X0306 4 2020-09-28 0 0001232582 ASHFORD HOSPITALITY TRUST INC AHT 0001568076 Jafarnia Kamal 14185 DALLAS PARKWAY SUITE 1100 DALLAS TX 75254 1 0 0 0 Common Stock 233 D Special Limited Partnership Units 0 2020-09-28 4 A 0 15208 1.55 A Common Stock 21185 D Common Limited Partnership Units 0 Common Stock 19377 D The shares shown have been adjusted to reflect the Issuer's reverse stock split of its outstanding shares of common stock on a 1-for-10 basis that occurred on July 15, 2020. 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. See Footnote 4 discussing the convertibility of Common Units. The LTIP Units were issued to the Reporting Person under the Issuer's 2011 Stock Incentive Plan in lieu of certain cash retainer fees and were fully vested upon grant. Neither the LTIP Units nor the Common Units have an expiration date. 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 as described in Amendment No. 5 to the Seventh Amended and Restated Agreement of the Limited Partnership dated December 13, 2017. On July 13, 2020, 140,625 LTIP Units converted to Common Units. /s/ KAMAL JAFARNIA 2020-09-30