<SEC-DOCUMENT>0001144204-16-105128.txt : 20160526
<SEC-HEADER>0001144204-16-105128.hdr.sgml : 20160526
<ACCEPTANCE-DATETIME>20160526154041
ACCESSION NUMBER:		0001144204-16-105128
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20160526
DATE AS OF CHANGE:		20160526
GROUP MEMBERS:		JOHN PETRY
GROUP MEMBERS:		SESSA CAPITAL GP, LLC
GROUP MEMBERS:		SESSA CAPITAL IM GP, LLC
GROUP MEMBERS:		SESSA CAPITAL IM, L.P.

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ashford Hospitality Prime, Inc.
		CENTRAL INDEX KEY:			0001574085
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				462488594
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-87737
		FILM NUMBER:		161677997

	BUSINESS ADDRESS:	
		STREET 1:		14185 DALLAS PARKWAY
		STREET 2:		SUITE 1100
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75254
		BUSINESS PHONE:		(972) 490-9600

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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sessa Capital (Master), L.P.
		CENTRAL INDEX KEY:			0001618360
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		1350 AVENUE OF THE AMERICAS
		STREET 2:		SUITE 3110
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-257-4410

	MAIL ADDRESS:	
		STREET 1:		1350 AVENUE OF THE AMERICAS
		STREET 2:		SUITE 3110
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>v441057_sc13da.htm
<DESCRIPTION>SC 13D/A
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Schedule 13D</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Under the Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Amendment No. 9)*</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Common Stock, $0.01 par value per share</U></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>044102101</U></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Bartlit Beck Herman Palenchar &amp; Scott
LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">1899 Wynkoop Street, Suite 800</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Denver, Colorado 80202</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>(303) 592-3100</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, Address and Telephone Number of Person</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Authorized to Receive Notices and Communications)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>May 25, 2016</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Date of Event which Requires Filing of
this Statement)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
the filing person has previously filed a statement on Schedule&nbsp;13G to report the acquisition that is the subject of this Schedule&nbsp;13D,
and is filing this schedule because of &sect;&sect; 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Note: Schedules filed in paper format shall
include a signed original and five copies of the schedule, including all exhibits. See Rule&nbsp;13d-7 for other parties to whom
copies are to be sent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">*The remainder of this cover page shall
be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any
subsequent amendment containing information which would alter disclosures provided in a prior cover page.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information required on the remainder
of this cover page shall not be deemed to be &quot;filed&quot; for the purpose of Section&nbsp;18 of the Securities Exchange Act
of 1934 (&quot;Act&quot;) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other
provisions of the Act (however, see the Notes).</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</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">CUSIP No. 044102101</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: 6%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 94%; border-top: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Names of Reporting Persons.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Sessa Capital (Master), L.P.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Check the Appropriate Box if a Member of a Group (See Instructions)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(A)&nbsp; &nbsp;&#9744;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(B)&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">SEC Use Only</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">4.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Source of Funds (See Instructions)&nbsp;&nbsp;&nbsp;OO</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">5.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">6.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Citizenship or Place of Organization:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cayman Islands</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<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: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Number of</FONT></TD>
    <TD STYLE="width: 6%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.</FONT></TD>
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Sole Voting Power</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,330,726</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Shares </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Beneficially</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Shared Voting Power</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Owned by </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Each</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Sole Dispositive Power</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,330,726</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Reporting</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Person With</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Shared Dispositive Power</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<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: 6%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 60%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 34%; border-top: Black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">11.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Aggregate Amount Beneficially Owned by Each Reporting Person</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,330,726</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD></TR>
</TABLE>
<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: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.</FONT></TD>
    <TD STYLE="width: 94%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">13.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Percent of Class Represented by Amount in Row (11)&nbsp;&nbsp;&nbsp;8.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">14.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Type of Reporting Person (See Instructions)&nbsp;&nbsp;&nbsp;&nbsp;PN</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</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">CUSIP No. 044102101</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: 6%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 94%; border-top: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Names of Reporting Persons.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Sessa Capital GP, LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Check the Appropriate Box if a Member of a Group (See Instructions)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(A)&nbsp;&nbsp; &#9744;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(B)&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">SEC Use Only</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">4.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Source of Funds (See Instructions) &nbsp;&nbsp;&nbsp;&nbsp;AF</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">5.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">6.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Citizenship or Place of Organization:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<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: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Number of</FONT></TD>
    <TD STYLE="width: 6%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.</FONT></TD>
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Sole Voting Power</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,330,726</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Shares</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Beneficially</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Shared Voting Power</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Owned by</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Each</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Sole Dispositive Power</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,330,726</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Reporting</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Person With</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Shared Dispositive Power</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<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: 6%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 60%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 34%; border-top: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">11.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Aggregate Amount Beneficially Owned by Each Reporting Person</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; text-indent: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,330,726</FONT></TD></TR>
</TABLE>
<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: 6%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 94%; border-top: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">12.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">13.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Percent of Class Represented by Amount in Row (11)&nbsp;&nbsp;&nbsp;8.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">14.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Type of Reporting Person (See Instructions)&nbsp;&nbsp;&nbsp;&nbsp;OO</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</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">CUSIP No. 044102101</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: 6%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 94%; border-top: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Names of Reporting Persons.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Sessa Capital IM, L.P.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Check the Appropriate Box if a Member of a Group (See Instructions)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(A)&nbsp;&nbsp;&nbsp;&#9744;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(B) &nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">SEC Use Only</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">4.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Source of Funds (See Instructions) &nbsp;&nbsp;&nbsp;AF</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">5.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">6.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Citizenship or Place of Organization:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<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: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Number of</FONT></TD>
    <TD STYLE="width: 6%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.</FONT></TD>
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Sole Voting Power</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,330,726</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Shares </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Beneficially </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Shared Voting Power</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Owned by </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Each</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Sole Dispositive Power</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,330,726</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Reporting</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Person With</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Shared Dispositive Power</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<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">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; border-top: Black 1pt solid; text-align: justify; text-indent: 0.375in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.</FONT></TD>
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Aggregate Amount Beneficially Owned by Each Reporting Person&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; text-indent: 0.375in; width: 34%"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,330,726</FONT></TD></TR>
</TABLE>
<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: 6%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 94%; border-top: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">12.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">13.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Percent of Class Represented by Amount in Row (11)&nbsp;&nbsp;&nbsp;8.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">14.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Type of Reporting Person (See Instructions)&nbsp;&nbsp;&nbsp;&nbsp;IA</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</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">CUSIP No. 044102101</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: 6%; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 94%; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">1.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Names of Reporting Persons.&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Sessa Capital IM GP, LLC</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">2.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Check the Appropriate Box if a Member of a Group (See Instructions)</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(A)&nbsp;&nbsp;&#9744;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><P STYLE="margin: 0pt 0">(B)&nbsp; <FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></P>


</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">3.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">SEC Use Only</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">4.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Source of Funds (See Instructions)&nbsp;&nbsp;&nbsp;&nbsp;AF</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">5.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Check if Disclosure of Legal Proceedings is Required Pursuant
    to Items 2(d) or 2(e)</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">6.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Citizenship or Place of Organization:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
</TABLE>
<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: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Number of</FONT></TD>
    <TD STYLE="width: 6%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.</FONT></TD>
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Sole Voting Power</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,330,726</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Shares </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Beneficially</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Shared Voting Power</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Owned by </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Each</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Sole Dispositive Power</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,330,726</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Reporting</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Person With</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Shared Dispositive Power</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<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: 6%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 60%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 34%; border-top: Black 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">11.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Aggregate Amount Beneficially Owned by Each Reporting Person </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; text-indent: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,330,726</FONT></TD></TR>
</TABLE>
<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">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">13.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Percent of Class Represented by Amount in Row (11)&nbsp;&nbsp;&nbsp;8.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">14.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Type of Reporting Person (See Instructions)&nbsp;&nbsp;&nbsp;&nbsp;OO</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</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">CUSIP No. 044102101</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: 6%; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 93%; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">1.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Names of Reporting Persons.&nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">John Petry</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">2.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Check the Appropriate Box if a Member of a Group (See Instructions)</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(A)&nbsp;&nbsp;&#9744;&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><P STYLE="margin: 0pt 0">(B) &nbsp;<FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></P>


</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">3.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">SEC Use Only</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">4.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Source of Funds (See Instructions)&nbsp;&nbsp; AF</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">5.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Check if Disclosure of Legal Proceedings is Required Pursuant
    to Items 2(d) or 2(e)</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">6.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Citizenship or Place of Organization:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United
    States</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
</TABLE>
<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: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Number of</FONT></TD>
    <TD STYLE="width: 6%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.</FONT></TD>
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Sole Voting Power</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,330,726</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Shares </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Beneficially</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Shared Voting Power</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Owned by </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Each</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Sole Dispositive Power</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,330,726</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Reporting</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Person With</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Shared Dispositive Power</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<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: 6%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 60%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 34%; border-top: Black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">11.&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Aggregate Amount Beneficially Owned by Each Reporting Person </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; text-indent: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,330,726</FONT></TD></TR>
</TABLE>
<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: 6%; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 94%; border-top: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">12.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">13.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Percent of Class Represented by Amount in Row (11)&nbsp;&nbsp;&nbsp;8.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">14.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Type of Reporting Person (See Instructions)&nbsp;&nbsp;&nbsp;&nbsp;IN</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Items 4 and 7 of the statement
on Schedule 13D relating to the Common Stock, $0.01 par value per share (the &ldquo;Shares&rdquo;) of Ashford Hospitality Prime,
Inc., a Maryland corporation (&ldquo;AHP&rdquo;) previously filed by (i) Sessa Capital (Master), L.P., a Cayman Islands exempted
limited partnership (&ldquo;Sessa Capital&rdquo;), as a result of its direct ownership of Shares, (ii) Sessa Capital GP, LLC, a
Delaware limited liability company (&ldquo;Sessa Capital GP&rdquo;), as a result of being the sole general partner of Sessa Capital,
(iii) Sessa Capital IM, L.P., a Delaware limited partnership (&ldquo;Sessa IM&rdquo;), as a result of being the investment adviser
for Sessa Capital, (iv) Sessa Capital IM GP, LLC, a Delaware limited liability company (&ldquo;Sessa IM GP&rdquo;), as a result
of being the sole general partner of Sessa IM, and (v) John Petry, as a result of being the manager of Sessa Capital GP and Sessa
IM GP (Sessa Capital, Sessa Capital GP, Sessa IM, Sessa IM GP and Mr. Petry are collectively referred to as the &ldquo;Reporting
Persons&rdquo;), are hereby amended as follows:</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Item 4. Purpose of Transaction</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No change except for
the addition of the following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May 25, 2016, Sessa
Capital filed emergency motions seeking to modify the preliminary injunction and to expedite the appeal of the orders issued by
the District Court for the Northern District of Texas in the lawsuits brought by Sessa Capital and AHP in connection with Sessa
Capital&rsquo;s proxy contest relating to the election of directors at AHP. The motions are identical in all material respects
and seek to stay the District Court&rsquo;s orders, require AHP to postpone its annual stockholders meeting until after the resolution
of Sessa Capital&rsquo;s appeal, and expedite the appeal. Copies of Sessa Capital&rsquo;s motions are attached as Exhibits 1 and
2 and incorporated by reference in this Item 4 in its entirety.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Reporting Persons
intend to continue to monitor actions by AHP&rsquo;s board, and, depending on the outcome of the pending litigation, among other
factors previously reported in this Statement on Schedule 13D, will consider taking further action to protect their interests and
the interests of stockholders, which actions may involve plans or proposals of the type described in Item 4(a) through (j) of Schedule
13D.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 7. Exhibits</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following documents are filed as exhibits
to this statement:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.75in; text-align: left">Exhibit 1</TD><TD STYLE="text-align: justify">Appellants&rsquo; emergency motion for modification of
the district court&rsquo;s preliminary injunction pending appeal and to expedite the appeal (Civ. No. 3:16-cv-00527-N)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.75in; text-align: left">Exhibit 2</TD><TD STYLE="text-align: justify">Appellants&rsquo; emergency motion for modification of
the district court&rsquo;s preliminary injunction pending appeal and to expedite the appeal (Civ. No. 3:16-cv-00713-N)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After reasonable inquiry and to the best
of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Date: May 26, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ John Petry</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">John Petry, individually, as manager of Sessa Capital GP, LLC, the general partner of Sessa Capital (Master), L.P., and as manager of Sessa Capital IM GP, LLC, the general partner of Sessa Capital IM, L.P. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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 1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">No. 16-10671</P>

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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>IN THE UNITED STATES COURT OF APPEALS</B></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Plaintiff &ndash; Third Party Defendant
&ndash; Appellee</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SESSA CAPITAL (MASTER), L.P.,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Defendant &ndash; Third Party Plaintiff
&ndash; Appellant</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SESSA CAPITAL GP, LLC; SESSA CAPITAL IM,
L.P.; SESSA CAPITAL IM GP, LLC; JOHN E. PETRY; PHILIP B. LIVINGSTON; LAWRENCE A. CUNNINGHAM; DANIEL B. SILVERS; CHRIS D. WHEELER,</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">DOUGLAS A. KESSLER; ANDREW STRONG; STEFANI
D. CARTER; CURTIS B. MCWILLIAMS; MONTY J. BENNETT; ASHFORD HOSPITALITY</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">D. RINALDI; W. MICHAEL MURPHY,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Third-Party Defendants &ndash; Appellees.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">On Appeal from the United States District
Court</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For The Northern District of Texas, Dallas
Division</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Civ. No. 3:16-cv-00527-N</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>APPELLANTS&rsquo; EMERGENCY MOTION FOR
MODIFICATION OF THE DISTRICT COURT&rsquo;S PRELIMINARY INJUNCTION AND STAY OF</B></P>

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

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

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

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<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">Attorneys on next page</P>

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


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<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: 49%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.6pt; text-indent: -12.6pt">John D. Byars (<I>Admission
        Pending</I>)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.6pt; text-indent: -12.6pt">john.byars@bartlit-beck.com</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.2in; text-indent: -0.2in"><FONT STYLE="font-variant: small-caps">Bartlit
        Beck Herman Palenchar &amp; Scott</FONT> LLP</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Courthouse Place</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">54 W. Hubbard St., Suite 300</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chicago, Illinois 60654</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone No. (312) 494-4400</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facsimile No.: (312) 494-4440</P></TD>
    <TD STYLE="width: 51%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.6pt; text-indent: -12.6pt">Sundeep Kumar (Rob) Addy</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.6pt; text-indent: -12.6pt">Glen E. Summers, Lead Counsel
        (<I>Admission Pending</I>)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.6pt; text-indent: -12.6pt">Joseph W. Doman (<I>Admission
        Pending</I>)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.6pt; text-indent: -12.6pt"><FONT STYLE="font-variant: small-caps">Bartlit
        Beck Herman Palenchar &amp; Scott</FONT> LLP</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.6pt; text-indent: -12.6pt">1899 Wynkoop Street, 8th Floor</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.6pt; text-indent: -12.6pt">Denver, Colorado 80202</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.6pt; text-indent: -12.6pt">Telephone No. (303) 592-3100</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Attorneys for Defendants &ndash; Third
Party Plaintiff &ndash; Appellants Sessa Capital (Master), L.P., Sessa Capital GP, LLC, Sessa Capital IM, L.P., Sessa Capital IM
GP, LLC, John E. Petry, Philip B. Livingston, Lawrence A. Cunningham, Daniel B. Silvers and Chris D. Wheeler</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</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">No. 16-10671</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>IN THE UNITED STATES COURT OF APPEALS
</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><I>Ashford
Hospitality Prime, Inc. v. Sessa Capital (Master), L.P.</I></FONT><I><B> </B></I></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned counsel
of record certifies that the following listed persons and entities as described in the fourth sentence of Rule 28.2.1 have an interest
in the outcome of this case. These representations are made in order that the judges of this Court may evaluate possible disqualification
or recusal.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="text-align: justify">Sessa Capital (Master), L.P., Defendant-Appellant, Counterclaimant and Third-Party Claimant, a Cayman Islands exempted limited
partnership that is not publicly traded;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="text-align: justify">Sessa Capital GP, LLC, Defendant-Appellant, a Delaware limited liability company that is not publicly traded;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="text-align: justify">Sessa Capital IM, L.P., Defendant-Appellant, a Delaware limited partnership that is not publicly traded;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.</FONT></TD><TD STYLE="text-align: justify">Sessa Capital IM GP, LLC, Defendant-Appellant, a Delaware limited liability company that is not publicly traded;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.</FONT></TD><TD STYLE="text-align: justify">John E. Petry, Defendant-Appellant, the founder and manager of the Sessa entities and one of the persons nominated by Sessa
Capital (Master), L.P. as a candidate for election to the board of Ashford Prime Inc.;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.</FONT></TD><TD STYLE="text-align: justify">Philip B. Livingston, Defendant-Appellant, one of the persons nominated by Sessa Capital (Master), L.P. as a candidate for
election to the board of Ashford Prime Inc.;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.</FONT></TD><TD STYLE="text-align: justify">Lawrence A. Cunningham, Defendant-Appellant, one of the persons nominated by Sessa Capital (Master), L.P. as a candidate for
election to the board of Ashford Prime Inc.;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.</FONT></TD><TD STYLE="text-align: justify">Daniel B. Silvers, Defendant-Appellant, one of the persons nominated by Sessa Capital (Master), L.P. as a candidate for election
to the board of Ashford Prime Inc.;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.</FONT></TD><TD STYLE="text-align: justify">Chris D. Wheeler, Defendant-Appellant, one of the persons nominated by Sessa Capital (Master), L.P. as a candidate for election
to the board of Ashford Prime Inc.;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.</FONT></TD><TD STYLE="text-align: justify">Ashford Hospitality Prime, Inc., Plaintiff-Counterclaim-Defendant-Appellee, is a publicly traded Maryland corporation. There
are no publicly held corporations that own ten percent or more of Ashford Hospitality Prime, Inc.;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.</FONT></TD><TD STYLE="text-align: justify">Ashford Inc., Third-Party Defendant-Appellee, is a publicly-traded Delaware corporation. There are no publicly held corporations
that own ten percent or more of Ashford Inc.;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12.</FONT></TD><TD STYLE="text-align: justify">Ashford Hospitality Advisors LLC, Third-Party Defendant-Appellee, is a Delaware limited liability company and is a subsidiary
of and the operating company of Ashford Inc.;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13.</FONT></TD><TD STYLE="text-align: justify">Monty J. Bennett, Third-Party Defendant-Appellee, is a current director on the board of Ashford Prime, Inc.;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14.</FONT></TD><TD STYLE="text-align: justify">Douglas A. Kessler, Third-Party Defendant-Appellee, is a current director on the board of Ashford Prime, Inc.;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15.</FONT></TD><TD STYLE="text-align: justify">Stefani D. Carter, Third-Party Defendant-Appellee, is a current director on the board of Ashford Prime, Inc.;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16.</FONT></TD><TD STYLE="text-align: justify">Curtis B. McWilliams, Third-Party Defendant-Appellee, is a current director on the board of Ashford Prime, Inc.;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17.</FONT></TD><TD STYLE="text-align: justify">W. Michael Murphy, Third-Party Defendant-Appellee, is a current director on the board of Ashford Prime, Inc.;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18.</FONT></TD><TD STYLE="text-align: justify">Matthew D. Rinaldi, Third-Party Defendant-Appellee, is a current director on the board of Ashford Prime, Inc.; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19.</FONT></TD><TD STYLE="text-align: justify">Andrew Strong, Third-Party Defendant-Appellee, is a current director on the board of Ashford Prime, Inc.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Attorneys for Defendants-Appellants:</I></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: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.95pt; text-indent: -12.95pt">Glen E. Summers</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.95pt; text-indent: -12.95pt">Sundeep Kumar (Rob) Addy</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.6pt; text-indent: -12.6pt">Joseph W. Doman</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.6pt; text-indent: -12.6pt"><FONT STYLE="font-variant: small-caps">Bartlit
        Beck Herman Palenchar &amp; Scott</FONT> LLP</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.6pt; text-indent: -12.6pt">1899 Wynkoop Street, 8th Floor</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.6pt; text-indent: -12.6pt">Denver, Colorado 80202</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.6pt; text-indent: -12.6pt">Telephone No. (303) 592-3100</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.95pt; text-indent: -12.95pt">Facsimile No.: (303) 592-3140</P></TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Paul J. Skiermont</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Eliot J. Walker</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shellie Stephens</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps">Skiermont Derby</FONT>
        LLP</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2200 Ross Ave., Suite 4800W</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dallas, Texas 75201</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone No.: (214) 978-6600</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facsimile No.: (214) 978-6601</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<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: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.6pt; text-indent: -12.6pt">John D. Byars</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.6pt; text-indent: -12.6pt"><FONT STYLE="font-variant: small-caps">Bartlit
        Beck Herman Palenchar &amp; Scott</FONT> LLP</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Courthouse Place</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">54 W. Hubbard St., Suite 300</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chicago, Illinois 60654</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone No. (312) 494-4400</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.6pt; text-indent: -12.6pt">Facsimile No.: (312) 494-4440</P></TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">John B. Isbister</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Daniel S. Katz</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Christopher D. Heagy</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thomas M. Joraanstad</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps">Tydings &amp; Rosenberg</FONT>
        LLP</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 East Pratt Street, 26th Floor</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Baltimore, Maryland 21202</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone No.: (410) 752-9700</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facsimile No.: (410) 727-5460</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Attorneys for Plaintiffs-Appellees:</I></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: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Martin L. Seidel</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nathan M. Bull</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jared Stanisci</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps">Cadwalader, Wichersham
        &amp; Taft LLP</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">200 Liberty Street</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10281</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone No.: (212) 504-6000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facsimile No.: (212) 406-6666</P></TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Matthew G. Nielsen</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Bradley W. Foster</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps">Andrews Kurth LLP</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1717 Main Street, Suite 3700</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dallas, Texas 75201</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone No.: (214) 659-4400</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facsimile No.: (214) 659-4401</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">G. Stewart Webb, Jr.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">John T. Prisbe</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Michael J. V/ilson</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps">Venable</FONT> LLP</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">750 East Pratt Street, Suite 900</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Baltimore, Maryland 21202</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">David Clarke, Jr.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">DLA <FONT STYLE="font-variant: small-caps">Piper</FONT> LLP
        (US)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">500 8th Street, NW</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, DC 20004</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone No.: (202) 799-4503</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facsimile No: (202) 799-5503</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">James D. Mathias</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">DLA <FONT STYLE="font-variant: small-caps">Piper</FONT> LLP
        (US)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">6225 Smith Avenue</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Baltimore, MD 21209</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone No.: (410) 580-3000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facsimile No.: (410) 580-3001</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">James R. Nelson</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">DLA <FONT STYLE="font-variant: small-caps">Piper</FONT> LLP
        (US)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1717 Main Street, Suite 4600</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dallas, TX 75201-4629</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone No.: (214) 743-4500</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facsimile No: (214) 743-4545</P></TD></TR>
</TABLE>

<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: 50%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">s/ Sundeep Kumar (Rob) Addy</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sundeep Kumar (Rob) Addy</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Attorney of Record for Defendants &ndash; Third Party Plaintiff &ndash; Appellants</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>


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

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

<P STYLE="font: bold 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: justify; text-indent: 0.5in">This emergency motion
arises out of the district court&rsquo;s unprecedented entry of a preliminary injunction prohibiting Sessa Capital (Master), L.P.
(&ldquo;Sessa&rdquo;), one of the largest stockholders of a publicly traded Maryland corporation known as Ashford Hospitality Prime,
Inc. (the &ldquo;Company&rdquo;), from exercising its right as a stockholder to nominate candidates to stand for election at the
Company&rsquo;s upcoming annual meeting of stockholders on June 10, 2016. Unless this Court enters an order staying the district
court&rsquo;s decision and delaying the annual meeting pending this appeal, the incumbent directors will run unopposed and the
Company&rsquo;s stockholders will be denied their right to elect directors of their choosing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Accordingly, Sessa
respectfully moves this Court for an order staying the district court&rsquo;s preliminary injunction and requiring the Company
to postpone the annual meeting pending the resolution of this appeal. Fed. R. App. Proc. 8. Sessa also requests that the appeal
be expedited. Fifth Circuit Rule 27.5. &nbsp;Sessa brings this motion on an emergency basis because the annual meeting is scheduled
for June 10, 2016 and a decision must be received no later Monday, June 6, 2016.<FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><SUP>1</SUP></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>1
</SUP></FONT>Sessa has contacted Appellees, who intend to file an opposition.&nbsp; Sessa respectfully requests that Appellees
be required to respond to this motion by Friday, May 27.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For over a year, these
incumbent directors have engaged in a pattern of misbehavior that has interfered with the stockholders&rsquo; voting rights and
to entrenched themselves in office, culminating in their brazen decision to disqualify Sessa&rsquo;s nominees and to refuse to
count any votes in their favor at the annual meeting. In its May 20, 2016 order, the district court overlooked well-established
Maryland and Delaware authorities holding directors to heightened scrutiny when they take actions that interfere with the stockholder
franchise. Instead, the district court erroneously concluded that the incumbent directors&rsquo; actions are reviewed only under
the deferential business judgment rule. Based on this error of law, the district court denied Sessa&rsquo;s motion for a preliminary
injunction, and granted the Company&rsquo;s unnecessary and overly broad proposed order, declaring the Sessa nominees to be ineligible
to stand for election, enjoining Sessa from submitting Sessa&rsquo;s nominees for election, and enjoining Sessa from soliciting
proxies for, or distributing any proxy materials regarding, Sessa&rsquo;s nominees. Order at 14.<FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><SUP>2</SUP></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sessa owns approximately
8.2% of the Company&rsquo;s common stock. On January 15, 2016, pursuant to the &ldquo;advance notice&rdquo; provisions&rdquo; in
the Company&rsquo;s bylaws, Sessa timely informed the Company of its intention to nominate five individuals to stand for election
to the Company&rsquo;s seven-member board at the 2016 annual meeting. Along with the notice, Sessa provided the Company with over
430 pages of biographical and other information, including all of the information required by the SEC&rsquo;s proxy rules and the
Company&rsquo;s bylaws. (713 Dkt. 70 at 6.)<FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><SUP>3</SUP></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>2
</SUP></FONT>The same Order was filed in both 2:16-cv-00527 and 2:16-cv-00713 cases on May 20, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>3
</SUP></FONT>Cites to the district court pleadings begin with the short case number followed by the docket number of the pleading
and the page reference.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">I.</TD><TD>The Incumbent Directors Pursue a Strategy of Misusing the Advance Notice Provisions to Invalidate the Sessa Nominees</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Expedited discovery
revealed that the incumbent directors have, from the time Sessa first expressed an interest in nominating candidates for election,
acted in bad faith by pursuing what the Company&rsquo;s financial advisor described as a &ldquo;strategy of declaring [Sessa&rsquo;s]
nominees invalid.&rdquo; (713 Dkt. 72 App. 13.) The first step in this strategy was to prepare a highly onerous director questionnaire
solely for use by Sessa&rsquo;s nominees. This questionnaire was created by the Company&rsquo;s outside lawyers, who modified the
questionnaire provided to the incumbent directors by adding 27 questions and expanding the scope of 34 questions. (<I>Compare</I>
713 Dkt. 72-1 App. 255-304 <I>with</I> Dkt. 72-2 App. 455-500.) The special Sessa questionnaire dropped all references to the well-established
SEC proxy rules referenced in the Company&rsquo;s bylaws, making the questions much broader than permitted by the bylaws. (713
Dkt. 72-1 App. 255-304.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</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">The incumbent directors
next pursued their invalidation strategy by making bad faith accusations that the Sessa nominees failed to provide complete responses
to the special Sessa questionnaires.<FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><SUP>4</SUP></FONT>
(713 Dkt. 72-2 App. 518-22.) For instance, the incumbent directors have complained that one of Sessa&rsquo;s nominees did not immediately
update his questionnaire to report a small purchase of the Company&rsquo;s stock on January 19 (after the questionnaire was submitted),
describing it as &ldquo;a glaring omission.&rdquo;<FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><SUP>5</SUP></FONT>
(713 Dkt. 72 App. 180.) But the incumbent Chair of the board&rsquo;s Nominating and Governance Committee repeatedly failed to disclose
her own ownership of Company stock on two separate questionnaires, without consequence.<FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><SUP>6</SUP></FONT>
Similarly, the same Sessa nominee listed &ldquo;CPA&rdquo; in response to a question asking for all of his relevant &ldquo;experience&rdquo;
and the Company complained on the ground that he is no longer licensed as a CPA. (713 Dkt. 38 at 23.) But the Company&rsquo;s own
COO was described in an SEC filing as a &ldquo;CPA&rdquo; despite the fact that his license had expired. (713 Dkt. 73 App. 1297-1583.)
The incumbent directors also accused the Sessa nominees of failing to disclose plans for a hasty sale of the Company or its assets.
But Sessa has been forthcoming all along about its belief that all options available to the Company should be considered, including
a possible sale.<FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><SUP>7</SUP></FONT> Discovery
produced no evidence of any undisclosed plans, merely tentative ideas and discussions that are not required to be disclosed pursuant
to the SEC rules or the Company&rsquo;s bylaws. <I>Infra</I>, Section I.C.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>4
</SUP></FONT>All but two of the 22 issues raised by the Company involved the new or expanded questions concocted specially for
the Sessa nominees. <I>Id</I>. The two issues relating to standard questions were easily resolved by clarifications provided by
Sessa on February 3, 2016. (<I>Id.</I> at App. 524-32.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>5
</SUP></FONT>Sessa disclosed Mr. Livingston&rsquo;s purchase of stock in a proxy filing with the SEC on February 4, 2016. (713
Dkt. 73 App. 1183-87.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>6
</SUP></FONT>Ms. Carter submitted a questionnaire on January 14, 2014, that reported she owned no Company stock. (713 Dkt. 72-1
App. 348-97.) But on December 18, 2013, the Company reported Ms. Carter owned 3,200 shares of Company stock. (713 Dkt. 75 App.
588-91.) Similarly, on March 10, 2015, Ms. Carter submitted a questionnaire that again reported she did not own Company stock.
(<I>Id.</I> at App. 592-625.) Fifteen days after the deadline to submit 2015 Questionnaires, Ms. Carter &ldquo;corrected&rdquo;
her questionnaire to report that she owned 3,200 shares of Company stock. (<I>Id.</I> at App. 627-680.) That correction was wrong,
as the Company&rsquo;s 2015 definitive proxy statement reported Ms. Carter actually owned<FONT STYLE="font-size: 12pt"> </FONT>6,400
shares of Company stock as of March 10, 2015. (<I>Id.</I> at App. 681-77.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>7
</SUP></FONT>On January 7, 2016, Sessa wrote the Company, stating &ldquo;given the corporate governance and other issues . . .
we now believe that a sale of the Company is the preferred outcome of the strategic alternatives process.&rdquo; 527 Dkt. 1-8.
The next day, Sessa filed a Schedule 13D, making the same statement public. Then, on March 23, 2016, Sessa publicly filed an investor
presentation detailing its plans, proposals, and thoughts regarding the company. http://www.sec.gov/Archives/edgar/data/1574085/000114420416089746/v435069_dfan14a.htm</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based on these trumped
up concerns with the nomination materials, the Company announced on April 12 it had determined that &ldquo;the nominees set forth
in Sessa&rsquo;s proxy materials cannot properly be brought before the annual meeting of stockholders&rdquo; and that the Company
does &ldquo;not intend to count any stockholder votes for Sessa&rsquo;s proposed nominees.&rdquo; (527 Dkt. 46 App. 14.)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">II.</TD><TD>The Incumbent Directors Misuse the Proxy Penalty to Coerce Stockholders to Vote for Them</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 10, 2015, the
Company entered into a Third Amended and Restated Advisory Agreement (the &ldquo;TAAA&rdquo;) with certain companies that provide
management services to the Company (collectively the &ldquo;Ashford Advisors&rdquo;). <FONT STYLE="color: black">(527 Dkt. 93 App.
6-42.)</FONT> Although prior versions of the Advisory Agreement included a termination fee provision, the TAAA for the first time
allowed the Ashford Advisors to terminate the agreement and require the Company to pay them a termination fee in excess of $200
million if a majority of the board is replaced by candidates that the incumbent directors do not &ldquo;approve&rdquo; (the &ldquo;Proxy
Penalty&rdquo;).<FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><SUP>8</SUP></FONT> (<I>Id.</I>
at App. 29-31; <I>cf.</I> <I>id.</I> at App. 43-73.)</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>8</SUP></FONT>
Expedited discovery produced evidence that the incumbent directors did not even comply with the business judgment rule in approving
the TAAA. The incumbent directors admitted that the termination fee,&rdquo; and that the termination fee &ldquo;was not . . . part
of [the board&rsquo;s] discussions&rdquo; when they approved the TAAA, (527 Dkt. 96 App. 278-79; <I>id.</I> at App. 311, 314.)
The Company&rsquo;s lead director admitted that the Board never even considered the fact that the Proxy Penalty provision might
undermine the stockholder franchise. (<I>Id.</I> at App. 294.) The incumbent directors obtained no independent legal or financial
advice before entering into the TAAA. (<I>Id.</I> at App. 270-71, 283.) The only legal counsel involved was David Brooks, the COO
and General Counsel for <B><I>both</I></B> the Company and the Ashford Advisors.<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>8</SUP></FONT>
(<I>Id.</I> at App. 270-71.) Discovery has also revealed that the TAAA provided no benefits to the Company and that the alleged
benefits were entirely pretextual. (527 Dkt. 92 at 1-3.)</P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For months, the incumbent
directors have aggressively used the threat of the Proxy Penalty to discourage stockholders from voting for the Sessa nominees.
For example, on March 9, 2016, the board stated in a press release that stockholders should not vote for the Sessa nominees because
their election &ldquo;<I>would result </I>in a contractual obligation for the Company to render a <I>significant </I>termination
payment to our advisor, which we estimate to be <I>hundreds of millions of dollars . . . .</I>&rdquo; (527 Dkt. 13-2 App. 474 (emphasis
added).) The Company&rsquo;s market capitalization is about $350 million, so assertions that the Company would pay hundreds of
millions of dollars if the Sessa nominees are elected had their intended effect. At least one analyst advised investors the Proxy
Penalty meant &ldquo;shareholders would be best served by voting against Sessa&rsquo;s nominees.&rdquo; 527 Dkt. 13-2<I> </I>App.
478.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The TAAA sets forth
no conditions or guidelines for approval of the Sessa nominees, nor does it require any evaluation or vetting of the nominees.
(527 Dkt. 93 App. 30-31.) Under well-established law, the incumbent directors have a fiduciary obligation to approve the Sessa
nominees and avoid putting the Company in peril, <I>Kallick v. SandRidge Energy, Inc.</I>, 68 A.3d 242 (Del. Ch. 2013), but they
have nonetheless refused to do so in order to secure an improper advantage in the election.</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 25, 2016,
the Company filed suit against Sessa in the United States District Court for the Northern District of Texas, Case No. 3:16-CV-0527
(&ldquo;<I>Ashford I</I>&rdquo;). Two weeks later, the Company filed a virtually identical action in state court, which Sessa subsequently
removed to federal court as Case No. 3:16-CV-0713 (&ldquo;<I>Ashford II</I>&rdquo;). Both cases were assigned to District Judge
David Godbey.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 14, 2016,
Sessa asserted counterclaims against the incumbent directors in <I>Ashford I</I>, along with a motion for preliminary injunction,
asking the district court to require the incumbent directors to approve the Sessa nominees to neutralize the Proxy Penalty.<FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><SUP>9</SUP></FONT>
On April 13, 2016, the Company filed a motion for preliminary injunction in <I>Ashford II</I>, asking the district court to disqualify
the Sessa nominees. On May 11, 2016, the district court held brief oral argument on the motions, but did not take any evidence
at the hearing. (527 Dkt. 98; 713 Dkt. 78.)</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>9</SUP></FONT>
On May 4, 2016, Sessa moved to amend the relief requested in its preliminary injunction motion to prevent the Company from purporting
to disqualify the Sessa nominees. (527 Dkt. 86.) The motion was necessary because the Company did not announce its intent to disqualify
the Sessa nominees until filing the Company&rsquo;s preliminary proxy statement on April 14, 2016, after Sessa filed its preliminary
injunction motion on March 14. (527 Dkt. 46 App. 14.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</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">On May 20, 2016, the
district court entered an order denying Sessa&rsquo;s motion, and granting the Company&rsquo;s motion. (527 Dkt. 107; 713 Dkt.
83.) The district court held that under Maryland law, &ldquo;the business judgment rule applies to all decisions regarding [a]
corporation&rsquo;s management.&rdquo; Order at 5, 9, 11. The district court&rsquo;s order: (1) declared the Sessa Candidates to
be &ldquo;invalid and ineligible to stand for election to Ashford Prime&rsquo;s board at the 2016 annual meeting because of the
board&rsquo;s finding that the candidates failed to comply with the advance notice requirements&rdquo;; (2) enjoined Sessa &ldquo;from
submitting or purporting to submit Sessa&rsquo;s candidates to Ashford Prime&rsquo;s shareholders for election to the board for
its 2016 annual meeting&rdquo;; and (3) enjoined Sessa &ldquo;from soliciting proxy votes for Sessa&rsquo;s candidates or distributing
any proxy materials regarding Sessa&rsquo;s candidates.&rdquo; <I>Id.</I> at 12.<FONT STYLE="color: black"> On May 23, 2016, Sessa
filed </FONT>notices of appeal in both cases. (527 Dkt. 108; 713 Dkt. 84.)</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to Rule 8(a)(1)(C),
this Court may enter an order &ldquo;suspending, modifying, restoring, or granting an injunction while an appeal is pending.&rdquo;<FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><SUP>10</SUP></FONT>
Four factors are considered in deciding whether to grant relief pursuant to Rule 8: (1) the movant&rsquo;s likelihood of success
on the merits; (2) whether the movant will suffer irreparable injury; (3) whether other parties interested in the proceeding would
be injured; and (4) the public interest.<I> Arnold v. Garlock, Inc.</I>, 278 F.3d 426, 439-42 (5th Cir. 2001); <I>see also</I>
<I>Ruiz v. Estelle</I>, 650 F.2d 555, 565 (5th Cir. 1981) (same). &nbsp;The four factors are not applied rigidly. <I>&nbsp;Hilton
v. Braunskill</I>, 481 U.S. 770, 777 (1987).&nbsp; If the balance of the equities strongly favors the moving party, then the moving
party need only present &ldquo;a substantial case on the merits&rdquo; with respect to &ldquo;a serious legal question.&rdquo;&nbsp;
<I>Campaign for S. Equal. v. Bryant</I>, 773 F.3d 55, 57 (5th Cir. 2014) (citing <I>United States v. Baylor Univ. Med. Ctr.</I>,
711 F.2d 38, 39 (5th Cir. 1983)).</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>10</SUP></FONT>
The moving party need not first request a stay from the district court where it would be &ldquo;impracticable&rdquo; to do so.
Fed. R. App. P. 8(a)(2)(A)(i). Here, moving first in the district court would have been impractical given the short amount of time
until the June 10 annual meeting.</P>



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


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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">I.</TD><TD STYLE="text-align: justify">Sessa Is Likely to Prevail on the Merits of the Company&rsquo;s Claim that the Sessa Nominees Failed to Comply with the Advance
Notice Provisions</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: justify">The Incumbent Directors&rsquo; Disqualification of the Sessa Nominees Is Not Protected by the Business
Judgment Rule</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The district court&rsquo;s
decision was predicated entirely on its incorrect conclusion that under Maryland law the business judgment rule protects all actions
of directors, even those that interfere with the stockholders&rsquo; voting rights.<FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><SUP>11</SUP></FONT>
Delaware courts have developed a substantial body of case law holding that the business judgment rule does not apply to actions
that interfere with the stockholders&rsquo; right to elect directors. The Delaware Court of Chancery has held that when directors
are seeking reelection, &ldquo;[t]hey are obviously interested in the outcome of the election&rdquo; and actions they take that
affect the electoral process are not protected by the business judgment rule. <I>Aprahamian v. HBO &amp; Co.</I>, 531 A.2d 1204,
1206 (Del. Ch. 1987). The Delaware Court of Chancery has also held that when a board acts &ldquo;for the primary purpose of impeding
the exercise of stockholder voting[,] . . . the board bears a heavy burden of demonstrating a compelling justification for such
action.&rdquo; <I>Blasius Indus., Inc. v. Atlas Corp.</I>, 564 A.2d 651, 661 (Del. Ch. 1988).<FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><SUP>12</SUP></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>11</SUP></FONT>
Federal courts sitting in Texas apply the law of the state of incorporation when a corporation&rsquo;s internal affairs are implicated.&nbsp;
<I>ASARCO LLC v. Americas Min. Corp.</I>, 382 B.R. 49 (S.D. Tex. 2007), <I>reconsidered in part on other grounds</I>, 396 B.R.
278 (S.D. Texas 2008). The Company is incorporated in Maryland, so Maryland law applies to Sessa&rsquo;s claim for breach of fiduciary
duties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>12
</SUP></FONT>The Delaware Supreme Court has also developed an intermediate level of scrutiny for board actions that may have a
proper primary purpose but that nonetheless have the effect of intruding on stockholder voting rights. <I>Unocal Corp. v. Mesa
Petrol. Co.</I>, 493 A.2d 946 (Del. 1985).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</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">Maryland courts find
Delaware decisions to be &ldquo;highly persuasive&rdquo; on matters of corporate law. <I>See, e.g., Kramer v. Liberty Prop. Tr.</I>,
968 A.2d 120, 133-34 (Md. 2009). More importantly, Maryland courts have held that Maryland would follow Delaware authority on this
precise issue.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In <I>Shaker v. Foxby
Corp.</I>, 2005 WL 914385 (Md. Cir. Ct. 2005), the Maryland court was faced with much the same issue presented here: the use of
advance notice bylaws to prevent nominees from standing for election against incumbent directors. <I>Id.</I> at *1-5. The <I>Shaker
</I>court rejected the position that under Maryland law such conduct is reviewed only under the business judgment rule, and instead
applied <I>Blasius</I>, <I>Aprahamian</I>, and other relevant Delaware authorities. It stated: &ldquo;This Court believes that
Maryland law provides the same protection to shareholder voting rights that obtains in Delaware, in similar factual contexts, such
as the present one involving a proxy fight over control of the board.&rdquo; <I>Id.</I> at *4.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Likewise, in <I>Daniels
v. New Germany Fund,</I> <I>Inc.</I>, 2006 WL 4523622 (D. Md. 2006), the United States District Court for the District of Maryland
adopted the reasoning of <I>Shaker</I> and expressly held, applying Maryland law, that &ldquo;actions designed primarily to interfere
with stockholder voting rights are not afforded protection of the business judgment rule and there is no presumption of validity.&rdquo;
<I>Id.</I> at *4. Although Sessa&rsquo;s briefing below cited <I>Shaker </I>and <I>Daniels</I>, the district court&rsquo;s preliminary
injunction decision did not address them.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Moreover, Maryland
decisions have embraced the principle that directors are not protected by the business judgment rule when they have a personal
interest in the decision, <I>Werbowsky v. Collomb</I>, 766 A.2d 123, 138 (Md. 2001). This is one the fundamental tenants behind
the Delaware Court of Chancery&rsquo;s holding that incumbent directors running for re-election are not shielded by the business
judgment rule when their actions affect the electoral process. <I>See</I> <I>Aprahamian</I>, 531 A.2d at 1206-07.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In deciding to apply
the business judgment rule, the district court relied principally on the Maryland Court of Appeals&rsquo; opinion in <I>Shenker
v. Laureate Educ., Inc.</I>, 983 A.2d 408 (Md. 2009), which explained that the business judgment rule applies to all decisions
regarding the &ldquo;management&rdquo; of a corporation. Order at 6, citing <I>Shenker</I>, 983 A.2d at 424. But the district court
apparently overlooked the <I>Shenker</I> court&rsquo;s subsequent admonition that the business judgment rule does not apply &ldquo;where
direct harm is suffered by shareholders,&rdquo; such as interference with &ldquo;a shareholder&rsquo;s right to vote&rdquo; or
where &ldquo;the rights attendant to stock ownership are adversely affected.&rdquo; <I>Shenker, </I>983 A.2d at 424. The Maryland
Court of Appeals made clear that in such cases, the<B><I> &ldquo;business judgment rule does not apply.&rdquo;</I></B> <I>Id.</I>
(emphasis added).</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">The district court
also mistakenly relied on Maryland Code of Corporations and Associations &sect; 2-405.1. Order at 5-6. Section 2-405.1 provides
that &ldquo;[a]n act of a director relating to or affecting <I>an acquisition </I>or a <I>potential acquisition of control</I>
of a corporation may not be subject to a higher duty or greater scrutiny than is applied to any other act of a director.&rdquo;
<FONT STYLE="font-variant: small-caps">Md. Code, Corps. &amp; Ass&rsquo;ns</FONT> &sect; 2-405.1(f) (emphasis added). But the term
&ldquo;acquisitions&rdquo; refers to a stock purchase, and &ldquo;potential acquisition of control&rdquo; refers to a large stock
purchase that can effectively give the purchaser substantial voting power.<FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><SUP>13</SUP></FONT>
Section 2-405.1 has never been applied to stockholder elections. Indeed, the <I>Shenker </I>court explained that Section 2-405.1(f)
rejected &ldquo;heightened scrutiny&rdquo; only of director actions taken in hostile takeover situations. <I>Shenker, </I>983 A.2d
at 427. This case does not present a hostile takeover situation, which is an effort to acquire control of the corporation&rsquo;s
securities. This case merely concerns the attempt by a stockholder to exercise the voting rights attendant to the stock it already
owns.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">B.</TD><TD STYLE="text-align: justify">Advance Notice Provisions Will Not Be Enforced if they are Applied Inequitably or in a Discriminatory
Manner</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">It is well established
that advance notice provisions cannot be used to discriminate against director nominees or to entrench incumbent directors. <I>Shaker</I>,
2005 WL 914385 at *4; <I>Hubbard v. Hollywood Park Realty Enters., Inc.</I>,<I> </I>1991 Del. Ch. LEXIS 9, *34-35 (Del Ch. 1991).
Incumbent directors breach their fiduciary duties to stockholders if they do so. <I>Shaker</I>,<I> </I>2005 WL 914385 at *4. When
advance notice bylaws unduly restrict the stockholder franchise or are applied inequitably, they are to be struck down. <I>Openwave
Sys., Inc. v. Harbinger Capital Partners Master Fund I, Ltd.</I>, 924 A.2d 228, 239 (Del. Ch. 2007.) Moreover, advance notice provisions
are to be narrowly construed against the Company and in favor of the stockholder franchise. <I>JANA Master Fund, Ltd. v. CNET Networks,
Inc.</I>,<I> </I>954 A.2d 335, 344 (Del. Ch. 2008)<I>.</I></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>13</SUP></FONT>
<I>See, e.g.,</I> <FONT STYLE="font-variant: small-caps">Md. Code, Fin. Inst.</FONT> &sect; 9-216 (defining &ldquo;acquire&rdquo;
to mean &ldquo;to obtain legal or beneficial ownership of shares, or voting rights of shares,&rdquo; and defining &ldquo;control&rdquo;
as &ldquo;the ability of a person to direct the management or policies of an association or entity or elect a majority of a board
of directors or the ownership of more than 10 percent of the outstanding shares of any class of securities of an association or
interest in an entity&rdquo;).</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In this case, the Company
has clearly applied the bylaws in a discriminatory and inequitable manner. The Company provided the Sessa nominees with a far more
onerous questionnaire than the incumbent directors were required to complete. The Company then purported to disqualify the Sessa
nominees on the basis of alleged omissions and inaccuracies that were viewed as being of no consequence when committed by the incumbent
directors. This was done in bad faith as part of a &ldquo;strategy of declaring [the Sessa] nominees invalid.&rdquo; Although this
critical issue was briefed below, it was not even discussed in the district court&rsquo;s order.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In sum, Sessa respectfully
submits that it is likely to prevail on the merits of its appeal because the district court fundamentally misread <I>Shenker</I>
and MCCA &sect; 2-405.1 and ignored the fact that the Company applied the advance notice provisions in a discriminatory and inequitable
manner. At a minimum, Sessa has &ldquo;a substantial case on the merits&rdquo; with respect to &ldquo;a serious legal question.&rdquo;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">C.</TD><TD STYLE="text-align: justify">The District Court Erred by Not Understanding the Proxy Rules</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In determining that
the Company was likely to succeed on the merits under the business judgment rule, the district court found that &ldquo;the board
could rationally believe the Sessa Candidates had a plan they refused to disclose in their questionnaires and thus were ineligible&rdquo;
based on &ldquo;evidence supporting the board&rsquo;s contention that Sessa has plans for Ashford Prime after it assumes control
of the board[.]&rdquo; Order at 10-11. However, as discussed above in footnote 7, Sessa disclosed to the Company and the stockholders
all of its plans, proposals, and other views, including its belief that a sale appeared to be the &ldquo;preferred&rdquo; option.
In any event, the documents cited by the district court provide no factual basis for the board to find that the Sessa nominees
had undisclosed &ldquo;plans&rdquo; as that term is defined under the federal securities laws and, by reference, in the Company&rsquo;s
bylaws.<FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><SUP>14</SUP></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">It is well established
that the proxy rules require disclosure only of <B><I>definitive</I></B> plans. There is no requirement to make &ldquo;predictions
of future behavior,&rdquo; <I>Mo. Portland Cement Co. v. Cargill, Inc.</I>, 498 F.2d 851, 872 (2d Cir. 1974), or to disclose tentative
or &ldquo;inchoate&rdquo; plans. <I>Merrit v. Libby, McNeil &amp; Libby</I>,&nbsp;510 F. Supp. 366 (S.D.N.Y. 1981). Indeed, this
Court has cautioned that disclosure of tentative plans can be misleading. <I>Susquehanna Corp. v. Pan Am. Sulphur Co.</I>, 423
F.2d 1075, 1084-85 (5th Cir. 1970) (&ldquo;It would have been misleading to the stockholders and to the public investor for [a]
Schedule 13D . . . to indicate that there was a plan or proposal&rdquo; for a merger where the &ldquo;idea for such a merger never
got off the ground&rdquo;).</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>14</SUP></FONT>
The bylaws merely require disclosure of the information that is required to be disclosed &ldquo;in connection with the solicitation
of proxies&rdquo; under the Securities and Exchange Act of 1934. Order at 9. The proxy rules, in turn, require nominees to only
to &ldquo;&lsquo;[d]escribe any plans or proposals&rsquo; that would result in a sale or transfer of material assets[.]&rdquo;
<I>Id</I>. (citing 17 C.F.R. &sect; 240.13d-101).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</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">All of the evidence
relied upon by the district court is consistent with merely tentative ideas and discussions. For example, the district court relied
on two emails from junior Sessa analysts sent five months <I>before</I> Sessa decided to nominate a slate of directors. Those emails
merely suggested that Sessa <I>should </I>develop a general &ldquo;gameplan&rdquo; and plans to handle certain issues such as the
termination fee. Order at 10 (citing 713 Dkt 77-3 App. 633-37.) Likewise, notes from a December 18, 2015 phone call between Mr.
Petry and some of the Sessa nominees showed that Mr. Petry had not made any definitive plans because he &ldquo;[didn&rsquo;t] know
what [the environment would] look like in 6 months&rdquo; when the election would take place.<FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><SUP>15</SUP></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Moreover, the board
had none of the evidence cited by the district court when the board disqualified the Sessa nominees.<FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><SUP>16</SUP></FONT>
That leads to the inescapable conclusion that the board predetermined to disqualify the Sessa nominees without any of the information
cited by the district court.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">II.</TD><TD>Sessa Is Likely to Prevail on the Merits of Its Claim With Respect to the Proxy Penalty</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Delaware
Court of Chancery&rsquo;s decision in <I>Kallick v. SandRidge Energy, Inc.</I>, 68 A.3d 242 (2013), the incumbent directors have
a clear obligation to approve the Sessa nominees to neutralize the Proxy Penalty. In the proxy contest in <I>Sand-Ridge</I>, &ldquo;the
incumbent board warned the stockholders that the election of [a hedge fund&rsquo;s] proposed slate would constitute a &lsquo;Change
of Control&rsquo; for purposes of Sand-Ridge&rsquo;s credit agreements&rdquo; which would trigger a &ldquo;Proxy Put&rdquo; requiring
SandRidge to repurchase its existing debt. <I>Id.</I> The incumbent board could eliminate the proxy put by &ldquo;approving&rdquo;
the nominees, &ldquo;failed to decide, one way or the other, whether it approved the [hedge fund] slate for purposes of the Proxy
Put&rdquo; in order to gain an advantage in the election. <I>Id.</I> at 245-46. This is precisely what the incumbent directors
have done in this case.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>15</SUP></FONT>
The district court relied on Mr. Petry&rsquo;s statement that &ldquo;in today&rsquo;s environment&rdquo; maximizing value would
include &ldquo;a real and fair sale process.&rdquo; But, these comments were made in the context of a discussion of a strategic
review that the Board was already conducting. And Mr. Petry disclosed that belief to the Company and the public. <I>See </I>footnote
6 above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>16</SUP></FONT>
At the May 11, 2016 hearing, the Company admitted for the first time that the board voted to disqualify the Sessa nominees &ldquo;at
meetings in early April.&rdquo; (713 Dkt. 99, 30:14-31:6.) But Sessa produced the cited documents on April 20, 2016.</P>



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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Delaware Court
of Chancery rejected the application of the business judgment rule because of the coercive effect of the proxy put and its resulting
negative impact on stockholder voting rights. <I>Id.</I> It held that an incumbent board may refuse to approve competing candidates
for purposes of such a contractual provision only if the incumbent directors have reasonably determined that the rival candidates
lack &ldquo;ethical integrity&rdquo; or &ldquo;fell within the category of known looters.&rdquo;<FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><SUP>17</SUP></FONT>
<I>Id.</I> It then concluded that the incumbent directors were violating their fiduciary duties to the corporation and its stockholders
and entered an injunction requiring the incumbent directors to approve the nominees before soliciting proxies. <I>Id.</I> at 263-264.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>17</SUP></FONT>
The court also discussed withholding approval if the rival candidates had &ldquo;specific plans that would endanger the corporation&rsquo;s
ability to repay its creditors.&rdquo; <I>SandRidge</I>, 68 A.3d at 246. This was premised on the company&rsquo;s duty of good
faith and fair dealing toward its creditors under Delaware law. <I>Id.</I> <FONT STYLE="color: #333333">The TAAA is expressly governed
by Texas law (<I>see </I>527 Dkt. 93 </FONT>App. 38<FONT STYLE="color: #333333">), and Texas does not recognize an implied duty
of good faith and fair dealing in contracts except in very limited circumstances not applicable here. <I>See Williamson-Dickie
Mfg. Co. v. Apparel Ltd.</I>, 2015 U.S. Dist. LEXIS 75227, *5-*7 (N.D. Tex. 2015). Thus this part of the <I>SandRidge </I>analysis
does not apply.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</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">As in <I>SandRidge,
</I>neither the Company nor the district court has identified any evidence that the Sessa nominees lack integrity or have a history
of looting companies. Indeed, the Company&rsquo;s lead outside director and another director both testified that they had no reason
to think the Sessa nominees lacked any integrity or were known looters. (527 Dkt. 96 App. 290-91; <I>id.</I> at App. 302, 305.)
Given the coercive effect of the Proxy Penalty on stockholder voting and the potentially devastating effects of the termination
fee on the Company, the incumbent directors must approve the Sessa nominees to neutralize the Proxy Penalty in the exercise of
their fiduciary duties to the Company and its stockholders.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">III.</TD><TD>The Other Factors All Support Modifying the District Court&rsquo;s Preliminary Injunction</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The remaining three
factors for determining whether to stay or modify a preliminary injunction pending appeal also strongly support the entry of Sessa&rsquo;s
requested order deferring the annual meeting to preserve the status quo.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Irreparable Injury:</B>
If the election is allowed to proceed as scheduled on June 10, and the district court&rsquo;s preliminary injunction decision is
not stayed or modified, the Sessa nominees will not be allowed to stand for election, all shareholders will be denied a choice
in the election, and the current seven incumbent directors will all be re-elected without competition. If this Court later determines
that the Sessa nominees should have been allowed to stand for election, a remedy will be very difficult. The prior election will
have to be unwound (which could put the validity of all subsequent actions of the board elected on June 10 in doubt), and a second
annual meeting will need to be held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></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>Balance of the Equities:</B>
If the annual meeting is delayed, the Company and the incumbent directors will suffer no prejudice. Under the Company&rsquo;s bylaws,
the annual meeting can be held any time before the end of 2016. (713 Dkt. 72 App. 187.) And if the annual meeting is postponed
from June 10 to a date later in 2016, the incumbent directors will all continue to remain in office until the annual meeting is
held. (<I>Id.</I> at App. 195.)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Public Interest:</B>
The Company&rsquo;s stockholders have the exclusive right under Maryland law to elect directors of their choosing. <FONT STYLE="font-variant: small-caps">Md.
Code, Corps. &amp; Ass&rsquo;ns</FONT> &sect; 2-204(b)(1). Like Delaware, Maryland courts have recognized a strong public interest
in &ldquo;corporate democracy&rdquo; and have held that &ldquo;those in charge of the election machinery of a corporation must
be held to the highest standards of providing for and conducting corporate elections.&rdquo; <I>Shaker</I>, 22005 WL 914385, at
*5 (quoting <I>Aprahamian</I>, 531 A.2d at 1206-07.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The district court
ignored this important right. It instead found that the balance of the hardships weighs in favor of granting the Company&rsquo;s
preliminary injunction because allowing the Sessa nominees to stand for election and Sessa to solicit proxies could potentially
cause shareholders to cast meaningless votes for invalid nominees and cause the Company irreparable injury. Order 11-12. This makes
no sense. The Sessa nominees are the only persons running against the incumbent directors, so the district court&rsquo;s order
only serves allow the incumbent directors to run unopposed. This is a disenfranchisement of the Company&rsquo;s stockholders, which
is plainly contrary to the public interest.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">When faced with situations
like the one presented here, this Court and other circuits have not hesitated to stay district courts&rsquo; preliminary injunction
and to postpone the election pending resolution of the appeal. In <I>American General Corp. v. Torchmark Corp.</I>, 1990 WL 10712372
at *2 (5th Cir. 1990), the district court entered a preliminary injunction prohibiting a stockholder from soliciting proxies for
its proposed nominees on the ground that they had not complied with the &ldquo;early notice provisions&rdquo; of the corporation&rsquo;s
bylaws. <I>Id.</I> This Court entered a stay of the district court&rsquo;s preliminary injunction, rejecting the very sort of analysis
applied by the district court in assessing the irreparable harm and balancing of equities factors. <I>Id</I> at *2. Similarly,
in <I>Gearhart Indus., Inc. v. Smith Int'l, Inc.</I>, this Court delayed a company&rsquo;s annual shareholder meeting pending the
appeal of an injunction entered by the district court. 741 F.2d 707, 712 (5th Cir. 1984) and in <I>Bath Indus., Inc. v. Blot</I>,
427 F.2d 97, 113 &amp; n.8 (7th Cir. 1970) the Seventh Circuit stayed a preliminary injunction that would have &ldquo;effectively
disenfranchise[d] stockholders and enjoined the holding of the meeting pending appeal.<FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><SUP>18</SUP></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>18</SUP></FONT>
Modification of the the district court&rsquo;s Order is also appropriate because its terms are far too broad. Preliminary injunctions
are to be &ldquo;carefully tailored to the situation presented and should be no broader than necessary.&rdquo; Gearhart, 741 F.2d
at 715 (modifying preliminary injunctions based on claimed 13(d) and 14(a) violations and finding that that curative disclosure
would obviate the need for a preliminary injunction). Prohibiting Sessa from proposing its nominees for election and soliciting
proxies damages Sessa and the Company&rsquo;s other stockholders. The Order is overly broad, ambiguous, and may even conflict with
the SEC&rsquo;s proxy rules, which mandate various public filings.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in">&nbsp;</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">IV.</TD><TD>The Court Should Expedite Sessa&rsquo;s Appeal</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There is good cause
to expedite this appeal. Sessa is facing the irreparable harm of disenfranchisement. Furthermore, time is of the essence because
the 2016 Annual Meeting must be held by the end of the year and at least 15 days will be required between the date of this Court&rsquo;s
decision and the Annual Meeting to ensure the stockholders have accurate information and time to return their proxies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Court routinely
grants expedited appeals in cases where appellants will suffer serious harm from a lower court&rsquo;s issuance of a preliminary
injunction. <I>See, e.g., Torchmark Corp.</I>, 1990 WL 10712372 at *2 (expedited appeal where lower court entered preliminary injunction
prohibiting a stockholder from soliciting proxies for its proposed nominees); <I>Opulent Life Church v. City of Holly Springs,
Miss.</I>, 697 F.3d 279, 297 (5th Cir. 2012) (expedited appeal where lower court&rsquo;s refusal to enjoin city ordinance meant
appellant could lose its lease); and <I>Daniels Health Scis,. L.L.C. v. Vascular Health Scis., L.L.C.</I>, 710 F.3d 579, 581-582
(5th Cir. 2013) (expedited appeal where lower court entered preliminary injunction ordering appellant to refrain from using appellee&rsquo;s
confidential information to sell appellant&rsquo;s product). Without relief from the Court, Sessa will be irreparably disenfranchised.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the foregoing reasons,
Sessa respectfully requests that this Court enter an order: (1) staying the district court&rsquo;s order, (2) requiring the Company
to postpone the annual meeting until after the resolution of this appeal, and (3) expediting this appeal.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&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: 50%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date:&nbsp;&nbsp;May 25 2016</FONT></TD>
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Respectfully submitted,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John D. Byars (<I>Admission Pending</I>)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">s/ Sundeep Kumar (Rob) Addy&#9;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-indent: -0.1in">john.byars@bartlit-beck.com</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-indent: -0.1in"><FONT STYLE="font-variant: small-caps">Bartlit
        Beck Herman Palenchar &amp; Scott</FONT> LLP</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-indent: -0.1in">Courthouse Place</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-indent: -0.1in">54 W. Hubbard St., Suite 300</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-indent: -0.1in">Chicago, Illinois 60654</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-indent: -0.1in">Telephone No. (312) 494-4400</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-indent: -0.1in">Facsimile No.: (312) 494-4440</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-indent: -0.1in">Sundeep Kumar (Rob) Addy</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-indent: -0.1in">rob.addy@bartlit-beck.com</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-indent: -0.1in">Glen E. Summers (<I>Admission
        Pending</I>)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-indent: -0.1in">glen.summers@bartlit-beck.com</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-indent: -0.1in">Joseph W. Doman (<I>Admission
        Pending</I>)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-indent: -0.1in">joe.doman@bartlit-beck.com</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-indent: -0.1in"><FONT STYLE="font-variant: small-caps">Bartlit
        Beck Herman Palenchar &amp; Scott</FONT> LLP</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-indent: -0.1in">1899 Wynkoop Street, 8th Floor</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-indent: -0.1in">Denver, Colorado 80202</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-indent: -0.1in">Telephone No. (303) 592-3100</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-indent: -0.1in">Facsimile No.: (303) 592-3140</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-indent: -0.1in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Attorneys for Defendants &ndash; Third Party Plaintiff &ndash;
        Appellants Sessa Capital (Master), L.P., Sessa Capital GP, LLC, Sessa Capital IM, L.P., Sessa Capital IM GP, LLC, John E. Petry,
        Philip B. Livingston, Lawrence A. Cunningham, Daniel B. Silvers and Chris D. Wheeler </I></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; 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"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May 25, 2016, pursuant
to Rule 27.4, I certify that Appellants conferred with opposing counsels for Appellees, who intend to file an opposition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&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: 50%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; padding-left: 0.1in; text-indent: -0.1in; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">s/ John D. Byars<FONT STYLE="color: white">.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John D. Byars (<I>Admission Pending</I>)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">john.byars@bartlit-beck.com </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.13in; text-indent: -0.13in; font-size: 10pt"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">Bartlit Beck Herman Palenchar</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-variant: small-caps">&amp; Scott</FONT> LLP</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Courthouse Place</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">54 W. Hubbard St., Suite 300</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chicago, Illinois 60654</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Telephone No. (312) 494-4400</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Facsimile No.:&nbsp;&nbsp;(312) 494-4440</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Attorneys for Defendants &ndash; Third Party Plaintiff &ndash; Appellants Sessa Capital (Master), L.P., Sessa Capital GP, LLC, Sessa Capital IM, L.P., Sessa Capital IM GP, LLC, John E. Petry, Philip B. Livingston, Lawrence A. Cunningham, Daniel B. Silvers and Chris D. Wheeler&nbsp;&nbsp;</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; 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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATE OF COMPLIANCE WITH 5TH CIRCUIT
RULE 27.3</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the 5 Circuit
Rule 27.3, the undersigned certifies that the facts supporting emergency consideration of the foregoing motion filed on May 25,
2016 are true and complete.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&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: 50%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; padding-left: 0.1in; text-indent: -0.1in; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">s/ Glen E. Summers</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Glen E. Summers (<I>Admission Pending</I>)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">glen.summers@bartlit-beck.com</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.13in; text-indent: -0.13in; font-size: 10pt"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">Bartlit Beck Herman Palenchar &amp; Scott</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> LLP</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1899 Wynkoop Street, 8th Floor</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Denver, Colorado 80202</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Telephone No. (303) 592-3100</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Facsimile No.: (303) 592-3140</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Defendants &ndash; Third Party Plaintiff &ndash; Appellants Sessa Capital (Master), L.P., Sessa Capital GP, LLC, Sessa Capital IM, L.P., Sessa Capital IM GP, LLC, John E. Petry, Philip B. Livingston, Lawrence A. Cunningham, Daniel B. Silvers and Chris D. Wheeler</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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    <DIV STYLE="page-break-before: always; 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"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned certifies
that on May 25, 2016, this motion was transmitted to the Clerk of the United States Court of Appeals for the Fifth Circuit via
the Court&rsquo;s CM/ECF document filing system and that this motion complies with the requirements of 5th Cir. R. 27.4, Fed. R.
App. P. 27(d), Fed. R. App. P. 32(a), and 5th Cir. R. 32. This motion has been prepared in Garamond, a proportionally spaced typeface
using Microsoft Word 2013 in font size 14.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned further
certifies that (1) any required privacy redactions have been made pursuant to 5th Cir. R. 25.2.13; and (2) this document has been
scanned for viruses with the most recent version of GFI Cloud Antivirus and is free of viruses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&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: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">s/ Glen E. Summers</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Glen E. Summers (<I>Admission Pending</I>)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">glen.summers@bartlit-beck.com </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">Bartlit Beck Herman Palenchar &amp; Scott</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> LLP</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1899 Wynkoop Street, 8th Floor</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Denver, Colorado 80202</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Telephone No. (303) 592-3100</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Facsimile No.: (303) 592-3140</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Defendants &ndash; Third Party Plaintiff &ndash; Appellants Sessa Capital (Master), L.P., Sessa Capital GP, LLC, Sessa Capital IM, L.P., Sessa Capital IM GP, LLC, John E. Petry, Philip B. Livingston, Lawrence A. Cunningham, Daniel B. Silvers and Chris D. Wheeler&nbsp;&nbsp;</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; 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"><B>CERTIFICATE OF SERVICE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">I certify that this
document has been filed with the clerk of the court and served by ECF or e-mail on May 25, 2016, upon counsel of record in this
case.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&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: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; padding-left: 12.6pt; text-indent: -12.6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">s/ Sundeep Kumar (Rob) Addy</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sundeep Kumar (Rob) Addy</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">rob.addy@bartlit-beck.com </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">Bartlit Beck Herman Palenchar &amp; Scott</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> LLP</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1899 Wynkoop Street, 8th Floor</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Denver, Colorado 80202</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Telephone No. (303) 592-3100</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Facsimile No.: (303) 592-3140</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Defendants &ndash; Third Party Plaintiff &ndash; Appellants Sessa Capital (Master), L.P., Sessa Capital GP, LLC, Sessa Capital IM, L.P., Sessa Capital IM GP, LLC, John E. Petry, Philip B. Livingston, Lawrence A. Cunningham, Daniel B. Silvers and Chris D. Wheeler&nbsp;&nbsp;</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><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"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit
2</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">No.
16-10672</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>IN
THE UNITED STATES COURT OF APPEALS</B></FONT></P>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">SESSA
CAPITAL (MASTER), L.P., SESSA CAPITAL GP, LLC, SESSA CAPITAL</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">IM,
L.P., SESSA CAPITAL IM GP, LLC, JOHN E. PETRY, PHILIP B. LIVINGSTON,</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">DANIEL
B. SILVERS and CHRIS D. WHEELER,</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
Appeal from the United States District Court</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
The Northern District of Texas, Dallas Division</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Civ.
No. 3:16-cv-00713-N</FONT></P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt; font: 10pt Times New Roman, Times, Serif"><DIV STYLE="font: 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid; width: 25%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;APPELLANTS&rsquo;
EMERGENCY MOTION FOR MODIFICATION OF THE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>DISTRICT
COURT&rsquo;S PRELIMINARY INJUNCTION AND STAY OF ANNUAL</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>AND
TO EXPEDITE THE APPEAL</B></FONT></P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt; font: 10pt Times New Roman, Times, Serif"><DIV STYLE="font: 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid; width: 25%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></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: 49%">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">John D. Byars (<I>Admission Pending</I>)</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">john.byars@bartlit-beck.com</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-variant: small-caps">Bartlit Beck Herman
        Palenchar &amp; Scott</FONT> LLP</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">Courthouse Place</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">54 W. Hubbard St., Suite 300</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">Chicago, Illinois 60654</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">Telephone No. (312) 494-4400</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">Facsimile No.:&nbsp;&nbsp;(312) 494-4440</P></TD>
    <TD STYLE="width: 51%; text-align: center">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">Sundeep Kumar (Rob) Addy</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">Glen E. Summers, Lead Counsel (<I>Admission
        Pending</I>)</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">Joseph W. Doman (<I>Admission Pending</I>)</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-variant: small-caps">Bartlit Beck
Herman Palenchar &amp; Scott </FONT>LLP</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">1899 Wynkoop Street, 8th Floor</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">Denver, Colorado 80202</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">Telephone No. (303) 592-3100</P></TD></TR>
</TABLE>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Attorneys
for Defendants-Appellants Sessa Capital (Master), L.P., Sessa Capital GP, LLC,</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Sessa
Capital IM, L.P., Sessa Capital IM GP, LLC, John E. Petry, Philip B. Livingston,</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Lawrence
A. Cunningham, Daniel B. Silvers and Chris D. Wheeler</I></FONT></P>

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


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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">No.
16-10672</FONT></P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt; font: 10pt Times New Roman, Times, Serif"><DIV STYLE="font: 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid; width: 25%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>IN
THE UNITED STATES COURT OF APPEALS </B></FONT></P>

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

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt; font: 10pt Times New Roman, Times, Serif"><DIV STYLE="font: 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid; width: 25%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><I>&nbsp;Ashford
Hospitality Prime, Inc. v. Sessa Capital (Master), L.P.<B> </B></I></FONT></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
undersigned counsel of record certifies that the following listed persons and entities as described in the fourth sentence of
Rule 28.2.1 have an interest in the outcome of this case. These representations are made in order that the judges of this Court
may evaluate possible disqualification or recusal.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sessa
                                         Capital (Master), L.P., Defendant-Appellant, a Cayman Islands exempted limited partnership
                                         that is not publicly traded;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sessa
                                         Capital GP, LLC, Defendant-Appellant, a Delaware limited liability company that is not
                                         publicly traded;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sessa
                                         Capital IM, L.P., Defendant-Appellant, a Delaware limited partnership that is not publicly
                                         traded;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sessa
                                         Capital IM GP, LLC, Defendant-Appellant, a Delaware limited liability company that is
                                         not publicly traded;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John
                                         E. Petry, Defendant-Appellant, the founder and manager of the Sessa entities and one
                                         of the persons nominated by Sessa Capital (Master), L.P. as a candidate for election
                                         to the board of Ashford Prime Inc.;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Philip
                                         B. Livingston, Defendant-Appellant, one of the persons nominated by Sessa Capital (Master),
                                         L.P. as a candidate for election to the board of Ashford Prime Inc.;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Lawrence
                                         A. Cunningham, Defendant-Appellant, one of the persons nominated by Sessa Capital (Master),
                                         L.P. as a candidate for election to the board of Ashford Prime Inc.;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Daniel
                                         B. Silvers, Defendant-Appellant, one of the persons nominated by Sessa Capital (Master),
                                         L.P. as a candidate for election to the board of Ashford Prime Inc.;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chris
                                         D. Wheeler, Defendant-Appellant, one of the persons nominated by Sessa Capital (Master),
                                         L.P. as a candidate for election to the board of Ashford Prime Inc.;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ashford
                                         Hospitality Prime, Inc., Plaintiff-Appellee, is a publicly traded Maryland corporation.
                                         There are no publicly held corporations that own ten percent or more of Ashford Hospitality
                                         Prime, Inc.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Attorneys
for Defendants-Appellants:</I></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Glen E. Summers</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Joseph W. Doman</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">Bartlit Beck Herman
        Palenchar &amp; Scott</FONT> LLP</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">1899 Wynkoop Street, 8th Floor</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Denver, Colorado 80202</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Telephone No. (303) 592-3100</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Facsimile No.: &nbsp;(303) 592-3140</P></TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Paul J. Skiermont</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Eliot J. Walker</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Shellie Stephens</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">Skiermont Derby</FONT>
        LLP</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">2200 Ross Ave., Suite 4800W</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Dallas, Texas 75201</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Telephone No.: (214) 978-6600</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Facsimile No.: &nbsp;(214) 978-6601</P></TD></TR>
</TABLE>


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

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


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">John D. Byars</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">Bartlit Beck Herman
        Palenchar &amp; Scott</FONT> LLP</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Courthouse Place</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">54 W. Hubbard St., Suite 300</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Chicago, Illinois 60654</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Telephone No. (312) 494-4400</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Facsimile No.:&nbsp;&nbsp;(312) 494-4440</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P></TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">John B. Isbister</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Daniel S. Katz</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Christopher D. Heagy</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Thomas M. Joraanstad</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">Tydings &amp; Rosenberg</FONT>
        LLP</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">100 East Pratt Street, 26th Floor</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Baltimore, Maryland 21202</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Telephone No.: (410) 752-9700</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Facsimile No.:&nbsp;&nbsp;&nbsp;(410) 727-5460</P></TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Attorneys
for Plaintiff-Appellee and other interested parties:</I></FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Martin L. Seidel</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Nathan M. Bull</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Jared Stanisci</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">Cadwalader, Wichersham
        &amp; Taft LLP</FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">200 Liberty Street</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">New York, New York 10281</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Telephone No.: (212) 504-6000</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Facsimile No.:&nbsp;&nbsp;(212) 406-6666</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">G. Stewart Webb, Jr.</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">John T. Prisbe</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Michael J. V/ilson</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">Venable </FONT>LLP</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">750 East Pratt Street, Suite 900</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Baltimore, Maryland 21202</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">James D. Mathias</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">DLA <FONT STYLE="font-variant: small-caps">Piper</FONT> LLP
        (US)</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">6225 Smith Avenue</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Baltimore, MD 21209</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Telephone No.: (410) 580-3000</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Facsimile No.: (410) 580-3001</P></TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Matthew G. Nielsen</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Bradley W. Foster</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">Andrews Kurth LLP</FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">1717 Main Street, Suite 3700</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Dallas, Texas 75201</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Telephone No.: (214) 659-4400</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Facsimile No.:&nbsp;&nbsp;(214) 659-4401</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">David Clarke, Jr.</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">DLA <FONT STYLE="font-variant: small-caps">Piper</FONT> LLP
        (US)</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">500 8th Street, NW</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Washington, DC 20004</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Telephone No.: (202) 799-4503</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Facsimile No: (202) 799-5503</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">James R. Nelson</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">DLA <FONT STYLE="font-variant: small-caps">Piper</FONT> LLP
        (US)</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">1717 Main Street, Suite 4600</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Dallas, TX 75201-4629</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Telephone No.: (214) 743-4500</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Facsimile No: (214) 743-4545</P></TD></TR>
</TABLE>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">s/
    Sundeep Kumar (Rob) Addy</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sundeep
    Kumar (Rob) Addy</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Attorney
    of Record for Defendants-Appellants</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
emergency motion arises out of the district court&rsquo;s unprecedented entry of a preliminary injunction prohibiting Sessa Capital
(Master), L.P. (&ldquo;Sessa&rdquo;), one of the largest stockholders of a publicly traded Maryland corporation known as Ashford
Hospitality Prime, Inc. (the &ldquo;Company&rdquo;), from exercising its right as a stockholder to nominate candidates to stand
for election at the Company&rsquo;s upcoming annual meeting of stockholders on June 10, 2016. Unless this Court enters an order
staying the district court&rsquo;s decision and delaying the annual meeting pending this appeal, the incumbent directors will
run unopposed and the Company&rsquo;s stockholders will be denied their right to elect directors of their choosing.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accordingly,
Sessa respectfully moves this Court for an order staying the district court&rsquo;s preliminary injunction and requiring the Company
to postpone the annual meeting pending the resolution of this appeal. Fed. R. App. Proc. 8. Sessa also requests that the appeal
be expedited. Fifth Circuit Rule 27.5. &nbsp;Sessa brings this motion on an emergency basis because the annual meeting is scheduled
for June 10, 2016 and a decision must be received no later Monday, June 6, 2016.<FONT STYLE="color: black"><SUP>1</SUP></FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
over a year, these incumbent directors have engaged in a pattern of misbehavior that has interfered with the stockholders&rsquo;
voting rights and to entrenched themselves in office, culminating in their brazen decision to disqualify Sessa&rsquo;s nominees
and to refuse to count any votes in their favor at the annual meeting. In its May 20, 2016 order, the district court overlooked
well-established Maryland and Delaware authorities holding directors to heightened scrutiny when they take actions that interfere
with the stockholder franchise. Instead, the district court erroneously concluded that the incumbent directors&rsquo; actions
are reviewed only under the deferential business judgment rule. Based on this error of law, the district court denied Sessa&rsquo;s
motion for a preliminary injunction, and granted the Company&rsquo;s unnecessary and overly broad proposed order, declaring the
Sessa nominees to be ineligible to stand for election, enjoining Sessa from submitting Sessa&rsquo;s nominees for election, and
enjoining Sessa from soliciting proxies for, or distributing any proxy materials regarding, Sessa&rsquo;s nominees. Order at 14.<SUP>2</SUP></FONT></P>

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

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



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1
</SUP>Sessa has contacted Appellees, who intend to file an opposition.&nbsp; Sessa respectfully requests that Appellees be required
to respond to this motion by Friday, May 27.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>2
</SUP>The same Order was filed in both 2:16-cv-00527 and 2:16-cv-00713 cases on May 20, 2016.</FONT></P>

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


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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sessa
owns approximately 8.2% of the Company&rsquo;s common stock. On January 15, 2016, pursuant to the &ldquo;advance notice&rdquo;
provisions&rdquo; in the Company&rsquo;s bylaws, Sessa timely informed the Company of its intention to nominate five individuals
to stand for election to the Company&rsquo;s seven-member board at the 2016 annual meeting. Along with the notice, Sessa provided
the Company with over 430 pages of biographical and other information, including all of the information required by the SEC&rsquo;s
proxy rules and the Company&rsquo;s bylaws. (713 Dkt. 70 at 6.)<SUP>3</SUP></FONT></P>

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<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>I.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>The
                                         Incumbent Directors Pursue a Strategy of Misusing the Advance Notice Provisions to Invalidate
                                         the Sessa Nominees</B></FONT></TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Expedited
discovery revealed that the incumbent directors have, from the time Sessa first expressed an interest in nominating candidates
for election, acted in bad faith by pursuing what the Company&rsquo;s financial advisor described as a &ldquo;strategy of declaring
[Sessa&rsquo;s] nominees invalid.&rdquo; (713 Dkt. 72 App. 13.) The first step in this strategy was to prepare a highly onerous
director questionnaire solely for use by Sessa&rsquo;s nominees. This questionnaire was created by the Company&rsquo;s outside
lawyers, who modified the questionnaire provided to the incumbent directors by adding 27 questions and expanding the scope of
34 questions. (<I>Compare</I> 713 Dkt. 72-1 App. 255-304 <I>with</I> Dkt. 72-2 App. 455-500.) The special Sessa questionnaire
dropped all references to the well-established SEC proxy rules referenced in the Company&rsquo;s bylaws, making the questions
much broader than permitted by the bylaws. (713 Dkt. 72-1 App. 255-304.)</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>3
</SUP>Cites to the district court pleadings begin with the short case number followed by the docket number of the pleading and
the page reference.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
incumbent directors next pursued their invalidation strategy by making bad faith accusations that the Sessa nominees failed to
provide complete responses to the special Sessa questionnaires.<SUP>4</SUP> (713 Dkt. 72-2 App. 518-22.) For instance, the incumbent
directors have complained that one of Sessa&rsquo;s nominees did not immediately update his questionnaire to report a small purchase
of the Company&rsquo;s stock on January 19 (after the questionnaire was submitted), describing it as &ldquo;a glaring omission.&rdquo;<SUP>5
</SUP>(713 Dkt. 72 App. 180.) But the incumbent Chair of the board&rsquo;s Nominating and Governance Committee repeatedly failed
to disclose her own ownership of Company stock on two separate questionnaires, without consequence.<SUP>6</SUP> Similarly, the
same Sessa nominee listed &ldquo;CPA&rdquo; in response to a question asking for all of his relevant &ldquo;experience&rdquo;
and the Company complained on the ground that he is no longer licensed as a CPA. (713 Dkt. 38 at 23.) But the Company&rsquo;s
own COO was described in an SEC filing as a &ldquo;CPA&rdquo; despite the fact that his license had expired. (713 Dkt. 73 App.
1297-1583.) The incumbent directors also accused the Sessa nominees of failing to disclose plans for a hasty sale of the Company
or its assets. But Sessa has been forthcoming all along about its belief that all options available to the Company should be considered,
including a possible sale.<SUP>7</SUP> Discovery produced no evidence of any undisclosed plans, merely tentative ideas and discussions
that are not required to be disclosed pursuant to the SEC rules or the Company&rsquo;s bylaws. <I>Infra</I>, Section I.C.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>4
</SUP>All but two of the 22 issues raised by the Company involved the new or expanded questions concocted specially for the Sessa
nominees. <I>Id</I>. The two issues relating to standard questions were easily resolved by clarifications provided by Sessa on
February 3, 2016. (<I>Id.</I> at App. 524-32.)</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>5
</SUP>Sessa disclosed Mr. Livingston&rsquo;s purchase of stock in a proxy filing with the SEC on February 4, 2016. (713 Dkt. 73
App. 1183-87.)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>6
</SUP>Ms. Carter submitted a questionnaire on January 14, 2014, that reported she owned no Company stock. (713 Dkt. 72-1 App.
348-97.) But on December 18, 2013, the Company reported Ms. Carter owned 3,200 shares of Company stock. (713 Dkt. 75 App. 588-91.)
Similarly, on March 10, 2015, Ms. Carter submitted a questionnaire that again reported she did not own Company stock. (<I>Id.
</I>at App. 592-625.) Fifteen days after the deadline to submit 2015 Questionnaires, Ms. Carter &ldquo;corrected&rdquo; her questionnaire
to report that she owned 3,200 shares of Company stock. (<I>Id.</I> at App. 627-680.) That correction was wrong, as the Company&rsquo;s
2015 definitive proxy statement reported Ms. Carter actually owned 6,400 shares of Company stock as of March 10, 2015. (<I>Id.
</I>at App. 681-77.)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>7
</SUP>On January 7, 2016, Sessa wrote the Company, stating &ldquo;given the corporate governance and other issues . . . we now
believe that a sale of the Company is the preferred outcome of the strategic alternatives process.&rdquo; 527 Dkt. 1-8. The next
day, Sessa filed a Schedule 13D, making the same statement public. Then, on March 23, 2016, Sessa publicly filed an investor presentation
detailing its plans, proposals, and thoughts regarding the company. http://www.sec.gov/Archives/edgar/data/1574085/000114420416089746/v435069_dfan14a.htm</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Based
on these trumped up concerns with the nomination materials, the Company announced on April 12 it had determined that &ldquo;the
nominees set forth in Sessa&rsquo;s proxy materials cannot properly be brought before the annual meeting of stockholders&rdquo;
and that the Company does &ldquo;not intend to count any stockholder votes for Sessa&rsquo;s proposed nominees.&rdquo; (527 Dkt.
46 App. 14.)</FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>II.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>The
                                         Incumbent Directors Misuse the Proxy Penalty to Coerce Stockholders to Vote for Them</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
June 10, 2015, the Company entered into a Third Amended and Restated Advisory Agreement (the &ldquo;TAAA&rdquo;) with certain
companies that provide management services to the Company (collectively the &ldquo;Ashford Advisors&rdquo;). <FONT STYLE="color: black">(527
Dkt. 93 App. 6-42.)</FONT> Although prior versions of the Advisory Agreement included a termination fee provision, the TAAA for
the first time allowed the Ashford Advisors to terminate the agreement and require the Company to pay them a termination fee in
excess of $200 million if a majority of the board is replaced by candidates that the incumbent directors do not &ldquo;approve&rdquo;
(the &ldquo;Proxy Penalty&rdquo;).<SUP>8</SUP> (<I>Id.</I> at App. 29-31; <I>cf.</I> <I>id.</I> at App. 43-73.)</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>8
</SUP>Expedited discovery produced evidence that the incumbent directors did not even comply with the business judgment rule in
approving the TAAA. The incumbent directors admitted that the termination fee,&rdquo; and that the termination fee &ldquo;was
not . . . part of [the board&rsquo;s] discussions&rdquo; when they approved the TAAA, (527 Dkt. 96 App. 278-79; <I>id.</I> at
App. 311, 314.) The Company&rsquo;s lead director admitted that the Board never even considered the fact that the Proxy Penalty
provision might undermine the stockholder franchise. (<I>Id.</I> at App. 294.) The incumbent directors obtained no independent
legal or financial advice before entering into the TAAA. (<I>Id.</I> at App. 270-71, 283.) The only legal counsel involved was
David Brooks, the COO and General Counsel for <B><I>both</I></B> the Company and the Ashford Advisors.<SUP>8</SUP> (<I>Id.</I>
at App. 270-71.) Discovery has also revealed that the TAAA provided no benefits to the Company and that the alleged benefits were
entirely pretextual. (527 Dkt. 92 at 1-3.)</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
months, the incumbent directors have aggressively used the threat of the Proxy Penalty to discourage stockholders from voting
for the Sessa nominees. For example, on March 9, 2016, the board stated in a press release that stockholders should not vote for
the Sessa nominees because their election &ldquo;<I>would result </I>in a contractual obligation for the Company to render a <I>significant
</I>termination payment to our advisor, which we estimate to be <I>hundreds of millions of dollars . . . .</I>&rdquo; (527 Dkt.
13-2 App. 474 (emphasis added).) The Company&rsquo;s market capitalization is about $350 million, so assertions that the Company
would pay hundreds of millions of dollars if the Sessa nominees are elected had their intended effect. At least one analyst advised
investors the Proxy Penalty meant &ldquo;shareholders would be best served by voting against Sessa&rsquo;s nominees.&rdquo; 527
Dkt. 13-2<I> </I>App. 478.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
TAAA sets forth no conditions or guidelines for approval of the Sessa nominees, nor does it require any evaluation or vetting
of the nominees. (527 Dkt. 93 App. 30-31.) Under well-established law, the incumbent directors have a fiduciary obligation to
approve the Sessa nominees and avoid putting the Company in peril, <I>Kallick v. SandRidge Energy, Inc.</I>, 68 A.3d 242 (Del.
Ch. 2013), but they have nonetheless refused to do so in order to secure an improper advantage in the election.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
February 25, 2016, the Company filed suit against Sessa in the United States District Court for the Northern District of Texas,
Case No. 3:16-CV-0527 (&ldquo;<I>Ashford I</I>&rdquo;). Two weeks later, the Company filed a virtually identical action in state
court, which Sessa subsequently removed to federal court as Case No. 3:16-CV-0713 (&ldquo;<I>Ashford II</I>&rdquo;). Both cases
were assigned to District Judge David Godbey.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
March 14, 2016, Sessa asserted counterclaims against the incumbent directors in <I>Ashford I</I>, along with a motion for preliminary
injunction, asking the district court to require the incumbent directors to approve the Sessa nominees to neutralize the Proxy
Penalty.<SUP>9</SUP> On April 13, 2016, the Company filed a motion for preliminary injunction in <I>Ashford II</I>, asking the
district court to disqualify the Sessa nominees. On May 11, 2016, the district court held brief oral argument on the motions,
but did not take any evidence at the hearing. (527 Dkt. 98; 713 Dkt. 78.)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
May 20, 2016, the district court entered an order denying Sessa&rsquo;s motion, and granting the Company&rsquo;s motion. (527
Dkt. 107; 713 Dkt. 83.) The district court held that under Maryland law, &ldquo;the business judgment rule applies to all decisions
regarding [a] corporation&rsquo;s management.&rdquo; Order at 5, 9, 11. The district court&rsquo;s order: (1) declared the Sessa
Candidates to be &ldquo;invalid and ineligible to stand for election to Ashford Prime&rsquo;s board at the 2016 annual meeting
because of the board&rsquo;s finding that the candidates failed to comply with the advance notice requirements&rdquo;; (2) enjoined
Sessa &ldquo;from submitting or purporting to submit Sessa&rsquo;s candidates to Ashford Prime&rsquo;s shareholders for election
to the board for its 2016 annual meeting&rdquo;; and (3) enjoined Sessa &ldquo;from soliciting proxy votes for Sessa&rsquo;s candidates
or distributing any proxy materials regarding Sessa&rsquo;s candidates.&rdquo; <I>Id.</I> at 12.<FONT STYLE="color: black"> On
May 23, 2016, Sessa filed </FONT>notices of appeal in both cases. (527 Dkt. 108; 713 Dkt. 84.)</FONT></P>

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

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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>9
</SUP>On May 4, 2016, Sessa moved to amend the relief requested in its preliminary injunction motion to prevent the Company from
purporting to disqualify the Sessa nominees. (527 Dkt. 86.) The motion was necessary because the Company did not announce its
intent to disqualify the Sessa nominees until filing the Company&rsquo;s preliminary proxy statement on April 14, 2016, after
Sessa filed its preliminary injunction motion on March 14. (527 Dkt. 46 App. 14.)</FONT></P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>APPLICABLE
LEGAL STANDARDS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
to Rule 8(a)(1)(C), this Court may enter an order &ldquo;suspending, modifying, restoring, or granting an injunction while an
appeal is pending.&rdquo;<SUP>10</SUP> Four factors are considered in deciding whether to grant relief pursuant to Rule 8: (1)
the movant&rsquo;s likelihood of success on the merits; (2) whether the movant will suffer irreparable injury; (3) whether other
parties interested in the proceeding would be injured; and (4) the public interest.<I> Arnold v. Garlock, Inc.</I>, 278 F.3d 426,
439-42 (5th Cir. 2001); <I>see also</I> <I>Ruiz v. Estelle</I>, 650 F.2d 555, 565 (5th Cir. 1981) (same). &nbsp;The four factors
are not applied rigidly. <I>&nbsp;Hilton v. Braunskill</I>, 481 U.S. 770, 777 (1987).&nbsp; If the balance of the equities strongly
favors the moving party, then the moving party need only present &ldquo;a substantial case on the merits&rdquo; with respect to
&ldquo;a serious legal question.&rdquo;&nbsp; <I>Campaign for S. Equal. v. Bryant</I>, 773 F.3d 55, 57 (5th Cir. 2014) (citing
<I>United States v. Baylor Univ. Med. Ctr.</I>, 711 F.2d 38, 39 (5th Cir. 1983)).</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>10
</SUP>The moving party need not first request a stay from the district court where it would be &ldquo;impracticable&rdquo; to
do so. Fed. R. App. P. 8(a)(2)(A)(i). Here, moving first in the district court would have been impractical given the short amount
of time until the June 10 annual meeting.</FONT></P>


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

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<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>I.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Sessa
                                         Is Likely to Prevail on the Merits of the Company&rsquo;s Claim that the Sessa Nominees
                                         Failed to Comply with the Advance Notice Provisions</B></FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
                                         Incumbent Directors&rsquo; Disqualification of the Sessa Nominees Is Not Protected by
                                         the Business Judgment Rule</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
district court&rsquo;s decision was predicated entirely on its incorrect conclusion that under Maryland law the business judgment
rule protects all actions of directors, even those that interfere with the stockholders&rsquo; voting rights.<SUP>11</SUP> Delaware
courts have developed a substantial body of case law holding that the business judgment rule does not apply to actions that interfere
with the stockholders&rsquo; right to elect directors. The Delaware Court of Chancery has held that when directors are seeking
reelection, &ldquo;[t]hey are obviously interested in the outcome of the election&rdquo; and actions they take that affect the
electoral process are not protected by the business judgment rule. <I>Aprahamian v. HBO &amp; Co.</I>, 531 A.2d 1204, 1206 (Del.
Ch. 1987). The Delaware Court of Chancery has also held that when a board acts &ldquo;for the primary purpose of impeding the
exercise of stockholder voting[,] . . . the board bears a heavy burden of demonstrating a compelling justification for such action.&rdquo;
<I>Blasius Indus., Inc. v. Atlas Corp.</I>, 564 A.2d 651, 661 (Del. Ch. 1988).<SUP>12</SUP></FONT></P>

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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>11
</SUP>Federal courts sitting in Texas apply the law of the state of incorporation when a corporation&rsquo;s internal affairs
are implicated.&nbsp; <I>ASARCO LLC v. Americas Min. Corp.</I>, 382 B.R. 49 (S.D. Tex. 2007), <I>reconsidered in part on other
grounds</I>, 396 B.R. 278 (S.D. Texas 2008). The Company is incorporated in Maryland, so Maryland law applies to Sessa&rsquo;s
claim for breach of fiduciary duties.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>12
</SUP>The Delaware Supreme Court has also developed an intermediate level of scrutiny for board actions that may have a proper
primary purpose but that nonetheless have the effect of intruding on stockholder voting rights. <I>Unocal Corp. v. Mesa Petrol.
Co.</I>, 493 A.2d 946 (Del. 1985).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Maryland
courts find Delaware decisions to be &ldquo;highly persuasive&rdquo; on matters of corporate law. <I>See, e.g., Kramer v. Liberty
Prop. Tr.</I>, 968 A.2d 120, 133-34 (Md. 2009). More importantly, Maryland courts have held that Maryland would follow Delaware
authority on this precise issue.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
<I>Shaker v. Foxby Corp.</I>, 2005 WL 914385 (Md. Cir. Ct. 2005), the Maryland court was faced with much the same issue presented
here: the use of advance notice bylaws to prevent nominees from standing for election against incumbent directors. <I>Id.</I>
at *1-5. The <I>Shaker </I>court rejected the position that under Maryland law such conduct is reviewed only under the business
judgment rule, and instead applied <I>Blasius</I>, <I>Aprahamian</I>, and other relevant Delaware authorities. It stated: &ldquo;This
Court believes that Maryland law provides the same protection to shareholder voting rights that obtains in Delaware, in similar
factual contexts, such as the present one involving a proxy fight over control of the board.&rdquo; <I>Id.</I> at *4.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Likewise,
in <I>Daniels v. New Germany Fund,</I> <I>Inc.</I>, 2006 WL 4523622 (D. Md. 2006), the United States District Court for the District
of Maryland adopted the reasoning of <I>Shaker</I> and expressly held, applying Maryland law, that &ldquo;actions designed primarily
to interfere with stockholder voting rights are not afforded protection of the business judgment rule and there is no presumption
of validity.&rdquo; <I>Id.</I> at *4. Although Sessa&rsquo;s briefing below cited <I>Shaker </I>and <I>Daniels</I>, the district
court&rsquo;s preliminary injunction decision did not address them.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Moreover,
Maryland decisions have embraced the principle that directors are not protected by the business judgment rule when they have a
personal interest in the decision, <I>Werbowsky v. Collomb</I>, 766 A.2d 123, 138 (Md. 2001). This is one the fundamental tenants
behind the Delaware Court of Chancery&rsquo;s holding that incumbent directors running for re-election are not shielded by the
business judgment rule when their actions affect the electoral process. <I>See</I> <I>Aprahamian</I>, 531 A.2d at 1206-07.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
deciding to apply the business judgment rule, the district court relied principally on the Maryland Court of Appeals&rsquo; opinion
in <I>Shenker v. Laureate Educ., Inc.</I>, 983 A.2d 408 (Md. 2009), which explained that the business judgment rule applies to
all decisions regarding the &ldquo;management&rdquo; of a corporation. Order at 6, citing <I>Shenker</I>, 983 A.2d at 424. But
the district court apparently overlooked the <I>Shenker</I> court&rsquo;s subsequent admonition that the business judgment rule
does not apply &ldquo;where direct harm is suffered by shareholders,&rdquo; such as interference with &ldquo;a shareholder&rsquo;s
right to vote&rdquo; or where &ldquo;the rights attendant to stock ownership are adversely affected.&rdquo; <I>Shenker, </I>983
A.2d at 424. The Maryland Court of Appeals made clear that in such cases, the<B><I> &ldquo;business judgment rule does not apply.&rdquo;
</I></B><I>Id.</I> (emphasis added).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
district court also mistakenly relied on Maryland Code of Corporations and Associations &sect; 2-405.1. Order at 5-6. Section
2-405.1 provides that &ldquo;[a]n act of a director relating to or affecting <I>an acquisition </I>or a <I>potential acquisition
of control</I> of a corporation may not be subject to a higher duty or greater scrutiny than is applied to any other act of a
director.&rdquo; <FONT STYLE="font-variant: small-caps">Md. Code, Corps. &amp; Ass&rsquo;ns</FONT> &sect; 2-405.1(f) (emphasis
added). But the term &ldquo;acquisitions&rdquo; refers to a stock purchase, and &ldquo;potential acquisition of control&rdquo;
refers to a large stock purchase that can effectively give the purchaser substantial voting power.<SUP>13</SUP> Section 2-405.1
has never been applied to stockholder elections. Indeed, the <I>Shenker </I>court explained that Section 2-405.1(f) rejected &ldquo;heightened
scrutiny&rdquo; only of director actions taken in hostile takeover situations. <I>Shenker, </I>983 A.2d at 427. This case does
not present a hostile takeover situation, which is an effort to acquire control of the corporation&rsquo;s securities. This case
merely concerns the attempt by a stockholder to exercise the voting rights attendant to the stock it already owns.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>B.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Advance
                                         Notice Provisions Will Not Be Enforced if they are Applied Inequitably or in a Discriminatory
                                         Manner</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">It
is well established that advance notice provisions cannot be used to discriminate against director nominees or to entrench incumbent
directors. <I>Shaker</I>, 2005 WL 914385 at *4; <I>Hubbard v. Hollywood Park Realty Enters., Inc.</I>,<I> </I>1991 Del. Ch. LEXIS
9, *34-35 (Del Ch. 1991). Incumbent directors breach their fiduciary duties to stockholders if they do so. <I>Shaker</I>,<I> </I>2005
WL 914385 at *4. When advance notice bylaws unduly restrict the stockholder franchise or are applied inequitably, they are to
be struck down. <I>Openwave Sys., Inc. v. Harbinger Capital Partners Master Fund I, Ltd.</I>, 924 A.2d 228, 239 (Del. Ch. 2007.)
Moreover, advance notice provisions are to be narrowly construed against the Company and in favor of the stockholder franchise.
<I>JANA Master Fund, Ltd. v. CNET Networks, Inc.</I>,<I> </I>954 A.2d 335, 344 (Del. Ch. 2008)<I>.</I></FONT></P>

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

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

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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>13
</SUP><I>See, e.g.,</I> <FONT STYLE="font-variant: small-caps">Md. Code, Fin. Inst.</FONT> &sect; 9-216 (defining &ldquo;acquire&rdquo;
to mean &ldquo;to obtain legal or beneficial ownership of shares, or voting rights of shares,&rdquo; and defining &ldquo;control&rdquo;
as &ldquo;the ability of a person to direct the management or policies of an association or entity or elect a majority of a board
of directors or the ownership of more than 10 percent of the outstanding shares of any class of securities of an association or
interest in an entity&rdquo;).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
this case, the Company has clearly applied the bylaws in a discriminatory and inequitable manner. The Company provided the Sessa
nominees with a far more onerous questionnaire than the incumbent directors were required to complete. The Company then purported
to disqualify the Sessa nominees on the basis of alleged omissions and inaccuracies that were viewed as being of no consequence
when committed by the incumbent directors. This was done in bad faith as part of a &ldquo;strategy of declaring [the Sessa] nominees
invalid.&rdquo; Although this critical issue was briefed below, it was not even discussed in the district court&rsquo;s order.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
sum, Sessa respectfully submits that it is likely to prevail on the merits of its appeal because the district court fundamentally
misread <I>Shenker</I> and MCCA &sect; 2-405.1 and ignored the fact that the Company applied the advance notice provisions in
a discriminatory and inequitable manner. At a minimum, Sessa has &ldquo;a substantial case on the merits&rdquo; with respect to
&ldquo;a serious legal question.&rdquo;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>C.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>The
                                         District Court Erred by Not Understanding the Proxy Rules</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
determining that the Company was likely to succeed on the merits under the business judgment rule, the district court found that
&ldquo;the board could rationally believe the Sessa Candidates had a plan they refused to disclose in their questionnaires and
thus were ineligible&rdquo; based on &ldquo;evidence supporting the board&rsquo;s contention that Sessa has plans for Ashford
Prime after it assumes control of the board[.]&rdquo; Order at 10-11. However, as discussed above in footnote 7, Sessa disclosed
to the Company and the stockholders all of its plans, proposals, and other views, including its belief that a sale appeared to
be the &ldquo;preferred&rdquo; option. In any event, the documents cited by the district court provide no factual basis for the
board to find that the Sessa nominees had undisclosed &ldquo;plans&rdquo; as that term is defined under the federal securities
laws and, by reference, in the Company&rsquo;s bylaws.<SUP>14</SUP></FONT></P>

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

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

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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>14
</SUP>The bylaws merely require disclosure of the information that is required to be disclosed &ldquo;in connection with the solicitation
of proxies&rdquo; under the Securities and Exchange Act of 1934. Order at 9. The proxy rules, in turn, require nominees to only
to &ldquo;&lsquo;[d]escribe any plans or proposals&rsquo; that would result in a sale or transfer of material assets[.]&rdquo;
<I>Id</I>. (citing 17 C.F.R. &sect; 240.13d-101).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">It
is well established that the proxy rules require disclosure only of <B><I>definitive</I></B> plans. There is no requirement to
make &ldquo;predictions of future behavior,&rdquo; <I>Mo. Portland Cement Co. v. Cargill, Inc.</I>, 498 F.2d 851, 872 (2d Cir.
1974), or to disclose tentative or &ldquo;inchoate&rdquo; plans. <I>Merrit v. Libby, McNeil &amp; Libby</I>,&nbsp;510 F. Supp.
366 (S.D.N.Y. 1981). Indeed, this Court has cautioned that disclosure of tentative plans can be misleading. <I>Susquehanna Corp.
v. Pan Am. Sulphur Co.</I>, 423 F.2d 1075, 1084-85 (5th Cir. 1970) (&ldquo;It would have been misleading to the stockholders and
to the public investor for [a] Schedule 13D . . . to indicate that there was a plan or proposal&rdquo; for a merger where the
&ldquo;idea for such a merger never got off the ground&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All
of the evidence relied upon by the district court is consistent with merely tentative ideas and discussions. For example, the
district court relied on two emails from junior Sessa analysts sent five months <I>before</I> Sessa decided to nominate a slate
of directors. Those emails merely suggested that Sessa <I>should </I>develop a general &ldquo;gameplan&rdquo; and plans to handle
certain issues such as the termination fee. Order at 10 (citing 713 Dkt 77-3 App. 633-37.) Likewise, notes from a December 18,
2015 phone call between Mr. Petry and some of the Sessa nominees showed that Mr. Petry had not made any definitive plans because
he &ldquo;[didn&rsquo;t] know what [the environment would] look like in 6 months&rdquo; when the election would take place.<SUP>15</SUP></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Moreover,
the board had none of the evidence cited by the district court when the board disqualified the Sessa nominees.<SUP>16</SUP> That
leads to the inescapable conclusion that the board predetermined to disqualify the Sessa nominees without any of the information
cited by the district court.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>II.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Sessa
                                         Is Likely to Prevail on the Merits of Its Claim With Respect to the Proxy Penalty</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Under
the Delaware Court of Chancery&rsquo;s decision in <I>Kallick v. SandRidge Energy, Inc.</I>, 68 A.3d 242 (2013), the incumbent
directors have a clear obligation to approve the Sessa nominees to neutralize the Proxy Penalty. In the proxy contest in <I>Sand-Ridge</I>,
&ldquo;the incumbent board warned the stockholders that the election of [a hedge fund&rsquo;s] proposed slate would constitute
a &lsquo;Change of Control&rsquo; for purposes of Sand-Ridge&rsquo;s credit agreements&rdquo; which would trigger a &ldquo;Proxy
Put&rdquo; requiring SandRidge to repurchase its existing debt. <I>Id.</I> The incumbent board could eliminate the proxy put by
&ldquo;approving&rdquo; the nominees, &ldquo;failed to decide, one way or the other, whether it approved the [hedge fund] slate
for purposes of the Proxy Put&rdquo; in order to gain an advantage in the election. <I>Id.</I> at 245-46. This is precisely what
the incumbent directors have done in this case.</FONT></P>

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

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

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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>15
</SUP>The district court relied on Mr. Petry&rsquo;s statement that &ldquo;in today&rsquo;s environment&rdquo; maximizing value
would include &ldquo;a real and fair sale process.&rdquo; But, these comments were made in the context of a discussion of a strategic
review that the Board was already conducting. And Mr. Petry disclosed that belief to the Company and the public. <I>See </I>footnote
6 above.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>16
</SUP>At the May 11, 2016 hearing, the Company admitted for the first time that the board voted to disqualify the Sessa nominees
&ldquo;at meetings in early April.&rdquo; (713 Dkt. 99, 30:14-31:6.) But Sessa produced the cited documents on April 20, 2016.</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Delaware Court of Chancery rejected the application of the business judgment rule because of the coercive effect of the proxy
put and its resulting negative impact on stockholder voting rights. <I>Id.</I> It held that an incumbent board may refuse to approve
competing candidates for purposes of such a contractual provision only if the incumbent directors have reasonably determined that
the rival candidates lack &ldquo;ethical integrity&rdquo; or &ldquo;fell within the category of known looters.&rdquo;<SUP>17</SUP>
<I>Id.</I> It then concluded that the incumbent directors were violating their fiduciary duties to the corporation and its stockholders
and entered an injunction requiring the incumbent directors to approve the nominees before soliciting proxies. <I>Id.</I> at 263-264.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
in <I>SandRidge, </I>neither the Company nor the district court has identified any evidence that the Sessa nominees lack integrity
or have a history of looting companies. Indeed, the Company&rsquo;s lead outside director and another director both testified
that they had no reason to think the Sessa nominees lacked any integrity or were known looters. (527 Dkt. 96 App. 290-91; <I>id.
</I>at App. 302, 305.) Given the coercive effect of the Proxy Penalty on stockholder voting and the potentially devastating effects
of the termination fee on the Company, the incumbent directors must approve the Sessa nominees to neutralize the Proxy Penalty
in the exercise of their fiduciary duties to the Company and its stockholders.</FONT></P>

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

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

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</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>17
</SUP>The court also discussed withholding approval if the rival candidates had &ldquo;specific plans that would endanger the
corporation&rsquo;s ability to repay its creditors.&rdquo; <I>SandRidge</I>, 68 A.3d at 246. This was premised on the company&rsquo;s
duty of good faith and fair dealing toward its creditors under Delaware law. <I>Id.</I> <FONT STYLE="color: #333333">The TAAA
is expressly governed by Texas law (<I>see </I>527 Dkt. 93 </FONT>App. 38<FONT STYLE="color: #333333">), and Texas does not recognize
an implied duty of good faith and fair dealing in contracts except in very limited circumstances not applicable here. <I>See Williamson-Dickie
Mfg. Co. v. Apparel Ltd.</I>, 2015 U.S. Dist. LEXIS 75227, *5-*7 (N.D. Tex. 2015). Thus this part of the <I>SandRidge </I>analysis
does not apply.</FONT></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>III.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>The
                                         Other Factors All Support Modifying the District Court&rsquo;s Preliminary Injunction</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
remaining three factors for determining whether to stay or modify a preliminary injunction pending appeal also strongly support
the entry of Sessa&rsquo;s requested order deferring the annual meeting to preserve the status quo.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Irreparable
Injury:</B> If the election is allowed to proceed as scheduled on June 10, and the district court&rsquo;s preliminary injunction
decision is not stayed or modified, the Sessa nominees will not be allowed to stand for election, all shareholders will be denied
a choice in the election, and the current seven incumbent directors will all be re-elected without competition. If this Court
later determines that the Sessa nominees should have been allowed to stand for election, a remedy will be very difficult. The
prior election will have to be unwound (which could put the validity of all subsequent actions of the board elected on June 10
in doubt), and a second annual meeting will need to be held.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Balance
of the Equities:</B> If the annual meeting is delayed, the Company and the incumbent directors will suffer no prejudice. Under
the Company&rsquo;s bylaws, the annual meeting can be held any time before the end of 2016. (713 Dkt. 72 App. 187.) And if the
annual meeting is postponed from June 10 to a date later in 2016, the incumbent directors will all continue to remain in office
until the annual meeting is held. (<I>Id.</I> at App. 195.)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Public
Interest:</B> The Company&rsquo;s stockholders have the exclusive right under Maryland law to elect directors of their choosing.
<FONT STYLE="font-variant: small-caps">Md. Code, Corps. &amp; Ass&rsquo;ns</FONT> &sect; 2-204(b)(1). Like Delaware, Maryland
courts have recognized a strong public interest in &ldquo;corporate democracy&rdquo; and have held that &ldquo;those in charge
of the election machinery of a corporation must be held to the highest standards of providing for and conducting corporate elections.&rdquo;
<I>Shaker</I>, 22005 WL 914385, at *5 (quoting <I>Aprahamian</I>, 531 A.2d at 1206-07.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
district court ignored this important right. It instead found that the balance of the hardships weighs in favor of granting the
Company&rsquo;s preliminary injunction because allowing the Sessa nominees to stand for election and Sessa to solicit proxies
could potentially cause shareholders to cast meaningless votes for invalid nominees and cause the Company irreparable injury.
Order 11-12. This makes no sense. The Sessa nominees are the only persons running against the incumbent directors, so the district
court&rsquo;s order only serves allow the incumbent directors to run unopposed. This is a disenfranchisement of the Company&rsquo;s
stockholders, which is plainly contrary to the public interest.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">When
faced with situations like the one presented here, this Court and other circuits have not hesitated to stay district courts&rsquo;
preliminary injunction and to postpone the election pending resolution of the appeal. In <I>American General Corp. v. Torchmark
Corp.</I>, 1990 WL 10712372 at *2 (5th Cir. 1990), the district court entered a preliminary injunction prohibiting a stockholder
from soliciting proxies for its proposed nominees on the ground that they had not complied with the &ldquo;early notice provisions&rdquo;
of the corporation&rsquo;s bylaws. <I>Id.</I> This Court entered a stay of the district court&rsquo;s preliminary injunction,
rejecting the very sort of analysis applied by the district court in assessing the irreparable harm and balancing of equities
factors. <I>Id</I> at *2. Similarly, in <I>Gearhart Indus., Inc. v. Smith Int'l, Inc.</I>, this Court delayed a company&rsquo;s
annual shareholder meeting pending the appeal of an injunction entered by the district court. 741 F.2d 707, 712 (5th Cir. 1984)
and in <I>Bath Indus., Inc. v. Blot</I>, 427 F.2d 97, 113 &amp; n.8 (7th Cir. 1970) the Seventh Circuit stayed a preliminary injunction
that would have &ldquo;effectively disenfranchise[d] stockholders and enjoined the holding of the meeting pending appeal.<SUP>18</SUP></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>18
</SUP>Modification of the the district court&rsquo;s Order is also appropriate because its terms are far too broad. Preliminary
injunctions are to be &ldquo;carefully tailored to the situation presented and should be no broader than necessary.&rdquo; Gearhart,
741 F.2d at 715 (modifying preliminary injunctions based on claimed 13(d) and 14(a) violations and finding that that curative
disclosure would obviate the need for a preliminary injunction). Prohibiting Sessa from proposing its nominees for election and
soliciting proxies damages Sessa and the Company&rsquo;s other stockholders. The Order is overly broad, ambiguous, and may even
conflict with the SEC&rsquo;s proxy rules, which mandate various public filings.</FONT></P>

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


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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>IV.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>The
                                         Court Should Expedite Sessa&rsquo;s Appeal</B></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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">There
is good cause to expedite this appeal. Sessa is facing the irreparable harm of disenfranchisement. Furthermore, time is of the
essence because the 2016 Annual Meeting must be held by the end of the year and at least 15 days will be required between the
date of this Court&rsquo;s decision and the Annual Meeting to ensure the stockholders have accurate information and time to return
their proxies.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
Court routinely grants expedited appeals in cases where appellants will suffer serious harm from a lower court&rsquo;s issuance
of a preliminary injunction. <I>See, e.g., Torchmark Corp.</I>, 1990 WL 10712372 at *2 (expedited appeal where lower court entered
preliminary injunction prohibiting a stockholder from soliciting proxies for its proposed nominees); <I>Opulent Life Church v.
City of Holly Springs, Miss.</I>, 697 F.3d 279, 297 (5th Cir. 2012) (expedited appeal where lower court&rsquo;s refusal to enjoin
city ordinance meant appellant could lose its lease); and <I>Daniels Health Scis,. L.L.C. v. Vascular Health Scis., L.L.C.</I>,
710 F.3d 579, 581-582 (5th Cir. 2013) (expedited appeal where lower court entered preliminary injunction ordering appellant to
refrain from using appellee&rsquo;s confidential information to sell appellant&rsquo;s product). Without relief from the Court,
Sessa will be irreparably disenfranchised.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
the foregoing reasons, Sessa respectfully requests that this Court enter an order: (1) staying the district court&rsquo;s order,
(2) requiring the Company to postpone the annual meeting until after the resolution of this appeal, and (3) expediting this appeal.</FONT></P>

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


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date:&nbsp;&nbsp;May
    25 2016</FONT></TD>
    <TD STYLE="width: 50%; padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Respectfully
    submitted,</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 12.6pt; text-indent: -12.6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">s/
    Sundeep Kumar (Rob) Addy</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John
    D. Byars (<I>Admission Pending</I>)</FONT></TD>
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sundeep
    Kumar (Rob) Addy</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">john.byars@bartlit-beck.com</FONT></TD>
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">rob.addy@bartlit-beck.com</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">Bartlit
    Beck Herman Palenchar</FONT> </TD>
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Glen
    E. Summers (<I>Admission Pending</I>)</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 9pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">&amp;
    Scott</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> LLP</FONT></TD>
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">glen.summers@bartlit-beck.com</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Courthouse
    Place</FONT></TD>
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Joseph
    W. Doman (<I>Admission Pending</I>)</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">54
    W. Hubbard St., Suite 300</FONT></TD>
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">joe.doman@bartlit-beck.com
    </FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chicago,
    Illinois 60654</FONT></TD>
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">Bartlit
    Beck Herman Palenchar</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Telephone
    No. (312) 494-4400</FONT></TD>
    <TD STYLE="padding-left: 9pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">&amp;
    Scott</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> LLP</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Facsimile
    No.:&nbsp;&nbsp;(312) 494-4440</FONT></TD>
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1899
    Wynkoop Street, 8th Floor</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Denver,
    Colorado 80202</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Telephone
    No. (303) 592-3100</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Facsimile
    No.: (303) 592-3140</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Attorneys
    for Defendants-Appellants Sessa </I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Capital
    (Master), L.P., Sessa Capital GP,</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>LLC,
    Sessa Capital IM, L.P., Sessa Capital</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>IM
    GP, LLC, John E. Petry, Philip B.</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Livingston,
    Lawrence A. Cunningham, Daniel</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>B.
    Silvers and Chris D. Wheeler </I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.6pt; text-indent: -12.6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
May 25, 2016, pursuant to Rule 27.4, I certify that Appellants conferred with opposing counsels for Appellees, who intend to file
an opposition.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 12.6pt; text-indent: -12.6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">s/
    John D. Byars</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John
    D. Byars (<I>Admission Pending</I>)</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">john.byars@bartlit-beck.com</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">Bartlit
    Beck Herman Palenchar</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 9pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">&amp;
    Scott</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> LLP</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Courthouse
    Place</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">54
    W. Hubbard St., Suite 300</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chicago,
    Illinois 60654</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Telephone
    No. (312) 494-4400</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Facsimile
    No.:&nbsp;&nbsp;(312) 494-4440</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Attorneys
    for Defendants-Appellants Sessa</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Capital
    (Master), L.P., Sessa Capital GP,</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>LLC,
    Sessa Capital IM, L.P., Sessa Capital</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>IM
    GP, LLC, John E. Petry, Philip B.</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Livingston,
    Lawrence A. Cunningham, Daniel</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>B.
    Silvers and Chris D. Wheeler</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CERTIFICATE
OF COMPLIANCE WITH 5TH CIRCUIT RULE 27.3</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
to the 5 Circuit Rule 27.3, the undersigned certifies that the facts supporting emergency consideration of the foregoing motion
filed on May 25, 2016 are true and complete.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 12.6pt; text-indent: -12.6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">s/
    Glen E. Summers</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Glen
    E. Summers (<I>Admission Pending</I>)</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">glen.summers@bartlit-beck.com</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">Bartlit
    Beck Herman Palenchar</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 9pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">&amp;
    Scott</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> LLP</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1899
    Wynkoop Street, 8th Floor</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Denver,
    Colorado 80202</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Telephone
    No. (303) 592-3100</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Facsimile
    No.: (303) 592-3140</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Attorneys
    for Defendants-Appellants Sessa</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Capital
    (Master), L.P., Sessa Capital GP,</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>LLC,
    Sessa Capital IM, L.P., Sessa Capital</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>IM
    GP, LLC, John E. Petry, Philip B.</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Livingston,
    Lawrence A. Cunningham, Daniel</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>B.
    Silvers and Chris D. Wheeler</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
undersigned certifies that on May 25, 2016, this motion was transmitted to the Clerk of the United States Court of Appeals for
the Fifth Circuit via the Court&rsquo;s CM/ECF document filing system and that this motion complies with the requirements of 5th
Cir. R. 27.4, Fed. R. App. P. 27(d), Fed. R. App. P. 32(a), and 5th Cir. R. 32. This motion has been prepared in Garamond, a proportionally
spaced typeface using Microsoft Word 2013 in font size 14.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
undersigned further certifies that (1) any required privacy redactions have been made pursuant to 5th Cir. R. 25.2.13; and (2)
this document has been scanned for viruses with the most recent version of GFI Cloud Antivirus and is free of viruses.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 12.6pt; text-indent: -12.6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">s/
    Glen E. Summers</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Glen
    E. Summers (<I>Admission Pending</I>)</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">glen.summers@bartlit-beck.com</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">Bartlit
    Beck Herman Palenchar</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.375in; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">&amp;
    Scott</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> LLP</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1899
    Wynkoop Street, 8th Floor</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Denver,
    Colorado 80202</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Telephone
    No. (303) 592-3100</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Facsimile
    No.: (303) 592-3140</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Attorneys
    for Defendants-Appellants Sessa</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Capital
    (Master), L.P., Sessa Capital GP,</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>LLC,
    Sessa Capital IM, L.P., Sessa Capital</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>IM
    GP, LLC, John E. Petry, Philip B.</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Livingston,
    Lawrence A. Cunningham, Daniel</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>B.
    Silvers and Chris D. Wheeler</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">I
certify that this document has been filed with the clerk of the court and served by ECF or e-mail on May 25, 2016, upon counsel
of record in this case.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 12.6pt; text-indent: -12.6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">s/
    Sundeep Kumar (Rob) Addy</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sundeep
    Kumar (Rob) Addy</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">rob.addy@bartlit-beck.com
    </FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">Bartlit
    Beck Herman Palenchar</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 9pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">&amp;
    Scott</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> LLP</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1899
    Wynkoop Street, 8th Floor</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Denver,
    Colorado 80202</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 12.6pt; text-indent: -12.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Telephone
    No. (303) 592-3100</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Facsimile
    No.: (303) 592-3140</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Attorneys
    for Defendants-Appellants Sessa</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Capital
    (Master), L.P., Sessa Capital GP,</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>LLC,
    Sessa Capital IM, L.P., Sessa Capital</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>IM
    GP, LLC, John E. Petry, Philip B.</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Livingston,
    Lawrence A. Cunningham, Daniel</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>B.
    Silvers and Chris D. Wheeler&nbsp;&nbsp;</I></FONT></TD></TR>
</TABLE>
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