X0306 4 2020-05-15 0 0001232582 ASHFORD HOSPITALITY TRUST INC AHT 0001464574 Ansell Benjamin J MD 14185 DALLAS PARKWAY SUITE 1100 DALLAS TX 75254 1 0 0 0 Common Stock 2020-05-15 4 A 0 140625 0.00 A 298179 D Common Stock 178200 I By Ansell Family Trust Common Stock 15313.307 I By Benjamin J. Ansell, as Trustee FBO of Benjamin Ansell GST Trust under Agreement dated 1/2/2003 Special Limited Partnership Units 0 Common Stock 12839 12839 D The common stock reported herein was issued as an annual award under the Issuer's 2011 Stock Incentive Plan after the Reporting Person's re-election to the Issuer's Board of Directors. Represents special long-term incentive partnership units ("LTIP Units") in Ashford Hospitality Limited Partnership, the Issuer's operating subsidiary ("Subsidiary"). Vested LTIP Units, upon achieving parity with the Common Limited Partnership Units of the Subsidiary ("Common Units"), are convertible into Common Units at the option of the Reporting Person. Common Units are redeemable for cash or, at the option of the Issuer, convertible into shares of the Issuer's common stock on a 1-for-1 basis. Neither the LTIP Units nor the Common Units have an expiration date. /s/ BENJAMIN J. ANSELL, MD 2020-05-19