<SEC-DOCUMENT>0001104659-22-059420.txt : 20220512
<SEC-HEADER>0001104659-22-059420.hdr.sgml : 20220512
<ACCEPTANCE-DATETIME>20220512160728
ACCESSION NUMBER:		0001104659-22-059420
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20220512
DATE AS OF CHANGE:		20220512
EFFECTIVENESS DATE:		20220512

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Braemar Hotels & Resorts 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:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-264883
		FILM NUMBER:		22917814

	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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ashford Hospitality Prime, Inc.
		DATE OF NAME CHANGE:	20130410
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>tm2214733d1_s8.htm
<DESCRIPTION>FORM S-8
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B></B></FONT><B>As filed with the Securities and Exchange Commission on May 12, 2022</B></P>

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

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

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

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

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

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

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



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">BRAEMAR HOTELS &amp; RESORTS INC.<BR>
(Exact name of registrant as specified in its charter)</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 43%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">Maryland<BR>
    (State or other jurisdiction of<BR>
    incorporation or organization)</FONT></P></TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 45%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">46-2488594<BR>
    (I.R.S. Employer<BR>
    Identification Number)</FONT></P></TD></TR>
  </TABLE>
<P STYLE="border-top: Black 1pt solid; 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">Braemar Hotels &amp; Resorts Inc.<BR>
2013 Equity Incentive Plan</P>

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

<P STYLE="font: 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">14185 Dallas Parkway, Suite 1200<BR>
Dallas, Texas 75254<BR>
(972)&nbsp;490-9600</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address, including zip code, and telephone number,
including area code, of registrant&rsquo;s principal executive offices)</P>

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

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

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



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Alex Rose<BR>
Executive Vice President, General Counsel and Secretary<BR>
14185 Dallas Parkway, Suite 1200<BR>
Dallas, Texas 75254<BR>
(972)&nbsp;490-9600</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, address, including zip code, and telephone
number, including area code, of agent for service)</P>

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

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

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



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Indicate by check mark whether
the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions
of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2 of
the Exchange Act. (Check one):</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 20%; padding: 10pt 0.25pt 0.75pt; font-size: 10pt; text-align: center">Large accelerated filer <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 18%; padding: 10pt 0.25pt 0.75pt; font-size: 10pt; text-align: center">Accelerated filer <FONT STYLE="font-family: Wingdings">&thorn;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 37%; padding: 10pt 0.25pt 0.75pt; font-size: 10pt; text-align: center">Non-accelerated filer <FONT STYLE="font-family: Wingdings">&#168;</FONT><BR>
(Do not check if a smaller reporting company)</TD>
    <TD STYLE="width: 25%; padding: 0.25pt 0.25pt 0.75pt; font-size: 10pt; text-align: center">Smaller reporting company <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

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

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




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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This Registration Statement
on Form S-8 is filed pursuant to General Instruction E to Form S-8 for the purpose of registering an additional 1,600,000 shares of the
Common Stock of Braemar Hotels &amp; Resorts Inc. (the &ldquo;Company&rdquo; or &ldquo;Registrant&rdquo;), which may be issued pursuant
to awards under the Second Amended and Restated Braemar Hotels &amp; Resorts Inc. 2013 Equity Incentive Plan, as further amended effective
as of May 11, 2022 (the &ldquo;Plan&rdquo;). In accordance with General Instruction E to Form S-8, the Company hereby incorporates herein
by reference the Registration Statement on <A HREF="https://www.sec.gov/Archives/edgar/data/1574085/000110465921064521/tm2115865d1_s8.htm" STYLE="-sec-extract: exhibit">Form S-8 (No. 333-256002)</A>, filed with the Securities and Exchange Commission on May 11, 2021,
together with all exhibits filed therewith or incorporated therein by reference.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Exhibits to this Registration
Statement are listed in the Index to Exhibits immediately following the signature pages.</P>

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

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

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




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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to the requirements
of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in the City of Dallas, State of Texas, on May 12, 2022.</P>

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

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<TD>&nbsp;</TD><TD COLSPAN="2"><B>Braemar Hotels &amp; Resorts Inc.</B></TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>By:</TD><TD STYLE="border-bottom: Black 1pt solid">/s/ Alex Rose</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 3%"></TD><TD STYLE="width: 47%"><U></U>Name: Alex Rose<BR>
Title: Executive Vice President, General Counsel &amp; Secretary</TD></TR></TABLE>




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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="a_001"></A>POWER
OF ATTORNEY</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">KNOW ALL MEN BY THESE PRESENTS,
that each person whose signature appears below constitutes and appoints Deric S. Eubanks and Alex Rose as his or her true and lawful attorney-in-fact
and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments, including post-effective amendments, to this Registration Statement, and any registration
statement relating to the offering covered by this Registration Statement and filed pursuant to Rule 462 under the Securities Act of 1933,
as amended, and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorney-in-fact and agents full power and authority to do and perform each and every act and thing requisite
and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming
all that each of said attorney-in-fact and agents or his substitute may lawfully so or cause to be done by virtue hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to the requirements
of the Securities Act of 1933, the following persons have signed this Registration Statement in the capacities and on the date(s) indicated.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Signature</B></P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 45%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Title</B></P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 15%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Date</B></P></TD></TR>
  <TR>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">/s/ RICHARD J.
    STOCKTON<BR>
    <BR>
    <BR>
    </P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">President and Chief Executive Officer; Director<BR>
(<I>Principal Executive Officer</I>)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">May 12, 2022</TD></TR>
  <TR>
    <TD STYLE="text-align: center">Richard J. Stockton</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">/s/ DERIC S.
    EUBANKS<BR>
    <BR>
    <BR>
    </P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Chief Financial Officer and Treasurer<BR>
(<I>Principal Financial Officer</I>)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">May 12, 2022</TD></TR>
  <TR>
    <TD STYLE="text-align: center">Deric S. Eubanks</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">/s/ MARK L. NUNNELEY<BR>
    <BR>
    <BR>
    </P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Chief Accounting Officer<BR>
(<I>Principal Accounting Officer</I>)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">May 12, 2022</TD></TR>
  <TR>
    <TD STYLE="text-align: center">Mark L. Nunneley</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">/s/ MONTY J.
    BENNETT<BR>
    <BR>
    <BR>
    </P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Chairman of the Board</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">May 12, 2022</TD></TR>
  <TR>
    <TD STYLE="text-align: center">Monty J. Bennett</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">/s/ STEFANI D.
    CARTER<BR>
    <BR>
    <BR>
    </P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">May 12, 2022</TD></TR>
  <TR>
    <TD STYLE="text-align: center">Stefani D. Carter</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">/s/ MARY CANDACE
    EVANS<BR>
    <BR>
    <BR>
    </P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">May 12, 2022</TD></TR>
  <TR>
    <TD STYLE="text-align: center">Mary Candace Evans</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">/s/ KENNETH H.
    FEARN, JR.<BR>
    <BR>
    <BR>
    </P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">May 12, 2022</TD></TR>
  <TR>
    <TD STYLE="text-align: center">Kenneth H. Fearn, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></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: 38%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Signature</B></P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 45%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Title</B></P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 15%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Date</B></P></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 33%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">/s/ REBECA ODINO-JOHNSON<BR>
    <BR>
    <BR>
    </P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 49%">Director</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 16%">May 12, 2022</TD></TR>
  <TR>
    <TD STYLE="text-align: center">Rebeca Odino-Johnson</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">/s/ MATTHEW D.
    RINALDI<BR>
    <BR>
    <BR>
    </P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">May 12, 2022</TD></TR>
  <TR>
    <TD STYLE="text-align: center">Matthew D. Rinaldi</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">/s/ ABTEEN VAZIRI<BR>
    <BR>
    <BR>
    </P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">May 12, 2022</TD></TR>
  <TR>
    <TD STYLE="text-align: center">Abteen Vaziri</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

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<TR STYLE="vertical-align: top">
<TD STYLE="width: 4%">*By:</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 46%">/s/ Alex Rose</TD>
<TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">Alex Rose</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="text-align: left">Attorney-in-fact</TD>
<TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.25in 0pt 22.5pt; text-align: left; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.25in 0pt 22.5pt; text-align: left; text-indent: -22.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.25in 0pt 22.5pt; text-align: left; text-indent: -22.5pt">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -22.5pt"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -22.5pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: Black 1pt solid; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt">Exhibit No.</TD>
<TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 85%">Exhibit Description</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0.3in; padding-bottom: 0.25pt; padding-left: 9pt; text-indent: -9pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1574085/000110465916115718/a16-9803_1ex3d1.htm" STYLE="-sec-extract: exhibit">4.1</A></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1574085/000110465916115718/a16-9803_1ex3d1.htm" STYLE="-sec-extract: exhibit">Articles of Amendment and Restatement of Braemar Hotels &amp; Resorts Inc. (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed on April 29, 2016).</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0.3in; padding-bottom: 0.25pt; padding-left: 9pt; text-indent: -9pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1574085/000110465917072530/a17-28189_1ex3d1.htm" STYLE="-sec-extract: exhibit">4.1.1</A></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1574085/000110465917072530/a17-28189_1ex3d1.htm" STYLE="-sec-extract: exhibit">Amendment Number One to the Articles of Amendment and Restatement of Ashford Hospitality Prime, Inc. (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed on December 8, 2017) (File No. 001-35972).</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0.3in; padding-bottom: 0.25pt; padding-left: 9pt; text-indent: -9pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1574085/000110465918025836/a18-12011_1ex3d1.htm" STYLE="-sec-extract: exhibit">4.1.2</A></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1574085/000110465918025836/a18-12011_1ex3d1.htm" STYLE="-sec-extract: exhibit">Amendment Number Two to Articles of Amendment and Restatement of Braemar Hotels &amp; Resorts Inc. (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed on April 23, 2018) (File No. 001-35972).</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0.3in; padding-bottom: 0.25pt; padding-left: 9pt; text-indent: -9pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1574085/000104746920000486/a2240578zex-3_13.htm" STYLE="-sec-extract: exhibit">4.1.3</A></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1574085/000104746920000486/a2240578zex-3_13.htm" STYLE="-sec-extract: exhibit">Articles of Amendment of Braemar Hotels &amp; Resorts Inc., accepted for record and certified by the SDAT on January 23, 2020 (incorporated by reference to Exhibit 3.13 to Amendment No. 1 to the Registration Statement on Form S-3 (File No. 333-234663) filed with the SEC on January 24, 2020).</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0.3in; padding-bottom: 0.25pt; padding-left: 9pt; text-indent: -9pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1574085/000110465922035692/tm229723d1_ex3-2.htm" STYLE="-sec-extract: exhibit">4.2</A></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1574085/000110465922035692/tm229723d1_ex3-2.htm" STYLE="-sec-extract: exhibit">Fourth Amended and Restated Bylaws of Braemar Hotels &amp; Resorts Inc., as amended by Amendment No. 1 on March 17, 2022, adopted on March 17, 2022 (incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K filed on March 18, 2022) (File No. 001-35972).</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0.3in; padding-bottom: 0.25pt; padding-left: 9pt; text-indent: -9pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1574085/000110465916115718/a16-9803_1ex3d2.htm" STYLE="-sec-extract: exhibit">4.3</A></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1574085/000110465916115718/a16-9803_1ex3d2.htm" STYLE="-sec-extract: exhibit">Articles of Amendment of Ashford Hospitality Prime, Inc. (incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K filed on April 29, 2016) (File No. 001-35972).</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0.3in; padding-bottom: 0.25pt; padding-left: 9pt; text-indent: -9pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1574085/000110465916115718/a16-9803_1ex3d3.htm" STYLE="-sec-extract: exhibit">4.4</A></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1574085/000110465916115718/a16-9803_1ex3d3.htm" STYLE="-sec-extract: exhibit">Articles Supplementary of Ashford Hospitality Prime, Inc. (incorporated by reference to Exhibit 3.3 to the Current Report on Form 8-K filed on April 29, 2016) (File No. 001-35972).</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0.3in; padding-bottom: 0.25pt; padding-left: 9pt; text-indent: -9pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1574085/000110465916115718/a16-9803_1ex3d4.htm" STYLE="-sec-extract: exhibit">4.5</A></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1574085/000110465916115718/a16-9803_1ex3d4.htm" STYLE="-sec-extract: exhibit">Articles Supplementary for 5.50% Series A Cumulative Convertible Preferred Stock of Ashford Hospitality Prime, Inc., as amended by a Certificate of Correction (incorporated by reference to Exhibit 3.4 to the Current Report on Form 8-K filed on April 29, 2016) (File No. 001-35972).</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0.3in; padding-bottom: 0.25pt; padding-left: 9pt; text-indent: -9pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1574085/000110465916115718/a16-9803_1ex3d5.htm" STYLE="-sec-extract: exhibit">4.6</A></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1574085/000110465916115718/a16-9803_1ex3d5.htm" STYLE="-sec-extract: exhibit">Articles Supplementary for 5.50% Series B Cumulative Convertible Preferred Stock of Ashford Hospitality Prime, Inc., accepted for record and certified by the Maryland State Department of Assessments and Taxation on December 4, 2015 (incorporated by reference to Exhibit 3.5 to the Current Report on Form 8-K filed on April 29, 2016) (File No. 001-35972).</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0.3in; padding-bottom: 0.25pt; padding-left: 9pt; text-indent: -9pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1574085/000110465917014758/a17-7774_1ex3d1.htm" STYLE="-sec-extract: exhibit">4.6.1</A></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1574085/000110465917014758/a17-7774_1ex3d1.htm" STYLE="-sec-extract: exhibit">Articles Supplementary Establishing Additional Shares of the Series B Preferred Stock of Ashford Hospitality Prime, Inc., as filed with the State Department of Assessments and Taxation of Maryland on March 3, 2017 (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed on March 7, 2017) (File No. 001-35972).</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0.3in; padding-bottom: 0.25pt; padding-left: 9pt; text-indent: -9pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1574085/000110465919069962/a19-24275_1ex3d1.htm" STYLE="-sec-extract: exhibit">4.6.2</A></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1574085/000110465919069962/a19-24275_1ex3d1.htm" STYLE="-sec-extract: exhibit">Articles Supplementary Establishing Additional Shares of Series B Preferred Stock of Braemar Hotels &amp; Resorts Inc., accepted for record and certified by the Maryland State Department of Assessments and Taxation on December 4, 2019 (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed on December 4, 2019) (File No. 001-35972).</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0.3in; padding-bottom: 0.25pt; padding-left: 9pt; text-indent: -9pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1574085/000110465916115718/a16-9803_1ex3d6.htm" STYLE="-sec-extract: exhibit">4.7</A></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1574085/000110465916115718/a16-9803_1ex3d6.htm" STYLE="-sec-extract: exhibit">Articles Supplementary for the Series C Preferred Stock of Ashford Hospitality Prime, Inc., as filed with the State Department of Assessments and Taxation of Maryland on February 1, 2016 (incorporated by reference to Exhibit 3.6 to the Current Report on Form 8-K filed on April 29, 2016) (File No. 001-35972).</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0.3in; padding-bottom: 0.25pt; padding-left: 9pt; text-indent: -9pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1574085/000110465918069201/a18-40298_1ex3d1.htm" STYLE="-sec-extract: exhibit">4.8</A></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1574085/000110465918069201/a18-40298_1ex3d1.htm" STYLE="-sec-extract: exhibit">Articles Supplementary for the Series D Cumulative Preferred Stock, accepted for record and certified by the Maryland State Department of Assessments and Taxation on November 19, 2018 (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed on November 19, 2018) (File No. 001-35972).</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0.3in; padding-bottom: 0.25pt; padding-left: 9pt; text-indent: -9pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1574085/000104746920000486/a2240578zex-3_14.htm" STYLE="-sec-extract: exhibit">4.9</A></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1574085/000104746920000486/a2240578zex-3_14.htm" STYLE="-sec-extract: exhibit">Articles Supplementary Establishing the Series E Redeemable Preferred Stock of Braemar Hotels &amp; Resorts Inc., accepted for record and certified by the SDAT on January 23, 2020 (incorporated by reference to Exhibit 3.14 to Amendment No. 1 to the Registration Statement on Form S-3 (File No. 333-234663) filed with the SEC on January 24, 2020).</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0.3in; padding-bottom: 0.25pt; padding-left: 9pt; text-indent: -9pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1574085/000104746920000486/a2240578zex-3_15.htm" STYLE="-sec-extract: exhibit">4.10</A></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1574085/000104746920000486/a2240578zex-3_15.htm" STYLE="-sec-extract: exhibit">Articles Supplementary Establishing the Series M Redeemable Preferred Stock of Braemar Hotels &amp; Resorts Inc., accepted for record and certified by the SDAT on January 23, 2020 (incorporated by reference to Exhibit 3.15 to Amendment No. 1 to the Registration Statement on Form S-3 (File No. 333-234663) filed with the SEC on January 24, 2020).</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0.3in; padding-bottom: 0.25pt; padding-left: 9pt; text-indent: -9pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1574085/000157408522000032/bhr2021q410-kxex46.htm" STYLE="-sec-extract: exhibit">4.11</A></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1574085/000157408522000032/bhr2021q410-kxex46.htm" STYLE="-sec-extract: exhibit">Description of Securities (incorporated by reference to Exhibit 4.5 to the Current Report on Form 10-K filed on March 10, 2022).</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0.3in; padding-bottom: 0.25pt; padding-left: 9pt; text-indent: -9pt"><A HREF="tm2214733d1_ex5-1.htm" STYLE="-sec-extract: exhibit">5.1*</A></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify"><A HREF="tm2214733d1_ex5-1.htm" STYLE="-sec-extract: exhibit">Opinion of Hogan Lovells US LLP.</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0.3in; padding-bottom: 0.25pt; padding-left: 9pt; text-indent: -9pt"><A HREF="tm2214733d1_ex10-1.htm" STYLE="-sec-extract: exhibit">10.1*</A></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify"><A HREF="tm2214733d1_ex10-1.htm" STYLE="-sec-extract: exhibit">Second Amended and Restated Braemar Hotels &amp; Resorts Inc. 2013 Equity Incentive Plan, as amended and restated through May 11, 2022.</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0.3in; padding-bottom: 0.25pt; padding-left: 9pt; text-indent: -9pt"><A HREF="tm2214733d1_ex5-1.htm">23.1*</A></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify"><A HREF="tm2214733d1_ex5-1.htm">Consent of Hogan Lovells US LLP (included in Exhibit 5.1).</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0.3in; padding-bottom: 0.25pt; padding-left: 9pt; text-indent: -9pt"><A HREF="tm2214733d1_ex23-2.htm" STYLE="-sec-extract: exhibit">23.2*</A></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify"><A HREF="tm2214733d1_ex23-2.htm" STYLE="-sec-extract: exhibit">BDO USA, LLP.</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0.3in; padding-bottom: 0.25pt; padding-left: 9pt; text-indent: -9pt"><A HREF="#a_001">24.1*</A></TD>
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify"><A HREF="#a_001">Power of Attorney (included on signature page hereto).</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0.3in; padding-bottom: 0.25pt; padding-left: 9pt; text-indent: -9pt"><A HREF="tm2214733d1_ex-filingfees.htm" STYLE="-sec-extract: exhibit">107*</A></TD>
<TD STYLE="padding-right: 0.3in; padding-bottom: 0.25pt; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
<TD STYLE="padding-right: 5.4pt; padding-bottom: 0.25pt; text-align: justify"><A HREF="tm2214733d1_ex-filingfees.htm" STYLE="-sec-extract: exhibit">Filing Fee Table.</A></TD></TR>
</TABLE>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">*</TD><TD STYLE="text-align: justify">Filed herewith.</TD></TR></TABLE>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm2214733d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="text-align: right; margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 5.1</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; width: 70%; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm2214733d1_ex5-1img001.jpg" ALT="" STYLE="height: 95px; width: 95px"></FONT></TD>
    <TD STYLE="width: 30%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hogan Lovells US LLP</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Harbor East</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 International Drive</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suite&nbsp;2000</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Baltimore, MD 21202</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">T +1 410 659 2700</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">F +1 410 659 2701</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">www.hoganlovells.com</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May&nbsp;12, 2022</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are acting as counsel to Braemar
Hotels&nbsp;&amp; Resorts Inc., a Maryland corporation (the &ldquo;<B>Company</B>&rdquo;), in connection with its registration
statement on Form&nbsp;S-8 (the &ldquo;<B>Registration Statement</B>&rdquo;), filed with the Securities and Exchange Commission
under the Securities Act of 1933, as amended (the &ldquo;<B>Act</B>&rdquo;) relating to the proposed offering of up to an additional
1,600,000 newly issued&nbsp; shares of the common stock, par value $.01 per share (the &ldquo;<B>Common Stock</B>&rdquo;) of the
Company (the &ldquo;<B>Shares</B>&rdquo;), all of which shares are issuable pursuant to the Second Amended and Restated 2013 Equity
Incentive Plan (as amended though May 11, 2022, the &ldquo;<B>Plan</B>&rdquo;). This opinion letter is furnished to you at your
request to enable you to fulfill the requirements of Item&nbsp;601(b)(5)&nbsp;of Regulation S-K, 17&nbsp;C.F.R.
 &sect;&nbsp;229.601(b)(5), in connection with the Registration Statement.</P>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT>May&nbsp;12,
2022</FONT></P>

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

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

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

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

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

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

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

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

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

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

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<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>tm2214733d1_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.1</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>BRAEMAR HOTELS &amp; RESORTS, INC.<BR>
SECOND AMENDED AND RESTATED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2013 EQUITY INCENTIVE PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(AS AMENDED THROUGH MAY 11, 2022)</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INTRODUCTION</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"><B>1.1 Purpose</B>. The Braemar
Hotels &amp; Resorts, Inc. Second Amended and Restated 2013 Equity Incentive Plan (as amended, the &#8220;<I><U>Plan</U></I>&#8221;) is
intended to promote the interests of Braemar Hotels &amp; Resorts, Inc., a Maryland corporation (the &#8220;<I><U>Company</U></I>&#8221;),
and its stockholders by encouraging Employees, Consultants and Non-Employee Directors of the Company, the Advisor and each of their respective
Affiliates (each term as defined below) to acquire or increase their equity interests in the Company, thereby giving them an added incentive
to work toward the continued growth and success of the Company. The Board of Directors of the Company (the &#8220;<I><U>Board</U></I>&#8221;)
also contemplates that through the Plan, the Company, the Advisor and each of their respective Affiliates will be better able to compete
for the services of the individuals needed for the continued growth and success of the Company. The Plan shall not constitute any &#8220;employee
benefit plan&#8221; for purposes of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>1.2 Shares Subject to the
Plan</B>. The aggregate number of shares of Common Stock, $0.01 par value per share, of the Company (&#8220;<I><U>Common Stock</U></I>&#8221;)
that may be issued under the Plan shall not exceed 6,950,000 shares of outstanding Common Stock. In no event may the total number of shares
of common stock subject to options or Stock Appreciation Rights (SARs) awarded to any eligible participant under the Plan during any single
calendar year exceed 1,000,000. In no event may the total number of shares of common stock subject to full value awards, including performance
awards or other stock-based awards, awarded to any eligible Participant during any single calendar year exceed 1,000,000.</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 the event that at any time
after the Effective Date the outstanding shares of Common Stock are changed into or exchanged for a different number or kind of shares
or other securities of the Company by reason of a merger, consolidation, recapitalization, reclassification, stock split, stock dividend,
combination of shares or the like, the aggregate number and class of securities available under the Plan, the individual share limits
set forth above and in Section 3.8, the number, amount and type of common stock subject to awards under the Plan, and the grant, purchase
or exercise price of outstanding Awards shall be ratably adjusted by the Committee (as defined below), whose determination shall be final
and binding upon the Company and all other interested persons. Shares issued pursuant to the Plan (i) may be authorized but unissued shares
or, if applicable, shares acquired in the open market and (ii) shall be fully paid and nonassessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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">Any shares of Common Stock
subject to an Award that is forfeited or expires or is settled for cash shall, to the extent of such forfeiture, expiration or cash settlement,
again become available for Awards under this Plan, and the total number of shares of Common Stock available for grant under this Section
1.2 shall be increased by the number of shares of Common Stock that is forfeited or expires or is settled for cash. The following shares
of Common Stock shall not, however, again become available for Awards or increase the number of shares of Common Stock available for grant
under this Section 1.2: (i) shares of Common Stock tendered by the Participant or withheld by the Company in payment of the purchase price
of an Option issued under this Plan, (ii) shares of Common Stock tendered by the Participant or withheld by the Company to satisfy any
tax withholding obligation with respect to an Award, (iii) shares of Common Stock repurchased by the Company with proceeds received from
the exercise of an Option issued under this Plan, and (iv) shares of Common Stock subject to a Stock Appreciation Right issued under this
Plan that are not issued in connection with the stock settlement of that Stock Appreciation Right upon its exercise.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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"><B>1.3 Administration of the
Plan</B>. The Plan shall be administered by the Committee. Subject to the provisions of the Plan, the Committee shall interpret the Plan
and all Awards under the Plan, shall make such rules as it deems necessary for the proper administration of the Plan, shall make all other
determinations necessary or advisable for the administration of the Plan and shall correct any defect or supply any omission or reconcile
any inconsistency in the Plan or in any Award under the Plan in the manner and to the extent that the Committee deems desirable to effectuate
the Plan. Any action taken or determination made by the Committee pursuant to this and the other paragraphs of the Plan shall be final,
binding and conclusive on all parties. The act or determination of a majority of the Committee shall be deemed to be the act or determination
of the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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"><B>1.4 Amendment and Discontinuance
of the Plan</B>. The Board may amend, suspend or terminate the Plan; provided, however, no amendment, suspension or termination of the
Plan may, without the consent of the holder of an Award, terminate such Award or adversely affect such holder&#8217;s rights with respect
to such Award in any material respect; provided further, however, that any amendment which would constitute a &#8220;material revision&#8221;
of the Plan (as that term is used in the rules of the New York Stock Exchange) shall be subject to stockholder approval.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>1.6 Term of Plan</B>. The
Plan was originally effective as of November 5, 2013 (the &#8220;<I><U>Effective Date</U></I>&#8221;), the date of original approval of
the Plan by the stockholders of the Company. This amendment and restatement of the Plan was approved by the Board on March 25, 2015, subject
to approval of the Company&#8217;s shareholders at its 2015 Annual Meeting of Shareholders (the &#8220;<I><U>Amendment Date</U></I>&#8221;)
The provisions of the Plan, as amended and restated, are applicable to all Awards granted on or after the Amendment Date. If not sooner
terminated under the provisions of <U>Section 1.4</U>, the Plan shall terminate upon, and no further Awards shall be made, after the tenth
anniversary of the Amendment Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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"><B>1.7 Leave of Absence</B>.
If an employee of the Company, the Advisor or one of their respective Affiliates is on military, sick leave or other bona fide leave of
absence, such person shall be considered an &#8220;Employee&#8221; for purposes of an outstanding Award during the period of such leave
provided it does not exceed ninety (90) days, or, if longer, so long as the person&#8217;s right to reemployment is guaranteed either
by statute or by contract. If the period of leave exceeds ninety (90) days, such person shall be deemed to no longer be an &#8220;Employee&#8221;
for purposes of an outstanding Award on the 91st day of such leave, unless the person&#8217;s right to reemployment is guaranteed by statute
or contract.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<I>1934 Act</I>&#8221;
means the Securities Exchange Act of 1934, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<I>Advisor</I>&#8221;
means Ashford Hospitality Advisors LLC, a Delaware limited liability company, together with any successors and assigns.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<I>Affiliate</I>&#8221;
means (i) Remington, (ii) any entity in which the Company, the Advisor or Remington, directly or indirectly, owns 10% or more of the combined
voting power, as determined by the Committee, (iii) any &#8220;parent corporation&#8221; of the Company, the Advisor or Remington (as
defined in Section 424(e) of the Code), (iv) any &#8220;subsidiary corporation&#8221; of any such parent corporation (as defined in Section
424(f) of the Code) of the Company, the Advisor or Remington and (v) any trades or businesses, whether or not incorporated which are members
of a controlled group or are under common control (as defined in Sections 414(b) or (c) of the Code) with the Company, the Advisor or
Remington.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<I>Awards</I>&#8221;
means, collectively, Options, Purchased Stock, Bonus Stock, Stock Appreciation Rights, Phantom Stock, Restricted Stock, Performance Awards,
or Other Stock-Based Awards.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<I>Bonus
Stock</I>&#8221; is defined in Article V.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<I>Cause</I>&#8221;
for termination of any Participant who is a party to an agreement of employment with or services to the Company or the Advisor shall mean
termination for &#8220;Cause&#8221; as such term is defined in such agreement, the relevant portions of which are incorporated herein
by reference. If such agreement does not define &#8220;Cause&#8221; or if a Participant is not a party to such an agreement, &#8220;Cause&#8221;
means (i) the willful commission by a Participant of a criminal or other act that causes or is likely to cause substantial economic damage
to the Company, the Advisor or one of their respective Affiliates or substantial injury to the business reputation of the Company, the
Advisor or one of their respective Affiliates; (ii) the commission by a Participant of an act of fraud in the performance of such Participant&#8217;s
duties on behalf of the Company, the Advisor or one of their respective Affiliates; or (iii) the continuing willful failure of a Participant
to perform the duties of such Participant to the Company, the Advisor or one of their respective Affiliates (other than such failure resulting
from the Participant&#8217;s incapacity due to physical or mental illness) after written notice thereof (specifying the particulars thereof
in reasonable detail) and a reasonable opportunity to be heard and cure such failure are given to the Participant by the Committee. For
purposes of the Plan, no act, or failure to act, on the Participant&#8217;s part shall be considered &#8220;willful&#8221; unless done
or omitted to be done by the Participant not in good faith and without reasonable belief that the Participant&#8217;s action or omission
was in the best interest of the Company, the Advisor or one of their respective Affiliates, as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<I>Change
of Control</I>&#8221; shall be deemed to have occurred upon any of the following events:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i) any &#8220;person&#8221;
(as defined in Section 3(a)(9) of the 1934 Act, and as modified in Section 13(d) and 14(d) of the 1934 Act) other than (A) the Company
or any of its subsidiaries, (B) any employee benefit plan of the Company or any of its subsidiaries, (C) Remington, the Advisor or any
of their respective Affiliates, (D) a company owned, directly or indirectly, by stockholders of the Company in substantially the same
proportions as their ownership of the Company, or (E) an underwriter temporarily holding securities pursuant to an offering of such securities,
becomes the &#8220;beneficial owner&#8221; (as defined in Rule 13d-3 of the 1934 Act), directly or indirectly, of securities of the Company
representing 30% or more of the shares of voting stock of the Company then outstanding; provided, however, that an initial public offering
of Common Stock shall not constitute a Change of Control;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii) the consummation
of any merger, organization, business combination or consolidation of the Company or one of its subsidiaries with or into any other company,
other than a merger, reorganization, business combination or consolidation which would result in the holders of the voting securities
of the Company outstanding immediately prior thereto holding securities which represent immediately after such merger, reorganization,
business combination or consolidation more than 50% of the combined voting power of the voting securities of the Company or the surviving
company or the parent of such surviving company;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii) the consummation
of a sale or disposition by the Company of all or substantially all of the Company&#8217;s assets, other than a sale or disposition if
the holders of the voting securities of the Company outstanding immediately prior thereto hold securities immediately thereafter which
represent more than 50% of the combined voting power of the voting securities of the acquiror, or parent of the acquiror, of such assets,
or the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company; or</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iv)
individuals who, as of the Effective Date, constitute the Board (the &#8220;<I><U>Incumbent Board</U></I>&#8221;) cease for any
reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the
Effective Date whose election by the Board, was approved by a vote of at least a majority of the directors then comprising the
Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose,
any such individual whose initial assumption of office occurs as a result of an election contest with respect to the election or
removal of directors or other solicitation of proxies or consents by or on behalf of a person other than the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 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">Further, in the case of any item of
income under an Award to which the foregoing definition would otherwise apply with the effect that the income tax under Section 409A of
the Code would apply or be imposed on income under that Award, but where such tax would not apply or be imposed if the meaning of the
term &#8220;Change of Control&#8221; met the requirements of Section 409A(a)(2)(A)(v) of the Code, then the term &#8220;Change of Control&#8221;
herein shall mean, but only with respect to the income so affected, a transaction, circumstance or event that constitutes a &#8220;Change
of Control&#8221; (as defined above) and that also constitutes a &#8220;change in control event&#8221; within the meaning of Treas. Reg.
 &sect;1.409A&#8212;3(i)(5).</P>

<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; text-indent: 38.25pt">&#8220;<I>Code</I>&#8221;
means the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 38.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<I>Committee</I>&#8221;
means the compensation committee appointed by the Board to administer the Plan or, if none, the Board; provided however, that with respect
to any Award granted to a Covered Employee which is intended to be &#8220;performance-based compensation&#8221; as described in Section
162(m)(4)(C) of the Code, the Committee shall consist solely of two or more members of the Board, each of whom qualifies as both an &#8220;outside
director&#8221; as described in Section 162(m)(4)(C)(i) of the Code and a &#8220;non-employee director&#8221; within the meaning of Section
16b-3 under the 1934 Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<I>Consultant</I>&#8221;
means any individual, other than a Director or an Employee, who renders consulting or advisory services to the Company, the Advisor or
any of their respective Affiliates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><I>&#8220;Covered
Employee&#8221;</I> shall mean those employees of the Company who are &#8220;covered employees&#8221; as defined in Section 162(m)(3)
of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<I>Disability</I>&#8221;
means an inability to perform the Participant&#8217;s material services for the Company, the Advisor or any of their respective Affiliates,
as applicable, for a period of ninety (90) consecutive days or a total of one hundred eighty (180) days, during any 365-day period, in
either case as a result of incapacity due to mental or physical illness, which is determined to be total and permanent. A determination
of Disability shall be made by a physician satisfactory to both the Participant (or his guardian) and the Company, provided that if the
Participant (or his guardian) and the Company do not agree on a physician, the Participant and the Company shall each select a physician
and these two together shall select a third physician, whose determination as to Disability shall be binding on all parties. Eligibility
for disability benefits under any policy for long-term disability benefits provided to the Participant by the Company, the Advisor or
any of their respective affiliates shall conclusively establish the Participant&#8217;s disability. If a Disability constitutes a payment
event with respect to any Award which provides for the deferral of compensation and is subject to Section 409A, then, to the extent required
to comply with Section 409A, the Participant must also be considered &#8220;disabled&#8221; within the meaning of Section 409A(a)(2)(C)
of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<I>Employee</I>&#8221;
means any employee of the Company, the Advisor or any of their respective Affiliates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<I>Employment</I>&#8221;
includes any period in which a Participant is an Employee or a paid Consultant to the Company, the Advisor or any of their respective
Affiliates.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<I>Fair
Market Value</I>&#8221; or &#8220;<I>FMV Per Share</I>&#8221;. The Fair Market Value or FMV Per Share of the Common Stock shall be
the closing price on the New York Stock Exchange or other national securities exchange or over-the-counter market, if applicable,
for the date of the determination or, if no trade of the Common Stock shall have been reported for such date, the closing sales
price quoted on such exchange for the most recent trade prior to the determination date. If shares of the Common Stock are not
listed or admitted to trading on any exchange, over-the-counter market or any similar organization as of the determination date, the
FMV Per Share shall be determined by the Committee in good faith using any fair and reasonable means selected in its discretion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><I>&#8220;Good Reason&#8221;</I>
means termination of employment by an Employee, termination of service by a Consultant or resignation from the Board of a Non-Employee
Director under any of the following circumstances:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i) if such Employee,
Consultant or Non-Employee Director is a party to an agreement for employment with or service to the Company, the Advisor or any of their
respective Affiliates, which agreement includes a definition of &#8220;Good Reason&#8221; for termination of employment with or service
to the Company, the Advisor or any of their respective Affiliates, &#8220;Good Reason&#8221; shall have the same definition for purposes
of the Plan as is set forth in such agreement, the relevant portions of which are incorporated herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii) if such Employee,
Consultant or Non-Employee Director is not a party to an agreement with the Company, the Advisor or any of their respective Affiliates
that defines the term &#8220;Good Reason,&#8221; such term shall mean termination of employment or service under any of the following
circumstances, if the Company, the Advisor or any of their respective Affiliates, as applicable, fails to cure such circumstances within
thirty (30) days after receipt of written notice from the Participant setting forth a description of such Good Reason:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(a) the removal from
or failure to re-elect the Participant to the office or position in which he or she last served;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(b) any material diminishment,
on a cumulative basis, of the Participant&#8217;s overall duties, responsibilities, or status, including the assignment to the Participant
of any duties, responsibilities, or reporting requirements materially inconsistent with his or her position with the Company, the Advisor
or one of their respective Affiliates, as applicable;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(c) a material reduction
by the Company, the Advisor or one of their respective Affiliates in the Participant&#8217;s fees, compensation, or benefits that is not
part of a reduction affecting all members of the management team or Board; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(d) the requirement
by the Company, the Advisor or one of their respective Affiliates that the principal place of business at which the Participant performs
his or her duties be changed to a location more than fifty (50) miles from downtown Dallas, Texas.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<I>Incentive
Option</I>&#8221; means any option which satisfies the requirements of Section 422 of the Code and is granted pursuant to Article III
of the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<I>Non-Employee
Director</I>&#8221; means persons who are members of the Board but who are neither Employees nor Consultants of the Company, the Advisor
or any of their respective Affiliates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<I>Non-Qualified
Option</I>&#8221; shall mean an option not intended to satisfy the requirements of Section 422 of the Code and which is granted pursuant
to Article II of the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<I>Option</I>&#8221;
means an option to acquire Common Stock granted pursuant to the provisions of the Plan, and refers to either an Incentive Option or a
Non-Qualified Option, or both, as applicable.</P>

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

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

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><I>&#8220;Optionee&#8221;</I>
means a Participant who has received or will receive an Option.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<I>Option
Expiration Date</I>&#8221; means the date determined by Committee which shall not be more than ten (10) years after the date of grant
of an Option.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<I>Other
Stock-Based Award</I>&#8221; means an award granted pursuant to Article IX of the Plan that may be denominated or payable in, valued in
whole or in part by reference to, or otherwise based on, or related to, Common Stock, as deemed by the Committee to be consistent with
the purposes of the Plan, including, without limitation, rights convertible or exchangeable into Common Stock, purchase rights for Common
Stock, Awards with value and payment and/or settlement contingent upon performance of the Company or any other factors designated by the
Committee, and Awards valued by reference to the value of Common Stock or the value of securities of or the performance of specified subsidiaries,
including LTIP units in the Company&#8217;s operating partnership.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<I>Outstanding
Company Common Stock</I>&#8221; means, as of any date of determination, the then outstanding shares of Common Stock of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<I>Outstanding
Company Voting Securities</I>&#8221; means, as of any date of determination, the combined voting power of the then outstanding voting
securities of the Company entitled to vote generally on the election of directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<I>Participant</I>&#8221;
means any Employee, Consultant or Non-Employee Director granted an Award under the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<I>Performance
Award</I>&#8221; means an Award granted pursuant to Article VIII of the Plan, which, if earned, shall be payable in shares of Common Stock,
cash or any combination thereof as determined by the Committee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<I>Phantom
Stock</I>&#8221; means an Award of the right to receive cash equal to the Fair Market Value of a specified number of shares of Common
Stock at the end of a specified deferral period which is granted pursuant to Article VI of the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<I>Purchased
Stock</I>&#8221; is defined in <U>Section 4.1</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<I>Remington</I>&#8221;
means Remington Lodging &amp; Hospitality LLC, a Delaware limited liability company, and its affiliates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<I>Restricted
Period</I>&#8221; shall mean the period established by the Committee with respect to an Award during which the Award either remains subject
to forfeiture or is not exercisable by the Participant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<I>Restricted
Stock</I>&#8221; shall mean any share of Common Stock, prior to the lapse of restrictions thereon, granted under Article VII of the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;<I>Stock
Appreciation Rights</I>&#8221; means an Award granted pursuant to Article VI of the Plan.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE II<BR>
OPTIONS</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"><B>2.1 Grants</B>. The
Committee may grant Options to purchase shares of Common Stock to any Employee, Consultant or Non-Employee Director of the Company
according to the terms set forth below. Options which are intended to comply with Treasury Regulation Section 1.409A-1(b)(5)(i)(A)
or any successor regulation, may be granted only to Employees, Consultants or Non-Employee Directors of the Company or a corporation
or other type of entity in a chain of corporations or other entities in which each corporation or other entity has a
 &#8220;controlling interest&#8221; in another corporation or entity in the chain, starting with the Company and ending with the
corporation or other entity for which such Employee, Consultant or Non-Employee Director performs services. For these purposes,
 &#8220;controlling interest&#8221; means (i) in the case of a corporation, ownership of stock possessing at least 50% of total
combined voting power of all classes of stock of such corporation entitled to vote or at least 50% of the total value of shares of
all classes of stock of such corporation; (ii) in the case of a partnership, ownership of at least 50% of the profits interest or
capital interest of such partnership; (iii) in the case of a sole proprietorship, ownership of the sole proprietorship; or (iv) in
the case of a trust or estate, ownership of an actuarial interest (as defined in Treasury Regulation Section 1.414(c)-2(b)(2)(ii))
of at least 50% of such trust or estate. The Committee may grant Options that are otherwise exempt from or compliant with Code
Section 409A to any eligible Employee, Consultant or Non-Employee Director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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"><B>2.2 Calculation of Exercise
Price</B>. The exercise price to be paid for each share of Common Stock deliverable upon exercise of each Option granted under this Article
II shall not be less than the FMV Per Share on the date of grant of such Option. The exercise price for each Option granted under Article
II shall be subject to adjustment as provided in <U>Section 2.3(d)</U>.</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"><B>2.3 Terms and Conditions
of Options</B>. Options shall be in such form as the Committee may from time to time approve, shall be subject to the following terms
and conditions and may contain such additional terms and conditions, not inconsistent with this Article II, as the Committee shall deem
desirable:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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">(b) <I>Manner of Exercise</I>.
In order to exercise an Option, the Participant entitled to exercise it shall deliver to the Company payment in full for the shares being
purchased, together with any required withholding taxes. The payment of the exercise price for each Option shall either be (i) in cash
or by check payable and acceptable to the Company, (ii) with the consent of the Committee, by tendering to the Company shares of Common
Stock owned by the Participant for more than six months having an aggregate Fair Market Value as of the date of exercise that is not greater
than the full exercise price for the shares with respect to which the Option is being exercised and by paying any remaining amount of
the exercise price as provided in (i) above, (iii) subject to such conditions and requirements as the Committee may specify, at the written
request of the Participant, by the Company&#8217;s withholding from shares otherwise deliverable pursuant to the exercise of the Option
shares of Common Stock having an aggregate Fair Market Value as of the date of exercise that is not greater than the full exercise price
for the shares with respect to which the Option is being exercised and by paying any remaining amount of the exercise price as provided
in (i) above, or (iv) subject to such instructions as the Committee may specify, at the Participant&#8217;s written request the Company
may deliver certificates for the shares of Common Stock for which the Option is being exercised to a broker for sale on behalf of the
Participant, provided that the Participant has irrevocably instructed such broker to remit directly to the Company on the Participant&#8217;s
behalf the full amount of the exercise price from the proceeds of such sale. In the event that the Participant elects to make payment
as allowed under clause (ii) above, the Committee may, upon confirming that the Participant owns the number of additional shares being
tendered, authorize the issuance of a new certificate for the number of shares being acquired pursuant to the exercise of the Option less
the number of shares being tendered upon the exercise and return to the Participant (or not require surrender of) the certificate for
the shares being tendered upon the exercise. If the Committee so requires, such Participant shall also deliver a written representation
that all shares being purchased are being acquired for investment and not with a view to, or for resale in connection with, any distribution
of such shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) <I>Options not
Transferable</I>. Except as provided below, no Non-Qualified Option granted hereunder shall be transferable other than by (i) will
or by the laws of descent and distribution or (ii) pursuant to a domestic relations order and, during the lifetime of the
Participant to whom any such Option is granted, and it shall be exercisable only by the Participant (or his or her guardian). Any
attempt to transfer, assign, pledge, hypothecate or otherwise dispose of, or to subject to execution, attachment or similar process,
any Option granted hereunder, or any right thereunder, contrary to the provisions hereof, shall be void and ineffective, shall give
no right to the purported transferee, and shall, at the sole discretion of the Committee, result in forfeiture of the Option with
respect to the shares involved in such attempt. With respect to a specific Non-Qualified Option, the Participant (or his or her
guardian) may transfer, for estate planning purposes, all or part of such Option to one or more immediate family members or related
family trusts or partnerships or similar entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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">(d) <I>Adjustment of Options</I>.
In the event that at any time after the Effective Date the outstanding shares of Common Stock are changed into or exchanged for a different
number or kind of shares or other securities of the Company by reason of merger, consolidation, recapitalization, reclassification, stock
split, stock dividend, combination of shares or the like, the Committee shall make an appropriate and equitable adjustment in the number
and kind of shares as to which all outstanding Options granted, or portions thereof then unexercised, shall be exercisable, to the end
that after such event the shares subject to the Plan and each Participant&#8217;s proportionate interest shall be maintained as before
the occurrence of such event. Such adjustment in an outstanding Option shall be made without change in the total price applicable to the
Option or the unexercised portion of the Option (except for any change in the aggregate price resulting from rounding-off of share quantities
or prices) and with any necessary corresponding adjustment in exercise price per share. Any such adjustment made by the Committee shall
be final and binding upon all Participants, the Company and all other interested persons.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>2.4 Amendment</B>. The
Committee may, without the consent of the Participant or Participants entitled to exercise any outstanding Option, amend, modify or terminate
such Option; provided, however, such amendment, modification or termination shall not, without such Participant&#8217;s consent, reduce
or diminish the value of such Option determined as if the Option had been exercised, vested, cashed in or otherwise settled on the date
of such amendment or termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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"><B>2.5 Acceleration of Vesting</B>.
Subject to Section 10.10, any Option granted hereunder which is not otherwise vested shall vest (unless specifically provided to the contrary
by the Committee in the document or instrument evidencing an Option granted hereunder) upon (i) termination or removal of an Employee,
Consultant or Non-Employee Director without Cause or termination by or resignation of an Employee, Consultant or Non-Employee Director
with Good Reason; (ii) termination, removal or resignation of an Employee, Consultant or Non-Employee Director for any reason within one
(1) year from the effective date of the Change of Control; or (iii) death or Disability of the Participant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>2.6 Other Provisions</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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">(b) No Option granted hereunder
shall be construed as limiting any right which the Company, the Advisor or any of their respective Affiliates may have to terminate at
any time, with or without Cause, the employment or service of any Participant to whom such Option has been granted.</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">(c) Notwithstanding any
provision of the Plan or the terms of any Option, the Company shall not be required to issue any shares hereunder if such issuance
would, in the judgment of the Committee, constitute a violation of any state or federal law or of the rules or regulations of any
governmental regulatory body.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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"><B>2.7 Prohibition on Option
Repricing</B>. Without stockholder approval, the Committee may not (i) grant to holders of outstanding Options, in exchange for the surrender
and cancellation of such Options, (x) new Options having exercise prices lower than the exercise price provided in the Options so surrendered
and canceled, or (y) another Award or cash payment with a value that is greater than the intrinsic value (if any) of the canceled Option,
or (ii) take any other action which is considered a &#8220;repricing&#8221; for purposes of the stockholder approval rules of any securities
exchange or inter-dealer quotation system on which the securities of the Company are listed or quoted.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The terms specified below
shall be applicable to all Incentive Options. Except as modified by the provisions of this Article III, all the provisions of Article
II shall be applicable to Incentive Options. Options which are specifically designated as Non-Qualified Options shall <B><U>not</U></B>
be subject to the terms of this Article III.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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"><B>3.1 Eligibility</B>. Incentive
Options may only be granted to Employees of the Company.</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"><B>3.2 Exercise Price</B>.
The exercise price per Share shall not be less than one hundred percent (100%) of the FMV Per Share on the option grant date.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>3.4 10% Stockholder</B>.
If any Employee to whom an Incentive Option is granted is a 10% Stockholder, then the exercise price per share shall not be less than
one hundred ten percent (110%) of the FMV Per Share on the option grant date and the option term shall not exceed five (5) years measured
from the option grant date.</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"><B>3.5 Options Not Transferable</B>.
No Incentive Option granted hereunder shall be transferable other than by will or by the laws of descent and distribution and shall be
exercisable during the Optionee&#8217;s lifetime only by such Optionee.</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"><B>3.6 Compliance with Section
422 of the Code</B>. All Options that are intended to be Incentive Options shall be designated as such in the Option grant and in all
respects shall be issued in compliance with Section 422 of the Code.</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"><B>3.7 Limitations on Exercise</B>.
No Incentive Option shall be exercisable more than three (3) months after the Optionee ceases to be an Employee for any reason other than
death or Disability, or more than one (1) year after the Optionee ceases to be an Employee due to death or Disability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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"><B>3.8 Share Limitation</B>.
The maximum number of shares of Common Stock with respect to which Incentive Options may be granted under the Plan is 6,950,000 shares
of Common Stock.</P>

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

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

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

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>4.1 Eligible Persons</B>.
The Committee shall have the authority to authorize the sale of shares of Common Stock (&#8220;<B><I>Purchased Stock</I></B>&#8221;) to
such Employees, Consultants and Non-Employee Directors of the Company, the Advisor or their respective Affiliates as may be selected by
it, on such terms and conditions as it may establish, subject to the further provisions of this Article IV. Each issuance and sale of
Purchased Stock under this Plan shall be evidenced by an agreement which shall be subject to applicable provisions of this Plan and to
such other provisions not inconsistent with this Plan as the Committee may approve for the particular sale transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>4.2 Purchase Price</B>.
The price per share of Purchased Stock under this Plan shall be determined in the sole discretion of the Committee, and may be less than,
but shall not be greater than the FMV Per Share at the time of purchase.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Committee may, from time
to time and subject to the provisions of the Plan, grant shares of Bonus Stock to Employees, Consultants or Non-Employee Directors of
the Company, the Advisor or any of their respective Affiliates. &#8220;Bonus Stock&#8221; shall be shares of Common Stock that are not
subject to a Restricted Period under Article VII.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>6.1 Stock Appreciation
Rights</B>. The Committee is authorized to grant Stock Appreciation Rights to Employees, Consultants or Non-Employee Directors of the
Company on the following terms and conditions. Stock Appreciation Rights which are intended to comply with Treasury Regulation Section
1.409A-1(b)(5)(i)(B) or any successor regulation, may be granted only to Employees, Consultants or Non-Employee Directors of the Company
or a corporation or other type of entity in a chain of corporations or other entities in which each corporation or other entity has a
 &#8220;controlling interest&#8221; in another corporation or entity in the chain, starting with the Company and ending with the corporation
or other entity for which such Employee, Consultant or Non-Employee Director performs services. For these purposes, &#8220;controlling
interest&#8221; means (i) in the case of a corporation, ownership of stock possessing at least 50% of total combined voting power of all
classes of stock of such corporation entitled to vote or at least 50% of the total value of shares of all classes of stock of such corporation;
(ii) in the case of a partnership, ownership of at least 50% of the profits interest or capital interest of such partnership; (iii) in
the case of a sole proprietorship, ownership of the sole proprietorship; or (iv) in the case of a trust or estate, ownership of an actuarial
interest (as defined in Treasury Regulation Section 1.414(c)-2(b)(2)(ii)) of at least 50% of such trust or estate. The Committee may grant
Stock Appreciation Rights that are otherwise exempt from or compliant with Code Section 409A to any eligible Employee, Consultant or Non-Employee
Director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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">(a) <I>Right to Payment</I>.
A Stock Appreciation Right shall confer on the Participant to whom it is granted a right to receive, upon exercise thereof, the excess
of (A) the FMV Per Share on the date of exercise over (B) the grant price of the Stock Appreciation Right as determined by the Committee.</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">(b) <I>Rights Related to Options</I>.
A Stock Appreciation Right granted in connection with an Option shall entitle a Participant, upon exercise thereof, to surrender that
Option or any portion thereof, to the extent unexercised, and to receive payment of an amount computed pursuant to <U>Section 6.1(a)</U>.
That Option shall then cease to be exercisable to the extent surrendered. A Stock Appreciation Right granted in connection with an Option
shall be exercisable only at such time or times and only to the extent that the related Option is exercisable and shall not be transferable
(other than by will or the laws of descent and distribution) except to the extent that the related Option is transferable.</P>

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) <I>Right Without Option</I>.
A Stock Appreciation Right granted independent of an Option shall be exercisable as determined by the Committee and set forth in the Award
agreement governing the Stock Appreciation Right.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d) <I>Terms</I>. The Committee
shall determine at the date of grant the time or times at which, and the circumstances under which, a Stock Appreciation Right may be
exercised in whole or in part (including based on achievement of performance goals and/or future service requirements), the method of
exercise, whether or not a Stock Appreciation Right shall be in tandem or in combination with any other Award, and any other terms and
conditions of any Stock Appreciation Right. The grant price per each Stock Appreciation Right granted hereunder shall not be less than
100% of the Fair Market Value of a share of Common Stock on the date of grant.</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">(e) <I>Prohibition on Stock
Appreciation Right Repricing</I>. Without stockholder approval, the Committee may not (i) grant to holders of outstanding Stock Appreciation
Rights, in exchange for the surrender and cancellation of such Stock Appreciation Rights, (x) new Stock Appreciation Rights having grant
prices lower than the grant price provided in the Stock Appreciation Rights so surrendered and canceled, or (y) another Award or cash
payment with a value that is greater than the intrinsic value (if any) of the canceled Stock Appreciation Right, or (ii) take any other
action which is considered a &#8220;repricing&#8221; for purposes of the stockholder approval rules of any securities exchange or inter-dealer
quotation system on which the securities of the Company are listed or quoted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>6.2 Phantom Stock Awards</B>.
The Committee is authorized to grant Phantom Stock to the Participants, which are rights to receive cash equal to the Fair Market Value
of a specified number of shares of Common Stock at the end of a specified deferral period, subject to the following terms and conditions:</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">(a) <I>Award and Restrictions</I>.
Satisfaction of Phantom Stock shall occur upon expiration of the deferral period specified for such Phantom Stock by the Committee or,
if permitted by the Committee, as elected by the Participant. In addition, Phantom Stock shall be subject to such restrictions (which
may include a risk of forfeiture), if any, as the Committee may impose, which restrictions may lapse at the expiration of the deferral
period or at earlier specified times (including based on achievement of performance goals and/or future service requirements), separately
or in combination, installments or otherwise, as the Committee may determine.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) <I>Performance Goals</I>.
To the extent the Committee determines that Phantom Stock granted pursuant to this Article VI shall constitute performance-based compensation
for purposes of Section 162(m) of the Code, the grant or settlement of Phantom Stock shall, in the Committee&#8217;s discretion, be subject
to the achievement of performance goals determined and applied in a manner consistent with <U>Section 8.2</U>.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>7.1 Eligible Persons</B>.
All Employees, Consultants and Non-Employee Directors shall be eligible for grants of Restricted Stock.</P>

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>7.2 Restricted Period and Vesting</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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">(a) Unless the Award specifically
provides otherwise, Restricted Stock shall be subject to restrictions on transfer by the Participant and repurchase by the Company such
that the Participant shall not be permitted to transfer such shares and the Company shall have the right to repurchase or recover such
shares for the lesser of the FMV Per Share on the forfeiture day or the amount of cash paid therefor, if any, if the Participant shall
terminate employment from or services to the Company, the Advisor or any of their respective Affiliates, as applicable, provided that
such transfer and repurchase restrictions shall lapse with respect to 33.33% of such initial shares on the first anniversary of the date
of grant and on each subsequent anniversary of the date of grant that the Participant shall remain continuously as an Employee, Non-Employee
Director or Consultant of the Company, the Advisor or any of their respective Affiliates, as applicable; subject to <U>Section 7.2(b)</U>
below.</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">(b) Notwithstanding the foregoing
and subject to Section 10.10, unless the Award specifically provides otherwise, all Restricted Stock not otherwise vested shall vest upon
(i) termination or removal of an Employee, Consultant or Non-Employee Director without Cause; (ii) termination by or resignation of an
Employee, Consultant or Non-Employee Director with Good Reason; (iii) termination, resignation or removal of an Employee, Consultant or
Non-Employee Director for any reason within one (1) year from the effective date of a Change of Control; or (iv) death or Disability of
the Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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">(c) Each certificate representing
Restricted Stock awarded under the Plan shall be registered in the name of the Participant and, during the Restricted Period, shall be
left in deposit with the Company and a stock power endorsed in blank. The grantee of Restricted Stock shall have all the rights of a stockholder
with respect to such shares including the right to vote and the right to receive dividends or other distributions paid or made with respect
to such shares. Any certificate or certificates representing shares of Restricted Stock shall bear a legend similar to the following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in; text-align: justify">The shares represented by this certificate
have been issued pursuant to the terms of the Braemar Hotels &amp; Resorts, Inc. Second Amended and Restated 2013 Equity Incentive Plan
and Grant of Restricted Stock dated , 20 and may not be sold, pledged, transferred, assigned or otherwise encumbered in any manner except
as is set forth in the terms of such plan or grant.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>8.1 Eligible Persons</B>.
All Employees, Consultants and Non-Employee Directors shall be eligible for grants of Performance Awards.</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"><B>8.2 Performance Awards</B>.
The Committee may grant Performance Awards based on performance criteria measured over a period of not less than one year and not more
than three (3) years. The Committee may use such business criteria and other measures of performance as it may deem appropriate in establishing
any performance conditions, and may exercise its discretion to increase the amounts payable under any Award subject to performance conditions,
except as limited under <U>Section 8.3</U> in the case of a Performance Award granted to a Covered Employee. In no event shall grants
in any single calendar year to any eligible Participant under this Plan of cash awards intended to qualify as Section 162(m) awards provide
for payment of more than $20,000,000.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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"><B>8.3 Performance Goals</B>.
The grant and/or settlement of a Performance Award shall be contingent upon terms set forth in this <U>Section 8.3</U>.</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">(a) <I>General</I>. The
performance goals for Performance Awards shall consist of one or more business criteria and a targeted level or levels of
performance with respect to each of such criteria, as specified by the Committee. In the case of any Award granted to a Covered
Employee which are intended to comply with Section 162(m) of the Code, performance goals shall be designed to be objective and shall
otherwise meet the requirements of Section 162(m) of the Code and regulations thereunder (including Treasury Regulation Section
1.162-27 and successor regulations thereto), including the requirement that the level or levels of performance targeted by the
Committee are such that the achievement of performance goals is &#8220;substantially uncertain&#8221; at the time of grant. The
Committee may determine that such Performance Awards shall be granted and/or settled upon achievement of any one performance goal or
that two or more of the performance goals must be achieved as a condition to the grant and/or settlement of such Performance Awards.
Performance goals may differ among Performance Awards granted to any one Participant or for Performance Awards granted to different
Participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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">(b) <I>Business Criteria</I>.
One or more of the following business criteria for the Company, an a consolidated basis, and/or for specified subsidiaries, divisions
or business or geographical units of the Company (except with respect to the total stockholder return and earnings per share criteria),
shall be used by the Committee in establishing performance goals for Performance Awards granted to a Participant: (A) earnings per share;
(B) increase in revenues; (C) increase in cash flow; (D) increase in cash flow return; (E) return on net assets; (F) return on assets;
(G) return on investment; (H) return on capital; (I) return on equity; (J) economic value added; (K) gross margin; (L) net income; (M)
pretax earnings; (N) pretax earnings before interest, depreciation and amortization; (O) pretax operating earnings after interest expense
and before incentives, service fees, and extraordinary or special items; (P) operating income; (Q) total stockholder return; (R) debt
reduction; and (S) any of the above goals determined on an absolute or relative basis or as compared to the performance of a published
or special index deemed applicable by the Committee including, but not limited to, the Standard &amp; Poor&#8217;s 500 Stock Index or
a group of comparable companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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">(c) <I>Performance Period;
Timing for Establishing Performance Goals</I>. Achievement of performance goals in respect of Performance Awards shall be measured over
a performance period of not less than one year and not more than three (3) years, as specified by the Committee. Performance goals in
the case of any Award granted to a Participant shall be established not later than ninety (90) days after the beginning of any performance
period applicable to such Performance Awards, or at such other date as may be required or permitted for &#8220;performance-based compensation&#8221;
under Section 162(m) of the Code.</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">(d) <I>Settlement of Performance
Awards; Other Terms</I>. After the end of each performance period, the Committee shall determine the amount, if any, of Performance Awards
payable to each Participant based upon achievement of business criteria over a performance period. The Committee may not exercise discretion
to increase any such amount payable in respect of a Performance Award designed to comply with Section 162(m) of the Code. Subject to Treasury
Regulation Section 1.162-27(e)(2)(v), the Committee shall specify the circumstances in which such Performance Awards shall be paid or
forfeited in the event of termination of employment by the Participant prior to the end of a performance period or settlement of Performance
Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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">(e) <I>Written Determinations</I>.
All determinations by the Committee as to the establishment of performance goals, the amount of any Performance Award, and the achievement
of performance goals relating to Performance Awards shall be made in writing in the case of any Award granted to a Participant. The Committee
may not delegate any responsibility relating to such Performance Awards.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Committee is hereby authorized
to grant to Employees, Non-Employee Directors and Consultants of the Company, the Advisor or any of their respective Affiliates Other
Stock-Based Awards, which shall consist of a right which (i) is not an Award described in any other Article and (ii) is denominated or
payable in, valued in whole or in part by reference to, or otherwise based on or related to, shares of Common Stock (including, without
limitation, securities convertible into shares of Common Stock), LTIP units in the Company&#8217;s operating partnership, or cash as are
deemed by the Committee to be consistent with the purposes of the Plan. Subject to the terms of the Plan, the Committee shall determine
the terms and conditions of any such Other Stock-Based Award.</P>

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

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

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




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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>10.1 General</B>. Awards
may be granted on the terms and conditions set forth herein. In addition, the Committee may impose on any Award or the exercise thereof,
such additional terms and conditions, not inconsistent with the provisions of the Plan, as the Committee shall determine, including terms
requiring forfeiture of Awards in the event of termination of employment by the Participant and terms permitting a Participant to make
elections relating to his or her Award. Notwithstanding the foregoing, the Committee may amend any Award without the consent of the holder
if the Committee deems it necessary to avoid adverse tax consequences to the holder under Section 409A of the Code. The Committee shall
retain full power and discretion to accelerate or waive, at any time, any term or condition of an Award that is not mandatory under this
Plan; provided, however, that the Committee shall not have discretion to accelerate or waive any term or condition of an Award (i) if
such discretion would cause the Award to have adverse tax consequences to the Participant under Section 409A of the Code, or (ii) if the
Award is intended to qualify as &#8220;performance-based compensation&#8221; for purposes of Section 162(m) of the Code and such discretion
would cause the Award not to so qualify. Except in cases in which the Committee is authorized to require other forms of consideration
under the Plan, or to the extent other forms of consideration must be paid to satisfy the requirements of the Maryland General Corporation
Law, no consideration other than services may be required for the grant of any Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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"><B>10.2 Stand-Alone, Additional,
Tandem, and Substitute Awards</B>. Subject to Sections 2.7 and 6.1(e), Awards granted under the Plan may, in the discretion of the Committee,
be granted either alone or in addition to, in tandem with, or in substitution or exchange for, any other Award or any award granted under
another plan of the Company, the Advisor, any of their respective Affiliates, or any business entity to be acquired by the Company, the
Advisor or any of their respective Affiliates, or any other right of a Participant to receive payment from the Company, the Advisor or
any of their respective Affiliates. Such additional, tandem and substitute or exchange Awards may be granted at any time. If an Award
is granted in substitution or exchange for another Award, the Committee shall require the surrender of such other Award in consideration
for the grant of the new Award. In addition, Awards may be granted in lieu of cash compensation, including in lieu of cash amounts payable
under other plans of the Company, the Advisor or any of their respective Affiliates. For the avoidance of doubt, this Section 10.2 shall
not be construed to permit, without stockholder approval, (i) a grant to holders of outstanding Options or Stock Appreciation Rights,
in exchange for the surrender and cancellation of such Options or Stock Appreciation Rights, (x) new Options or Stock Appreciation Rights
having exercise or grant prices lower than the exercise or grant price provided in the Options or Stock Appreciation Rights so surrendered
and canceled, or (y) another Award or cash payment with a value that is greater than the intrinsic value (if any) of the canceled Option
or Stock Appreciation Right, or (ii) any other action which is considered a &#8220;repricing&#8221; for purposes of the stockholder approval
rules of any securities exchange or inter-dealer quotation system on which the securities of the Company are listed or quoted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>10.3 Term of Awards</B>.
The term or Restricted Period of each Award that is an Option, Stock Appreciation Right, Phantom Stock or Restricted Stock shall be for
such period as may be determined by the Committee; provided that in no event shall the term of any such Award exceed a period of ten (10)
years (or such shorter terms as may be require in respect of an Incentive Stock Option under Section 422 of the Code).</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"><B>10.4 Form and Timing
of Payment under Awards; Deferrals</B>. Subject to the terms of the Plan and any applicable Award agreement, payments to be made by
the Company or a subsidiary upon the exercise of an Option or other Award, or settlement of an Award may be made in a single payment
or transfer, in installments, or on a deferred basis. The settlement of any Award may, subject to any limitations set forth in the
Award agreement, be accelerated and cash paid in lieu of shares in connection with such settlement, in the discretion of the
Committee or upon occurrence of one or more specified events; provided, however, that such discretion may not be exercised by the
Committee if the exercise of such discretion would result in adverse tax consequences to the Participant under Section 409A of the
Code. In the discretion of the Committee, Awards granted pursuant to Article VI or VIII of the Plan may be payable in shares to the
extent permitted by the terms of the applicable Award agreement. Installment or deferred payments may be required by the Committee
(subject to <U>Section 1.4</U> of the Plan, including the consent provisions thereof in the case of any deferral of an outstanding
Award not provided for in the original Award agreement) or permitted at the election of the Participant on terms and conditions
established by the Committee; provided, however, that no deferral shall be required or permitted by the Committee if such deferral
would result in adverse tax consequences to the Participant under Section 409A of the Code. Payments may include, without
limitation, provisions for the payment or crediting of reasonable interest on installment or deferred payments or the grant or
crediting of amounts in respect of installment or deferred payments denominated in shares. Any deferral shall only be allowed as is
provided in a separate deferred compensation plan adopted by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>10.5 Vested and Unvested
Awards</B>. After the satisfaction of all of the terms and conditions set by the Committee with respect to an Award of (i) Restricted
Stock, a certificate, without the legend set forth in <U>Section 7.2(c)</U>, for the number of shares that are no longer subject to such
restrictions, terms and conditions shall be delivered to the Participant, (ii) Phantom Stock, to the extent not paid in cash, a certificate
for the number of shares equal to the number of shares of Phantom Stock earned, and (iii) Stock Appreciation Rights or Performance Awards,
cash and/or a certificate for the number of shares equal in value to the number of Stock Appreciation Rights or amount of Performance
Awards vested shall be delivered to the Participant. Upon termination, resignation or removal of a Participant under circumstances that
do not cause such Participant to become fully vested, any remaining unvested Options, shares of Restricted Stock, Phantom Stock, Stock
Appreciation Rights, Performance Awards or Other Stock-Based Awards, as the case may be, shall either be forfeited back to the Company
or, if appropriate under the terms of the Award, shall continue to be subject to the restrictions, terms and conditions set by the Committee
with respect to such Award.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>10.6 Exemptions from Section
16(b) Liability</B>. It is the intent of the Company that the grant of any Awards to or other transaction by a Participant who is subject
to Section 16 of the 1934 Act shall be exempt from Section 16(b) of the 1934 Act pursuant to an applicable exemption (except for transactions
acknowledged by the Participant in writing to be non-exempt). Accordingly, if any provision of this Plan or any Award agreement does not
comply with the requirements of Rule 16b-3 as then applicable to any such transaction, such provision shall be construed or deemed amended
to the extent necessary to conform to the applicable requirements of Rule 16b-3 so that such Participant shall avoid liability under Section
16(b) of the 1934 Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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"><B>10.8 Change of Control</B>.
In the event of a Change of Control, the following provisions shall apply.</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">(a) <I>General</I>. Unless
otherwise provided in the Award, in connection with a Change of Control, the Board shall have the authority in its sole discretion to
take any one or more of the following actions with respect to the Awards:</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i) the Board may
cause the acquirer to assume the Plan and the Awards or exchange the Awards for awards for the acquirer&#8217;s stock;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii) the Board may
terminate the Plan;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii) the Board
may terminate and cancel all outstanding unvested or unexercised Awards as of the date of the Change of Control on such terms and conditions
as it deems appropriate;</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iv) in the
event that the acquirer refuses to assume the Plan and the Awards or exchange the Awards for awards for the acquirer&#8217;s stock,
the Board may accelerate vesting of all Awards and, with respect to Options and Stock Appreciation Rights, the time at which all
Options and Stock Appreciation Rights then outstanding may be exercised or paid so that all Awards may be fully vested and exercised
or paid in full for a limited period of time on or before a specified date fixed by the Board or the Committee, after which
specified date all unexercised Awards, if any, and all rights of the Participants thereunder shall terminate, or the Board or the
Committee may accelerate vesting or payment and the time at which such Awards may be exercised or paid so that such Awards may be
exercised or paid in full for their then remaining term; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(v) in the event
that the acquirer refuses to assume the Plan and the Awards or exchange the Awards for awards for the acquirer&#8217;s stock, the Board
may waive, alter and/or amend the performance goals and other restrictions and conditions of Awards then outstanding, with the result
that the affected Awards may be deemed vested, and the Restricted Period or other limitations on payment in full with respect thereto
shall be deemed to have expired, as of the date of the Change of Control or such other date as may be determined by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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">Notwithstanding the above
provisions of this <U>Section 10.8(a)</U>, the Board shall not be required to take any action described in the preceding provisions of
this <U>Section 10.8(a)</U>, and any decision made by the Board, in its sole discretion, not to take some or all of the actions described
in the preceding provisions of this <U>Section 10.8(a)</U> shall be final, binding and conclusive with respect to the Company and all
other interested persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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">(b) <I>Right to Cash-Out</I>.
In the event that the acquirer refuses to assume the Plan and the Awards or exchange the Awards for awards for the acquirer&#8217;s stock,
the Board shall, in connection with a Change of Control, have the right to require all, but not less than all, Participants to transfer
and deliver to the Company all Awards previously granted to the Participants in exchange for an amount equal to the Cash Value (as defined
below) of the Awards. Such right shall be exercised by written notice to all affected Participants. The amount payable to each Participant
by the Company shall be in cash or by certified check paid within five (5) days following the transfer and delivery of such Award (but
in no event later than fifty (50) days following the date of the Change of Control) and shall be reduced by any taxes required to be withheld.
 &#8220;Cash Value&#8221; of an Award means the sum of (i) in the case of any Award which is not an Option or an Award of Restricted Stock,
the value of all benefits to which the Participant would be entitled as if the Award were vested and settled or exercised and (ii) (A)
in the case of any Award that is an Option, the excess of the FMV Per Share over the exercise price or (B) in the case of an Award of
Restricted Stock, the FMV Per Share of Restricted Stock, multiplied by the number of shares subject to such Award, all as determined by
the Board as of the date of the Change of Control or such other date as may be determined by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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"><B>10.9 Ownership Limit</B>.
Notwithstanding any provision of the Plan or the terms of any Awards, the Company shall not be required to, and shall not, issue any Awards
hereunder if such issuance would cause the Company to violate the Ownership Limits set forth in its Articles of Amendment and Restatement.
As used herein and in the Company&#8217;s Articles of Amendment and Restatement, the term &#8220;Ownership Limit&#8221; means (i) with
respect to any class or series shares of Common Stock, 9.8% (in value or number of shares, whichever is more restrictive) of the outstanding
shares of such class or series of Common Stock of the Company and (ii) with respect to any class or series of shares of preferred stock
or other stock, 9.8% (in value or number of shares, whichever is more restrictive) of the outstanding shares of such class or series of
preferred stock or other stock of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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"><B>10.10 Minimum Vesting</B>.
Notwithstanding anything to the contrary contained herein, no Option, Purchased Stock, Bonus Stock, Stock Appreciation Right, Phantom
Stock, Restricted Stock, or Other Stock-Based Award that vests based on continued employment or the passage of time shall vest in less
than one year from the date the Award is made, other than upon the death or Disability of the Participant or in the case of termination
without cause or for good reason, or a termination following a Change of Control, in each case as specified in the document or instrument
evidencing the Award granted hereunder. The performance period for any such Award that vests based in whole or in part on performance
shall be at least one year. Notwithstanding the foregoing, up to five percent (5%) of the shares authorized under the Plan and any shares
issued pursuant to an Award granted to a Non-Employee Director may be issued pursuant to the vesting of Awards over less than a one-year
period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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"><B>10.11 Equity Retention
Requirement. </B>Notwithstanding any provision of the Plan or the terms of any Awards, each member of the Board and each executive officer
is required to retain at least 50% of the after-tax shares received in connection with any Awards granted under the Plan after August
3, 2016 until such time that such director or executive officer has met his or her required ownership level as described in the Corporate
Governance Guidelines of the Company. For purposes of this Article X, Section 10.10, &#8220;executive officers&#8221; include the CEO,
the President, the Chief Financial Officer, the Chief Accounting Officer, the Chief Operating Officer, the Executive Vice President of
Asset Management and the Chief Strategy Officer.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any issuance of Common Stock
pursuant to the exercise of an Option or payment of any other Award under the Plan shall not be made until appropriate arrangements satisfactory
to the Company have been made for the payment of any tax amounts (federal, state, local or other) that may be required to be withheld
or paid by the Company with respect thereto. Such arrangements may, at the discretion of the Committee, include allowing the person to
tender to the Company shares of Common Stock owned by the person, or to request the Company to withhold shares of Common Stock being acquired
pursuant to the Award, whether through the exercise of an Option or as a distribution pursuant to the Award, which have an aggregate FMV
Per Share as of the date of such withholding that is not greater than the sum of all tax amounts to be withheld with respect thereto,
together with payment of any remaining portion of such tax amounts in cash or by check payable and acceptable to the Company.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>12.1 No Rights to Awards</B>.
No Participant or other person shall have any claim to be granted any Award, there is no obligation for uniformity of treatment of Participants,
or holders or beneficiaries of Awards and the terms and conditions of Awards need not be the same with respect to each recipient.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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"><B>12.2 No Right to Employment</B>.
The grant of an Award shall not be construed as giving a Participant the right to be retained in the employ of the Company, the Advisor
or any of their respective Affiliates. Further, the Company, the Advisor or any of their respective Affiliates may at any time dismiss
a Participant from employment, free from any liability or any claim under the Plan, unless otherwise expressly provided in the Plan or
in any Award agreement.</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"><B>12.3 Governing Law</B>.
The validity, construction, and effect of the Plan and any rules and regulations relating to the Plan shall be determined in accordance
with applicable federal law and the laws of the State of Maryland, without regard to any principles of conflicts of law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>12.4 Severability</B>.
If any provision of the Plan or any Award is, becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as
to any Participant or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision
shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended without, in the
determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction,
Participant or Award and the remainder of the Plan and any such Award shall remain in full force and effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>12.5 Other Laws</B>. The
Committee may refuse to issue or transfer any shares or other consideration under an Award if, acting in its sole discretion, it determines
that the issuance of transfer or such shares or such other consideration might violate any applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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"><B>12.6 Stockholder Agreements</B>.
The Committee may condition the grant, exercise or payment of any Award upon such person entering into a stockholders&#8217; agreement
in such form as approved from time to time by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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"><B>12.7 No Guarantee of Tax
Consequences</B>. Each Participant shall be solely responsible for and liable for any tax consequences (including but not limited to any
interest or penalties) as a result of his or her participation in the Plan. None of the Board, the Company or the Committee makes any
commitment or guarantee that any federal, state or local tax treatment will apply or be available to any person participating or eligible
to participate hereunder and assumes no liability whatsoever for the tax consequences to the Participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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"><B>12.8 Compliance with Section
409A of the Code</B>. Certain items of compensation paid pursuant to this Plan are or may be subject to Section 409A of the Code. In such
instances, this Plan is intended to comply and shall be administered in a manner that is intended to comply with Section 409A of the Code
and shall be construed and interpreted in accordance with such intent. Subject to any other restrictions or limitations contained herein,
in the event that a &#8220;specified employee&#8221; (as defined under Section 409A of the Code) becomes entitled to a payment under the
Plan that is subject to Section 409A of the Code on account of a &#8220;separation from service&#8221; (as defined under Section 409A
of the Code), such payment shall not occur until the date that is six months plus one day from the date of such &#8220;separation from
service.&#8221; In the event that a Participant becomes entitled to a payment under the Plan that is subject to Section 409A of the Code
on account of a termination of employment, such termination of employment must also constitute a &#8220;separation from service&#8221;
(as defined under Section 409A of the Code).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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"><B>12.9 Claw-back Policy</B>.
All Awards (including any proceeds, gains or other economic benefit actually or constructively received by the Participant upon any receipt
or exercise of any Award or upon the receipt or resale of any shares of Common Stock underlying the Award) shall be subject to the provisions
of any claw-back policy implemented by the Company, the Advisor or any Affiliate, as applicable, including, without limitation, any claw-back
policy adopted to comply with the requirements of any federal or state laws and any rules or regulations promulgated thereunder, to the
extent set forth in such claw-back policy and/or in the applicable Award agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>12.10
Transferability</B>. Awards are generally not transferable by a Participant other than by will or by the laws of descent and
distribution. Any attempt to assign, alienate, pledge, attach, sell or otherwise transfer or encumber an Award in violation of this
Section 12.10 shall be wholly ineffective and, if any such attempt is made, the applicable Award will be automatically forfeited by
the Participant and all of the Participant&#8217;s rights with respect to such Award shall immediately terminate without any payment
or consideration by the Company or any Affiliate thereof. Notwithstanding the foregoing, the Committee may, in its sole discretion,
permit Awards (other than Incentive Options) to be transferred by a Participant, without consideration, subject to such rules as the
Committee may adopt consistent with any applicable Award agreement to preserve the purposes of the Plan, to: (A) any person who is a
 &#8220;family member&#8221; of the Participant, as such term is used in the instructions to Form S-8 under the Securities Act or any
successor form of registration statement promulgated by the Securities and Exchange Commission (collectively, the &#8220;Immediate
Family Members&#8221;); (B) a trust solely for the benefit of the Participant and the Participant&#8217;s Immediate Family Members;
(C) a partnership or limited liability company whose only partners or stockholders are the Participant and the Participant&#8217;s
Immediate Family Members; or (D) a beneficiary to whom donations are eligible to be treated as &#8220;charitable
contributions&#8221; for federal income tax purposes (each transferee described in clauses (A), (B), (C), and (D) above is
hereinafter referred to as a &#8220;Permitted Transferee&#8221;); provided, that the Participant gives the Committee advance written
notice describing the terms and conditions of the proposed transfer and the Committee notifies the Participant in writing that such
a transfer would comply with the requirements of the Plan. The terms of any Award transferred in accordance with the preceding
sentence shall apply to the Permitted Transferee and any reference in the Plan or in any applicable Award agreement to a Participant
shall be deemed to refer to the Permitted Transferee, except that: (A) Permitted Transferees shall not be entitled to transfer any
Award, other than by will or the laws of descent and distribution; (B) Permitted Transferees shall not be entitled to exercise any
transferred Option unless there shall be in effect a registration statement on an appropriate form covering the shares of Common
Stock to be acquired pursuant to the exercise of such Option if the Committee determines, consistent with any applicable Award
agreement, that such a registration statement is necessary or appropriate; (C) neither the Committee nor the Company shall be
required to provide any notice to a Permitted Transferee, whether or not such notice is or would otherwise have been required to be
given to the Participant under the Plan or otherwise; and (D) the consequences of a Participant&#8217;s termination of employment or
service under the terms of the Plan and the applicable Award agreement shall continue to be applied with respect to the Participant,
including, without limitation, that an Option shall be exercisable by the Permitted Transferee only to the extent, and for the
periods, specified in the Plan and the applicable Award agreement.</P>



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

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

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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>4
<FILENAME>tm2214733d1_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
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<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: center; text-indent: -45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: right; text-indent: -45pt"><B>Exhibit
23.2&nbsp;</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Braemar Hotels &amp; Resorts
Inc.</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">May 12, 2022</P>

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

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

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

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

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

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>5
<FILENAME>tm2214733d1_ex-filingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
<HTML>
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     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin: 0"><B>Exhibit 107</B></P>

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

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

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

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

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Braemar Hotels &amp; Resorts Inc.</B></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Security<BR> Type</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Security Class<BR>
 Title</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Fee<BR> Calculation<BR> Rule</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><B>Amount<BR> Registered<FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT></B></TD><TD STYLE="vertical-align: super; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;</SUP></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Proposed<BR>
 Maximum<BR> Offering Price <BR>
Per<BR> Unit</TD><TD STYLE="vertical-align: super; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;</SUP></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Maximum <BR>
Aggregate<BR> Offering Price</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Fee Rate</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Amount <BR>
of<BR> Registration<BR> Fee</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; width: 12%; font-size: 10pt; text-align: left">Equity</TD><TD STYLE="text-align: right; width: 1%; font-size: 10pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; font-size: 10pt; text-align: center">Common Stock, par value $0.01 per share</TD><TD STYLE="text-align: right; width: 1%; font-size: 10pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; font-size: 10pt; text-align: center">Other</TD><TD STYLE="text-align: right; width: 1%; font-size: 10pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="vertical-align: bottom; width: 10%; font-size: 10pt; text-align: right">1,600,000</TD><TD STYLE="vertical-align: bottom; width: 1%; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>(2)</SUP>&nbsp;</FONT></TD><TD STYLE="text-align: right; width: 1%; font-size: 10pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-size: 10pt; text-align: right">$</TD><TD STYLE="vertical-align: bottom; width: 10%; font-size: 10pt; text-align: right">5.70</TD><TD STYLE="vertical-align: bottom; width: 1%; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>(3)</SUP>&nbsp;</FONT></TD><TD STYLE="text-align: right; width: 1%; font-size: 10pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 1%; font-size: 10pt; text-align: right">$</TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 9%; font-size: 10pt; text-align: right">9,120,000</TD><TD STYLE="vertical-align: bottom; width: 1%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="text-align: right; width: 1%; font-size: 10pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="vertical-align: bottom; width: 9%; font-size: 10pt; text-align: right">0.0000927</TD><TD STYLE="vertical-align: bottom; width: 1%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="text-align: right; width: 1%; font-size: 10pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 1%; font-size: 10pt; text-align: right">$</TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 9%; font-size: 10pt; text-align: right">845.42</TD><TD STYLE="vertical-align: bottom; width: 1%; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Total Offering Amounts</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left; vertical-align: super"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="vertical-align: super; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">9,120,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">845.42</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Total Fee Offsets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left; vertical-align: super"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="vertical-align: super; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Net Fee Due</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left; vertical-align: super"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="vertical-align: super; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>&nbsp;</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">845.42</TD><TD STYLE="font-size: 10pt; text-align: left">&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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px">(1)</TD>
    <TD>Pursuant to Rule 416 under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), this Registration Statement shall also cover any additional shares of common stock which become issuable under the above-named plans by reason of any stock dividend, stock split, recapitalization or any other similar transaction effected without the receipt of consideration which results in an increase in the number of our outstanding shares of common stock.</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px">(2)</TD>
    <TD STYLE="text-align: justify">Represents 1,600,000 shares of Common Stock available for issuance under the Second Amended and Restated Braemar Hotels &amp; Resorts Inc. 2013 Equity Incentive Plan.</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px">(3)</TD>
    <TD>Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c) and Rule 457(h) under the Securities Act. The offering price per share and aggregate offering price are based upon the average of the high and low prices per share of Common Stock as reported on the New York Stock Exchange on May 11, 2022, which was $ per share.</TD></TR>
  </TABLE>

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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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



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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>tm2214733d1_ex5-1img001.jpg
<DESCRIPTION>GRAPHIC
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
