ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.

On January 4, 2021, Ashford Inc. ("Advisor"), external advisor to Ashford Hospitality Trust, Inc. (the "Company"), entered into a Second Amended and Restated Employment Agreement (the "Employment Agreement") with J. Robison Hays, III, the Company's President and Chief Executive Officer.

The Company is not a party to the Employment Agreement, and all of Mr. Hays' cash compensation and employee health and welfare benefits are provided by the Advisor. However, in connection with the Advisor's entry into the Employment Agreement with Mr. Hays, the Board of Directors of the Company has agreed to grant Mr. Hays a one-time award of 543,000 shares of restricted stock, upon or as soon as reasonably practicable following the approval by the Company's shareholders, at its 2021 annual meeting of shareholders, of an amendment to the Company's 2011 Stock Incentive Plan to increase the number of shares available for issuance thereunder (or a new equity incentive plan). Such grant would be eligible to vest in three equal installments on each of May 14, 2021, 2022, and 2023, generally subject to Mr. Hays' continued employment through each such date. However, under the Employment Agreement and the Company's equity award program, Mr. Hays' equity awards granted by the Company are subject to accelerated vesting upon Mr. Hays' termination of employment (i) by reason of death or disability, (ii) by the Advisor without "cause" or Mr. Hays with "good reason," or (iii) by the Advisor without "cause" or Mr. Hays with "good reason" within the one year period following a "change of control."

This summary of the Employment Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Employment Agreement, which is filed as Exhibit 99.1 hereto and incorporated by reference herein.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.





(d) Exhibits



Exhibit
Number   Exhibit Description

  99.1     Second Amended and Restated Employment Agreement, by and among Ashford
         Inc., Ashford Hospitality Advisors, LLC, and J. Robison Hays, III, dated
         as of January 4, 2021.


104      Cover Page Interactive Data File (formatted in Inline XBRL and contained
         in Exhibit 101).

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