior to such Person&rsquo;s becoming
an Acquiring Person; or (B)&nbsp;the right to vote pursuant to any agreement, arrangement or understanding (whether or not in writing);
<U>provided</U>, <U>however</U>, that a Person shall not be deemed the Beneficial Owner of, or to beneficially own, any security by reason
of such agreement, arrangement or understanding if the agreement, arrangement or understanding to vote such security (1)&nbsp;arises
solely from a revocable proxy or consent given to such Person in response to a public proxy or consent solicitation made pursuant to,
and in accordance with, the applicable rules&nbsp;and regulations promulgated under the Exchange Act and (2)&nbsp;is not also then reportable
on Schedule&nbsp;13D under the Exchange Act (or any comparable or successor report);</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;which
are beneficially owned, directly or indirectly, by any other Person (or any Affiliate or Associate of such other Person) and with respect
to which such first Person or any of such first Person&rsquo;s Affiliates or Associates has (x)&nbsp;any agreement, arrangement or understanding
(whether or not in writing) (other than customary agreements with and between underwriters and selling group members with respect to
a bona fide public offering of securities) for the purpose of acquiring, holding, voting (except to the extent contemplated by the proviso
to <U>part (c)(B)</U>&nbsp;of the definition of &ldquo;Beneficial Owner&rdquo; hereof) or disposing of such securities or (y)&nbsp;any
agreement, arrangement or understanding (whether or not in writing) to cooperate in obtaining, changing or influencing control of the
issuer of such securities; or</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;which
are beneficially owned, directly or indirectly, by a Counterparty (or any of such Counterparty&rsquo;s Affiliates or Associates) under
any Derivatives Contract (without regard to any short or similar position under the same or any other Derivatives Contract) to which
such Person or any of such Person&rsquo;s Affiliates or Associates is a Receiving Party (as such terms are hereinafter defined); <U>provided</U>,
<U>however</U>, that the number of Company Securities that a Person is deemed to beneficially own pursuant to this clause&nbsp;(e)&nbsp;in
connection with a particular Derivatives Contract shall not exceed the number of Notional Shares (as such term is hereinafter defined)
with respect to such Derivatives Contract; <U>provided further</U> that the number of securities beneficially owned by each Counterparty
(including its Affiliates and Associates) under a Derivatives Contract shall for purposes of this clause&nbsp;(e)&nbsp;be deemed to include
all securities that are beneficially owned, directly or indirectly, by any other Counterparty (or any of such other Counterparty&rsquo;s
Affiliates or Associates) under any Derivatives Contract to which such first Counterparty (or any of such first Counterparty&rsquo;s
Affiliates or Associates) is a Receiving Party, with this proviso being applied to successive Counterparties as appropriate;</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"><U>provided</U>, <U>however</U>, that no Person who is an officer,
director or employee of an Exempt Person shall be deemed, solely by reason of such Person&rsquo;s status or authority as such, to be
the &ldquo;Beneficial Owner&rdquo; of, to have &ldquo;Beneficial Ownership&rdquo; of or to &ldquo;beneficially own&rdquo; any securities
that are &ldquo;beneficially owned&rdquo; (as defined in this <U>Section&nbsp;1</U>), including in a fiduciary capacity, by an Exempt
Person or by any other such officer, director or employee of an Exempt Person.</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: 0.5in">&ldquo;<U>Book Entry</U>&rdquo;
shall mean an uncertificated book entry for the Common Stock.</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: 0.5in">&ldquo;<U>Business Day</U>&rdquo;
shall mean any day other than a Saturday, a Sunday or a day on which banking institutions in the State of New York are authorized or
obligated by law or executive order to close.</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: 0.5in">&ldquo;<U>Close of Business</U>&rdquo;
on any given date shall mean 5:00 P.M., New York City time, on such date; <U>provided</U>, <U>however</U>, that if such date is not a
Business Day it shall mean 5:00 P.M., New York City time, on the next succeeding Business Day.</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: 0.5in">&ldquo;<U>Code</U>&rdquo;
shall mean Internal Revenue Code of 1986, as amended.</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: 0.5in">&ldquo;<U>Common Stock</U>&rdquo;
when used with reference to the Company or without reference shall mean the Common Stock, presently par value $0.01&nbsp;per share of
the Company. &ldquo;<U>Common Stock</U>&rdquo; when used with reference to any Person other than the Company shall mean the common stock
(or, in the case of any entity other than a corporation, the equivalent equity interest) of such other Person.</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: 0.5in">&ldquo;<U>Common Stock Equivalents</U>&rdquo;
shall have the meaning set forth in <U>Section&nbsp;11(a)(iii)</U>&nbsp;hereof.</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: 0.5in">&ldquo;<U>Company</U>&rdquo;
shall have the meaning set forth in the preamble.</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: 0.5in">&ldquo;<U>Company Securities</U>&rdquo;
when used with reference to the Company or without reference shall mean the Common Stock and any other interest that the Board of Directors
of the Company determines would be treated as &ldquo;stock&rdquo; of the Company for purposes of Section&nbsp;382 of the Code (including
Treasury Regulation Sections 1.382-2(a)(3)&nbsp;and 1.382-2T(f)(18)) in this <U>Section&nbsp;1</U> and all other provisions of this Agreement
in which such meaning is necessary in order to ensure that this Agreement is effective in preserving the Company&rsquo;s Tax Benefits.</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: 0.5in">&ldquo;<U>Current Value</U>&rdquo;
shall have the meaning set forth in <U>Section&nbsp;11(a)(iii)</U>&nbsp;hereof.</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: 0.5in">&ldquo;<U>Derivatives Contract</U>&rdquo;
shall mean a contract between two parties (the &ldquo;<U>Receiving Party</U>&rdquo; and the &ldquo;<U>Counterparty</U>&rdquo;) that is
designed to produce economic benefits and risks to the Receiving Party that correspond substantially to the ownership by the Receiving
Party of a number of Company Securities specified or referenced in such contract (the number corresponding to such economic benefits
and risks, the &ldquo;<U>Notional Shares</U>&rdquo;), regardless of whether (i)&nbsp;obligations under such contract are required or
permitted to be settled through the delivery of cash, Company Securities, or other property or (ii)&nbsp;such contract conveys any voting
rights in shares of any class of Company Securities, without regard to any short or similar position under the same or any other Derivative
Contract. For the avoidance of doubt, interests in broad-based index options, broad-based index futures and broad-based publicly traded
market baskets of stocks approved for trading by the appropriate federal governmental authority shall not be deemed to be Derivatives
Contracts.</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; text-indent: 0.5in">&ldquo;<U>Distribution Date</U>&rdquo;
shall have the meaning set forth in <U>Section&nbsp;3(a)</U>&nbsp;hereof.</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: 0.5in">&ldquo;<U>Equivalent Preferred
Shares</U>&rdquo; shall have the meaning set forth in <U>Section&nbsp;11(b)</U>&nbsp;hereof.</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: 0.5in">&ldquo;<U>Exchange Act</U>&rdquo;
shall mean the Securities Exchange Act of 1934, as amended.</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: 0.5in">&ldquo;<U>Exchange Ratio</U>&rdquo;
shall have the meaning set forth in <U>Section&nbsp;24(a)</U>&nbsp;hereof.</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: 0.5in">&ldquo;<U>Exempt Person</U>&rdquo;
shall mean (i)&nbsp;the Company or any Subsidiary of the Company, in each case including in its fiduciary capacity, or any employee benefit
plan of the Company or of any Subsidiary of the Company, or any entity or trustee holding (or acting in a fiduciary capacity in respect
of) Company Securities for or pursuant to the terms of any such plan or for the purpose of funding any such plan or funding other employee
benefits for employees of the Company or of any Subsidiary of the Company and (ii)&nbsp;any other Person, alone or together with all
Affiliates and Associates of such Person, as determined by the Board of Directors of the Company; <U>provided</U>, <U>however</U>, that
the Board of Directors of the Company shall only grant such an exemption if it determines that such ownership would not reasonably be
expected to jeopardize or endanger the availability to the Company of its Tax Benefits, taking into account all relevant facts and circumstances,
or if it otherwise determines that the exemption is in the best interests of the Company; <U>provided</U>, <U>further,</U> that the Board
of Directors of the Company makes such determination either (x)&nbsp;before the time such Person otherwise would have become an Acquiring
Person, or (y)&nbsp;after the time such Person otherwise would have become an Acquiring Person if the Board of Directors of the Company
has determined that such Person is an Inadvertent Acquiror; and <U>provided</U>, <U>further</U>, that such Person will cease to be an
 &ldquo;Exempt Person&rdquo; thereafter if the Board of Directors of the Company makes a contrary determination with respect to the effect
of such Person&rsquo;s Beneficial Ownership (together with all Affiliates and Associates of such Person) with respect to the availability
to the Company of its Tax Benefits, taking into account all relevant facts and circumstances and if it otherwise determines that the
exemption is not in the best interests of the Company. In granting an exemption under this definition, the Board of Directors of the
Company may require any Person who would otherwise be an Acquiring Person to make certain representations, undertakings or covenants
or to agree that any violation or attempted violation of such representations, undertakings or covenants will result in such consequences
and be subject to such conditions as the Board of Directors of the Company may determine, including that any such violation shall result
in such Person becoming an Acquiring Person.</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: 0.5in">&ldquo;<U>Exempt Transaction</U>&rdquo;
shall mean any transaction that the Board of Directors of the Company determines is exempt from this Agreement, which determination shall
be made by the Board of Directors of the Company prior to the date of such transaction; <U>provided</U>, <U>however</U>, that the Board
of Directors of the Company shall only grant an exemption under this definition if the Board of Directors of the Company determines that
the Beneficial Ownership of Company Securities by any Person, directly or indirectly, as a result of such transaction or any other aspect
of such transaction would not reasonably be expected to jeopardize or endanger the availability to the Company of the Tax Benefits, taking
into account all relevant facts and circumstances, or if it otherwise determines that the exemption is in the best interests of the Company.
In granting an exemption under this definition, the Board of Directors of the Company may require any Person who would otherwise be an
Acquiring Person to make certain representations, undertakings or covenants or to agree that any violation or attempted violation of
such representations, undertakings or covenants will result in such consequences and be subject to such conditions as the Board of Directors
of the Company may determine, including that any such violation shall result in such Person becoming an Acquiring Person.</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; text-indent: 0.5in">&ldquo;<U>Exemption Request</U>&rdquo;
shall have the meaning set forth in <U>Section&nbsp;30</U> hereof.</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: 0.5in">&ldquo;<U>Expiration Date</U>&rdquo;
shall have the meaning set forth in <U>Section&nbsp;7(a)</U>&nbsp;hereof.</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: 0.5in">&ldquo;<U>Flip-In Date</U>&rdquo;
shall mean any Stock Acquisition Date or such later date as the Board of Directors of the Company may from time to time fix by resolution
adopted prior to the Flip-In Date that would otherwise have occurred.</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: 0.5in">&ldquo;<U>Flip-In Event</U>&rdquo;
shall have the meaning set forth in <U>Section&nbsp;11(a)(ii)</U>&nbsp;hereof.</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: 0.5in">&ldquo;<U>Grandfathered Percentage</U>&rdquo;
shall mean, with respect to any Grandfathered Person, the percentage of the Company Securities outstanding that such Grandfathered Person
Beneficially Owns as of the date hereof or the first public announcement of the adoption of this Agreement, as applicable; <U>provided</U>
that, in the event any Grandfathered Person shall sell, transfer or otherwise dispose of any Company Securities outstanding after the
date hereof or the first public announcement of the adoption of this Agreement, as applicable, the Grandfathered Percentage shall, subsequent
to such sale, transfer or disposition, mean, with respect to such Grandfathered Person, the lesser of (a)&nbsp;the Grandfathered Percentage
as in effect immediately prior to such sale, transfer or disposition or (b)&nbsp;the percentage of the Company Securities outstanding
that such Grandfathered Person Beneficially Owns immediately following such sale, transfer or disposition.</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: 0.5in">&ldquo;<U>Grandfathered Person</U>&rdquo;
shall have the meaning set forth in the definition of &ldquo;Acquiring Person&rdquo; in <U>Section&nbsp;1</U> hereof.</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: 0.5in">&ldquo;<U>Inadvertent Acquiror</U>&rdquo;
shall mean any Person who would be an Acquiring Person but for clause&nbsp;(a)&nbsp;of the proviso in the definition of &ldquo;Acquiring
Person&rdquo;.</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: 0.5in">&ldquo;<U>Nasdaq</U>&rdquo;
shall mean The Nasdaq Stock Market LLC.</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: 0.5in">&ldquo;<U>New York Stock
Exchange</U>&rdquo; shall mean the New York Stock Exchange LLC.</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: 0.5in">&ldquo;<U>Person</U>&rdquo;
shall mean any individual, firm, corporation, partnership, limited liability company, trust or other entity, or a group of Persons making
a &ldquo;coordinated acquisition&rdquo; of Company Securities or otherwise treated as an entity within the meaning of Section&nbsp;1.382-3(a)(1)&nbsp;of
the Treasury Regulations, and shall include any successor (by merger or otherwise) of such individual or entity, but shall not include
a Public Group (as defined in Section&nbsp;1.382-2T(f)(13) of the Treasury 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; text-indent: 0.5in">&ldquo;<U>Preferred Stock</U>&rdquo;
shall mean the Series&nbsp;N Junior Participating Preferred Stock, par value $0.01&nbsp;per share, of the Company having the rights,
preferences, privileges and restrictions set forth in the Form&nbsp;of Articles Supplementary Designating Series&nbsp;N Junior Participating
Preferred Stock attached to this Agreement as <U>Exhibit&nbsp;A</U>.</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: 0.5in">&ldquo;<U>Principal Party</U>&rdquo;
shall have the meaning set forth in <U>Section&nbsp;13(b)</U>&nbsp;hereof.</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: 0.5in">&ldquo;<U>Purchase Price</U>&rdquo;
shall have the meaning set forth in <U>Section&nbsp;7(b)</U>&nbsp;hereof.</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: 0.5in">&ldquo;<U>Record Date</U>&rdquo;
shall have the meaning set forth in the recitals hereto.</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: 0.5in">&ldquo;<U>Redemption Date</U>&rdquo;
shall have the meaning set forth in <U>Section&nbsp;7(a)</U>&nbsp;hereof.</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: 0.5in">&ldquo;<U>Redemption Price</U>&rdquo;
shall have the meaning set forth in <U>Section&nbsp;23(a)</U>&nbsp;hereof.</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: 0.5in">&ldquo;<U>Requesting Person</U>&rdquo;
shall have the meaning set forth in <U>Section&nbsp;30</U> hereof.</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: 0.5in">&ldquo;<U>Right</U>&rdquo;
shall have the meaning set forth in the recitals hereto.</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; text-indent: 0.5in">&ldquo;<U>Right Certificate</U>&rdquo;
shall have the meaning set forth in <U>Section&nbsp;3(a)</U>&nbsp;hereof.</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: 0.5in">&ldquo;<U>Rights Agent</U>&rdquo;
shall have the meaning set forth in the preamble.</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: 0.5in">&ldquo;<U>Securities Act</U>&rdquo;
shall mean the Securities Act of 1933, as amended.</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: 0.5in">&ldquo;<U>Section&nbsp;11(a)(ii)&nbsp;Trigger
Date</U>&rdquo; shall have the meaning set forth in <U>Section&nbsp;11(a)(iii</U>)&nbsp;hereof.</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: 0.5in">&ldquo;<U>Section&nbsp;382</U>&rdquo;
shall mean Section&nbsp;382 of the Code, or any successor provision or replacement provision.</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: 0.5in">&ldquo;<U>Spread</U>&rdquo;
shall have the meaning set forth in <U>Section&nbsp;11(a)(iii)</U>&nbsp;hereof.</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: 0.5in">&ldquo;<U>Stock Acquisition
Date</U>&rdquo; shall mean the first date of public announcement by the Company that a Person has become an Acquiring Person, which announcement
makes express reference to such status as an Acquiring Person pursuant to this Agreement.</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: 0.5in">&ldquo;<U>Subsidiary</U>&rdquo;
of any Person shall mean any corporation or other entity of which securities or other ownership interests having ordinary voting power
sufficient to elect a majority of the board of directors or other persons performing similar functions are beneficially owned, directly
or indirectly, by such Person, and any corporation or other entity that is otherwise controlled by such Person.</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: 0.5in">&ldquo;<U>Substitution Period</U>&rdquo;
shall have the meaning set forth in <U>Section&nbsp;11(a)(iii)</U>&nbsp;hereof.</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: 0.5in">&ldquo;<U>Summary of Rights</U>&rdquo;
shall have the meaning set forth in <U>Section&nbsp;3(b)</U>&nbsp;hereof.</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: 0.5in">&ldquo;<U>Tax Benefits</U>&rdquo;
shall mean the net operating loss carryovers, capital loss carryovers, general business credit carryovers, Code Section&nbsp;163(j)&nbsp;deferred
interest carryovers, alternative minimum tax credit carryovers, foreign tax credit carryovers, research and development credit carryovers,
any loss or deduction attributable to a &ldquo;net unrealized built-in loss&rdquo; (within the meaning of Section&nbsp;382 of the Code
and the Treasury Regulations promulgated thereunder), and any other tax credit, deduction or attribute the benefit of which may be limited
by Sections&nbsp;382 and 383 of the Code, in each case of the Company or any of its Subsidiaries.</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: 0.5in">&ldquo;<U>Trading Day</U>&rdquo;
shall have the meaning set forth in <U>Section&nbsp;11(d)(i)</U>&nbsp;hereof.</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: 0.5in">&ldquo;<U>Treasury Regulations</U>&rdquo;
shall mean final, temporary and proposed tax regulations promulgated under the Code.</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: 0.5in">&ldquo;<U>Trust</U>&rdquo;
shall have the meaning set forth in <U>Section&nbsp;24(a)</U>&nbsp;hereof.</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: 0.5in">&ldquo;<U>Trust Agreement</U>&rdquo;
shall have the meaning set forth in <U>Section&nbsp;24(a)</U>&nbsp;hereof.</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: 0.5in"><B>Section&nbsp;2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Appointment
of Rights Agent</B>. The Company hereby appoints the Rights Agent to act as agent for the Company in accordance with the express terms
and conditions hereof (and no implied terms or conditions), and the Rights Agent hereby accepts such appointment. The Company may from
time to time appoint such co-Rights Agents as it may deem necessary or desirable (the term &ldquo;Rights Agent&rdquo; being used in this
Agreement (except for this <U>Section&nbsp;2</U>) to refer, collectively, to the Rights Agent together with any such co-Rights Agents),
upon ten days&rsquo; prior written notice to the Rights Agent. In the event the Company appoints one or more co-Rights Agents, the respective
duties of the Rights Agent and any co-Rights Agents shall be as the Company shall reasonably determine, provided that such duties are
consistent with the terms and conditions of this Agreement and that contemporaneously with such appointment the Company shall notify,
in writing, the Rights Agent and any co-Rights Agents of any such duties. The Rights Agent shall have no duty to supervise, and shall
in no event be liable for, the acts or omissions of any such co-Rights Agent.</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; text-indent: 0.5in"><B>Section&nbsp;3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Issue
of Right Certificates</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; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Until
the Close of Business on the next Business Day following the earlier of (i)&nbsp;the Flip-In Date or (ii)&nbsp;the tenth Business Day
after the date (prior to such time as any Person becomes an Acquiring Person), if any, as may be determined by action of the Board of
Directors of the Company after the date of the commencement by any Person (other than an Exempt Person) of, or of the first public announcement
of the intention of any Person (other than an Exempt Person) to commence, a tender or exchange offer the consummation of which would
result in any Person (other than an Exempt Person) having beneficial ownership or becoming the Beneficial Owner of 4.99% or more of any
class of Company Securities then outstanding (the earlier of such dates being herein referred to as the &ldquo;<U>Distribution Date</U>&rdquo;,
<U>provided</U>, <U>however</U>, that the Distribution Date shall in no event be prior to the Record Date), (x)&nbsp;the Rights will
be evidenced (subject to the provisions of <U>Sections&nbsp;3(b)</U>&nbsp;and <U>3(c)</U>&nbsp;hereof) by the certificates representing
the Common Stock registered in the names of the holders thereof (or by Book Entry shares in respect of such Common Stock) and not by
separate Right Certificates, and (y)&nbsp;the Rights will be transferable only in connection with the transfer of Common Stock. As soon
as practicable after the Distribution Date, the Company will prepare and execute, the Rights Agent will countersign and the Company will
send or cause to be sent (and the Rights Agent will, if requested, send) by first-class, insured, postage-prepaid mail, to each record
holder of Common Stock as of the Close of Business on the Distribution Date (other than any Acquiring Person or any Associate or Affiliate
of an Acquiring Person), at the address of such holder shown on the records of the Company, a Right Certificate, in substantially the
form of <U>Exhibit&nbsp;B</U> hereto (a &ldquo;<U>Right Certificate</U>&rdquo;), evidencing one Right (subject to adjustment as provided
herein) for each share of Common Stock so held. As of the Distribution Date, the Rights will be evidenced solely by such Right Certificates.</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: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;On
the Record Date, or as soon as practicable thereafter, the Company will make available a Summary of Rights to Purchase Shares of Preferred
Stock, in substantially the form of <U>Exhibit&nbsp;C</U> hereto (the &ldquo;<U>Summary of Rights</U>&rdquo;), to any holder of Rights
who may so request from time to time. With respect to certificates representing Common Stock (or Book Entry shares of Common Stock) outstanding
as of the Record Date, until the Distribution Date, the Rights will be evidenced by such certificates registered in the names of the
holders thereof (or such Book Entry shares). Until the Distribution Date (or, if earlier, the Expiration Date), the surrender for transfer
of any certificate representing Common Stock (or any Book Entry shares of Common Stock) outstanding on the Record Date, with or without
a copy of the Summary of Rights, shall also constitute the transfer of the Rights associated with the Common Stock represented thereby.</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: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Rights
shall, without any further action, be issued in respect of all shares of Common Stock issued by the Company after the Record Date but
prior to the earlier of the Distribution Date and the Expiration Date, or in certain circumstances provided in <U>Section&nbsp;22</U>
hereof, after the Distribution Date. Certificates issued for Common Stock after the Record Date but prior to the earlier of the Distribution
Date and the Expiration Date, or in certain circumstances provided in <U>Section&nbsp;22</U> hereof, after the Distribution Date, shall
have impressed on, printed on, written on or otherwise affixed to them the following legend:</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: 1in">This certificate also evidences
and entitles the holder hereof to certain Rights as set forth in a Rights Agreement between Ashford Hospitality Trust,&nbsp;Inc. (the
 &ldquo;<U>Company</U>&rdquo;) and Computershare Trust Company, N.A., as Rights Agent, dated as of December&nbsp;15, 2025, and as amended
from time to time (the &ldquo;<U>Rights Agreement</U>&rdquo;), the terms of which are hereby incorporated herein by reference and a copy
of which is on file at the principal executive offices of the Company. Under certain circumstances, as set forth in the Rights Agreement,
such Rights will be evidenced by separate certificates and will no longer be evidenced by this certificate. The Company will mail to
the holder of this certificate a copy of the Rights Agreement without charge after receipt of a written request therefor. Under certain
circumstances, as set forth in the Rights Agreement, Rights owned by or transferred to any Person who is or becomes an Acquiring Person
(as defined in the Rights Agreement) and certain transferees thereof will become null and void and will no longer be transferable.</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; text-indent: 1in">With respect to any Book Entry
shares of Common Stock, such legend shall be included in a notice to the record holder of such shares in accordance with applicable law.
With respect to such certificates containing the foregoing legend, or any notice of the foregoing legend delivered to holders of Book
Entry shares, until the Distribution Date, the Rights associated with the Common Stock represented by such certificates or Book Entry
shares shall be evidenced by such certificates or Book Entry shares alone, and the surrender for transfer of any such certificate or
Book Entry share, except as otherwise provided herein, shall also constitute the transfer of the Rights associated with the Common Stock
represented thereby. In the event that the Company purchases or otherwise acquires any Common Stock after the Record Date but prior to
the Distribution Date, any Rights associated with such Common Stock shall be deemed canceled and retired so that the Company shall not
be entitled to exercise any Rights associated with the Common Stock which are no longer outstanding.</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: 1in">Notwithstanding this paragraph&nbsp;<U>(c)</U>,
neither the omission of a legend nor the failure to deliver the notice of such legend required hereby shall affect the enforceability
of any part of this Agreement or the rights of any holder of the Rights.</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: 0.5in"><B>Section&nbsp;4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Form&nbsp;of
Right Certificates</B>. The Right Certificates (and the forms of election to purchase shares and of assignment to be printed on the reverse
thereof) shall be substantially in the form set forth in <U>Exhibit&nbsp;B</U> hereto and may have such marks of identification or designation
and such legends, summaries or endorsements printed thereon as the Company may deem appropriate (but which do not affect the rights,
duties, liabilities or responsibilities of the Rights Agent) and as are not inconsistent with the provisions of this Agreement, or as
may be required to comply with any applicable law or with any rule&nbsp;or regulation made pursuant thereto or with any rule&nbsp;or
regulation of any stock exchange or interdealer quotation system on which the Rights may from time to time be listed or quoted, or to
conform to usage. Subject to the provisions of this Agreement, each Right Certificate shall entitle the holder thereof to purchase such
number of one one-thousandths of a share of Preferred Stock as shall be set forth therein at the Purchase Price, but the number of such
one one-thousandths of a share of Preferred Stock and the Purchase Price shall be subject to adjustment as provided herein.</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: 0.5in"><B>Section&nbsp;5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Countersignature
and Registration</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; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Right Certificates shall be executed on behalf of the Company by any officer of the Company, either manually or by facsimile signature
or other electronic signature, and to the extent required or determined by the Company, shall have affixed thereto the Company&rsquo;s
seal or a facsimile or other electronic version thereof and shall be attested by any other officer of the Company, either manually or
by facsimile signature. The Right Certificates shall be countersigned manually or by facsimile or other electronic signature by the Rights
Agent and shall not be valid for any purpose unless countersigned. In case any officer of the Company who shall have signed any of the
Right Certificates shall cease to be such officer of the Company before countersignature by the Rights Agent and issuance and delivery
by the Company, such Right Certificates, nevertheless, may be countersigned by the Rights Agent and issued and delivered by the Company
with the same force and effect as though the Person who signed such Right Certificates had not ceased to be such officer of the Company;
and any Right Certificate may be signed on behalf of the Company by any Person who, at the actual date of the execution of such Right
Certificate, shall be a proper officer of the Company to sign such Right Certificate, although at the date of the execution of this Agreement
any such Person was not such an officer.</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; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Following
the Distribution Date, the Rights Agent will keep or cause to be kept, at an office or agency designated for such purpose, books for
registration and transfer of the Right Certificates issued hereunder. Such books shall show the names and addresses of the respective
holders of the Right Certificates, the number of Rights evidenced on its face by each of the Right Certificates and the date of each
of the Right Certificates.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section&nbsp;6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Transfer,
Split Up, Combination and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates; Uncertificated Rights</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; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Subject
to the provisions of this Agreement, at any time after the Distribution Date and prior to the Expiration Date, any Right Certificate
or Right Certificates (other than Right Certificates representing Rights that have become null and void pursuant to <U>Section&nbsp;11(a)(ii)</U>&nbsp;hereof
or that have been exchanged pursuant to <U>Section&nbsp;24</U> hereof) may be transferred, split up, combined or exchanged for another
Right Certificate or Right Certificates, entitling the registered holder to purchase a like number of one one-thousandths of a share
of Preferred Stock as the Right Certificate or Right Certificates surrendered then entitled such holder to purchase. Any registered holder
desiring to transfer, split up, combine or exchange any Right Certificate or Right Certificates shall make such request in writing delivered
to the Rights Agent, and shall surrender the Right Certificate or Right Certificates to be transferred, split up, combined or exchanged
at the office or agency of the Rights Agent designated for such purpose. Neither the Rights Agent nor the Company shall be obligated
to take any action whatsoever with respect to the transfer, split up, combination or exchange of any such surrendered Rights Certificate
until the registered holder has properly completed and duly executed the certificate contained in the form of assignment on the reverse
side of such Rights Certificate accompanied by a signature guarantee and such other documentation as the Rights Agent reasonably requests.
Thereupon the Rights Agent shall countersign and deliver to the Person entitled thereto a Right Certificate or Right Certificates, as
the case may be, as so requested. The Company may require payment of a sum sufficient to cover any tax or governmental charge that may
be imposed in connection with any transfer, split up, combination or exchange of Right Certificates.</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: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Subject
to the provisions of this Agreement, at any time after the Distribution Date and prior to the Expiration Date, upon receipt by the Company
and the Rights Agent of evidence reasonably satisfactory to them of the loss, theft, destruction or mutilation of a valid Right Certificate,
and, in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to them, and reimbursement to the Company
and the Rights Agent of all reasonable expenses incidental thereto, and upon surrender to the Rights Agent and cancellation of the Right
Certificate if mutilated, the Company will make and deliver a new Right Certificate of like tenor to the Rights Agent for delivery to
the registered holder in lieu of the Right Certificate so lost, stolen, destroyed or mutilated.</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: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Notwithstanding
any other provision hereof, the Company and the Rights Agent may provide for uncertificated Rights in addition to or in place of Rights
evidenced by Right Certificates, to the extent permitted by applicable law.</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: 0.5in"><B>Section&nbsp;7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Exercise
of Rights, Purchase Price; Expiration Date of Rights</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; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Except
as otherwise provided herein, the Rights shall become exercisable on the Distribution Date, and thereafter the registered holder of any
Right Certificate (other than Right Certificates representing Rights that have become null and void pursuant to <U>Section&nbsp;11(a)(ii)</U>&nbsp;hereof
or that have been exchanged pursuant to <U>Section&nbsp;24</U> hereof) may, subject to <U>Section&nbsp;11(a)(ii)</U>&nbsp;hereof and
except as otherwise provided herein, exercise the Rights evidenced thereby in whole or in part upon surrender of the Right Certificate,
with the form of election to purchase on the reverse side thereof duly executed, to the Rights Agent at the office or agency of the Rights
Agent designated for such purpose, accompanied by a signature guarantee and such other documentation as the Rights Agent may reasonably
request, together with payment of the aggregate Purchase Price with respect to the total number of one one-thousandths of a share of
Preferred Stock (or other securities, cash or other assets, as the case may be) as to which the Rights are exercised, at any time which
is both after the Distribution Date and prior to the time (the &ldquo;<U>Expiration Date</U>&rdquo;) that is the earliest of (i)&nbsp;the
Close of Business on December&nbsp;14, 2026 (ii)&nbsp;the time at which the Rights are redeemed as provided in <U>Section&nbsp;23</U>
hereof (the &ldquo;<U>Redemption Date</U>&rdquo;), (iii)&nbsp;the closing of any merger or other acquisition transaction involving the
Company pursuant to an agreement of the type described in <U>part (c)(A)(z)</U>&nbsp;of the definition of &ldquo;Beneficial Owner&rdquo;
hereof, at which time the Rights are terminated, (iv)&nbsp;the time at which such Rights are exchanged as provided in <U>Section&nbsp;24</U>
hereof, (v)&nbsp;the Close of Business on the effective date of the repeal of Section&nbsp;382 or any successor statute if the Board
of Directors of the Company determines that this Agreement is no longer necessary or desirable for the preservation of Tax Benefits or
(vi)&nbsp;the Close of Business on the first day of a taxable year of the Company during which the Board of Directors of the Company
determines that no Tax Benefits may be carried forward.</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; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
purchase price for each one one-thousandth of a share of Preferred Stock purchasable upon the exercise of a Right shall be initially
$20.00 (the &ldquo;<U>Purchase Price</U>&rdquo;). The Purchase Price and the number of one one-thousandths of a share of Preferred
Stock or other securities or property to be acquired upon exercise of a Right shall be subject to adjustment from time to time as provided
in <U>Sections&nbsp;11</U> and <U>13</U> hereof and shall be payable in lawful money of the United States of America in accordance with
paragraph&nbsp;<U>(c)</U>&nbsp;of this <U>Section&nbsp;7</U>.</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: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Except
as otherwise provided herein, upon receipt of a Right Certificate representing exercisable Rights, with the form of election to purchase
duly executed, accompanied by payment of the aggregate Purchase Price for the shares of Preferred Stock (or other securities, cash or
other assets, as the case may be) to be purchased and an amount equal to any applicable transfer tax required to be paid by the holder
of such Right Certificate in accordance with <U>Section&nbsp;9(e)</U>&nbsp;hereof, in cash or by certified check, cashier&rsquo;s check
or money order payable to the order of the Company, the Rights Agent shall thereupon promptly (i)&nbsp;(A)&nbsp;requisition from any
transfer agent of the Preferred Stock (or such other securities, as the case may be), or make available if the Rights Agent is the transfer
agent for the Preferred Stock (or such other securities, as the case may be), certificates for the number of shares of Preferred Stock
(or such other securities, as the case may be) to be purchased, and the Company hereby irrevocably authorizes its transfer agent to comply
with all such requests, or (B)&nbsp;requisition from a depositary agent appointed by the Company depositary receipts representing interests
in such number of one one-thousandths of a share of Preferred Stock as are to be purchased (in which case certificates for the Preferred
Stock represented by such receipts shall be deposited by the transfer agent with the depositary agent), and the Company hereby directs
any such depositary agent to comply with such request, (ii)&nbsp;when appropriate, requisition from the Company the amount of cash to
be paid in lieu of issuance of fractional shares in accordance with <U>Section&nbsp;14</U> hereof, (iii)&nbsp;promptly after receipt
of such certificates or depositary receipts, cause the same to be delivered to or upon the order of the registered holder of such Right
Certificate, registered in such name or names as may be designated by such holder and (iv)&nbsp;when appropriate, after receipt, promptly
deliver such cash to or upon the order of the registered holder of such Right Certificate.</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: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Except
as otherwise provided herein, in case the registered holder of any Right Certificate shall exercise less than all of the Rights evidenced
thereby, a new Right Certificate evidencing Rights equivalent to the exercisable Rights remaining unexercised shall be issued by the
Rights Agent to the registered holder of such Right Certificate or to his duly authorized assigns, subject to the provisions of <U>Section&nbsp;14</U>
hereof.</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: 1in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Notwithstanding
anything in this Agreement to the contrary, neither the Rights Agent nor the Company shall be obligated to undertake any action with
respect to a registered holder of Rights upon the occurrence of any purported transfer or exercise of Rights pursuant to <U>Section&nbsp;6</U>
hereof or this <U>Section&nbsp;7</U> unless such registered holder shall have (i)&nbsp;completed and signed the certificate contained
in the form of assignment or form of election to purchase set forth on the reverse side of the Right Certificate surrendered for such
transfer or exercise and (ii)&nbsp;provided such additional evidence of the identity of the Beneficial Owner (or former Beneficial Owner)
thereof as the Company shall reasonably request.</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; text-indent: 0.5in"><B>Section&nbsp;8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Cancellation
and Destruction of Right Certificates</B>. All Right Certificates surrendered for the purpose of exercise, transfer, split up, combination
or exchange shall, and any Right Certificate representing Rights that have become null and void pursuant to <U>Section&nbsp;11(a)(ii)</U>&nbsp;hereof
surrendered for any purpose shall, if surrendered to the Company or to any of its agents, be delivered to the Rights Agent for cancellation
or in canceled form, or, if surrendered to the Rights Agent, shall be canceled by it, and no Right Certificates shall be issued in lieu
thereof except as expressly permitted by any of the provisions of this Agreement. The Company shall deliver to the Rights Agent for cancellation
and retirement, and the Rights Agent shall so cancel and retire, any other Right Certificate purchased or acquired by the Company otherwise
than upon the exercise thereof. At the expense of the Company, the Rights Agent shall deliver all canceled Right Certificates to the
Company, or shall, at the written request of the Company, destroy such canceled Right Certificates, and in such case shall deliver a
certificate of destruction thereof to the Company. Subject to applicable law, regulation, and the Rights Agent&rsquo;s records management
policy, the Rights Agent shall maintain in a retrievable database electronic records of all canceled or destroyed Right Certificates
which have been canceled or destroyed by the Rights Agent. The Rights Agent shall maintain such electronic records for the term of this
Agreement and any additional time period required by applicable law and regulation. Upon written request of the Company (and at the expense
of the Company), the Rights Agent shall provide to the Company or its designee copies of such electronic records relating to Right Certificates
canceled or destroyed by the Rights Agent and shall certify to the Company the accuracy of such records.</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: 0.5in"><B>Section&nbsp;9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Availability
of Shares of Preferred Stock</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; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company covenants and agrees that it will cause to be reserved and kept available out of its authorized and unissued shares of Preferred
Stock, free from preemptive rights or any right of first refusal, the number of shares of Preferred Stock that will be sufficient to
permit the exercise in full of all outstanding Rights.</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: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;So
long as the shares of Preferred Stock issuable upon the exercise of Rights may be listed or admitted to trading on any national securities
exchange, the Company shall use its best efforts to cause, from and after such time as the Rights become exercisable, all shares reserved
for such issuance to be listed or admitted to trading on such exchange upon official notice of issuance upon such exercise.</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: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;From
and after such time as the Rights become exercisable, the Company shall use its best efforts, if then necessary to permit the issuance
of shares of Preferred Stock upon the exercise of Rights, to register and qualify such shares of Preferred Stock under the Securities
Act and any applicable state securities or &ldquo;Blue Sky&rdquo; laws (to the extent exemptions therefrom are not available), cause
such registration statement and qualifications to become effective as soon as possible after such filing and keep such registration and
qualifications effective (with a prospectus at all times meeting the requirements of the Securities Act) until the earlier of the date
as of which the Rights are no longer exercisable for such securities and the Expiration Date. The Company may temporarily suspend, for
a period of time not to exceed 120&nbsp;days, the exercisability of the Rights in order to prepare and file a registration statement
under the Securities Act and permit it to become effective. Upon any such suspension, the Company shall issue a public announcement stating
that the exercisability of the Rights has been temporarily suspended, as well as a public announcement at such time as the suspension
is no longer in effect. Notwithstanding any provision of this Agreement to the contrary, the Rights shall not be exercisable in any jurisdiction
unless the requisite qualification in such jurisdiction shall have been obtained and until a registration statement under the Securities
Act shall have been declared effective, unless an exemption therefrom is available.</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; text-align: justify; text-indent: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company covenants and agrees that it will take all such action as may be necessary to ensure that all shares of Preferred Stock (or other
securities of the Company) delivered upon exercise of Rights shall, at the time of delivery of the certificates therefor (subject to
payment of the Purchase Price), be duly and validly authorized and issued and fully paid and nonassessable shares.</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: 1in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company further covenants and agrees that it will pay when due and payable any and all federal and state transfer taxes and charges which
may be payable in respect of the issuance or delivery of the Right Certificates or of any shares of Preferred Stock (or other securities
of the Company) upon the exercise of Rights. The Company shall not, however, be required to pay any transfer tax which may be payable
in respect of any transfer or delivery of Right Certificates to a Person other than, or the issuance or delivery of certificates or depositary
receipts for the Preferred Stock (or other securities of the Company) in a name other than that of, the registered holder of the Right
Certificate evidencing Rights surrendered for exercise or to issue or deliver any certificates or depositary receipts for Preferred Stock
(or other securities of the Company) upon the exercise of any Rights until any such tax shall have been paid (any such tax being payable
by that holder of such Right Certificate at the time of surrender) or until it has been established to the Company&rsquo;s reasonable
satisfaction that no such tax is due.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section&nbsp;10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Preferred
Stock Record Date</B>. Each Person in whose name any certificate for Preferred Stock (or other securities of the Company) is issued upon
the exercise of Rights shall for all purposes be deemed to have become the holder of record of the shares of Preferred Stock (or other
securities of the Company) represented thereby on, and such certificate shall be dated, the date upon which the Right Certificate evidencing
such Rights was duly surrendered and payment of the Purchase Price (and any applicable transfer taxes) was made; <U>provided</U>, <U>however</U>,
that if the date of such surrender and payment is a date upon which the Preferred Stock (or other securities) transfer books of the Company
are closed, such Person shall be deemed to have become the record holder of such shares on, and such certificate shall be dated, the
next succeeding Business Day on which the Preferred Stock (or other securities) transfer books of the Company are open. Prior to the
exercise of the Rights evidenced thereby, the holder of a Right Certificate shall not be entitled to any rights of a holder of Preferred
Stock (or other securities) for which the Rights shall be exercisable, including the right to vote or to receive dividends or other distributions,
and shall not be entitled to receive any notice of any proceedings of the Company, except as provided herein.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section&nbsp;11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Adjustment
of Purchase Price, Number and Kind of Shares and Number of Rights</B>. The Purchase Price, the number of shares of Preferred Stock or
other securities or property purchasable upon exercise of each Right and the number of Rights outstanding are subject to adjustment from
time to time as provided in this <U>Section&nbsp;11</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
the event the Company shall at any time after the date of this Agreement (A)&nbsp;declare and pay a dividend on the Preferred Stock payable
in shares of Preferred Stock, (B)&nbsp;subdivide the outstanding Preferred Stock, (C)&nbsp;combine the outstanding Preferred Stock into
a smaller number of shares of Preferred Stock or (D)&nbsp;issue any shares of its capital stock in a reclassification of the Preferred
Stock (including any such reclassification in connection with a consolidation or merger in which the Company is the continuing or surviving
corporation), except as otherwise provided in this <U>Section&nbsp;11(a)</U>, the number and kind of shares of capital stock issuable
upon exercise of a Right as of the record date for such dividend or the effective date of such subdivision, combination or reclassification
shall be proportionately adjusted so that the holder of any Right exercised after such time shall be entitled to receive the aggregate
number and kind of shares of capital stock which, if such Right had been exercised immediately prior to such date and at a time when
the Preferred Stock transfer books of the Company were open, the holder would have owned upon such exercise and been entitled to receive
by virtue of such dividend, subdivision, combination or reclassification.</P>

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<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: justify; text-indent: 1.35in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Subject
to <U>Section&nbsp;24</U> hereof, in the event any Flip-In Date shall occur (the first occurrence of such event being referred to hereinafter
as the &ldquo;<U>Flip-In Event</U>&rdquo;), then (A)&nbsp;the Purchase Price shall be adjusted to be the Purchase Price in effect immediately
prior to the Flip-In Event multiplied by the number of one one-thousandths of a share of Preferred Stock for which a Right was exercisable
immediately prior to such Flip-In Event, whether or not such Right was then exercisable, and (B)&nbsp;each holder of a Right, except
as otherwise provided in this <U>Section&nbsp;11(a)(ii)</U>&nbsp;and <U>Section&nbsp;11(a)(iii)</U>&nbsp;hereof, shall thereafter have
the right to receive, upon exercise thereof at a price equal to the Purchase Price (as so adjusted), in accordance with the terms of
this Agreement and in lieu of shares of Preferred Stock, such number of shares of Common Stock as shall equal the result obtained by
dividing the Purchase Price (as so adjusted) by 50% of the current per share market price of the Common Stock (determined pursuant to
<U>Section&nbsp;11(d)</U>&nbsp;hereof) on the date of such Flip-In Event; <U>provided</U>, <U>however</U>, that the Purchase Price (as
so adjusted) and the number of shares of Common Stock so receivable upon exercise of a Right shall, following the Flip-In Event, be subject
to further adjustment as appropriate in accordance with <U>Section&nbsp;11(f)</U>&nbsp;hereof. Notwithstanding anything in this Agreement
to the contrary, however, from and after the Flip-In Event, any Rights that are beneficially owned by (x)&nbsp;any Acquiring Person (or
any Affiliate or Associate of any Acquiring Person), (y)&nbsp;a transferee of any Acquiring Person (or of any such Affiliate or Associate)
who becomes a transferee after the Flip-In Event or (z)&nbsp;a transferee of any Acquiring Person (or of any such Affiliate or Associate)
who became a transferee prior to or concurrently with the Flip-In Event pursuant to either (I)&nbsp;a transfer (whether or not for consideration)
from the Acquiring Person to holders of its equity securities or to any Person with whom it has any continuing agreement, arrangement
or understanding (whether or not in writing) regarding the transferred Rights or (II)&nbsp;a transfer which the Board of Directors of
the Company has determined is part of a plan, arrangement or understanding which has the purpose or effect of avoiding the provisions
of this paragraph, and subsequent transferees, either direct transferees or transferees through one or more intermediate transferees,
of such Persons, shall be null and void without any further action and any holder of such Rights shall thereafter have no rights whatsoever
with respect to such Rights under any provision of this Agreement. The Company shall use all reasonable efforts to ensure that the provisions
of this <U>Section&nbsp;11(a)(ii)</U>&nbsp;are complied with, but shall have no liability to any holder of Right Certificates or other
Person as a result of its failure to make any determinations with respect to an Acquiring Person, its Affiliates or Associates or its
or their transferees hereunder. From and after the Flip-In Event, no Right Certificate shall be issued pursuant to <U>Section&nbsp;3</U>
or <U>Section&nbsp;6</U> hereof that represents Rights that are or have become null and void pursuant to the provisions of this paragraph,
and any Right Certificate delivered to the Rights Agent that represents Rights that are or have become null and void pursuant to the
provisions of this paragraph shall be canceled. From and after the occurrence of an event specified in <U>Section&nbsp;13(a</U>)&nbsp;hereof,
any Rights that theretofore have not been exercised pursuant to this <U>Section&nbsp;11(a)(ii)</U>&nbsp;shall thereafter be exercisable
only in accordance with <U>Section&nbsp;13</U> hereof and not pursuant to this <U>Section&nbsp;11(a)(ii)</U>.</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.35in">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company may at its option substitute for a share of Common Stock issuable upon the exercise of Rights in accordance with the foregoing
subparagraph&nbsp;<U>(ii)</U>&nbsp;a number of shares of Preferred Stock or fraction thereof such that the current per share market price
of one share of Preferred Stock multiplied by such number or fraction is equal to the current per share market price of one share of
Common Stock. In the event that the number of shares of Common Stock authorized but not outstanding or reserved for issuance for purposes
other than the exercise of the Rights is insufficient to permit the exercise in full of the Rights in accordance with the foregoing subparagraph&nbsp;<U>(ii)</U>,
the Board of Directors of the Company shall, with respect to such deficiency, to the extent permitted by applicable law and any material
agreements then in effect to which the Company is a party, determine, in its sole discretion, whether to (A)&nbsp;take such actions as
are necessary to authorize an amendment to the Charter increasing the number of authorized shares of Common Stock by an amount that is
at least sufficient to permit exercise in full of the Rights and authorize the officers of the Company to execute and file such Charter
amendment with the Maryland State Department of Assessments and Taxation or (B)(1)&nbsp;determine the excess (such excess, the &ldquo;<U>Spread</U>&rdquo;)
of (x)&nbsp;the value of the shares of Common Stock issuable upon the exercise of a Right in accordance with the foregoing subparagraph&nbsp;<U>(ii)</U>&nbsp;(the
 &ldquo;<U>Current Value</U>&rdquo;) over (y)&nbsp;the Purchase Price (as adjusted in accordance with the foregoing subparagraph&nbsp;<U>(ii)</U>),
and (2)&nbsp;with respect to each Right (other than Rights which have become null and void pursuant to the foregoing subparagraph&nbsp;<U>(ii)</U>),
make adequate provision to substitute for the shares of Common Stock issuable in accordance with the foregoing subparagraph&nbsp;<U>(ii)</U>&nbsp;upon
exercise of the Right and payment of the Purchase Price (as adjusted in accordance therewith), (u)&nbsp;cash, (v)&nbsp;a reduction in
such Purchase Price, (w)&nbsp;shares of Preferred Stock or other equity securities of the Company (including shares or fractions of shares
of preferred stock which, by virtue of having dividend, voting and liquidation rights substantially comparable to those of the shares
of Common Stock are determined by the Board of Directors of the Company to have substantially the same value as the shares of Common
Stock (such shares of Preferred Stock and shares or fractions of shares of preferred stock are hereinafter referred to as &ldquo;<U>Common
Stock Equivalents</U>&rdquo;, and, when used with reference to any Person other than the Company, shall have a correlative meaning in
respect of such Person&rsquo;s Common Stock)), (x)&nbsp;debt securities of the Company, (y)&nbsp;other assets or (z)&nbsp;any combination
of the foregoing, having a value which, when added to the value of the shares of Common Stock issued upon exercise of such Right, shall
have an aggregate value equal to the Current Value (taking into account the amount of any reduction in such Purchase Price), where such
aggregate value has been determined by the Board of Directors of the Company; <U>provided</U>, <U>however</U>, that if the Company shall
not make adequate provision to deliver value pursuant to clause&nbsp;(B)&nbsp;above within 30&nbsp;days following the Flip-In Event (the
date of the Flip-In Event being the &ldquo;<U>Section&nbsp;11(a)(ii)&nbsp;Trigger Date</U>&rdquo;), then the Company shall be obligated
to deliver, to the extent permitted by applicable law and any material agreements then in effect to which the Company is a party, upon
the surrender for exercise of a Right and without requiring payment of such Purchase Price, shares of Common Stock (to the extent available),
and then, if necessary, such number or fractions of shares of Preferred Stock (to the extent available) and then, if necessary, cash,
which shares and/or cash have an aggregate value equal to the Spread. If, upon the occurrence of the Flip-In Event, the Board of Directors
of the Company shall determine that it is likely that sufficient additional shares of Common Stock could be authorized for issuance upon
exercise in full of the Rights, then, if the Board of Directors of the Company so elects, the 30&nbsp;day period set forth above may
be extended to the extent necessary, but not more than 90&nbsp;days after the Section&nbsp;11(a)(ii)&nbsp;Trigger Date, in order that
the Company may seek stockholder approval for the authorization of such additional shares (such 30&nbsp;day period, as it may be extended,
is herein called the &ldquo;<U>Substitution Period</U>&rdquo;). To the extent that the Company determines that some action need be taken
pursuant to the second and/or third sentence of this <U>Section&nbsp;11(a)(iii)</U>, the Company (x)&nbsp;shall provide, subject to <U>Section&nbsp;11(a)(ii)</U>&nbsp;hereof
and the last sentence of this <U>Section&nbsp;11(a)(iii)</U>, that such action shall apply uniformly to all outstanding Rights and (y)&nbsp;may
suspend the exercisability of the Rights until the expiration of the Substitution Period in order to seek any authorization of additional
shares and/or to decide the appropriate form of distribution to be made pursuant to such second sentence and to determine the value thereof.
In the event of any such suspension, the Company shall issue a public announcement stating that the exercisability of the Rights has
been temporarily suspended, as well as a public announcement at such time as the suspension is no longer in effect. For purposes of this
<U>Section&nbsp;11(a)(iii)</U>, the per share value of the shares of Common Stock shall be the current per share market price (as determined
pursuant to <U>Section&nbsp;11(d)(i)</U>&nbsp;hereof) on the Section&nbsp;11(a)(ii)&nbsp;Trigger Date and the per share or fractional
value of any Common Stock Equivalent shall be deemed to equal the current per share market price of the Common Stock. The Board of Directors
of the Company may, but shall not be required to, establish procedures to allocate the right to receive shares of Common Stock upon the
exercise of the Rights among the holders of Rights pursuant to this <U>Section&nbsp;11(a)(iii)</U>.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
case the Company shall fix a record date for the issuance of rights, options or warrants to all holders of Preferred Stock entitling
them (for a period expiring within 45&nbsp;days after such record date) to subscribe for or purchase Preferred Stock (or shares having
the same rights, privileges and preferences as the Preferred Stock (&ldquo;<U>Equivalent Preferred Shares</U>&rdquo;)) or securities
convertible into Preferred Stock or Equivalent Preferred Shares at a price per share of Preferred Stock or Equivalent Preferred Shares
(or having a conversion price per share, if a security convertible into shares of Preferred Stock or Equivalent Preferred Shares) less
than the then current per share market price of the Preferred Stock (determined pursuant to <U>Section&nbsp;11(d)</U>&nbsp;hereof) on
such record date, the Purchase Price to be in effect after such record date shall be determined by multiplying the Purchase Price in
effect immediately prior to such record date by a fraction, the numerator of which shall be the number of shares of Preferred Stock and
Equivalent Preferred Shares outstanding on such record date plus the number of shares of Preferred Stock and Equivalent Preferred Shares
which the aggregate offering price of the total number of shares of Preferred Stock and/or Equivalent Preferred Shares so to be offered
(and/or the aggregate initial conversion price of the convertible securities so to be offered) would purchase at such current market
price, and the denominator of which shall be the number of shares of Preferred Stock and Equivalent Preferred Shares outstanding on such
record date plus the number of additional shares of Preferred Stock and/or Equivalent Preferred Shares to be offered for subscription
or purchase (or into which the convertible securities so to be offered are initially convertible). In case such subscription price may
be paid in consideration part or all of which shall be in a form other than cash, the value of such consideration shall be as determined
by the Board of Directors of the Company, whose determination shall be described in a statement filed with the Rights Agent. Shares of
Preferred Stock and Equivalent Preferred Shares owned by or held for the account of the Company shall not be deemed outstanding for the
purpose of any such computation. Such adjustment shall be made successively whenever such a record date is fixed; and in the event that
such rights, options or warrants are not so issued, the Purchase Price shall be adjusted to be the Purchase Price which would then be
in effect if such record date had not been fixed.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
case the Company shall fix a record date for the making of a distribution to all holders of the Preferred Stock (including any such distribution
made in connection with a consolidation or merger in which the Company is the continuing or surviving corporation) of evidences of indebtedness
or assets (other than a regular quarterly cash dividend or a dividend payable in Preferred Stock) or subscription rights or warrants
(excluding those referred to in <U>Section&nbsp;11(b)</U>&nbsp;hereof), the Purchase Price to be in effect after such record date shall
be determined by multiplying the Purchase Price in effect immediately prior to such record date by a fraction, the numerator of which
shall be the then current per share market price of the Preferred Stock (determined pursuant to <U>Section&nbsp;11(d)</U>&nbsp;hereof)
on such record date, less the fair market value (as determined by the Board of Directors of the Company, whose determination shall be
described in a statement filed with the Rights Agent) of the portion of the assets or evidences of indebtedness so to be distributed
or of such subscription rights or warrants applicable to one share of Preferred Stock, and the denominator of which shall be such current
per share market price (determined pursuant to <U>Section&nbsp;11(d)</U>&nbsp;hereof) of the Preferred Stock. Such adjustments shall
be made successively whenever such a record date is fixed; and in the event that such distribution is not so made, the Purchase Price
shall again be adjusted to be the Purchase Price which would then be in effect if such record date had not been fixed.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Except
as otherwise provided herein, for the purpose of any computation hereunder, the &ldquo;current per share market price&rdquo; of any security
(a &ldquo;<U>Security</U>&rdquo; for the purpose of this <U>Section&nbsp;11(d)(i)</U>) on any date shall be deemed to be the average
of the daily closing prices per share of such Security for the 30 consecutive Trading Days (as such term is hereinafter defined) immediately
prior to such date; <U>provided</U>, <U>however</U>, that in the event that the current per share market price of the Security is determined
during a period following the announcement by the issuer of such Security of (A)&nbsp;a dividend or distribution on such Security payable
in shares of such Security or securities convertible into such shares, or (B)&nbsp;any subdivision, combination or reclassification of
such Security, and prior to the expiration of 30 Trading Days after the ex-dividend date for such dividend or distribution, or the record
date for such subdivision, combination or reclassification, then, and in each such case, the current per share market price shall be
appropriately adjusted to reflect the current market price per share equivalent of such Security. The closing price for each day shall
be the last sale price, regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices,
regular way, in either case as reported by the principal consolidated transaction reporting system with respect to securities listed
or admitted to trading on the New York Stock Exchange or Nasdaq or, if the Security is not listed or admitted to trading on the New York
Stock Exchange or Nasdaq, as reported in the principal consolidated transaction reporting system with respect to securities listed on
the principal national securities exchange on which the Security is listed or admitted to trading or, if the Security is not listed on
a national securities exchange, the last quoted price or, if not so quoted, the average of the high and low asked prices in the over-the-counter
market as reported by any system then in use, or, if not so quoted, the average of the closing bid and asked prices as furnished by a
professional market maker making a market in the Security selected by the Board of Directors of the Company. The term &ldquo;<U>Trading
Day</U>&rdquo; shall mean a day on which the principal national securities exchange on which the Security is listed or admitted to trading
is open for the transaction of business or, if the Security is not listed or admitted to trading on any national securities exchange,
a Business Day.</P>

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<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: justify; text-indent: 1.35in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;For
the purpose of any computation hereunder, if the Preferred Stock is publicly traded, the &ldquo;current per share market price&rdquo;
of the Preferred Stock shall be determined in accordance with the method set forth in <U>Section&nbsp;11(d)(i)</U>&nbsp;hereof. If the
Preferred Stock is not publicly traded but the Common Stock is publicly traded, the &ldquo;current per share market price&rdquo; of the
Preferred Stock shall be conclusively deemed to be the current per share market price of the Common Stock as determined pursuant to <U>Section&nbsp;11(d)(i)</U>&nbsp;hereof
multiplied by the then applicable Adjustment Number (as defined in and determined in accordance with the Articles Supplementary Designating
Series&nbsp;N Junior Participating Preferred Stock). If neither the Common Stock nor the Preferred Stock is publicly traded, &ldquo;current
per share market price&rdquo; shall mean the fair value per share as determined by the Board of Directors of the Company, whose determination
shall be described in a statement filed with the Rights Agent.</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: 1in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;No
adjustment in the Purchase Price shall be required unless such adjustment would require an increase or decrease of at least 1% in the
Purchase Price; <U>provided</U>, <U>however</U>, that any adjustments which by reason of this <U>Section&nbsp;11(e)</U>&nbsp;are not
required to be made shall be carried forward and taken into account in any subsequent adjustment. All calculations under this <U>Section&nbsp;11</U>
shall be made to the nearest cent or to the nearest one hundred-thousandth of a share of Preferred Stock or one-hundredth of a share
of Common Stock or other share or security as the case may be. Notwithstanding the first sentence of this <U>Section&nbsp;11(e)</U>,
any adjustment required by this <U>Section&nbsp;11</U> shall be made no later than the Expiration Date.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
as a result of an adjustment made pursuant to <U>Section&nbsp;11(a)</U>&nbsp;hereof, the holder of any Right thereafter exercised shall
become entitled to receive any shares of capital stock of the Company other than the Preferred Stock, thereafter the Purchase Price and
the number of such other shares so receivable upon exercise of a Right shall be subject to adjustment from time to time in a manner and
on terms as nearly equivalent as practicable to the provisions with respect to the Preferred Stock contained in <U>Sections&nbsp;11(a)</U>,
<U>11(b)</U>, <U>11(c)</U>, <U>11(e)</U>, <U>11(h)</U>, <U>11(i)</U>&nbsp;and <U>11(m)</U>&nbsp;hereof, as applicable, and the provisions
of <U>Sections&nbsp;7</U>, <U>9</U>, <U>10</U>, <U>13</U> and <U>14</U> hereof with respect to the Preferred Stock shall apply on like
terms to any such other shares.</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: 1in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;All
Rights originally issued by the Company subsequent to any adjustment made to the Purchase Price hereunder shall evidence the right to
purchase, at the adjusted Purchase Price, the number of one one-thousandths of a share of Preferred Stock purchasable from time to time
hereunder upon exercise of the Rights, all subject to further adjustment as provided herein.</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: 1in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Unless
the Company shall have exercised its election as provided in <U>Section&nbsp;11(i)</U>&nbsp;hereof, upon each adjustment of the Purchase
Price as a result of the calculations made in <U>Sections&nbsp;11(b)</U>&nbsp;and <U>11(c)</U>&nbsp;hereof, each Right outstanding immediately
prior to the making of such adjustment shall thereafter evidence the right to purchase, at the adjusted Purchase Price, that number of
one one-thousandths of a share of Preferred Stock (calculated to the nearest one hundred-thousandth of a share of Preferred Stock) obtained
by (i)&nbsp;multiplying (x)&nbsp;the number of one one-thousandths of a share purchasable upon the exercise of a Right immediately prior
to such adjustment by (y)&nbsp;the Purchase Price in effect immediately prior to such adjustment and (ii)&nbsp;dividing the product so
obtained by the Purchase Price in effect immediately after such adjustment.</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; text-indent: 1in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company may elect on or after the date of any adjustment of the Purchase Price pursuant to <U>Sections&nbsp;11(b)</U>&nbsp;or <U>11(c)</U>&nbsp;hereof
to adjust the number of Rights, in substitution for any adjustment in the number of one one-thousandths of a share of Preferred Stock
purchasable upon the exercise of a Right. Each of the Rights outstanding after such adjustment of the number of Rights shall be exercisable
for the number of one one-thousandths of a share of Preferred Stock for which a Right was exercisable immediately prior to such adjustment.
Each Right held of record prior to such adjustment of the number of Rights shall become that number of Rights (calculated to the nearest
one-hundredth) obtained by dividing the Purchase Price in effect immediately prior to adjustment of the Purchase Price by the Purchase
Price in effect immediately after adjustment of the Purchase Price. The Company shall make a public announcement of its election to adjust
the number of Rights, indicating the record date for the adjustment, and, if known at the time, the amount of the adjustment to be made.
Such record date may be the date on which the Purchase Price is adjusted or any day thereafter, but, if the Right Certificates have been
issued, shall be at least ten days later than the date of the public announcement. If Right Certificates have been issued, upon each
adjustment of the number of Rights pursuant to this <U>Section&nbsp;11(i)</U>, the Company may, as promptly as practicable, cause to
be distributed to holders of record of Right Certificates on such record date Right Certificates evidencing, subject to <U>Section&nbsp;14</U>
hereof, the additional Rights to which such holders shall be entitled as a result of such adjustment, or, at the option of the Company,
shall cause to be distributed to such holders of record in substitution and replacement for the Right Certificates held by such holders
prior to the date of adjustment, and upon surrender thereof, if required by the Company, new Right Certificates evidencing all the Rights
to which such holders shall be entitled after such adjustment. Right Certificates to be so distributed shall be issued, executed and
countersigned in the manner provided for herein and shall be registered in the names of the holders of record of Right Certificates on
the record date specified in the public announcement.</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: 1in">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Irrespective
of any adjustment or change in the Purchase Price or the number of one one-thousandths of a share of Preferred Stock issuable upon the
exercise of a Right, the Right Certificates theretofore and thereafter issued may continue to express the Purchase Price and the number
of one one-thousandths of a share of Preferred Stock which were expressed in the initial Right Certificates issued hereunder.</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: 1in">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Before
taking any action that would cause an adjustment reducing the Purchase Price below the then par value, if any, of the fraction of Preferred
Stock or other shares of capital stock issuable upon exercise of a Right, the Company shall take any corporate action which may, in the
opinion of its counsel, be necessary in order that the Company may validly and legally issue fully paid and nonassessable shares of Preferred
Stock or other such shares at such adjusted Purchase Price.</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: 1in">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
any case in which this <U>Section&nbsp;11</U> shall require that an adjustment in the Purchase Price be made effective as of a record
date for a specified event, the Company may elect to defer until the occurrence of such event issuing to the holder of any Right exercised
after such record date the Preferred Stock and other capital stock or securities of the Company, if any, issuable upon such exercise
over and above the Preferred Stock and other capital stock or securities of the Company, if any, issuable upon such exercise on the basis
of the Purchase Price in effect prior to such adjustment; <U>provided</U>, <U>however</U>, that the Company shall deliver to such holder
a due bill or other appropriate instrument evidencing such holder&rsquo;s right to receive such additional shares upon the occurrence
of the event requiring such adjustment.</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: 1in">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Anything
in this <U>Section&nbsp;11</U> to the contrary notwithstanding, the Company shall be entitled to make such adjustments in the Purchase
Price, in addition to those adjustments expressly required by this <U>Section&nbsp;11</U>, as and to the extent that it in its sole discretion
shall determine to be advisable in order that any consolidation or subdivision of the Preferred Stock, issuance wholly for cash of any
shares of Preferred Stock at less than the current market price, issuance wholly for cash of Preferred Stock or securities which by their
terms are convertible into or exchangeable for Preferred Stock, dividends on Preferred Stock payable in shares of Preferred Stock or
issuance of rights, options or warrants referred to hereinabove in <U>Section&nbsp;11(b)</U>, hereafter made by the Company to holders
of its Preferred Stock shall not be taxable to such stockholders.</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; text-indent: 1in">(n)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Anything
in this Agreement to the contrary notwithstanding, in the event that at any time after the date of this Agreement and prior to the Distribution
Date, the Company shall (i)&nbsp;declare and pay any dividend on the Common Stock payable in Common Stock, or (ii)&nbsp;effect a subdivision,
combination or consolidation of the Common Stock (by reclassification or otherwise than by payment of a dividend payable in Common Stock)
into a greater or lesser number of shares of Common Stock, then, in each such case, the number of Rights associated with each share of
Common Stock then outstanding, or issued or delivered thereafter, shall be proportionately adjusted so that the number of Rights thereafter
associated with each share of Common Stock following any such event shall equal the result obtained by multiplying the number of Rights
associated with each share of Common Stock immediately prior to such event by a fraction the numerator of which shall be the total number
of shares of Common Stock outstanding immediately prior to the occurrence of the event and the denominator of which shall be the total
number of shares of Common Stock outstanding immediately following the occurrence of such event.</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: 1in">(o)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Anything
in this Agreement to the contrary notwithstanding, if any exercise or adjustment made pursuant to this <U>Section&nbsp;11</U> would otherwise
result in any holder of a Right receiving any class or series of shares of capital stock of the Company that would result in such holder,
together with such holder&rsquo;s Affiliates and Associates, becoming the Beneficial Owner of more than 4.99% of any class of Company
Securities then outstanding, then the Board of Directors of the Company may elect, in its sole discretion, to distribute to such holder,
in lieu thereof, either an amount in cash or a note or other evidence of indebtedness of equivalent value.</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: 0.5in"><B>Section&nbsp;12.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Certificate
of Adjusted Purchase Price or Number of Shares</B>. Whenever an adjustment is made as provided in <U>Section&nbsp;11</U> or <U>13</U>
hereof, the Company shall promptly (a)&nbsp;prepare a certificate setting forth such adjustment, and a brief, reasonably detailed statement
of the facts and computations accounting for such adjustment, (b)&nbsp;file with the Rights Agent and with each transfer agent for the
Common Stock, and the Preferred Stock a copy of such certificate and (c)&nbsp;mail a brief summary thereof to each holder of a Right
Certificate in accordance with <U>Section&nbsp;25</U> hereof (if so required under <U>Section&nbsp;25</U> hereof). Notwithstanding the
foregoing sentence, the failure of the Company to make such certification or give such notice shall not affect the validity of such adjustment
or the force or effect of the requirement for such adjustment. The Rights Agent shall be fully protected in relying on any such certificate
and on any adjustment therein contained and shall have no duty or liability with respect to, and shall not be deemed to have knowledge
of any such adjustment unless and until it shall have received such certificate.</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; text-indent: 0.5in"><B>Section&nbsp;13.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Consolidation,
Merger or Sale or Transfer of Assets or Earning Power</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; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
the event, directly or indirectly, at any time after the Flip-In Event (i)&nbsp;the Company shall consolidate with or shall merge into
any other Person, (ii)&nbsp;any Person shall merge with and into the Company and the Company shall be the continuing or surviving corporation
of such merger and, in connection with such merger, all or part of the Common Stock shall be changed into or exchanged for stock or other
securities of any other Person (or of the Company) or cash or any other property or (iii)&nbsp;the Company shall sell or otherwise transfer
(or one or more of its Subsidiaries shall sell or otherwise transfer), in one or more transactions, assets or earning power aggregating
50% or more of the assets or earning power of the Company and its Subsidiaries (taken as a whole) to any other Person (other than the
Company or one or more wholly-owned Subsidiaries of the Company), then upon the first occurrence of such event, proper provision shall
be made so that: (A)&nbsp;each holder of a Right (other than Rights which have become null and void pursuant to <U>Section&nbsp;11(a)(ii)</U>&nbsp;hereof)
shall thereafter have the right to receive, upon the exercise thereof at the Purchase Price (as theretofore adjusted in accordance with
<U>Section&nbsp;11(a)(ii)</U>&nbsp;hereof), in accordance with the terms of this Agreement and in lieu of shares of Preferred Stock or
Common Stock of the Company, such number of validly authorized and issued, fully paid, non-assessable and freely tradeable shares of
Common Stock of the Principal Party (as such term is hereinafter defined), not subject to any liens, encumbrances, rights of first refusal
or other adverse claims, as shall equal the result obtained by dividing the Purchase Price (as theretofore adjusted in accordance with
<U>Section&nbsp;11(a)(ii)</U>&nbsp;hereof) by 50% of the current per share market price of the Common Stock of such Principal Party (determined
pursuant to <U>Section&nbsp;11(d</U>)&nbsp;hereof) on the date of consummation of such consolidation, merger, sale or transfer; <U>provided</U>,
<U>however</U>, that the Purchase Price (as theretofore adjusted in accordance with <U>Section&nbsp;11(a)(ii)</U>&nbsp;hereof) and the
number of shares of Common Stock of such Principal Party so receivable upon exercise of a Right shall be subject to further adjustment
as appropriate in accordance with <U>Section&nbsp;11(f)</U>&nbsp;hereof to reflect any events occurring in respect of the Common Stock
of such Principal Party after the occurrence of such consolidation, merger, sale or transfer; (B)&nbsp;such Principal Party shall thereafter
be liable for, and shall assume, by virtue of such consolidation, merger, sale or transfer, all the obligations and duties of the Company
pursuant to this Agreement; (C)&nbsp;the term &ldquo;Company&rdquo; shall thereafter be deemed to refer to such Principal Party; and
(D)&nbsp;such Principal Party shall take such steps (including the reservation of a sufficient number of its shares of Common Stock in
accordance with <U>Section&nbsp;9</U> hereof) in connection with such consummation of any such transaction as may be necessary to assure
that the provisions hereof shall thereafter be applicable, as nearly as reasonably may be, in relation to the shares of its Common Stock
thereafter deliverable upon the exercise of the Rights; <U>provided</U> that, upon the subsequent occurrence of any consolidation, merger,
sale or transfer of assets or other extraordinary transaction in respect of such Principal Party, each holder of a Right shall thereupon
be entitled to receive, upon exercise of a Right and payment of the Purchase Price as provided in this <U>Section&nbsp;13(a)</U>, such
cash, shares, rights, warrants and other property which such holder would have been entitled to receive had such holder, at the time
of such transaction, owned the Common Stock of the Principal Party receivable upon the exercise of a Right pursuant to this <U>Section&nbsp;13(a)</U>,
and such Principal Party shall take such steps (including reservation of shares of stock) as may be necessary to permit the subsequent
exercise of the Rights in accordance with the terms hereof for such cash, shares, rights, warrants and other property.</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: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Principal
Party</U>&rdquo; shall mean:</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: 1.35in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;in
the case of any transaction described in (i)&nbsp;or (ii)&nbsp;of the first sentence of <U>Section&nbsp;13(a)</U>&nbsp;hereof: (A)&nbsp;the
Person that is the issuer of the securities into which the shares of Common Stock are converted in such merger or consolidation, or,
if there is more than one such issuer, the issuer of the shares of Common Stock of which have the greatest aggregate market value of
shares outstanding, or (B)&nbsp;if no securities are so issued, (x)&nbsp;the Person that is the other party to the merger, if such Person
survives said merger, or, if there is more than one such Person, the Person the shares of Common Stock of which have the greatest aggregate
market value of shares outstanding or (y)&nbsp;if the Person that is the other party to the merger does not survive the merger, the Person
that does survive the merger (including the Company if it survives) or (z)&nbsp;the Person resulting from the consolidation; and</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: 1.35in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;in
the case of any transaction described in (iii)&nbsp;of the first sentence of <U>Section&nbsp;13(a)</U>&nbsp;hereof, the Person that is
the party receiving the greatest portion of the assets or earning power transferred pursuant to such transaction or transactions, or,
if each Person that is a party to such transaction or transactions receives the same portion of the assets or earning power so transferred
or if the Person receiving the greatest portion of the assets or earning power cannot be determined, whichever of such Persons is the
issuer of Common Stock having the greatest aggregate market value of shares outstanding;</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"><U>provided</U>, <U>however</U>, that in any
such case described in the foregoing <U>Sections&nbsp;13(b)(i)</U>&nbsp;or <U>13(b)(ii)</U>, if the Common Stock of such Person is not
at such time or has not been continuously over the preceding 12-month period registered under Section&nbsp;12 of the Exchange Act, then
(1)&nbsp;if such Person is a direct or indirect Subsidiary of another Person the Common Stock of which is and has been so registered,
the term &ldquo;Principal Party&rdquo; shall refer to such other Person, or (2)&nbsp;if such Person is a Subsidiary, directly or indirectly,
of more than one Person, the Common Stock of all of which is and has been so registered, the term &ldquo;Principal Party&rdquo; shall
refer to whichever of such Persons is the issuer of Common Stock having the greatest aggregate market value of shares outstanding, or
(3)&nbsp;if such Person is owned, directly or indirectly, by a joint venture formed by two or more Persons that are not owned, directly
or indirectly, by the same Person, the rules&nbsp;set forth in clauses&nbsp;(1)&nbsp;and (2)&nbsp;above shall apply to each of the owners
having an interest in the venture as if the Person owned by the joint venture was a Subsidiary of both or all of such joint venturers,
and the Principal Party in each such case shall bear the obligations set forth in this <U>Section&nbsp;13</U> in the same ratio as its
interest in such Person bears to the total of such interests.</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: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company shall not consummate any consolidation, merger, sale or transfer referred to in <U>Section&nbsp;13(a)</U>&nbsp;hereof unless
prior thereto the Company and the Principal Party involved therein shall have executed and delivered to the Rights Agent an agreement
confirming that the requirements of <U>Sections&nbsp;13(a)</U>&nbsp;and <U>(b)</U>&nbsp;hereof shall promptly be performed in accordance
with their terms and that such consolidation, merger, sale or transfer of assets shall not result in a default by the Principal Party
under this Agreement as the same shall have been assumed by the Principal Party pursuant to <U>Sections&nbsp;13(a)</U>&nbsp;and <U>(b)</U>&nbsp;hereof
and providing that, as soon as practicable after executing such agreement pursuant to this <U>Section&nbsp;13</U>, the Principal Party
will:</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: 1.35in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;prepare
and file a registration statement under the Securities Act, if necessary, with respect to the Rights and the securities purchasable upon
exercise of the Rights on an appropriate form, use its best efforts to cause such registration statement to become effective as soon
as practicable after such filing and use its best efforts to cause such registration statement to remain effective (with a prospectus
at all times meeting the requirements of the Securities Act) until the Expiration Date and similarly comply with applicable state securities
laws;</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: 1.35in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;use
its best efforts, if the Common Stock of the Principal Party shall be listed or admitted to trading on the New York Stock Exchange, Nasdaq
or on another national securities exchange, to list or admit to trading (or continue the listing of) the Rights and the securities purchasable
upon exercise of the Rights on the New York Stock Exchange, Nasdaq or such securities exchange, or, if the Common Stock of the Principal
Party shall not be listed or admitted to trading on the New York Stock Exchange, Nasdaq or a national securities exchange, to cause the
Rights and the securities receivable upon exercise of the Rights to be authorized for quotation on any other system then in use;</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: 1.35in">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;deliver
to holders of the Rights historical financial statements for the Principal Party which comply in all respects with the requirements for
registration on Form&nbsp;10 (or any successor form) under the Exchange Act; and</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: 1.35in">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;obtain
waivers of any rights of first refusal or preemptive rights in respect of the Common Stock of the Principal Party subject to purchase
upon exercise of outstanding Rights.</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: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
case the Principal Party has a provision in any of its authorized securities or in its certificate of incorporation or bylaws or other
instrument governing its affairs, which provision would have the effect of (i)&nbsp;causing such Principal Party to issue (other than
to holders of Rights pursuant to this <U>Section&nbsp;13</U>), in connection with, or as a consequence of, the consummation of a transaction
referred to in this <U>Section&nbsp;13</U>, shares of Common Stock or Common Stock Equivalents of such Principal Party at less than the
then current market price per share thereof (determined pursuant to <U>Section&nbsp;11(d)</U>&nbsp;hereof) or securities exercisable
for, or convertible into, Common Stock or Common Stock Equivalents of such Principal Party at less than such then current market price,
or (ii)&nbsp;providing for any special payment, tax or similar provision in connection with the issuance of the Common Stock of such
Principal Party pursuant to the provisions of this <U>Section&nbsp;13</U>, then, in such event, the Company hereby agrees with each holder
of Rights that it shall not consummate any such transaction unless prior thereto the Company and such Principal Party shall have executed
and delivered to the Rights Agent a supplemental agreement providing that the provision in question of such Principal Party shall have
been canceled, waived or amended, or that the authorized securities shall be redeemed, so that the applicable provision will have no
effect in connection with, or as a consequence of, the consummation of the proposed transaction.</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; text-indent: 1in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company covenants and agrees that it shall not, at any time after the Flip-In Event, enter into any transaction of the type described
in clauses&nbsp;(i)&nbsp;through (iii)&nbsp;of <U>Section&nbsp;13(a)</U>&nbsp;hereof if (i)&nbsp;at the time of or immediately after
such consolidation, merger, sale, transfer or other transaction there are any rights, warrants or other instruments or securities outstanding
or agreements in effect which would substantially diminish or otherwise eliminate the benefits intended to be afforded by the Rights,
(ii)&nbsp;prior to, simultaneously with or immediately after such consolidation, merger, sale, transfer or other transaction, the stockholders
of the Person who constitutes, or would constitute, the Principal Party for purposes of <U>Section&nbsp;13(b)</U>&nbsp;hereof shall have
received a distribution of Rights previously owned by such Person or any of its Affiliates or Associates or (iii)&nbsp;the form or nature
of organization of the Principal Party would preclude or limit the exercisability of the Rights.</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: 0.5in"><B>Section&nbsp;14.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Fractional
Rights and Fractional Shares</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; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company shall not be required to issue fractions of Rights (except prior to the Distribution Date in accordance with <U>Section&nbsp;11(n)</U>&nbsp;hereof)
or to distribute Right Certificates which evidence fractional Rights. In lieu of such fractional Rights, there shall be paid to the registered
holders of the Right Certificates with regard to which such fractional Rights would otherwise be issuable, an amount in cash equal to
the same fraction of the current market value of a whole Right. For the purposes of this <U>Section&nbsp;14(a)</U>, the current market
value of a whole Right shall be the closing price of the Rights for the Trading Day immediately prior to the date on which such fractional
Rights would have been otherwise issuable. The closing price for any day shall be the last sale price, regular way, or, in case no such
sale takes place on such day, the average of the closing bid and asked prices, regular way, in either case as reported in the principal
consolidated transaction reporting system with respect to securities listed or admitted to trading on the New York Stock Exchange or
Nasdaq or, if the Rights are not listed or admitted to trading on the New York Stock Exchange or Nasdaq, as reported in the principal
consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which the
Rights are listed or admitted to trading or, if the Rights are not listed or admitted to trading on any national securities exchange,
the last quoted price or, if not so quoted, the average of the high bid and low asked prices in the over-the-counter market, as reported
by any system then in use or, if on any such date the Rights are not quoted by any such organization, the average of the closing bid
and asked prices as furnished by a professional market maker making a market in the Rights selected by the Board of Directors of the
Company. If on any such date no such market maker is making a market in the Rights, the fair value of the Rights on such date as determined
by the Board of Directors of the Company shall be used.</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: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company shall not be required to issue fractions of shares of Preferred Stock (other than fractions which are integral multiples of one
one-thousandth of a share of Preferred Stock) or to distribute certificates which evidence fractional shares of Preferred Stock (other
than fractions which are integral multiples of one one-thousandth of a share of Preferred Stock) upon the exercise or exchange of Rights.
Interests in fractions of shares of Preferred Stock in integral multiples of one one-thousandth of a share of Preferred Stock may, at
the election of the Company, be evidenced by depositary receipts, pursuant to an appropriate agreement between the Company and a depositary
selected by it; <U>provided</U> that such agreement shall provide that the holders of such depositary receipts shall have all the rights,
privileges and preferences to which they are entitled as beneficial owners of the Preferred Stock represented by such depositary receipts.
In lieu of fractional shares of Preferred Stock that are not integral multiples of one one-thousandth of a share of Preferred Stock,
the Company shall pay to the registered holders of Right Certificates at the time such Rights are exercised or exchanged as herein provided
an amount in cash equal to the same fraction of the current market value of a whole share of Preferred Stock (as determined in accordance
with the method set forth in <U>Section&nbsp;14(a)</U>&nbsp;hereof) for the Trading Day immediately prior to the date of such exercise
or exchange.</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; text-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company shall not be required to issue fractions of shares of Common Stock or to distribute certificates which evidence fractional shares
of Common Stock upon the exercise or exchange of Rights. In lieu of such fractional shares of Common Stock, the Company shall pay to
the registered holders of the Right Certificates with regard to which such fractional shares of Common Stock would otherwise be issuable
an amount in cash equal to the same fraction of the current market value of a whole share of Common Stock. For purposes of this <U>Section&nbsp;14(c)</U>,
the current market value of one share of Common Stock for which a Right is exercisable shall be deemed to be the closing price of one
share of Common Stock (as determined in accordance with <U>Section&nbsp;11(d)(i)</U>&nbsp;hereof), for the Trading Day immediately prior
to the date of such exercise.</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: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
holder of a Right by the acceptance of the Right expressly waives his right to receive any fractional Rights or any fractional shares
upon exercise or exchange of a Right (except as provided 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: 1in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Whenever
a payment for fractional Rights or fractional shares is to be made by the Rights Agent under this Agreement, the Company shall (i)&nbsp;promptly
prepare and deliver to the Rights Agent a certificate setting forth in reasonable detail the facts related to such payment and the prices
or formulas utilized in calculating such payments and (ii)&nbsp;provide sufficient monies to the Rights Agent in the form of fully collected
funds to make such payments. The Rights Agent may rely upon such a certificate and has no duty with respect to, and will not be deemed
to have knowledge of, any payment for fractional Rights or fractional shares under any section of this Agreement relating to the payment
of fractional Rights or fractional shares unless and until the Rights Agent has received such a certificate and sufficient monies.</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: 0.5in"><B>Section&nbsp;15.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Rights
of Action</B>. All rights of action in respect of this Agreement, excepting the rights of action given to the Rights Agent under this
Agreement, are vested in the respective registered holders of the Right Certificates (and, prior to the Distribution Date, the registered
holders of the Common Stock); and any registered holder of any Right Certificate (or, prior to the Distribution Date, of the Common Stock),
without the consent of the Rights Agent or of the holder of any other Right Certificate (or, prior to the Distribution Date, of the Common
Stock), on his own behalf and for his own benefit, may enforce, and may institute and maintain any suit, action or proceeding against
the Company to enforce, or otherwise act in respect of, his right to exercise the Rights evidenced by such Right Certificate (or, prior
to the Distribution Date, such Common Stock) in the manner provided therein and in this Agreement. Without limiting the foregoing or
any remedies available to the holders of Rights, it is specifically acknowledged that the holders of Rights would not have an adequate
remedy at law for any breach of this Agreement by the Company and will be entitled to specific performance of the obligations hereunder,
and injunctive relief against actual or threatened violations of, the obligations of the Company subject to this Agreement.</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: 0.5in"><B>Section&nbsp;16.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Agreement
of Right Holders</B>. Every holder of a Right, by accepting the same, consents and agrees with the Company and the Rights Agent and with
every other holder of a Right that:</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: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;prior
to the Distribution Date, the Rights will be transferable only in connection with the transfer of the Common Stock and the Right associated
with each such share of Common Stock shall be automatically transferred upon the transfer of each such share of Common Stock;</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: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;after
the Distribution Date, the Right Certificates are transferable, subject to <U>Section&nbsp;11(a)(ii)</U>&nbsp;hereof, only on the registry
books of the Rights Agent if surrendered at the office or agency of the Rights Agent designated for such purpose, duly endorsed or accompanied
by a proper instrument of transfer and with the appropriate forms and certificates properly completed and duly executed, accompanied
by a signature guarantee and such other documentation as the Rights Agent may reasonably request;</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: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Company and the Rights Agent may deem and treat the Person in whose name the Right Certificate (or, prior to the Distribution Date, the
Common Stock certificate (or Book Entry shares in respect of Common Stock)) is registered as the absolute owner thereof and of the Rights
evidenced thereby (notwithstanding any notations of ownership or writing on the Right Certificates or the Common Stock certificate (or
notices provided to holders of Book Entry shares of Common Stock) made by anyone other than the Company or the Rights Agent) for all
purposes whatsoever, and neither the Company nor the Rights Agent, subject to <U>Section&nbsp;7(e)</U>&nbsp;hereof, shall be affected
by any notice to the contrary; and</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; text-indent: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;notwithstanding
anything in this Agreement to the contrary, neither the Company nor the Rights Agent shall have any liability to any holder of a Right
or other Person as a result of its inability to perform any of its obligations under this Agreement by reason of any preliminary or permanent
injunction or other order, decree, judgment or ruling (whether interlocutory or final) issued by a court of competent jurisdiction or
by a governmental, regulatory, self-regulatory or administrative agency or commission, or any statute, rule, regulation or executive
order promulgated or enacted by any governmental authority, prohibiting or otherwise restraining performance of such obligation; provided,
however, the Company shall use commercially reasonable efforts to have any such injunction, order, decree, judgment or ruling lifted
or otherwise overturned as promptly as practicable.</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: 0.5in"><B>Section&nbsp;17.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Right
Certificate Holder Not Deemed a Stockholder</B>. No holder, as such, of any Right Certificate shall be entitled to vote, receive dividends
or be deemed for any purpose the holder of the Preferred Stock or any other securities of the Company which may at any time be issuable
on the exercise or exchange of the Rights represented thereby, nor shall anything contained herein or in any Right Certificate be construed
to confer upon the holder of any Right Certificate, as such, any of the rights of a stockholder of the Company or any right to vote for
the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any
corporate action, or to receive notice of meetings or other actions affecting stockholders (except as provided in this Agreement), or
to receive dividends or subscription rights, or otherwise, until the Rights evidenced by such Right Certificate shall have been exercised
or exchanged in accordance with the provisions hereof.</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: 0.5in"><B>Section&nbsp;18.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Concerning
the Rights Agent</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; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company agrees to pay to the Rights Agent reasonable compensation for all services rendered by it hereunder in accordance with a fee
schedule to be mutually agreed upon and, from time to time, on demand of the Rights Agent, its reasonable expenses and counsel fees and
other disbursements incurred in the preparation, negotiation, delivery, amendment, administration and execution of this Agreement and
the exercise and performance of its duties hereunder. The Company also agrees to indemnify the Rights Agent for, and to hold it harmless
against, any loss, liability, damage, judgment, fine, penalty, claim, demand, settlement, cost or expense (including the reasonable fees
and expenses of legal counsel) that may be paid, incurred or suffered by it, or to which it may become subject, without gross negligence,
bad faith or willful misconduct (which gross negligence, bad faith, or willful misconduct must be determined by a final, non-appealable
order, judgment, decree or ruling of a court of competent jurisdiction) on the part of the Rights Agent, for any action taken, suffered
or omitted by the Rights Agent in connection with the execution, acceptance, administration, exercise and performance of its duties under
this Agreement, including the costs and expenses of defending against any claim of liability arising therefrom, directly or indirectly,
or of enforcing its rights under this Agreement.</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: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Rights Agent shall be authorized and protected and shall incur no liability for or in respect of any action taken, suffered or omitted
to be taken by it in connection with its acceptance and administration of this Agreement and the exercise and performance of its duties
hereunder in reliance upon any Right Certificate or certificate representing the Preferred Stock, the Common Stock, or any other securities
of the Company, instrument of assignment or transfer, power of attorney, endorsement, affidavit, letter, notice, instruction, direction,
consent, certificate, statement or other paper or document believed by it to be genuine and to be duly signed, executed and, where necessary,
guaranteed, verified or acknowledged, by the proper Person or Persons, or otherwise upon the advice of counsel as set forth in <U>Section&nbsp;20</U>
hereof. The Rights Agent shall not be deemed to have knowledge of any event of which it was supposed to receive notice thereof hereunder,
and the Rights Agent shall be fully protected and shall incur no liability for failing to take action in connection therewith unless
and until it has received such notice in writing.</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; text-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
provisions of this <U>Section&nbsp;18</U> and <U>Section&nbsp;20</U> hereof shall survive the termination of this Agreement, the redemption,
exercise, termination or expiration of the Rights and the resignation, replacement or removal of the Rights Agent.</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: 0.5in"><B>Section&nbsp;19.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Merger
or Consolidation or Change of Name of Rights Agent</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; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Any
entity into which the Rights Agent or any successor Rights Agent may be merged or with which it may be consolidated, or any entity resulting
from any merger or consolidation to which the Rights Agent or any successor Rights Agent shall be a party, or any entity succeeding to
the stock transfer or corporate trust powers of the Rights Agent or any successor Rights Agent, shall be the successor to the Rights
Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto;
<U>provided, <I>however</I>,</U> that such entity would be eligible for appointment as a successor Rights Agent under the provisions
of <U>Section&nbsp;21</U> hereof. The purchase of all or substantially all of the Rights Agent&rsquo;s assets employed in the performance
of the transfer agent activities shall be deemed a merger or consolidation for purposes of this <U>Section&nbsp;19</U>. In case at the
time such successor Rights Agent shall succeed to the agency created by this Agreement, any of the Right Certificates shall have been
countersigned but not delivered, any such successor Rights Agent may adopt the countersignature of the predecessor Rights Agent and deliver
such Right Certificates so countersigned; and in case at that time any of the Right Certificates shall not have been countersigned, any
successor Rights Agent may countersign such Right Certificates either in the name of the predecessor Rights Agent or in the name of the
successor Rights Agent; and in all such cases such Right Certificates shall have the full force provided in the Right Certificates and
in this Agreement.</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: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
case at any time the name of the Rights Agent shall be changed and at such time any of the Right Certificates shall have been countersigned
but not delivered, the Rights Agent may adopt the countersignature under its prior name and deliver Right Certificates so countersigned;
and in case at that time any of the Right Certificates shall not have been countersigned, the Rights Agent may countersign such Right
Certificates either in its prior name or in its changed name and in all such cases such Right Certificates shall have the full force
provided in the Right Certificates and in this Agreement.</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: 0.5in"><B>Section&nbsp;20.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Duties
of Rights Agent</B>. The Rights Agent undertakes to perform only the duties and obligations expressly imposed by this Agreement, and
no implied duties or obligations shall be read into this Agreement against the Rights Agent. The Rights Agent shall perform such duties
and obligations upon the following terms and conditions, by all of which the Company and the holders of Right Certificates, by their
acceptance thereof, shall be bound:</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Rights Agent may consult with legal counsel selected by it (who may be legal counsel for the Company), and the advice or opinion of such
counsel shall be full and complete authorization and protection to the Rights Agent, and the Rights Agent shall have no liability for
or in respect of, any action taken or omitted by it in the absence of bad faith and in accordance with such advice or opinion.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Whenever
in the performance of its duties under this Agreement the Rights Agent shall deem it necessary or desirable that any fact or matter (including
the identity of any Acquiring Person and the determination of the current market price) be proved or established by the Company prior
to taking, suffering or omitting to take any action hereunder, such fact or matter (unless other evidence in respect thereof be herein
specifically prescribed) may be deemed to be conclusively proved and established by a certificate signed by any officer of the Company,
and delivered to the Rights Agent; and such certificate shall be full and complete authorization and protection to the Rights Agent,
and the Rights Agent shall incur no liability for or in respect of any action taken, suffered or omitted to be taken in the absence of
bad faith by it under the provisions of this Agreement in reliance upon such certificate. The Rights Agent shall have no duty to act
without such certificate as set forth in this <U>Section&nbsp;20(b)</U>.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Rights Agent shall be liable hereunder only for its own gross negligence, bad faith or willful misconduct (which gross negligence, bad
faith or willful misconduct must be determined by a final, non-appealable order, judgment, decree or ruling of a court of competent jurisdiction).
Notwithstanding anything in this Agreement to the contrary and to the fullest extent permitted by law, in no event will the Rights Agent
be liable for special, punitive, incidental, indirect or consequential loss or damage of any kind whatsoever (including lost profits),
even if the Rights Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. Notwithstanding
anything to the contrary in this Agreement, any liability of the Rights Agent under this Agreement will be limited to the amount of fees
(but not including any reimbursed costs) paid by the Company to the Rights Agent during the twelve (12) months immediately preceding
the event for which recovery from the Rights Agent is being sought.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Rights Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in the
Right Certificates (except its countersignature thereof) or be required to verify the same, but all such statements and recitals are
and shall be deemed to have been made by the Company only.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Rights Agent shall not have any liability for or be under any responsibility in respect of the validity of this Agreement or the execution
and delivery hereof (except the due execution hereof by the Rights Agent) or in respect of the legality or validity or execution of any
Right Certificate (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or
condition contained in this Agreement or in any Right Certificate; nor shall it be liable or responsible for any change in the exercisability
of the Rights (including the Rights becoming null and void pursuant to <U>Section&nbsp;11(a)(ii)</U>&nbsp;hereof) or any adjustment or
calculation in the terms of the Rights provided for in Sections&nbsp;<U>3</U>, <U>11</U>, <U>13</U>, 14, <U>23</U> and <U>24</U> hereof,
or the ascertaining of the existence of facts that would require any such change, adjustment or calculation (except with respect to the
exercise of Rights evidenced by Right Certificates after receipt of a certificate furnished pursuant to <U>Section&nbsp;12</U> hereof,
describing such change or adjustment); nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization
or reservation of any shares of Preferred Stock or other securities to be issued pursuant to this Agreement or any Right Certificate
or as to whether any shares of Preferred Stock or other securities will, when issued, be validly authorized and issued, 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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Rights Agent shall not be liable or responsible for any failure of the Company to comply with any of its obligations relating to any
registration statement filed with the Securities and Exchange Commission or this Agreement, including obligations under applicable regulation
or law.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Rights Agent shall not have any duty or responsibility in the case of the receipt of any written demand from any holder of Rights with
respect to any action or default by the Company, including, without limiting the generality of the foregoing, any duty or responsibility
to initiate or attempt to initiate any proceedings at law or otherwise or to make any demand upon the Company.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered
all such further and other acts, instruments and assurances as may reasonably be required by the Rights Agent for the carrying out or
performing by the Rights Agent of the provisions of this Agreement.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Rights Agent is hereby authorized and directed to accept instructions with respect to the performance of its duties hereunder from any
person reasonably believed by the Rights Agent to be an officer of the Company, and to apply to any such officer for advice or instructions
in connection with its duties under this Agreement, and such instructions shall provide full authorization and protection to the Rights
Agent and the Rights Agent shall not be liable for and it shall incur no liability for or in respect of any action taken, suffered or
omitted by it in the absence of bad faith in accordance with instructions of any such officer or for any delay in acting while waiting
for those instructions. Any application by the Rights Agent for written instructions from the Company may, at the option of the Rights
Agent, set forth in writing any action proposed to be taken, suffered or omitted to be taken by the Rights Agent under this Agreement
and the date on and/or after which such action shall be taken or such omission shall be effective. The Rights Agent shall be fully authorized
and protected in relying upon the most recent instructions received from any such officer, and shall not be liable for any action taken,
suffered or omitted to be taken by the Rights Agent in accordance with a proposal included in any such application on or after the date
specified in such application unless, prior to taking any such action (or the effective date, in the case of an omission), the Rights
Agent has received written instructions in response to such application specifying the action to be taken or omitted.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Rights Agent and any stockholder, director, affiliate, officer or employee of the Rights Agent may buy, sell or deal in any of the Rights
or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract
with or lend money to the Company or otherwise act as fully and freely as though it were not Rights Agent under this Agreement. Nothing
herein shall preclude the Rights Agent from acting in any other capacity for the Company or for any other legal entity.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Rights Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or
by or through its attorneys or agents, and the Rights Agent shall not be answerable or accountable for any act, omission, default, neglect
or misconduct of any such attorneys or agents or for any loss to the Company or any other legal entity resulting from any such act, omission,
default, neglect or misconduct, absent gross negligence or bad faith in the selection and continued employment thereof (which gross negligence
or bad faith must be determined by a final, non-appealable judgment of a court of competent jurisdiction).</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;No
provision of this Agreement shall require the Rights Agent to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder or in the exercise of its rights or powers if the Rights Agent has reasonable grounds
for believing that repayment of such funds or adequate indemnification against such risk or liability is not reasonably assured to it.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If,
with respect to any Right Certificate surrendered to the Rights Agent for exercise or transfer, the certificate contained in the form
of assignment or the form of election to purchase set forth on the reverse thereof, as the case may be, has not been properly completed
to certify the holder is not an Acquiring Person (or an Affiliate or Associate thereof) or a transferee thereof, the Rights Agent shall
not take any further action with respect to such requested exercise or transfer without first consulting with the Company; provided,
however, that the Rights Agent shall not be liable for any delays arising from its duties under this <U>Section&nbsp;20(m)</U>.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(n)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Rights Agent may rely on and be fully authorized and protected in acting or failing to act upon (a)&nbsp;any guaranty of signature by
an &ldquo;eligible guarantor institution&rdquo; that is a member or participant in the Securities Transfer Agents Medallion Program or
other comparable &ldquo;signature guarantee program&rdquo; or insurance program in addition to, or in substitution for, the foregoing;
or (b)&nbsp;any law, act, regulation or any interpretation of the same.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(o)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
the event the Rights Agent believes any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction, request or
other communication, paper or document received by the Rights Agent hereunder, the Rights Agent, may (upon notice to the Company of such
ambiguity or uncertainty), in its sole discretion, refrain from taking any action, and shall be fully protected and shall not be liable
in any way to Company, the holder of any Rights Certificate or any other Person for refraining from taking such action, unless the Rights
Agent receives written instructions signed by the Company which eliminates such ambiguity or uncertainty to the satisfaction of Rights
Agent.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(p)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Rights Agent shall have no responsibility to the Company, any holders of Right Certificates or any other Person for interest or earnings
on any moneys held by the Rights Agent pursuant to this Agreement.</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: 0.5in"><B>Section&nbsp;21.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Change
of Rights Agent</B>. The Rights Agent or any successor Rights Agent may resign and be discharged from its duties under this Agreement
upon 30&nbsp;days&rsquo; notice in writing mailed to the Company and, in the event that the Rights Agent or one of its Affiliates is
not also the transfer agent for the Company, to each transfer agent of the Common Stock, or Preferred Stock by registered or certified
mail. The Company may remove the Rights Agent or any successor Rights Agent upon 30&nbsp;days&rsquo; notice in writing, mailed to the
Rights Agent or successor Rights Agent, as the case may be, and, in the event that the Rights Agent or one of its Affiliates is not also
the transfer agent for the Company, to each transfer agent of the Common Stock, or Preferred Stock by registered or certified mail, and,
following the Distribution Date, to the holders of the Right Certificates in accordance with <U>Section&nbsp;26</U>. In the event that
the Rights Agent or one of its Affiliates is also the transfer agent for the Company and the transfer agency relationship in effect between
the Company and the Rights Agent terminates, the Rights Agent will be deemed to have resigned as the Rights Agent automatically and be
discharged from its duties under this Agreement as of the effective date of such termination, and the Company shall be responsible for
sending any required notice. If the Rights Agent shall resign or be removed or shall otherwise become incapable of acting, the Company
shall appoint a successor to the Rights Agent. If the Company shall fail to make such appointment within a period of 30&nbsp;days after
giving notice of such removal or after it has been notified in writing of such resignation or incapacity by the resigning or incapacitated
Rights Agent or by any registered holder of a Right Certificate (who shall, with such notice, submit his Right Certificate for inspection
by the Company), then any registered holder of any Right Certificate may apply to any court of competent jurisdiction for the appointment
of a new Rights Agent. Any successor Rights Agent, whether appointed by the Company or by such a court, shall be (a)&nbsp;an entity organized
and doing business under the laws of the United States or any state of the United States so long as such entity is authorized to do business
as a banking institution in such state, in good standing, which is authorized under such laws to exercise corporate trust or stock transfer
powers and is subject to supervision or examination by federal or state authority and which has at the time of its appointment as Rights
Agent a combined capital and surplus, along with its Affiliates, of at least $50&nbsp;million or (b)&nbsp;an Affiliate of such entity.
After appointment, the successor Rights Agent shall be vested with the same powers, rights, duties and responsibilities as if it had
been originally named as Rights Agent under this Agreement without further act or deed; but the predecessor Rights Agent shall deliver
and transfer to the successor Rights Agent any property at the time held by it hereunder, and execute and deliver any further reasonable
assurance, conveyance, act or deed necessary for the purpose, but such predecessor Rights Agent shall not be required to make any additional
expenditure or assume any additional liability in connection with the foregoing. Not later than the effective date of any such appointment,
the Company shall mail notice thereof in writing to the predecessor Rights Agent and each transfer agent of the Common Stock, or Preferred
Stock, and, following the Distribution Date, mail a notice thereof in writing to the registered holders of the Right Certificates in
accordance with <U>Section&nbsp;26</U>. Failure to give any notice provided for in this <U>Section&nbsp;21</U>, however, or any defect
therein, shall not affect the legality or validity of the resignation or removal of the Rights Agent or the appointment of the successor
Rights Agent, as the case may be.</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; text-indent: 0.5in"><B>Section&nbsp;22.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Issuance
of New Right Certificates</B>. Notwithstanding any of the provisions of this Agreement or of the Rights to the contrary, the Company
may, at its option, issue new Right Certificates evidencing Rights in such forms as may be approved by its Board of Directors to reflect
any adjustment or change in the Purchase Price and the number or kind or class of shares or other securities or property purchasable
under the Right Certificates made in accordance with the provisions of this Agreement. In addition, in connection with the issuance or
sale of Common Stock following the Distribution Date and prior to the Expiration Date, the Company may with respect to shares of Common
Stock so issued or sold (a)&nbsp;pursuant to the exercise of stock options, (b)&nbsp;under any employee plan or arrangement, (c)&nbsp;upon
the exercise, conversion or exchange of securities, notes or debentures issued by the Company or (d)&nbsp;pursuant to a contractual obligation
of the Company, in each case existing prior to the Distribution Date, issue Right Certificates representing the appropriate number of
Rights in connection with such issuance or sale; <U>provided</U>, <U>however</U>, that (i)&nbsp;no such Right Certificate shall be issued
if, and to the extent that, the Company shall be advised by counsel that such issuance would create a significant risk of material adverse
tax consequences to the Company or the Person to whom such Right Certificate would be issued, (ii)&nbsp;no such Right Certificate shall
be issued if, and to the extent that, appropriate adjustment shall otherwise have been made in lieu of the issuance thereof and (iii)&nbsp;no
such Right Certificate shall be issued to an Acquiring Person or an Affiliate or Associate of an Acquiring Person.</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: 0.5in"><B>Section&nbsp;23.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Redemption</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; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Board of Directors of the Company may, at any time prior to the Flip-In Event, redeem all but not less than all the then outstanding
Rights at a redemption price of $0.0001&nbsp;per Right, appropriately adjusted to reflect any stock split, stock dividend or similar
transaction occurring in respect of the Common Stock after the date hereof (the redemption price being hereinafter referred to as the
 &ldquo;<U>Redemption Price</U>&rdquo;). The redemption of the Rights may be made effective at such time, on such basis and with such
conditions as the Board of Directors of the Company in its sole discretion may establish. The Redemption Price shall be payable, at the
option of the Company, in cash, shares of Common Stock or such other form of consideration as the Board of Directors of the Company shall
determine.</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: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Immediately
upon the action of the Board of Directors of the Company ordering the redemption of the Rights pursuant to paragraph&nbsp;<U>(a)</U>&nbsp;of
this <U>Section&nbsp;23</U> (or at such later time as the Board of Directors of the Company may establish for the effectiveness of such
redemption), and without any further action and without any notice, the right to exercise the Rights will terminate and the only right
thereafter of the holders of Rights shall be to receive the Redemption Price. The Company shall promptly give public notice of any such
redemption; <U>provided</U>, <U>however</U>, that the failure to give, or any defect in, any such notice shall not affect the validity
of such redemption. Within ten days after such action of the Board of Directors of the Company ordering the redemption of the Rights
(or such later time as the Board of Directors of the Company may establish for the effectiveness of such redemption), the Company shall
mail a notice of redemption to all the holders of the then outstanding Rights in accordance with <U>Section&nbsp;26</U>. Any notice which
is mailed in the manner herein provided shall be deemed given, whether or not the holder receives the notice. Each such notice of redemption
shall state the method by which the payment of the Redemption Price will be made.</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; text-indent: 0.5in"><B>Section&nbsp;24.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Exchange</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; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Board of Directors of the Company may, at its option, at any time after the Flip-In Event, exchange all or part of the then outstanding
Rights (which shall not include Rights that have become null and void pursuant to the provisions of <U>Section&nbsp;11(a)(ii)</U>&nbsp;hereof)
for shares of Common Stock at an exchange ratio of one share of Common Stock per Right, appropriately adjusted to reflect any stock split,
stock dividend or similar transaction occurring in respect of the Common Stock, after the date hereof (such amount per Right being hereinafter
referred to as the &ldquo;<U>Exchange Ratio</U>&rdquo;). Notwithstanding the foregoing, the Board of Directors of the Company shall not
be empowered to effect such exchange at any time after an Acquiring Person shall have become the Beneficial Owner of 50% or more of the
shares of the Common Stock then outstanding. From and after the occurrence of an event specified in <U>Section&nbsp;13(a)</U>&nbsp;hereof,
any Rights that theretofore have not been exchanged pursuant to this <U>Section&nbsp;24(a)</U>&nbsp;shall thereafter be exercisable only
in accordance with <U>Section&nbsp;13</U> hereof and may not be exchanged pursuant to this <U>Section&nbsp;24(a)</U>. The exchange of
the Rights by the Board of Directors of the Company may be made effective at such time, on such basis and with such conditions as the
Board of Directors of the Company in its sole discretion may establish. Prior to effecting an exchange pursuant to this <U>Section&nbsp;24</U>,
the Board of Directors of the Company may direct the Company to enter into (i)&nbsp;such arrangements or implement such procedures as
it deems necessary or appropriate for ensuring that Common Stock (or such other consideration contemplated by <U>Section&nbsp;24(c)</U>&nbsp;below)
issuable upon an exchange pursuant to this Section&nbsp;24 is not received by any holders of Rights that have become null and void pursuant
to <U>Section&nbsp;11(a)(ii)</U>&nbsp;hereof, and/or (ii)&nbsp;a Trust Agreement in such form and with such terms as the Board of Directors
of the Company shall then approve (the &ldquo;<U>Trust Agreement</U>&rdquo;). If the Board of Directors of the Company so directs the
Company to enter into a Trust Agreement, the Company shall enter into the Trust Agreement and shall issue to the trust created by such
agreement (the &ldquo;<U>Trust</U>&rdquo;) all of the shares of Common Stock (or such other consideration) issuable pursuant to the exchange,
and all Persons entitled to receive shares (or such other consideration) pursuant to the exchange shall be entitled to receive such shares
(or such other consideration) (and any dividends or distributions made thereon after the date on which such shares are deposited in the
Trust) only from the Trust and solely upon compliance with the relevant terms and provisions of the Trust Agreement.</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: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Immediately
upon the effectiveness of the action of the Board of Directors of the Company ordering the exchange of any Rights pursuant to paragraph&nbsp;<U>(a)</U>&nbsp;of
this <U>Section&nbsp;24</U> and without any further action and without any notice, the right to exercise such Rights shall terminate
and the only right thereafter of a holder of such Rights shall be to receive that number of shares of Common Stock (or such other consideration
contemplated by <U>Section&nbsp;24(c)</U>&nbsp;below) equal to the number of such Rights held by such holder multiplied by the Exchange
Ratio. The Company shall promptly give public notice of any such exchange; <U>provided</U>, <U>however</U>, that the failure to give,
or any defect in, such notice shall not affect the validity of such exchange. The Company shall promptly mail a notice of any such exchange
to all of the holders of the Rights so exchanged in accordance with <U>Section&nbsp;26</U>. Any notice which is mailed in the manner
herein provided shall be deemed given, whether or not the holder receives the notice. Each such notice of exchange will state the method
by which the exchange of the shares of Common Stock (or such other consideration) for Rights will be effected and, in the event of any
partial exchange, the number of Rights which will be exchanged. Any partial exchange shall be effected <U>pro rata</U> based on the number
of Rights (other than Rights which have become null and void pursuant to the provisions of <U>Section&nbsp;11(a)(ii)</U>&nbsp;hereof)
held by each holder of Rights.</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: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company may at its option substitute, and, in the event that there shall not be sufficient shares of Common Stock issued but not outstanding
or authorized but unissued to permit an exchange of Rights for Common Stock as contemplated in accordance with this <U>Section&nbsp;24</U>,
the Company shall substitute to the extent of such insufficiency, for each share of Common Stock that would otherwise be issuable upon
exchange of a Right, a number of shares of Preferred Stock or fraction thereof (or Equivalent Preferred Shares, as such term is defined
in <U>Section&nbsp;11(b)</U>&nbsp;hereof) such that the current per share market price (determined pursuant to <U>Section&nbsp;11(d)</U>&nbsp;hereof)
of one share of Preferred Stock (or Equivalent Preferred Share) multiplied by such number or fraction is equal to the current per share
market price of one share of Common Stock (determined pursuant to <U>Section&nbsp;11(d)</U>&nbsp;hereof) as of the date of such exchange.</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; text-indent: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Anything
in this Agreement to the contrary notwithstanding, if any exchange of the Rights made pursuant to this <U>Section&nbsp;24</U> would otherwise
result in any holder of a Right receiving any class or series of shares of capital stock of the Company that would result in such holder,
together with such holder&rsquo;s Affiliates and Associates, becoming the Beneficial Owner of more than 4.99% of any class of Company
Securities then outstanding, then the Board of Directors of the Company may elect, in its sole discretion, to distribute to such holder,
in lieu thereof, either an amount in cash or a note or other evidence of indebtedness of equivalent value.</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: 0.5in"><B>Section&nbsp;25.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Notice
of Certain Events</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; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
case the Company shall at any time after the earlier of the Distribution Date or the Stock Acquisition Date propose (i)&nbsp;to pay any
dividend payable in stock of any class to the holders of its Preferred Stock or to make any other distribution to the holders of its
Preferred Stock (other than a regular quarterly cash dividend), (ii)&nbsp;to offer to the holders of its Preferred Stock rights or warrants
to subscribe for or to purchase any additional shares of Preferred Stock or shares of stock of any class or any other securities, rights
or options, (iii)&nbsp;to effect any reclassification of its Preferred Stock (other than a reclassification involving only the subdivision
or combination of outstanding Preferred Stock), (iv)&nbsp;to effect the liquidation, dissolution or winding up of the Company, or (v)&nbsp;to
pay any dividend on the Common Stock payable in Common Stock or to effect a subdivision, combination or consolidation of the Common Stock
(by reclassification or otherwise than by payment of dividends in Common Stock), then, in each such case, the Company shall give to each
holder of a Right Certificate, in accordance with <U>Section&nbsp;26</U> hereof, a notice of such proposed action, which shall specify
the record date for the purposes of such dividend or distribution or offering of rights or warrants, or the date on which such liquidation,
dissolution, winding up, reclassification, subdivision, combination or consolidation is to take place and the date of participation therein
by the holders of the Common Stock, and/or Preferred Stock, if any such date is to be fixed, and such notice shall be so given in the
case of any action covered by clause&nbsp;(i)&nbsp;or (ii)&nbsp;above at least ten days prior to the record date for determining holders
of the Preferred Stock for purposes of such action, and in the case of any such other action, at least ten days prior to the date of
the taking of such proposed action or the date of participation therein by the holders of the Common Stock, and/or Preferred Stock, whichever
shall be the earlier. The failure to give notice required by this <U>Section&nbsp;25</U> or any defect therein shall not affect the legality
or validity of the action taken by the Company or the vote upon any such action.</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: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
case any event described in <U>Section&nbsp;11(a)(ii)</U>&nbsp;or <U>Section&nbsp;13</U> hereof shall occur then (i)&nbsp;the Company
shall as soon as practicable thereafter give to each holder of a Right Certificate (or if occurring prior to the Distribution Date, the
holders of the Common Stock) in accordance with <U>Section&nbsp;26</U> hereof, a notice of the occurrence of such event, which notice
shall describe such event and the consequences of such event to holders of Rights under <U>Section&nbsp;11(a)(ii)</U>&nbsp;and <U>Section&nbsp;13</U>
hereof, and (ii)&nbsp;all references in the preceding paragraph to Preferred Stock shall be deemed thereafter to refer to Common Stock
and/or, if appropriate, other securities.</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: 0.5in"><B>Section&nbsp;26.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Notices</B>.
Notices or demands authorized by this Agreement to be given or made by the Rights Agent or by the holder of any Right Certificate to
or on the Company shall be sufficiently given or made if sent by overnight delivery service or first-class mail, postage prepaid, addressed
(until another address is filed in writing with the Rights Agent) as follows:</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">Ashford Hospitality
Trust,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">14185 Dallas Parkway
Suite&nbsp;1200,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Dallas, Texas 75254</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Attention: General
Counsel</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">Copy to:</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">White&nbsp;&amp;
Case LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">1221 Avenue of
the Americas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">New York, New York
10020</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Attention: Richard M. Brand</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">Subject to the provisions of <U>Section&nbsp;21</U>
hereof, any notice or demand authorized by this Agreement to be given or made by the Company or by the holder of any Right Certificate
to or on the Rights Agent shall be sufficiently given or made if sent by overnight delivery service or first-class mail, postage prepaid,
addressed (until another address is filed in writing with the Company) as follows:</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 0pt 1in">Computershare Trust Company, N.A.<BR>
150 Royall Street<BR>
Canton, MA 02021<BR>
Attention: Client Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Facsimile: (781) 575-4210</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">Notices or demands authorized by this Agreement
to be given or made by the Company or the Rights Agent to the holder of any Right Certificate shall be sufficiently given or made if
sent by first-class mail, postage prepaid, addressed to such holder at the last address of such holder as shown on the registry books
of the Rights Agent or, prior to the Distribution Date, on the registry books of the transfer agent for the Common Stock.</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: 0.5in"><B>Section&nbsp;27.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Supplements
and Amendments</B>. Except as provided in the third sentence of this <U>Section&nbsp;27</U>, for so long as the Rights are then redeemable,
the Company may in its sole and absolute discretion, and the Rights Agent shall if the Company so directs, supplement or amend any provision
of this Agreement in any respect without the approval of any holders of the Rights. At any time when the Rights are no longer redeemable,
except as provided in the third sentence of this <U>Section&nbsp;27</U>, the Company may, and the Rights Agent shall, if the Company
so directs, supplement or amend this Agreement without the approval of any holders of Rights, <U>provided</U> that no such supplement
or amendment may (a)&nbsp;adversely affect the interests of the holders of Rights as such (other than an Acquiring Person or an Affiliate
or Associate of an Acquiring Person or any other holder of Rights that have become null and void pursuant to <U>Section&nbsp;11(a)(ii)</U>&nbsp;hereof),
(b)&nbsp;cause this Agreement again to become amendable other than in accordance with this sentence or (c)&nbsp;cause the Rights again
to become redeemable. Notwithstanding anything contained in this Agreement to the contrary, no supplement or amendment shall be made
which changes the Redemption Price. Upon the delivery of a certificate from an officer of the Company which states that the supplement
or amendment is in compliance with the terms of this <U>Section&nbsp;27</U>, the Rights Agent shall execute such supplement or amendment,
<U>provided</U> that such supplement or amendment does not adversely affect the rights, duties, immunities or obligations of the Rights
Agent under this Agreement. No supplement or amendment to this Agreement shall be effective unless duly executed by the Rights Agent
(not to be unreasonably delayed) and the Company.</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: 0.5in"><B>Section&nbsp;28.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Successors</B>.
All the covenants and provisions of this Agreement by or for the benefit of the Company or the Rights Agent shall bind and inure to the
benefit of their respective successors and assigns hereunder.</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: 0.5in"><B>Section&nbsp;29.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Beneficiaries
of this Agreement</B>. Nothing in this Agreement shall be construed to give to any Person other than the Company, the Rights Agent and
the registered holders of the Right Certificates (and, prior to the Distribution Date, of the Common Stock) any legal or equitable right,
remedy or claim under this Agreement; but this Agreement shall be for the sole and exclusive benefit of the Company, the Rights Agent
and the registered holders of the Right Certificates (and, prior to the Distribution Date, of the Common Stock).</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; text-indent: 0.5in"><B>Section&nbsp;30.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Process
to Seek Exemption</B>. Any Person who desires to effect any acquisition of Company Securities that would, if consummated, result in such
Person becoming an Acquiring Person (a &ldquo;<U>Requesting Person</U>&rdquo;) may, prior to such time and in accordance with this <U>Section&nbsp;30</U>,
request that the Board of Directors grant an exemption with respect to such acquisition under this Agreement so that such Person would
be deemed to be an &ldquo;Exempt Person,&rdquo; or that such acquisition be deemed to be an &ldquo;Exempt Transaction,&rdquo; in each
case as defined in <U>Section&nbsp;1</U> for purposes of this Agreement (an &ldquo;<U>Exemption Request</U>&rdquo;). An Exemption Request
shall be in proper form and must be sent to the Company in accordance with <U>Section&nbsp;26</U> hereof. The Exemption Request shall
be deemed made upon receipt by the Secretary of the Company. To be in proper form, an Exemption Request shall set forth (a)&nbsp;the
name and address of the Requesting Person, (b)&nbsp;the number and percentage of Company Securities then Beneficially Owned by the Requesting
Person, together with all Affiliates and Associates of the Requesting Person, and (c)&nbsp;a reasonably detailed description of the transaction
or transactions by which the Requesting Person would propose to become an Acquiring Person and the maximum number and percentage of Company
Securities that the Requesting Person proposes to acquire. The Board of Directors shall make a determination whether to grant an exemption
in response to an Exemption Request as promptly as reasonably practicable after receipt thereof; <U>provided</U>, <U>however</U>, that
the failure of the Board of Directors to make a determination within such period shall be deemed to constitute the denial by the Board
of Directors of the Exemption Request. The Requesting Person shall respond promptly to requests for additional information from the Board
of Directors and its advisors to assist the Board of Directors in making its determination. Any exemption granted hereunder may be granted
in whole or in part, and may be subject to limitations or conditions (including a requirement that the Requesting Person agree that it
will not acquire Beneficial Ownership of Company Securities in excess of the maximum number and percentage of shares approved by the
Board of Directors), in each case as the Board of Directors may determine, including that any such violation shall result in the Requesting
Person becoming an Acquiring Person. Any Exemption Request may be submitted on a confidential basis and, except to the extent required
by applicable law, the Company shall maintain the confidentiality of such Exemption Request and the Board of Directors&rsquo; determination
with respect thereto, unless the information contained in the Exemption Request or the Board of Directors&rsquo; determination with respect
thereto otherwise becomes publicly available.</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: 0.5in"><B>Section&nbsp;31.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Determinations
and Actions by the Board of Directors</B>. The Board of Directors of the Company shall have the exclusive power and authority to administer
this Agreement and to exercise the rights and powers specifically granted to the Board of Directors of the Company or to the Company,
or as may be necessary or advisable in the administration of this Agreement, including the right and power to (i)&nbsp;interpret the
provisions of this Agreement and (ii)&nbsp;make all determinations deemed necessary or advisable for the administration of this Agreement
(including a determination to redeem or not redeem the Rights or to amend or not amend this Agreement). Without limiting any of the rights
and immunities of the Rights Agent, all such actions, calculations, interpretations and determinations that are done or made by the Board
of Directors of the Company in good faith shall be final, conclusive and binding on the Company, the Rights Agent, the holders of the
Rights, as such, and all other parties. The Rights Agent is entitled always to assume the Board of Directors has acted in good faith
and shall be fully protected and incur no liability in reliance thereon.</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: 0.5in"><B>Section&nbsp;32.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Severability</B>.
If any term, provision, covenant or restriction of this Agreement or the Rights Certificate is held by a court of competent jurisdiction
or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement
and the Rights Certificate shall remain in full force and effect and shall in no way be affected, impaired or invalidated; provided,
however, that if such excluded provision shall adversely affect the rights, immunities, liabilities, duties or obligations of the Rights
Agent, the Rights Agent shall be entitled to resign immediately upon written notice to the Company.</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: 0.5in"><B>Section&nbsp;33.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Governing
Law</B>. This Agreement and each Right Certificate issued hereunder shall be deemed to be a contract made under the laws of the State
of Maryland and for all purposes shall be governed by and construed in accordance with the laws of such State applicable to contracts
to be made and performed entirely within such State without regard to any provision of law or rule&nbsp;that would cause the application
of the laws of any other jurisdiction; provided, that all provisions regarding the rights, duties, liabilities and obligations of the
Rights Agent under this Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable
to contracts made and to be performed entirely within the State of New York.</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; text-indent: 0.5in"><B>Section&nbsp;34.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Counterparts</B>.
This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an
original, and all such counterparts shall together constitute but one and the same instrument. A signature to this Agreement transmitted
electronically shall have the same authority, effect and enforceability as an original signature.</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: 0.5in"><B>Section&nbsp;35.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Effectiveness</B>.
This Agreement shall be effective as of the Close of Business on the date hereof.</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: 0.5in"><B>Section&nbsp;36.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Descriptive
Headings; Interpretation</B>. Descriptive headings of the several Sections of this Agreement are inserted for convenience only and shall
not control or affect the meaning or construction of any of the provisions hereof. As used in this Agreement: (a)&nbsp;the word &ldquo;or&rdquo;
shall mean &ldquo;and/or&rdquo;; (b)&nbsp;the words &ldquo;include&rdquo;, &ldquo;includes&rdquo; or &ldquo;including&rdquo; shall be
deemed to be followed by the words &ldquo;without limitation&rdquo;; (c)&nbsp;the word &ldquo;extent&rdquo; in the phrase &ldquo;to the
extent&rdquo; shall mean the degree to which a subject or other thing extends, and such phrase shall not mean simply &ldquo;if&rdquo;;
(d)&nbsp;the words &ldquo;hereof&rdquo;, &ldquo;hereby&rdquo;, &ldquo;herein&rdquo; and &ldquo;hereunder&rdquo; and words of similar
import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, (e)&nbsp;unless
otherwise expressly provided herein, any statute or regulation defined or referred to herein means such statute as from time to time
amended, modified or supplemented, including by succession of comparable successor statutes, and includes any rules&nbsp;or regulations
promulgated thereunder and (f)&nbsp;any reference herein to an act by, or determination of, the Board of Directors of the Company shall
mean such act or determination as made by the Board of Directors of the Company in its sole discretion, except to the extent expressly
set forth otherwise herein. The definitions contained in this Agreement are applicable to the singular as well as the plural forms of
such terms. Each of the parties hereto has participated in the drafting and negotiation of this Agreement. If any ambiguity or question
of intent or interpretation arises, this Agreement must be construed as if it is drafted by both parties hereto, and no presumption or
burden of proof shall arise favoring or disfavoring either party hereto by virtue of authorship of any of the provisions of this Agreement.</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: 0.5in"><B>Section&nbsp;37.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Force
Majeure</B>. Notwithstanding anything to the contrary contained herein, the Rights Agent shall not be liable for any delays or failures
in performance of any act, duty, obligation or responsibility resulting from acts beyond its reasonable control, including but not limited
to any act or provision or any present or future law or regulation or governmental authority, any acts of God, epidemics, pandemics,
terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunction of computer facilities, or loss of data
due to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties, civil or military
disobedience or disorder, riot, rebellion, terrorism, insurrection, fire, earthquake, storm, flood, strike, work stoppage, war or civil
unrest, accident or failure or malfunction of any utilities communication or computer services or similar occurrence.</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: 0.5in"><B>Section&nbsp;38.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Entire
Agreement</B>. This Agreement constitutes the entire agreement, and supersedes all prior agreements and understandings, both written
and oral, between the parties hereto with respect to the subject matter of this Agreement.</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: center">[The remainder of this page&nbsp;is intentionally
left blank.]</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; text-indent: 1in">IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed, all as of the day and year first above written.</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: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASHFORD
    HOSPITALITY TRUST,&nbsp;INC.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Stephen Zsigray</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;&nbsp;Stephen
    Zsigray</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&nbsp;&nbsp;President
    and Chief Executive Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">COMPUTERSHARE
    TRUST COMPANY, N.A.,&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
    Rights Agent</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Peter Duggan</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Peter Duggan</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Executive Vice President</FONT></TD></TR>
  </TABLE>
<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">[<I>Signature Page&nbsp;to Rights Agreement</I>]</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: right"><B>Exhibit&nbsp;A</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: center"><B>ASHFORD HOSPITALITY TRUST,&nbsp;INC.</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: center"><B>FORM&nbsp;OF</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: center"><B>ARTICLES SUPPLEMENTARY ESTABLISHING AND FIXING
THE RIGHTS AND<BR>
 PREFERENCES OF A SERIES OF PREFERRED STOCK</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; text-indent: 0.5in">Ashford Hospitality Trust,&nbsp;Inc.,
a Maryland corporation (the &ldquo;<I>Corporation</I>&rdquo;), having its principal office in the State of Maryland in Baltimore City,
Maryland and its principal executive office in Dallas, Texas certifies to the State Department of Assessments and Taxation of Maryland
that:</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: 0.5in"><I>FIRST:&nbsp;&nbsp;</I>Under
a power contained in Section&nbsp;2-208 of the Maryland General Corporation Law and Article&nbsp;V of the Corporation&rsquo;s Articles
of Amendment and Restatement (as the same may be amended or supplemented, the &ldquo;<I>Charter</I>&rdquo;), the Board of Directors (the
&ldquo;<I>Board</I>&rdquo;) on December&nbsp;15, 2025, classified and designated 300,000 shares of the unissued preferred stock, par value
$0.01 per share, of the Corporation as Series&nbsp;N Junior Participating Preferred Stock, par value $0.01 per share, with the following
preferences, rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions
of redemption. Capitalized terms used and not otherwise defined herein have the meanings set forth in the Charter.</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: 0.5in">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Designation
and Number</I>. There shall be a series of preferred stock, par value $0.01&nbsp;per share, of the Corporation (the &ldquo;<I>Series&nbsp;N
Preferred Stock</I>&rdquo;) that shall be designated as &ldquo;Series&nbsp;N Junior Participating Preferred Stock&rdquo; and the number
of shares constituting such series shall be&nbsp;300,000. Such number of shares may be increased or decreased by resolution of the Board
of Directors; <U>provided</U>, <U>however</U>, that no decrease shall reduce the number of shares of Series&nbsp;N Junior Participating
Preferred Stock to less than the number of shares then issued and outstanding plus the number of shares issuable upon exercise of outstanding
rights, options or warrants or upon conversion of outstanding securities issued by the Corporation.</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: 0.5in">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Rank</I>.
The Series&nbsp;N Preferred Stock will, with respect to dividend rights and rights upon liquidation, dissolution or winding up of the
Corporation, rank:&nbsp;(i)&nbsp;prior or senior to any class or series of common stock of the Corporation and any other class or series
of equity securities, if the holders of Series&nbsp;N Preferred Stock are entitled to the receipt of dividends or of amounts distributable
upon liquidation, dissolution or winding up in preference or priority to the holders of shares of such class or series (&ldquo;<I>Junior
Stock</I>&rdquo;); (ii)&nbsp;on a parity with any other class or series of the equity securities of the Corporation issued in the future
if, pursuant to the specific terms of such class or series of equity securities, the holders of such class or series of equity securities
and the holders of the Series&nbsp;N Preferred Stock are entitled to the receipt of dividends and of amounts distributable upon liquidation,
dissolution or winding up in proportion to their respective amounts of accrued and unpaid dividends per share or liquidation preferences,
without preference or priority one over the other (&ldquo;<I>Parity Stock</I>&rdquo;); (iii)&nbsp;junior to the 8.45% Series&nbsp;D Cumulative
Preferred Stock, par value $0.01 per share, of the Corporation, the 7.375% Series&nbsp;F Cumulative Preferred Stock, par value $0.01 per
share, of the Corporation, the 7.375% Series&nbsp;G Cumulative Preferred Stock, par value $0.01 per share, of the Corporation, the 7.50%
Series&nbsp;H Cumulative Preferred Stock, par value $0.01 per share, of the Corporation, the 7.50% Series&nbsp;I Cumulative Preferred
Stock, par value $0.01 per share, of the Corporation, the Series&nbsp;J Redeemable Preferred Stock, par value $0.01 per share, of the
Corporation, the Series&nbsp;K Redeemable Preferred Stock, par value $0.01 per share, of the Corporation, the Series&nbsp;L Redeemable
Preferred Stock, par value $0.01 per share, of the Corporation, the Series&nbsp;M Redeemable Preferred Stock, par value $0.01 per share
of the Corporation, and any other class or series of the equity securities of the Corporation issued in the future if, pursuant to the
specific terms of such class or series of equity securities, the holders of such class or series are entitled to the receipt of dividends
or amounts distributable upon liquidation, dissolution or winding up in preference or priority to the holders of the Series&nbsp;N Preferred
Stock (collectively, the &ldquo;<I>Senior Stock</I>&rdquo;); and (iv)&nbsp;junior to all of the existing and future indebtedness of the
Corporation. The term &ldquo;equity securities&rdquo; does not include convertible debt securities, which, unless otherwise provided,
will rank senior to the Series&nbsp;N Preferred Stock prior to conversion.</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; text-indent: 0.5in">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Dividends
and Distributions</I>.</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: 1in">(A)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Subject
to the prior and superior rights of the holders of any shares of any Senior Stock, the holders of shares of Series&nbsp;N Preferred Stock,
in preference to the holders of shares of any Junior Stock, shall be entitled to receive, when, as and if declared by the Board of Directors
out of funds legally available for the purpose, quarterly cash dividends in an amount per share (rounded to the nearest cent) equal to
the greater of (a)&nbsp;$1.00 and (b)&nbsp;the sum of (1)&nbsp;the Adjustment Number (as defined below) times the aggregate per share
amount of all cash dividends <U>plus</U> (2)&nbsp;the Adjustment Number times the aggregate per share amount (payable in kind) of all
non-cash dividends or other distributions other than a dividend payable in shares of Common Stock, par value $0.01&nbsp;per share, of
the Corporation (the &ldquo;<I>Common Stock</I>&rdquo;), or a subdivision of the outstanding shares of Common Stock (by reclassification
or otherwise), in each case declared on the Common Stock since the immediately preceding Quarterly Dividend Payment Date (as defined below),
or, with respect to the first Quarterly Dividend Payment Date, since the first issuance of any share or fraction of a share of Series&nbsp;N
Preferred Stock. Dividends on the Series&nbsp;N Preferred Stock shall by payable on the 15<SUP>th</SUP> day of each January, April, July,
and October&nbsp;in each year (each such date being referred to herein as a &ldquo;<I>Quarterly Dividend Payment Date</I>&rdquo;), commencing
on the first Quarterly Dividend Payment Date after the first issuance of a share or fraction of a share of Series&nbsp;N Preferred Stock,
<I>provided</I>&nbsp;that if any Quarterly Dividend Payment Date is not a business day, then the dividend which would otherwise have been
payable on that Quarterly Dividend Payment Date may be paid on the next succeeding business day, and no interest, additional dividends
or other sums will accrue on the amount so payable for the period from and after that dividend payment date to that next succeeding business
day. The &ldquo;<I>Adjustment Number</I>&rdquo; shall initially be&nbsp;1,000. In the event the Corporation shall at any time after December&nbsp;15,
2025 (i)&nbsp;declare and pay a dividend on the Common Stock payable in shares of Common Stock, (ii)&nbsp;subdivide the outstanding Common
Stock, or (iii)&nbsp;combine the outstanding Common Stock into a smaller number of shares of Common Stock, then in each such case the
Adjustment Number in effect immediately prior to such event shall be adjusted by multiplying such Adjustment Number by a fraction the
numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the
number of shares of Common Stock that were outstanding immediately prior to such event.</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: 1in">(B)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Corporation shall declare a dividend or distribution on the Series&nbsp;N Preferred Stock as provided in paragraph&nbsp;<U>(A)</U>&nbsp;above
immediately after it declares a dividend or distribution on the Common Stock (other than a dividend payable in shares of Common Stock).</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: 1in">(C)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Dividends
shall begin to accrue and be cumulative on outstanding shares of Series&nbsp;N Preferred Stock from the Quarterly Dividend Payment Date
next preceding the date of issue of such shares of Series&nbsp;N Preferred Stock, unless the date of issue of such shares is prior to
the record date for the first Quarterly Dividend Payment Date; in which case dividends on such shares shall begin to accrue from the date
of issue of such shares, or unless the date of issue is a Quarterly Dividend Payment Date or is a date after the record date for the determination
of holders of shares of Series&nbsp;N Preferred Stock entitled to receive a quarterly dividend and before such Quarterly Dividend Payment
Date, in either of which events such dividends shall begin to accrue and be cumulative from such Quarterly Dividend Payment Date. Accrued
but unpaid dividends shall not bear interest. Dividends paid on the shares of Series&nbsp;N Preferred Stock in an amount less than the
total amount of such dividends at the time accrued and payable on such shares shall be allocated <U>pro rata</U> on a share-by-share basis
among all such shares at the time outstanding. Dividends will be payable to holders of record as they appear in the Corporation&rsquo;s
stock records for the Series&nbsp;N Preferred Stock at the close of business on the applicable record date, which shall be, whether or
not a business day, the 30th calendar day of the month preceding the next applicable dividend payment date.</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; text-indent: 0.5in">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Voting
Rights</I>. The holders of shares of Series&nbsp;N Preferred Stock shall have the following voting rights:</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: 1in">(A)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Subject
to the rights of holders of any other class or series of preferred stock, if any, and any other class of stock hereinafter created by
the Corporation, each share of Series&nbsp;N Preferred Stock shall entitle the holder thereof to a number of votes equal to the Adjustment
Number on all matters submitted to a vote of the holders of Common Stock. Except as otherwise provided herein, in another articles supplementary
establishing and fixing the rights and preferences of a series of preferred stock of the Corporation or as required by law, the holders
of shares of Series&nbsp;N Preferred Stock and the holders of shares of Common Stock shall have the exclusive right to vote for the election
of directors of the Corporation and on all other matters requiring stockholder action by the holders of the Common Stock, each share being
entitled to vote to the same extent as one share of Common Stock, and all such shares voting together as a single class.</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: 1in">(B)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Except
as required by law, by the Charter, and by Section&nbsp;<U>10</U> hereof, holders of Series&nbsp;N Preferred Stock shall have no special
voting rights and their consent shall not be required (except to the extent they are entitled to vote with holders of Common Stock as
set forth herein) for taking any corporate action.</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: 0.5in">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Certain
Restrictions</I>.</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: 1in">(A)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Whenever
quarterly dividends or other dividends or distributions payable on the Series&nbsp;N Preferred Stock as provided in Section&nbsp;<U>3</U>
hereof are in arrears, thereafter and until all accrued and unpaid dividends and distributions, whether or not declared, on shares of
Series&nbsp;N Preferred Stock outstanding shall have been paid in full, the Corporation shall not:</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: 1.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;declare
or pay dividends on, make any other distributions on, or redeem or purchase or otherwise acquire for consideration any Junior Stock (either
as to dividends or upon liquidation, dissolution or winding up) other than (A)&nbsp;such redemptions or purchases that may be deemed to
occur upon the exercise of stock options, warrants or similar rights or grant, vesting or lapse of restrictions on the grant of any other
performance shares, restricted stock, restricted stock units or other equity awards to the extent that such shares represent all or a
portion of (x)&nbsp;the exercise or purchase price of such options, warrants or similar rights or other equity awards and (y)&nbsp;the
amount of withholding taxes owed by the recipient of such award in respect of such grant, exercise, vesting or lapse of restrictions;
(B)&nbsp;the repurchase, redemption, or other acquisition or retirement for value of any such shares from employees, former employees,
directors, former directors, consultants or former consultants of the Corporation or their respective estate, spouse, former spouse or
family member, pursuant to the terms of the agreements pursuant to which such shares were acquired;</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: 1.5in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;declare
or pay dividends on or make any other distributions on any Parity Stock, except dividends paid ratably on the Series&nbsp;N Preferred
Stock and all such Parity Stock on which dividends are payable or in arrears in proportion to the total amounts to which the holders of
all such shares are then entitled; or</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: 1.5in">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;purchase
or otherwise acquire for consideration any shares of Series&nbsp;N Preferred Stock, or any Parity Stock, except in accordance with a purchase
offer made in writing or by publication (as determined by the Board of Directors) to all holders of Series&nbsp;N Preferred Stock, or
to such holders and holders of any such Parity Stock, upon such terms as the Board of Directors, after consideration of the respective
annual dividend rates and other relative rights and preferences of the respective series and classes, shall determine will result in fair
and equitable treatment among the respective series or classes.</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: 1in">(B)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Corporation shall not permit any subsidiary of the Corporation to purchase or otherwise acquire for consideration any shares of stock
of the Corporation unless the Corporation could, under paragraph&nbsp;<U>(A)</U>&nbsp;of this Section&nbsp;<U>5</U>, purchase or otherwise
acquire such shares at such time and in such manner.</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; text-indent: 0.5in">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Reacquired
Shares</I>. Any shares of Series&nbsp;N Preferred Stock purchased or otherwise acquired by the Corporation in any manner whatsoever shall
be retired promptly after the acquisition thereof. All such shares shall upon their retirement have the status of authorized but unissued
preferred stock, without designation as to class or series until such shares are once more designated as part of a particular class or
series by the Board.</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: 0.5in">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Liquidation
Preference</I>.</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: 1in">(A)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Upon
any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, before any distribution or payment shall be made
to or set apart for the holders of any Junior Stock, the holders of Series&nbsp;N Preferred Stock shall be entitled to receive, out of
the Corporation&rsquo;s assets legally available for distribution its stockholders, after payment or provision for the Corporation&rsquo;s
debts and other liabilities, a liquidation preference equal to the greater of (i)&nbsp;$1.00 plus an amount equal to accrued and unpaid
dividends and distributions thereon, whether or not declared, to, but not including, the date of such payment, and (ii)&nbsp;the Adjustment
Number times the per share amount of all cash and other property to be distributed in respect of the Common Stock upon such liquidation,
dissolution or winding up of the Corporation (the &ldquo;<I>Series&nbsp;N Liquidation Preference</I>&rdquo;). If upon any liquidation,
dissolution or winding up of the Corporation, its assets, or proceeds thereof, distributable among the holders of Series&nbsp;N Preferred
Stock shall be insufficient to pay in full the above described preferential amount and liquidating payments on any other shares of any
class or series of Parity Stock, then such assets, or the proceeds thereof, shall be distributed among the holders of Series&nbsp;N Preferred
Stock and any such other Parity Stock ratably in the same proportion as the respective amounts that would be payable on such Series&nbsp;N
Preferred Stock and any such other Parity Stock if all amounts payable thereon were paid in full.</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: 1in">(B)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Neither
the merger or consolidation of the Corporation into or with another entity nor the merger or consolidation of any other entity into or
with the Corporation shall be deemed to be a liquidation, dissolution or winding up of the Corporation within the meaning of this Section&nbsp;<U>7</U>.</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: 0.5in">8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Consolidation,
Merger, Etc</I>. In case the Corporation shall enter into any consolidation, merger, combination or other transaction in which the outstanding
shares of Common Stock are exchanged for or changed into other stock or securities, cash and/or any other property, then in any such case
each share of Series&nbsp;N Preferred Stock shall at the same time be similarly exchanged or changed in an amount per share equal to the
Adjustment Number times the aggregate amount of stock, securities, cash and/or any other property (payable in kind), as the case may be,
into which or for which each share of Common Stock is changed or exchanged.</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: 0.5in">9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>No
Redemption</I>. Shares of Series&nbsp;N Preferred Stock shall not be subject to redemption by the Corporation.</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: 0.5in">10.&#8239;&#8239;&#8239;&#8239;&#8239;<I>Amendment</I>.
At any time that any shares of Series&nbsp;N Preferred Stock are outstanding, the Charter shall not be amended, by merger, consolidation
or otherwise, in any way which would materially alter or change the powers, preferences or special rights of the Series&nbsp;N Preferred
Stock so as to affect them adversely without the affirmative vote of the holders of two-thirds of the outstanding shares of Series&nbsp;N
Preferred Stock, voting separately as a class. The holders of the Series&nbsp;N Preferred Stock shall have the exclusive voting right
on any amendment that would alter the contract rights of the Series&nbsp;N Preferred Stock, as expressly set forth in the Charter, of
only the Series&nbsp;N Preferred Stock, and no holders of any other class of capital stock, including the Common Stock, shall have any
voting right with respect thereto.</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: 0.5in">11.&#8239;&#8239;&#8239;&#8239;&#8239;<I>Fractional
Shares</I>. Series&nbsp;N Preferred Stock may be issued in fractions of a share that shall entitle the holder, in proportion to such holder&rsquo;s
fractional shares, to exercise voting rights, receive dividends, participate in distributions and to have the benefit of all other rights
of holders of Series&nbsp;N Preferred Stock.</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; text-indent: 0.5in">12.&#8239;&#8239;&#8239;&#8239;&#8239;<I>Restrictions
on Transfer, Acquisition and Redemption of Shares</I>. The Series&nbsp;N Preferred Stock is governed by and issued subject to all of the
limitations, terms and conditions of the Charter, including but not limited to the terms and conditions (including exceptions and exemptions)
of Article&nbsp;VI of the Charter; provided, however, that the terms and conditions (including exceptions and exemptions) of Article&nbsp;VI
of the Charter shall also be applied to the Series&nbsp;N Preferred Stock separately and without regard to any other series or class.
The foregoing sentence shall not be construed to limit the applicability of any other term or provision of the Charter to the Series&nbsp;N
Preferred Stock. In addition to the legend contemplated by Article&nbsp;VI, Section&nbsp;2.9 of the Charter, each certificate for Series&nbsp;N
Preferred Stock shall bear substantially the following legend:</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 0pt 0.5in; text-align: justify">&ldquo;The Corporation will furnish
to any stockholder on request and without charge a full statement of the designations and any preferences, conversion and other rights,
voting powers, restrictions, limitations as to dividends, qualifications and terms and conditions of redemption of the stock of each class
which the Corporation is authorized to issue, to the extent they have been set, and of the authority of the Board of Directors to set
the relative rights and preferences of a subsequent series of a preferred or special class of stock. Such request may be made to the Secretary
of the Corporation or to its transfer agent.&rdquo;</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: 0.5in"><I>SECOND:&nbsp;&nbsp;</I>The
Series&nbsp;N Preferred Stock has been classified and designated by the Board under the authority contained in the Charter.</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: 0.5in"><I>THIRD:&nbsp;&nbsp;</I>These
Articles Supplementary have been approved by the Board in the manner and by the vote required by law.</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: 0.5in"><I>FOURTH:&nbsp;&nbsp;</I>The
undersigned President of the Corporation acknowledges these Articles Supplementary to be the act of the Corporation and, as to all matters
or facts required to be verified under oath, the undersigned President acknowledges that to the best of his knowledge, information and
belief, these matters and facts are true in all material respects and that this statement is made under the penalties for perjury.</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: center">[The remainder of this page&nbsp;is intentionally
left blank.]</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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: 0.5in">IN WITNESS WHEREOF, the Corporation
has caused these Articles Supplementary to be executed in its name and on its behalf by its President and Chief Executive Officer and
attested to by its Chief Financial Officer as of the date first written above.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD COLSPAN="3">ASHFORD HOSPITALITY TRUST,&nbsp;INC.</TD></TR>

<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD>By:</TD>
  <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"></TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 3%">&nbsp;</TD>
  <TD STYLE="width: 5%">Name:</TD>
  <TD STYLE="width: 42%">Stephen Zsigray</TD></TR>

<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Title:</TD>
  <TD>President and Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD COLSPAN="2">ATTEST:</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD>By:</TD>
  <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Name:</TD>
  <TD>Jim Plohg</TD></TR>
<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>Title: </TD>
  <TD>Executive Vice President, General
Counsel and Secretary</TD></TR>
</TABLE>


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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[Signature Page to Series N Junior Participating Preferred Stock Articles Supplementary]</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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: right"><B>Exhibit&nbsp;B</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: center">Form&nbsp;of Right Certificate</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">Certificate No.&nbsp;R-______</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">No.&nbsp;of Rights:</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: 1in">NOT EXERCISABLE AFTER DECEMBER
14, 2026, OR EARLIER IF REDEMPTION OR EXCHANGE OCCURS. THE RIGHTS ARE SUBJECT TO REDEMPTION AT $0.0001 PER RIGHT AND TO EXCHANGE ON THE
TERMS SET FORTH IN THE RIGHTS AGREEMENT. UNDER CERTAIN CIRCUMSTANCES, AS SET FORTH IN THE RIGHTS AGREEMENT, RIGHTS OWNED BY OR TRANSFERRED
TO ANY PERSON WHO IS OR BECOMES AN ACQUIRING PERSON OR ANY AFFILIATE OR ASSOCIATE THEREOF (EACH AS DEFINED IN THE RIGHTS AGREEMENT) AND
CERTAIN TRANSFEREES THEREOF WILL BECOME NULL AND VOID AND WILL NO LONGER BE TRANSFERABLE.</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: center">RIGHT CERTIFICATE</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: center">ASHFORD HOSPITALITY TRUST,&nbsp;INC.</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: 1in">This certifies that ____________________________,
or registered assigns, is the registered owner of the number of Rights set forth above, each of which entitles the owner thereof, subject
to the terms, provisions and conditions of the Rights Agreement, dated as of December&nbsp;15, 2025, as the same may be amended from time
to time (the &ldquo;<I>Rights Agreement</I>&rdquo;), between Ashford Hospitality Trust,&nbsp;Inc., a Maryland corporation (the &ldquo;<I>Company</I>&rdquo;),
and Computershare Trust Company, N.A., a federally chartered trust company, as Rights Agent (the &ldquo;<I>Rights Agent</I>&rdquo;), to
purchase from the Company at any time on or after the Distribution Date (as such term is defined in the Rights Agreement) and, subject
to the terms of the Rights Agreement, prior to&nbsp;5:00 P.M., New York City time, on December&nbsp;14, 2026, at the office or agency
of the Rights Agent designated for such purpose, or of its successor as Rights Agent, one one-thousandth of a fully paid non-assessable
share of Series&nbsp;N Junior Participating Preferred Stock, par value $0.01&nbsp;per share (the &ldquo;<I>Preferred Stock</I>&rdquo;),
of the Company at a purchase price of $20.00&nbsp;per one one-thousandth of a share of Preferred Stock (the &ldquo;<I>Purchase Price</I>&rdquo;),
upon presentation and surrender of this Right Certificate with the Form&nbsp;of Election to Purchase duly executed. The number of Rights
evidenced by this Right Certificate (and the number of one one-thousandths of a share of Preferred Stock which may be purchased upon exercise
hereof) set forth above, and the Purchase Price set forth above, are the number and Purchase Price as of December&nbsp;26, 2025,&nbsp;based
on the Preferred Stock as constituted at such date. As provided in the Rights Agreement, the Purchase Price, the number of one one-thousandths
of a share of Preferred Stock (or other securities or property) which may be purchased upon the exercise of the Rights and the number
of Rights evidenced by this Right Certificate are subject to modification and adjustment upon the happening of certain events.</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: 1in">If the Rights evidenced by this
Right Certificate are at any time beneficially owned by or transferred to any person who is or becomes an Acquiring Person or an Affiliate
or Associate of an Acquiring Person (each as defined in the Rights Agreement) or certain transferees thereof, such Rights will become
null and void and will no longer be transferable.</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: 1in">In certain circumstances described
in the Rights Agreement, the Rights evidenced hereby may entitle the registered holder thereof to purchase securities of an entity other
than the Company or securities of the Company other than Preferred Stock or assets of the Company, all as provided in the Rights Agreement.</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>

<!-- Field: Page; Sequence: 45 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: 1in">This Right Certificate is subject
to all of the terms, provisions and conditions of the Rights Agreement, which terms, provisions and conditions are hereby incorporated
herein by reference and made a part hereof and to which Rights Agreement reference is hereby made for a full description of the rights,
limitations of rights, obligations, duties and immunities hereunder of the Rights Agent, the Company and the holders of the Right Certificates.
Copies of the Rights Agreement are on file at the principal executive offices of the Company and the office or agency of the Rights Agent
indicated in the Rights Agreement. The Company will mail to the holder of this Right Certificate a copy of the Rights Agreement without
charge after receipt of a written request therefor. In the event of any conflict or inconsistency between the provisions of this Rights
Certificate and the Rights Agreement, the provisions of the Rights Agreement shall govern and be controlling in all respects.</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: 1in">This Right Certificate, with
or without other Right Certificates, upon surrender at the office or agency of the Rights Agent designated for such purpose, may be exchanged
for another Right Certificate or Right Certificates of like tenor and date evidencing Rights entitling the holder to purchase a like aggregate
number of shares of Preferred Stock as the Rights evidenced by the Right Certificate or Right Certificates surrendered shall have entitled
such holder to purchase. If this Right Certificate shall be exercised in part, the holder shall be entitled to receive upon surrender
hereof another Right Certificate or Right Certificates for the number of whole Rights not exercised.</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: 1in">Subject to the provisions of
the Rights Agreement, the Rights evidenced by this Certificate (i)&nbsp;may be redeemed by the Company under certain circumstances, at
its option, at a redemption price of $0.0001 per Right or (ii)&nbsp;may be exchanged by the Company under certain circumstances, at its
option, in whole or in part for shares of the Company&rsquo;s common stock, par value $0.01&nbsp;per share (the &ldquo;<I>Common Stock</I>&rdquo;),
shares of Preferred Stock, or Equivalent Preferred Shares (as defined in the Rights Agreement).</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: 1in">No fractional shares of Preferred
Stock or Common Stock will be issued upon the exercise or exchange of any Right or Rights evidenced hereby (other than fractions of Preferred
Stock which are integral multiples of one one-thousandth of a share of Preferred Stock, which may, at the election of the Company, be
evidenced by depository receipts), but in lieu thereof a cash payment will be made, as provided in the Rights Agreement.</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: 1in">No holder of this Right Certificate,
as such, shall be entitled to vote or receive dividends or be deemed for any purpose the holder of the Preferred Stock or of any other
securities of the Company which may at any time be issuable on the exercise or exchange hereof, nor shall anything contained in the Rights
Agreement or herein be construed to confer upon the holder hereof, as such, any of the rights of a stockholder of the Company or any right
to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent
to any corporate action, or to receive notice of meetings or other actions affecting stockholders (except as provided in the Rights Agreement)
or to receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced by this Right Certificate shall have
been exercised or exchanged as provided in the Rights Agreement.</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: center">[The remainder of this page&nbsp;is intentionally
left blank.]</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>

<!-- Field: Page; Sequence: 46 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: 1in">This Right Certificate shall
not be valid or obligatory for any purpose until it shall have been countersigned by the Rights Agent.</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: 1in">WITNESS the facsimile signature
of the proper officers of the Company and its corporate seal. Dated as of _________ __, 20__.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">ASHFORD HOSPITALITY TRUST,&nbsp;INC.</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%"></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Stephen Zsigray</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">President and Chief Executive Officer</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">ATTEST:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Countersigned:</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">COMPUTERSHARE TRUST COMPANY, N.A., as Rights Agent</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> </TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD>&nbsp;</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"></P>

<!-- Field: Page; Sequence: 47 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: center">Form&nbsp;of Reverse Side of Right Certificate</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: center">FORM&nbsp;OF ASSIGNMENT</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: center">(To be executed by the registered holder if such
holder desires to transfer the Right Certificate)</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: 0.5in">FOR VALUE RECEIVED _________________________
hereby sells, assigns and transfers unto</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Please print name and address of transferee)</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">_______ Rights represented by this Right Certificate,
together with all right, title and interest therein, and does hereby irrevocably constitute and appoint ______________________________
Attorney, to transfer said Rights on the books of the within-named Company, with full power of substitution.</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: top">
    <TD STYLE="width: 33%; padding-bottom: 1.5pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 3%">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 60%; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature</FONT></TD></TR>
  </TABLE>
<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">Signature Guaranteed:</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: 1in">Signatures must be guaranteed
by a bank, trust company, broker, dealer or other eligible institution participating in a recognized signature guarantee medallion program.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(To be completed)</FONT></TD>
    </TR>
  </TABLE>
<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: 1in">The undersigned hereby certifies
that (1)&nbsp;the Rights evidenced by this Right Certificate are not beneficially owned by or are not being sold, assigned or transferred
by or on behalf of a Person who is or was an Acquiring Person or an Affiliate or Associate thereof (as such terms are defined in the Rights
Agreement), (2)&nbsp;this Right Certificate is not being sold, assigned or transferred to or on behalf of any Acquiring Person or Affiliate
or Associate thereof and (3)&nbsp;the undersigned did not acquire the Rights evidenced by this Right Certificate from any Person who is
or was an Acquiring Person or an Affiliate or Associate thereof.</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: top">
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 92%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature</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"></P>

<!-- Field: Page; Sequence: 48 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: center">Form&nbsp;of Reverse Side of Right Certificate
- continued</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: center">FORM&nbsp;OF ELECTION TO PURCHASE</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: center">(To be executed if holder desires to exercise Rights
represented by the Right Certificate)</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 Ashford Hospitality Trust,&nbsp;Inc.:</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: 1in">The undersigned hereby irrevocably
elects to exercise ________ Rights represented by this Right Certificate to purchase the shares of Series&nbsp;N Preferred Stock (or other
securities or property) issuable upon the exercise of such Rights and requests that certificates for such shares of Series&nbsp;N Preferred
Stock (or such other securities) be issued in the name of:</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: top">
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; text-align: center; width: 100%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Please print name and address)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If such number of Rights shall not be all the Rights evidenced by
this Right Certificate, a new Right Certificate for the balance remaining of such Rights shall be registered in the name of and delivered
to:</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">Please insert social security</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">or other identifying number</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: top">
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Please print name and address)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: justify; width: 86%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 8%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 6%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 92%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature</FONT></TD></TR>
  </TABLE>
<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">(Signature must conform to holder specified on
Right Certificate)</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">Signature Guaranteed:</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: 1in">Signature must be guaranteed
by a bank, trust company, broker, dealer or other eligible institution participating in a recognized signature guarantee medallion program.</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>

<!-- Field: Page; Sequence: 49 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: center">Form&nbsp;of Reverse Side of Right Certificate
- continued</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: top">
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; text-align: center; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(To be completed)</FONT></TD></TR>
  </TABLE>
<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">The undersigned hereby certifies that (1)&nbsp;the
Rights evidenced by this Right Certificate are not beneficially owned by or are not being sold, assigned or transferred by or on behalf
of a Person who is or was an Acquiring Person or an Affiliate or Associate thereof (as such terms are defined in the Rights Agreement),
(2)&nbsp;this Right Certificate is not being sold, assigned or transferred to or on behalf of any Acquiring Person or any Affiliate or
Associate thereof and (3)&nbsp;the undersigned did not acquire the Rights evidenced by this Right Certificate from any Person who is or
was an Acquiring Person or an Affiliate or Associate thereof.</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: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; text-align: justify; width: 95%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<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: center">NOTICE</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: 1in">The signature in the Form&nbsp;of
Assignment or Form&nbsp;of Election to Purchase, as the case may be, must conform to the name as written upon the face of this Right Certificate
in every particular, without alteration or enlargement or any change whatsoever.</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: 1in">In the event the certification
set forth above in the Form&nbsp;of Assignment or the Form&nbsp;of Election to Purchase, as the case may be, is not completed, such Assignment
or Election to Purchase will not be honored.</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>

<!-- Field: Page; Sequence: 50 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: right"><B>Exhibit&nbsp;C</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">UNDER CERTAIN CIRCUMSTANCES, AS SET FORTH IN THE
RIGHTS AGREEMENT, RIGHTS OWNED BY OR TRANSFERRED TO ANY PERSON WHO IS OR BECOMES AN ACQUIRING PERSON OR ANY AFFILIATE OR ASSOCIATE THEREOF
(EACH AS DEFINED IN THE RIGHTS AGREEMENT) AND CERTAIN TRANSFEREES THEREOF WILL BECOME NULL AND VOID AND WILL NO LONGER BE TRANSFERABLE.</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: center">SUMMARY OF RIGHTS TO PURCHASE<BR>
SHARES OF SERIES N PREFERRED STOCK OF<BR>
ASHFORD HOSPITALITY TRUST,&nbsp;INC.</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: 0.5in">On December&nbsp;15, 2025,
the Board of Directors (the &ldquo;<I>Board</I>&rdquo;) of Ashford Hospitality Trust,&nbsp;Inc. (the &ldquo;<I>Company</I>&rdquo;) declared
a dividend of one preferred share purchase right (a &ldquo;<I>Right</I>&rdquo;) for each outstanding share of common stock, par value
$0.01 per share, of the Company (the &ldquo;<I>Common Stock</I>&rdquo;), each Right initially representing the right to purchase from
the Company one one-thousandth of a share of Series&nbsp;N Junior Participating Preferred Stock, par value $0.01 per share, of the Company
(the &ldquo;<I>Series&nbsp;N Preferred Stock</I>&rdquo;) at a price of $20.00 per one one-thousandth of a share of Series&nbsp;N Preferred
Stock (the &ldquo;<I>Purchase Price</I>&rdquo;), subject to adjustment as provided in the Rights Agreement (defined below). The dividend
is payable to holders of Common Stock of record as of 5:00 p.m.&nbsp;New York City time on December&nbsp;26, 2025 (the &ldquo;<I>Record
Date</I>&rdquo;). The description and terms of the Rights are set forth in a Rights Agreement, dated as of December&nbsp;15, 2025, as
the same may be amended from time to time, (the &ldquo;<I>Rights Agreement</I>&rdquo;), between the Company and Computershare Trust Company,
N.A., as Rights Agent.</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: 0.5in; background-color: white">Subject
to certain exceptions specified in the Rights Agreement, the Rights will separate from the Common Stock and become exercisable at 5:00
p.m.&nbsp;New York City time on the next business day following the earlier of (i)&nbsp;the Flip-In Date (as defined below) or (ii)&nbsp;10
business days after the date (prior to such time as any person or group of affiliated persons becomes an Acquiring Person), if any, as
may be determined by action of the Board, in its sole discretion, following the commencement of, or public announcement of an intention
to commence, a tender or exchange offer the consummation of which would result in any person or group of affiliated or associated persons
becoming an Acquiring Person (the earlier of such dates being called the &ldquo;<I>Distribution Date</I>&rdquo;). A person or group of
affiliated or associated persons becomes an &ldquo;<I>Acquiring Person</I>&rdquo; upon acquiring Beneficial Ownership (as defined in the
Rights Agreement) of 4.99% or more of any class of Company Securities then outstanding, except in certain situations (including a person
or group of affiliated or associated persons that currently has Beneficial Ownership of any class of Company Securities then outstanding
in excess of such threshold unless and until such person or group becomes the Beneficial Owner of a percentage of any class of Company
Securities outstanding that exceeds by 0.5% or more the percentage of any class of Company Securities outstanding that such person or
group owned as of the first public announcement of the adoption of the Rights Agreement). &ldquo;<I>Company Securities</I>&rdquo; means
the Common Stock and any other interest that the Board determines would be treated as &ldquo;stock&rdquo; of the Company for purposes
of Section&nbsp;382 of the Internal Revenue Code of&nbsp;1986, as amended (the &ldquo;<I>Code</I>&rdquo;) (including Treasury Regulation
Sections 1.382-2(a)(3)&nbsp;and 1.382-2T(f)(18)).</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: 0.5in; background-color: white">The
Rights Agreement provides that, until the Distribution Date (or earlier redemption or expiration of the Rights), the Rights will be transferred
with and only with the Common Stock. Until the Distribution Date (or earlier redemption or expiration of the Rights), new Common Stock
certificates issued after the Record Date upon transfer or new issuances of Common Stock will contain a legend incorporating the Rights
Agreement by reference (and notice of such legend will be furnished to holders of book entry shares). Until the Distribution Date (or
earlier redemption or expiration of the Rights), the surrender for transfer of any certificates for shares of Common Stock (or of any
book entry shares of Common Stock) outstanding as of the Record Date, even without such legend (or notice of such legend) or a copy of
the Summary of Rights (as such term is defined in the Rights Agreement), will also constitute the transfer of the Rights associated with
the shares of Common Stock represented by such certificate (or book entry). As soon as practicable following the Distribution Date, separate
certificates evidencing the Rights (&ldquo;<I>Right Certificates</I>&rdquo;) will be mailed to holders of record of the Common Stock as
of the close of business on the Distribution Date and such separate Right Certificates alone will evidence the Rights.</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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: 0.5in; background-color: white">The
Rights are not exercisable until the Distribution Date.&nbsp;Pursuant to the terms of the Rights Agreement, the Rights will expire on
the earliest of (i)&nbsp;5:00 p.m.&nbsp;New York City time on December&nbsp;14, 2026, (ii)&nbsp;the effective date of the repeal of Section&nbsp;382
of the Code or any successor statute if the Board determines in its sole discretion that the Rights Agreement is no longer necessary or
desirable for the preservation of tax benefits, or (iii)&nbsp;the first day of a taxable year of the Company to which the Board determines
in its sole discretion that no tax benefits may be carried forward, unless the Rights are earlier redeemed or exchanged by the Company,
in each case as described below, or upon the occurrence of certain transactions.</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: 0.5in; background-color: white">The
Purchase Price payable, and the number of shares of Series&nbsp;N Preferred Stock or other securities or property issuable, upon exercise
of the Rights is subject to adjustment from time to time to prevent dilution (i)&nbsp;in the event of a stock dividend on, or a subdivision,
combination or reclassification of, the Series&nbsp;N Preferred Stock, (ii)&nbsp;upon the grant to holders of the Series&nbsp;N Preferred
Stock of certain rights or warrants to subscribe for or purchase Series&nbsp;N Preferred Stock at a price, or securities convertible into
Series&nbsp;N Preferred Stock with a conversion price, less than the then-current market price of the Series&nbsp;N Preferred Stock or
(iii)&nbsp;upon the distribution to holders of the Series&nbsp;N Preferred Stock of evidences of indebtedness or assets (other than regular
periodic cash dividends or dividends payable in Series&nbsp;N Preferred Stock) or of subscription rights or warrants (other than those
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: 0.5in">The number of outstanding
Rights is subject to adjustment in the event of a stock dividend on the Common Stock payable in shares of Common Stock, or subdivisions,
consolidations or combinations of the Common Stock occurring, in any such case, prior to the Distribution Date.</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: 0.5in">Shares of Series&nbsp;N Preferred
Stock purchasable upon exercise of the Rights will not be redeemable. Each share of Series&nbsp;N Preferred Stock will be entitled, when,
as and if declared, to a minimum preferential quarterly dividend payment of the greater of (a)&nbsp;$1.00&nbsp;per share, and (b)&nbsp;an
amount equal to&nbsp;1,000 times the dividend declared per share of Common Stock. In the event of liquidation, dissolution or winding
up of the Company, the holders of the Series&nbsp;N Preferred Stock will be entitled to a minimum preferential payment of the greater
of (a)&nbsp;$1.00&nbsp;per share (plus any accrued but unpaid dividends), and (b)&nbsp;an amount equal to&nbsp;1,000 times the payment
made per share of Common Stock. Each share of Series&nbsp;N Preferred Stock will have&nbsp;1,000 votes, voting together with the Common
Stock. Finally, in the event of any merger, consolidation or other transaction in which outstanding shares of Common Stock are converted
or exchanged, each share of Series&nbsp;N Preferred Stock will be entitled to receive&nbsp;1,000 times the amount received per share of
Common Stock. These rights are protected by customary antidilution provisions.</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: 0.5in">The Rights Agreement includes
procedures whereby the Board will consider requests to exempt (a)&nbsp;any person or group (an &ldquo;<I>Exempt Person</I>&rdquo;) which
would otherwise be an Acquiring Person, or (b)&nbsp;any transaction (an &ldquo;<I>Exempt Transaction</I>&rdquo;) resulting in the Beneficial
Ownership of Company Securities, prior to the consummation of such transaction, in each case as determined by the Board in its sole discretion,
provided that it will only grant such an exemption if it determines in its sole discretion that such ownership would not reasonably be
expected to jeopardize or endanger the availability of the tax benefits to the Company or if it otherwise determines that the exemption
is in the best interests of the Company; provided further that, (A)&nbsp;in the case of an Exempt Person, if the Board later makes a contrary
determination with respect to the effect of such person or group&rsquo;s Beneficial Ownership with respect to the availability to the
Company of its tax benefits, such person or group will cease to be an Exempt Person and (B)&nbsp;in the case of an Exempt Person or Exempt
Transaction, the Board in its sole discretion may require the applicable person or group to make certain representations or undertakings,
the violation or attempted violation of which will be subject to such consequences as the Board may determine in its sole discretion,
including that such person or group will become an Acquiring Person.</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>

<!-- Field: Page; Sequence: 52 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: 0.5in">Because of the nature of the
Series&nbsp;N Preferred Stock&rsquo;s dividend, liquidation and voting rights, the value of the one one-thousandth interest in a share
of Series&nbsp;N Preferred Stock purchasable upon exercise of each Right should approximate the value of one share of Common Stock.</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: 0.5in">On the first date of public
announcement by the Company that any person or group of affiliated or associated persons has become an Acquiring Person pursuant to the
Rights Agreement, which announcement makes express reference to such status as an Acquiring Person pursuant to the Rights Agreement (the
&ldquo;<I>Stock Acquisition Date</I>&rdquo;), or on such later date as the Board may fix by resolution adopted prior to such Stock Acquisition
Date (such date, a &ldquo;<I>Flip-In Date</I>&rdquo;, and the first Flip-In Date to occur, a &ldquo;<I>Flip-In Event</I>&rdquo;), each
holder of a Right (other than Rights beneficially owned by the Acquiring Person, affiliates and associates of the Acquiring Person and
certain transferees thereof which will thereupon become null and void) will thereafter have the right to receive upon exercise of a Right
that number of shares of Common Stock or, at the Company&rsquo;s option, shares of Series&nbsp;N Preferred Stock (or fraction thereof,
having an equivalent value to the substituted Common Stock) having a market value of two times the exercise price of the Right; provided
that if such exercise of Rights would result in a person becoming the Beneficial Owner of more than 4.99% of any class of Company Securities
then outstanding, the Board may elect (in its sole discretion) to distribute to such person cash or a note or other form of indebtedness
of equivalent value.</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: 0.5in">If, after a Flip-In Event,
the Company is acquired in a merger or other business combination transaction or 50% or more of its consolidated assets or earning power
are sold, proper provisions will be made so that each holder of a Right (other than Rights beneficially owned by an Acquiring Person,
affiliates and associates of the Acquiring Person and certain transferees thereof which will have become null and void) will thereafter
have the right to receive upon the exercise of a Right that number of shares of common stock of the person with whom the Company has engaged
in the foregoing transaction (or its parent) that at the time of such transaction have a market value of two times the exercise price
of the Right.</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: 0.5in">At any time after a Flip-In
Event and prior to the earlier of one of the events described in the previous paragraph or the acquisition by such Acquiring Person of
50% or more of the outstanding shares of Common Stock, the Board may exchange the Rights (other than Rights owned by such Acquiring Person,
affiliates and associates of the Acquiring Person and certain transferees thereof which will have become null and void), in whole or in
part, for shares of Common Stock or Series&nbsp;N Preferred Stock (or a series of the Company&rsquo;s preferred stock having equivalent
rights, preferences, privileges and restrictions), at an exchange ratio of one share of Common Stock, or a fractional share of Series&nbsp;N
Preferred Stock (or other preferred stock) equivalent in value thereto, per Right; provided that if such exchange of Rights would result
in a person becoming the Beneficial Owner of more than 4.99% of any class of Company Securities then outstanding, the Board may elect
(in its sole discretion) to distribute to such person cash or a note or other form of indebtedness of equivalent value.</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: 0.5in">With certain exceptions, no
adjustment in the Purchase Price will be required until cumulative adjustments require an adjustment of at least&nbsp;1% in such Purchase
Price. No fractional shares of Series&nbsp;N Preferred Stock or Common Stock will be issued (other than fractions of shares of Series&nbsp;N
Preferred Stock which are integral multiples of one one-thousandth of a share of Series&nbsp;N Preferred Stock, which may, at the election
of the Company, be evidenced by depositary receipts), and in lieu thereof an adjustment in cash will be made based on the current market
price of the Series&nbsp;N Preferred Stock or the Common Stock.</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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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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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; text-indent: 0.5in">At any time prior to a Flip-In
Event, the Board may redeem the Rights in whole, but not in part, at a price of $0.0001 per Right (the &ldquo;<I>Redemption Price</I>&rdquo;)
payable, at the option of the Company, in cash, shares of Common Stock or such other form of consideration as the Board determines in
its sole discretion. The redemption of the Rights may be made effective at such time, on such basis and with such conditions as the Board
in its sole discretion may establish. Immediately upon any redemption of the Rights, the right to exercise the Rights will terminate and
the only right of the holders of Rights will be to receive the Redemption Price.</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: 0.5in">For so long as the Rights
are then redeemable, the Company may, except with respect to the Redemption Price, amend the Rights Agreement in any manner. After the
Rights are no longer redeemable, the Company may, except with respect to the Redemption Price, amend the Rights Agreement in any manner
that does not adversely affect the interests of holders of the Rights (other than holders of Rights owned by or transferred to any person
who is or becomes an Acquiring Person or affiliates and associates of an Acquiring Person and certain transferees thereof).</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: 0.5in">Until a Right is exercised
or exchanged, the holder thereof, as such, will have no rights as a stockholder of the Company, including the right to vote or to receive
dividends.</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: 0.5in">A copy of the Rights Agreement
has been filed with the Securities and Exchange Commission as an Exhibit&nbsp;to a Registration Statement on Form&nbsp;8-A. A copy of
the Rights Agreement is available free of charge from the Company. This summary description of the Rights does not purport to be complete
and is qualified in its entirety by reference to the Rights Agreement, as the same may be amended from time to time, which is hereby incorporated
herein by reference.</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">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>6
<FILENAME>aht-20251215_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementTable_lbl" xml:lang="en-US">Statement [Table]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInformationLineItems_lbl" xml:lang="en-US">Entity Information [Line Items]</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_AmendmentDescription" xlink:label="dei_AmendmentDescription" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentDescription" xlink:to="dei_AmendmentDescription_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentDescription_lbl" xml:lang="en-US">Amendment Description</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentRegistrationStatement" xlink:label="dei_DocumentRegistrationStatement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentRegistrationStatement" xlink:to="dei_DocumentRegistrationStatement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentRegistrationStatement_lbl" xml:lang="en-US">Document Registration Statement</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentAnnualReport" xlink:label="dei_DocumentAnnualReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAnnualReport" xlink:to="dei_DocumentAnnualReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAnnualReport_lbl" xml:lang="en-US">Document Annual Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentQuarterlyReport" xlink:label="dei_DocumentQuarterlyReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentQuarterlyReport" xlink:to="dei_DocumentQuarterlyReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentQuarterlyReport_lbl" xml:lang="en-US">Document Quarterly Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentTransitionReport" xlink:label="dei_DocumentTransitionReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentTransitionReport" xlink:to="dei_DocumentTransitionReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentTransitionReport_lbl" xml:lang="en-US">Document Transition Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentShellCompanyReport" xlink:label="dei_DocumentShellCompanyReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyReport" xlink:to="dei_DocumentShellCompanyReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyReport_lbl" xml:lang="en-US">Document Shell Company Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentShellCompanyEventDate" xlink:label="dei_DocumentShellCompanyEventDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyEventDate" xlink:to="dei_DocumentShellCompanyEventDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyEventDate_lbl" xml:lang="en-US">Document Shell Company Event Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentPeriodStartDate" xlink:label="dei_DocumentPeriodStartDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodStartDate" xlink:to="dei_DocumentPeriodStartDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodStartDate_lbl" xml:lang="en-US">Document Period Start Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>7
<FILENAME>aht-20251215_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Dec. 15, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityInformationLineItems', window );"><strong>Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 15,  2025<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-31775<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">ASHFORD HOSPITALITY TRUST, INC.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001232582<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">86-1062192<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">MD<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">14185 Dallas Parkway<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Suite 1200<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Dallas,<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">TX<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">75254<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">972<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">490-9600<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember', window );">Common Stock</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityInformationLineItems', window );"><strong>Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">AHT<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesDPreferredStockMember', window );">Preferred Stock, Series D</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityInformationLineItems', window );"><strong>Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Preferred Stock, Series D<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">AHT-PD<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesFPreferredStockMember', window );">Preferred Stock, Series F</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityInformationLineItems', window );"><strong>Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Preferred Stock, Series F<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">AHT-PF<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesGPreferredStockMember', window );">Preferred Stock, Series G</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityInformationLineItems', window );"><strong>Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Preferred Stock, Series G<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">AHT-PG<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesHPreferredStockMember', window );">Preferred Stock, Series H</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityInformationLineItems', window );"><strong>Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Preferred Stock, Series H<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">AHT-PH<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=aht_PreferredStockSeriesIMember', window );">Preferred Stock, Series I</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityInformationLineItems', window );"><strong>Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Preferred Stock, Series I<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">AHT-PI<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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