Bennett Monty J

SEC source: 0001104659-20-033379 · a4.xml · nonDerivative · entry 1

Bennett Monty J · CIK 0001260654 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 462,643

F1 · kind: The Reporting Person received the shares pursuant to a stock grant from the Issuer under the Issuer's 2011 Stock Incentive Plan. Such shares vest in three (3) substantially equal installments on the first three (3) anniversaries following the date of grant.

F1 · price: The Reporting Person received the shares pursuant to a stock grant from the Issuer under the Issuer's 2011 Stock Incentive Plan. Such shares vest in three (3) substantially equal installments on the first three (3) anniversaries following the date of grant.

SEC source: 0001104659-20-033368 · a4.xml · derivative · entry 5

Bennett Monty J · CIK 0001260654 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 70,000

Underlying: Common Stock · 70,000 shares

Expires 2022-12-31

F2 · security: Each Performance Stock Unit ("Performance Stock Unit") award represents the right, upon achievement of certain specified performance-based vesting criteria, to receive up to two (2) shares of the Issuer's common stock.

F2 · derivative.exercise_price: Each Performance Stock Unit ("Performance Stock Unit") award represents the right, upon achievement of certain specified performance-based vesting criteria, to receive up to two (2) shares of the Issuer's common stock.

F3 · kind: The Reporting Person received the Performance Stock Units pursuant to an award granted by the Issuer under the Plan.

F4 · shares: Represents the target share amount that may be issued pursuant to such award of Performance Stock Units. The actual number of shares of common stock to be issued upon vesting can range from 0% to 200% of the number of Performance Stock Units awarded, based on achievement of specified relative total stockholder returns. Assuming continued service through the vesting date and achievement of the specified performance-based vesting criteria, the Performance Stock Units, as adjusted, will generally vest on December 31, 2021 (with respect to the 2019 grant) and December 31, 2022 (with respect to the 2020 grant). One-third of the Performance Stock Units granted in 2020 will be eligible to vest (at up to 200% of target) based on performance during the first year of the performance period.

F3 · price: The Reporting Person received the Performance Stock Units pursuant to an award granted by the Issuer under the Plan.

F4 · derivative.underlying_shares: Represents the target share amount that may be issued pursuant to such award of Performance Stock Units. The actual number of shares of common stock to be issued upon vesting can range from 0% to 200% of the number of Performance Stock Units awarded, based on achievement of specified relative total stockholder returns. Assuming continued service through the vesting date and achievement of the specified performance-based vesting criteria, the Performance Stock Units, as adjusted, will generally vest on December 31, 2021 (with respect to the 2019 grant) and December 31, 2022 (with respect to the 2020 grant). One-third of the Performance Stock Units granted in 2020 will be eligible to vest (at up to 200% of target) based on performance during the first year of the performance period.

F4 · balance_after: Represents the target share amount that may be issued pursuant to such award of Performance Stock Units. The actual number of shares of common stock to be issued upon vesting can range from 0% to 200% of the number of Performance Stock Units awarded, based on achievement of specified relative total stockholder returns. Assuming continued service through the vesting date and achievement of the specified performance-based vesting criteria, the Performance Stock Units, as adjusted, will generally vest on December 31, 2021 (with respect to the 2019 grant) and December 31, 2022 (with respect to the 2020 grant). One-third of the Performance Stock Units granted in 2020 will be eligible to vest (at up to 200% of target) based on performance during the first year of the performance period.

SEC source: 0001104659-20-033368 · a4.xml · nonDerivative · entry 1

Bennett Monty J · CIK 0001260654 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 134,103

F1 · kind: The Reporting Person received the shares pursuant to a stock grant from the Issuer under the Issuer's Second Amended and Restated 2013 Equity Incentive Plan (the "Plan"). Such shares vest in three (3) substantially equal installments on the first three (3) anniversaries following the date of grant.

F1 · price: The Reporting Person received the shares pursuant to a stock grant from the Issuer under the Issuer's Second Amended and Restated 2013 Equity Incentive Plan (the "Plan"). Such shares vest in three (3) substantially equal installments on the first three (3) anniversaries following the date of grant.

SEC source: 0001104659-20-033223 · a4.xml · nonDerivative · entry 1

Bennett Monty J · CIK 0001260654 · Director · CEO and Chairman of the Board · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 64,383

F1 · kind: The Reporting Person received the shares pursuant to a stock grant from the Issuer under the Issuer's 2014 Incentive Plan. Such shares vest in three (3) substantially equal installments on the first three (3) anniversaries following the date of grant.

F1 · price: The Reporting Person received the shares pursuant to a stock grant from the Issuer under the Issuer's 2014 Incentive Plan. Such shares vest in three (3) substantially equal installments on the first three (3) anniversaries following the date of grant.

SEC source: 0001104659-19-061293 · a4.xml · derivative · entry 12

Bennett Monty J · CIK 0001260654 · Director · CEO and Chairman of the Board · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 152,000

Underlying: Common Stock · 32,340 shares

Expires not disclosed

F7 · security: In connection with the transactions contemplated by the Combination Agreement, the Reporting Person received 152,000 shares of Series D Convertible Preferred Stock. Such 152,000 shares of Series D Convertible Preferred Stock have no expiration date and are convertible at any time and from time to time, in full or partially, into 32,340 shares of the Issuer's common stock at the Conversation Ratio.

F7 · derivative.exercise_price: In connection with the transactions contemplated by the Combination Agreement, the Reporting Person received 152,000 shares of Series D Convertible Preferred Stock. Such 152,000 shares of Series D Convertible Preferred Stock have no expiration date and are convertible at any time and from time to time, in full or partially, into 32,340 shares of the Issuer's common stock at the Conversation Ratio.

F7 · kind: In connection with the transactions contemplated by the Combination Agreement, the Reporting Person received 152,000 shares of Series D Convertible Preferred Stock. Such 152,000 shares of Series D Convertible Preferred Stock have no expiration date and are convertible at any time and from time to time, in full or partially, into 32,340 shares of the Issuer's common stock at the Conversation Ratio.

F7 · derivative.exercise_date: In connection with the transactions contemplated by the Combination Agreement, the Reporting Person received 152,000 shares of Series D Convertible Preferred Stock. Such 152,000 shares of Series D Convertible Preferred Stock have no expiration date and are convertible at any time and from time to time, in full or partially, into 32,340 shares of the Issuer's common stock at the Conversation Ratio.

F7 · derivative.expiration_date: In connection with the transactions contemplated by the Combination Agreement, the Reporting Person received 152,000 shares of Series D Convertible Preferred Stock. Such 152,000 shares of Series D Convertible Preferred Stock have no expiration date and are convertible at any time and from time to time, in full or partially, into 32,340 shares of the Issuer's common stock at the Conversation Ratio.

F7 · derivative.underlying_shares: In connection with the transactions contemplated by the Combination Agreement, the Reporting Person received 152,000 shares of Series D Convertible Preferred Stock. Such 152,000 shares of Series D Convertible Preferred Stock have no expiration date and are convertible at any time and from time to time, in full or partially, into 32,340 shares of the Issuer's common stock at the Conversation Ratio.

SEC source: 0001104659-19-061293 · a4.xml · derivative · entry 11

Bennett Monty J · CIK 0001260654 · Director · CEO and Chairman of the Board · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · By Trust

Disclosed balance after: 80,000

Underlying: Common Stock · 17,021 shares

Expires not disclosed

F6 · security: In connection with the transactions contemplated by the Combination Agreement, the 80,000 shares of Series B Convertible Preferred Stock beneficially owned by a trust for the benefit of one of the Reporting Person's minor children were converted on a one-for-one basis into 80,000 shares of Series D Convertible Preferred Stock. Such 80,000 shares of Series D Convertible Preferred Stock have no expiration date and are convertible at any time and from time to time, in full or partially, into 17,021 shares of the Issuer's common stock at the Conversion Ratio.

F6 · derivative.exercise_price: In connection with the transactions contemplated by the Combination Agreement, the 80,000 shares of Series B Convertible Preferred Stock beneficially owned by a trust for the benefit of one of the Reporting Person's minor children were converted on a one-for-one basis into 80,000 shares of Series D Convertible Preferred Stock. Such 80,000 shares of Series D Convertible Preferred Stock have no expiration date and are convertible at any time and from time to time, in full or partially, into 17,021 shares of the Issuer's common stock at the Conversion Ratio.

F6 · kind: In connection with the transactions contemplated by the Combination Agreement, the 80,000 shares of Series B Convertible Preferred Stock beneficially owned by a trust for the benefit of one of the Reporting Person's minor children were converted on a one-for-one basis into 80,000 shares of Series D Convertible Preferred Stock. Such 80,000 shares of Series D Convertible Preferred Stock have no expiration date and are convertible at any time and from time to time, in full or partially, into 17,021 shares of the Issuer's common stock at the Conversion Ratio.

F6 · derivative.exercise_date: In connection with the transactions contemplated by the Combination Agreement, the 80,000 shares of Series B Convertible Preferred Stock beneficially owned by a trust for the benefit of one of the Reporting Person's minor children were converted on a one-for-one basis into 80,000 shares of Series D Convertible Preferred Stock. Such 80,000 shares of Series D Convertible Preferred Stock have no expiration date and are convertible at any time and from time to time, in full or partially, into 17,021 shares of the Issuer's common stock at the Conversion Ratio.

F6 · derivative.expiration_date: In connection with the transactions contemplated by the Combination Agreement, the 80,000 shares of Series B Convertible Preferred Stock beneficially owned by a trust for the benefit of one of the Reporting Person's minor children were converted on a one-for-one basis into 80,000 shares of Series D Convertible Preferred Stock. Such 80,000 shares of Series D Convertible Preferred Stock have no expiration date and are convertible at any time and from time to time, in full or partially, into 17,021 shares of the Issuer's common stock at the Conversion Ratio.

F6 · derivative.underlying_shares: In connection with the transactions contemplated by the Combination Agreement, the 80,000 shares of Series B Convertible Preferred Stock beneficially owned by a trust for the benefit of one of the Reporting Person's minor children were converted on a one-for-one basis into 80,000 shares of Series D Convertible Preferred Stock. Such 80,000 shares of Series D Convertible Preferred Stock have no expiration date and are convertible at any time and from time to time, in full or partially, into 17,021 shares of the Issuer's common stock at the Conversion Ratio.

F6 · ownership.nature: In connection with the transactions contemplated by the Combination Agreement, the 80,000 shares of Series B Convertible Preferred Stock beneficially owned by a trust for the benefit of one of the Reporting Person's minor children were converted on a one-for-one basis into 80,000 shares of Series D Convertible Preferred Stock. Such 80,000 shares of Series D Convertible Preferred Stock have no expiration date and are convertible at any time and from time to time, in full or partially, into 17,021 shares of the Issuer's common stock at the Conversion Ratio.

SEC source: 0001104659-19-061293 · a4.xml · derivative · entry 10

Bennett Monty J · CIK 0001260654 · Director · CEO and Chairman of the Board · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · By MJB Investments LP

Disclosed balance after: 9,047,300

Underlying: Common Stock · 1,924,957 shares

Expires not disclosed

F5 · security: Such 9,047,300 of Series D Convertible Preferred Stock have no expiration date and are convertible at any time and from time to time, in full or partially, into 1,924,957 shares of the Issuer's common stock at a conversation ratio equal to the liquidation preference of a share of Series D Convertible Preferred Stock, par value $25.00, divided by $117.50, subject to adjustment (the "Conversion Ratio").

F5 · derivative.exercise_price: Such 9,047,300 of Series D Convertible Preferred Stock have no expiration date and are convertible at any time and from time to time, in full or partially, into 1,924,957 shares of the Issuer's common stock at a conversation ratio equal to the liquidation preference of a share of Series D Convertible Preferred Stock, par value $25.00, divided by $117.50, subject to adjustment (the "Conversion Ratio").

F4 · kind: In connection with the transactions contemplated by the Combination Agreement, dated May 31, 2019, as amended (the "Combination Agreement"), among the Issuer, the Reporting Person, Archie Bennett, Jr., Remington Holdings, L.P., Remington Holdings GP, LLC, Project Management LLC, MJB Investments, L.P., Jeremy Welter, James L. Cowen, Ashford Nevada Holding Corp. and Ashford Merger Sub Inc., the 3,720,000 shares of Series B Convertible Preferred Stock beneficially owned by the Reporting Person were converted on a one-for-one basis into 3,720,000 shares of Series D Convertible Preferred Stock, and the Reporting Person acquired an additional 5,327,300 shares of the Series D Convertible Preferred Stock as reported herein.

F5 · kind: Such 9,047,300 of Series D Convertible Preferred Stock have no expiration date and are convertible at any time and from time to time, in full or partially, into 1,924,957 shares of the Issuer's common stock at a conversation ratio equal to the liquidation preference of a share of Series D Convertible Preferred Stock, par value $25.00, divided by $117.50, subject to adjustment (the "Conversion Ratio").

F5 · derivative.exercise_date: Such 9,047,300 of Series D Convertible Preferred Stock have no expiration date and are convertible at any time and from time to time, in full or partially, into 1,924,957 shares of the Issuer's common stock at a conversation ratio equal to the liquidation preference of a share of Series D Convertible Preferred Stock, par value $25.00, divided by $117.50, subject to adjustment (the "Conversion Ratio").

F5 · derivative.expiration_date: Such 9,047,300 of Series D Convertible Preferred Stock have no expiration date and are convertible at any time and from time to time, in full or partially, into 1,924,957 shares of the Issuer's common stock at a conversation ratio equal to the liquidation preference of a share of Series D Convertible Preferred Stock, par value $25.00, divided by $117.50, subject to adjustment (the "Conversion Ratio").

F5 · derivative.underlying_shares: Such 9,047,300 of Series D Convertible Preferred Stock have no expiration date and are convertible at any time and from time to time, in full or partially, into 1,924,957 shares of the Issuer's common stock at a conversation ratio equal to the liquidation preference of a share of Series D Convertible Preferred Stock, par value $25.00, divided by $117.50, subject to adjustment (the "Conversion Ratio").

SEC source: 0001104659-19-061293 · a4.xml · derivative · entry 9

Bennett Monty J · CIK 0001260654 · Director · CEO and Chairman of the Board · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · By Trust

Disclosed balance after: 0

Underlying: Common Stock · 14,285 shares

Expires not disclosed

F3 · security: Reflects the earlier disposition of 200,000 shares of Series B Convertible Preferred Stock no longer beneficially owned by Reporting Person and 80,000 shares of Series B Convertible Preferred Stock transferred to a trust for the benefit of one of the Reporting Person's minor children. Such 3,720,000 shares and 80,000 shares of Series B Convertible Preferred Stock had no expiration date and were convertible at any time and from time to time, in full or partially, into 664,285 shares and 14,285 shares, respectively, of the Issuer's common stock at a conversion ratio equal to the liquidation preference of a share of Series B Convertible Preferred Stock, par value $25.00, divided by $140, subject to adjustment.

F3 · derivative.exercise_price: Reflects the earlier disposition of 200,000 shares of Series B Convertible Preferred Stock no longer beneficially owned by Reporting Person and 80,000 shares of Series B Convertible Preferred Stock transferred to a trust for the benefit of one of the Reporting Person's minor children. Such 3,720,000 shares and 80,000 shares of Series B Convertible Preferred Stock had no expiration date and were convertible at any time and from time to time, in full or partially, into 664,285 shares and 14,285 shares, respectively, of the Issuer's common stock at a conversion ratio equal to the liquidation preference of a share of Series B Convertible Preferred Stock, par value $25.00, divided by $140, subject to adjustment.

F6 · kind: In connection with the transactions contemplated by the Combination Agreement, the 80,000 shares of Series B Convertible Preferred Stock beneficially owned by a trust for the benefit of one of the Reporting Person's minor children were converted on a one-for-one basis into 80,000 shares of Series D Convertible Preferred Stock. Such 80,000 shares of Series D Convertible Preferred Stock have no expiration date and are convertible at any time and from time to time, in full or partially, into 17,021 shares of the Issuer's common stock at the Conversion Ratio.

F3 · derivative.exercise_date: Reflects the earlier disposition of 200,000 shares of Series B Convertible Preferred Stock no longer beneficially owned by Reporting Person and 80,000 shares of Series B Convertible Preferred Stock transferred to a trust for the benefit of one of the Reporting Person's minor children. Such 3,720,000 shares and 80,000 shares of Series B Convertible Preferred Stock had no expiration date and were convertible at any time and from time to time, in full or partially, into 664,285 shares and 14,285 shares, respectively, of the Issuer's common stock at a conversion ratio equal to the liquidation preference of a share of Series B Convertible Preferred Stock, par value $25.00, divided by $140, subject to adjustment.

F3 · derivative.expiration_date: Reflects the earlier disposition of 200,000 shares of Series B Convertible Preferred Stock no longer beneficially owned by Reporting Person and 80,000 shares of Series B Convertible Preferred Stock transferred to a trust for the benefit of one of the Reporting Person's minor children. Such 3,720,000 shares and 80,000 shares of Series B Convertible Preferred Stock had no expiration date and were convertible at any time and from time to time, in full or partially, into 664,285 shares and 14,285 shares, respectively, of the Issuer's common stock at a conversion ratio equal to the liquidation preference of a share of Series B Convertible Preferred Stock, par value $25.00, divided by $140, subject to adjustment.

F3 · derivative.underlying_shares: Reflects the earlier disposition of 200,000 shares of Series B Convertible Preferred Stock no longer beneficially owned by Reporting Person and 80,000 shares of Series B Convertible Preferred Stock transferred to a trust for the benefit of one of the Reporting Person's minor children. Such 3,720,000 shares and 80,000 shares of Series B Convertible Preferred Stock had no expiration date and were convertible at any time and from time to time, in full or partially, into 664,285 shares and 14,285 shares, respectively, of the Issuer's common stock at a conversion ratio equal to the liquidation preference of a share of Series B Convertible Preferred Stock, par value $25.00, divided by $140, subject to adjustment.

F3 · ownership.nature: Reflects the earlier disposition of 200,000 shares of Series B Convertible Preferred Stock no longer beneficially owned by Reporting Person and 80,000 shares of Series B Convertible Preferred Stock transferred to a trust for the benefit of one of the Reporting Person's minor children. Such 3,720,000 shares and 80,000 shares of Series B Convertible Preferred Stock had no expiration date and were convertible at any time and from time to time, in full or partially, into 664,285 shares and 14,285 shares, respectively, of the Issuer's common stock at a conversion ratio equal to the liquidation preference of a share of Series B Convertible Preferred Stock, par value $25.00, divided by $140, subject to adjustment.

SEC source: 0001104659-19-061293 · a4.xml · derivative · entry 8

Bennett Monty J · CIK 0001260654 · Director · CEO and Chairman of the Board · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · By MJB Investments LP

Disclosed balance after: 0

Underlying: Common Stock · 664,285 shares

Expires not disclosed

F3 · security: Reflects the earlier disposition of 200,000 shares of Series B Convertible Preferred Stock no longer beneficially owned by Reporting Person and 80,000 shares of Series B Convertible Preferred Stock transferred to a trust for the benefit of one of the Reporting Person's minor children. Such 3,720,000 shares and 80,000 shares of Series B Convertible Preferred Stock had no expiration date and were convertible at any time and from time to time, in full or partially, into 664,285 shares and 14,285 shares, respectively, of the Issuer's common stock at a conversion ratio equal to the liquidation preference of a share of Series B Convertible Preferred Stock, par value $25.00, divided by $140, subject to adjustment.

F3 · derivative.exercise_price: Reflects the earlier disposition of 200,000 shares of Series B Convertible Preferred Stock no longer beneficially owned by Reporting Person and 80,000 shares of Series B Convertible Preferred Stock transferred to a trust for the benefit of one of the Reporting Person's minor children. Such 3,720,000 shares and 80,000 shares of Series B Convertible Preferred Stock had no expiration date and were convertible at any time and from time to time, in full or partially, into 664,285 shares and 14,285 shares, respectively, of the Issuer's common stock at a conversion ratio equal to the liquidation preference of a share of Series B Convertible Preferred Stock, par value $25.00, divided by $140, subject to adjustment.

F4 · kind: In connection with the transactions contemplated by the Combination Agreement, dated May 31, 2019, as amended (the "Combination Agreement"), among the Issuer, the Reporting Person, Archie Bennett, Jr., Remington Holdings, L.P., Remington Holdings GP, LLC, Project Management LLC, MJB Investments, L.P., Jeremy Welter, James L. Cowen, Ashford Nevada Holding Corp. and Ashford Merger Sub Inc., the 3,720,000 shares of Series B Convertible Preferred Stock beneficially owned by the Reporting Person were converted on a one-for-one basis into 3,720,000 shares of Series D Convertible Preferred Stock, and the Reporting Person acquired an additional 5,327,300 shares of the Series D Convertible Preferred Stock as reported herein.

F3 · derivative.exercise_date: Reflects the earlier disposition of 200,000 shares of Series B Convertible Preferred Stock no longer beneficially owned by Reporting Person and 80,000 shares of Series B Convertible Preferred Stock transferred to a trust for the benefit of one of the Reporting Person's minor children. Such 3,720,000 shares and 80,000 shares of Series B Convertible Preferred Stock had no expiration date and were convertible at any time and from time to time, in full or partially, into 664,285 shares and 14,285 shares, respectively, of the Issuer's common stock at a conversion ratio equal to the liquidation preference of a share of Series B Convertible Preferred Stock, par value $25.00, divided by $140, subject to adjustment.

F3 · derivative.expiration_date: Reflects the earlier disposition of 200,000 shares of Series B Convertible Preferred Stock no longer beneficially owned by Reporting Person and 80,000 shares of Series B Convertible Preferred Stock transferred to a trust for the benefit of one of the Reporting Person's minor children. Such 3,720,000 shares and 80,000 shares of Series B Convertible Preferred Stock had no expiration date and were convertible at any time and from time to time, in full or partially, into 664,285 shares and 14,285 shares, respectively, of the Issuer's common stock at a conversion ratio equal to the liquidation preference of a share of Series B Convertible Preferred Stock, par value $25.00, divided by $140, subject to adjustment.

F3 · derivative.underlying_shares: Reflects the earlier disposition of 200,000 shares of Series B Convertible Preferred Stock no longer beneficially owned by Reporting Person and 80,000 shares of Series B Convertible Preferred Stock transferred to a trust for the benefit of one of the Reporting Person's minor children. Such 3,720,000 shares and 80,000 shares of Series B Convertible Preferred Stock had no expiration date and were convertible at any time and from time to time, in full or partially, into 664,285 shares and 14,285 shares, respectively, of the Issuer's common stock at a conversion ratio equal to the liquidation preference of a share of Series B Convertible Preferred Stock, par value $25.00, divided by $140, subject to adjustment.

SEC source: 0001104659-19-012469 · a4.xml · derivative · entry 5

Bennett Monty J · CIK 0001260654 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 237,643

Underlying: Common Stock · 237,643 shares

Expires 2021-12-31

F2 · security: Each performance stock unit ("Performance Stock Unit") award represents a right to receive between zero (0) and two (2) shares of the Issuer's common stock if and when the applicable vesting criteria have been achieved.

F3 · security: The Reporting Person received the Performance Stock Units pursuant to a grant from the Issuer under the Issuer's 2011 Stock Incentive Plan.

F2 · derivative.exercise_price: Each performance stock unit ("Performance Stock Unit") award represents a right to receive between zero (0) and two (2) shares of the Issuer's common stock if and when the applicable vesting criteria have been achieved.

F3 · kind: The Reporting Person received the Performance Stock Units pursuant to a grant from the Issuer under the Issuer's 2011 Stock Incentive Plan.

F4 · shares: Represents the target number of common stock shares that may be issued pursuant to the award of Performance Stock Units. The actual number of shares of common stock to be issued upon vesting can range from 0% to 200% of the target number of Performance Stock Units reported, based on achievement of specified relative and total stockholder returns of the Issuer. Assuming continued service through the vesting date and achievement of the specified relative and total stockholder returns, the Performance Stock Units, as adjusted, will generally vest on December 31, 2021 with respect to the 2019 Performance Stock Units award.

F3 · price: The Reporting Person received the Performance Stock Units pursuant to a grant from the Issuer under the Issuer's 2011 Stock Incentive Plan.

F4 · derivative.underlying_shares: Represents the target number of common stock shares that may be issued pursuant to the award of Performance Stock Units. The actual number of shares of common stock to be issued upon vesting can range from 0% to 200% of the target number of Performance Stock Units reported, based on achievement of specified relative and total stockholder returns of the Issuer. Assuming continued service through the vesting date and achievement of the specified relative and total stockholder returns, the Performance Stock Units, as adjusted, will generally vest on December 31, 2021 with respect to the 2019 Performance Stock Units award.

F4 · balance_after: Represents the target number of common stock shares that may be issued pursuant to the award of Performance Stock Units. The actual number of shares of common stock to be issued upon vesting can range from 0% to 200% of the target number of Performance Stock Units reported, based on achievement of specified relative and total stockholder returns of the Issuer. Assuming continued service through the vesting date and achievement of the specified relative and total stockholder returns, the Performance Stock Units, as adjusted, will generally vest on December 31, 2021 with respect to the 2019 Performance Stock Units award.

SEC source: 0001104659-19-012469 · a4.xml · nonDerivative · entry 1

Bennett Monty J · CIK 0001260654 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 237,643

F1 · kind: The Reporting Person received the shares pursuant to a stock grant from the Issuer under the Issuer's 2011 Stock Incentive Plan. Such shares vest in three (3) substantially equal installments on the first three (3) anniversaries following the date of grant.

F1 · price: The Reporting Person received the shares pursuant to a stock grant from the Issuer under the Issuer's 2011 Stock Incentive Plan. Such shares vest in three (3) substantially equal installments on the first three (3) anniversaries following the date of grant.

SEC source: 0001104659-19-012459 · a4.xml · derivative · entry 5

Bennett Monty J · CIK 0001260654 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 64,103

Underlying: Common Stock · 64,103 shares

Expires 2021-12-31

F2 · security: Each Performance Stock Unit ("Performance Stock Unit") award represents the right, upon achievement of certain specified performance-based vesting criteria, to receive up to two (2) shares of the Issuer's common stock.

F2 · derivative.exercise_price: Each Performance Stock Unit ("Performance Stock Unit") award represents the right, upon achievement of certain specified performance-based vesting criteria, to receive up to two (2) shares of the Issuer's common stock.

F3 · kind: The Reporting Person received the Performance Stock Units pursuant to an award granted by the Issuer under the Plan.

F4 · shares: Represents the target share amount that may be issued pursuant to such award of Performance Stock Units. The actual number of shares of common stock to be issued upon vesting can range from 0% to 200% of the number of Performance Stock Units awarded, based on achievement of specified relative total stockholder returns. Assuming continued service through the vesting date and achievement of the specified performance-based vesting criteria, the Performance Stock Units, as adjusted, will generally vest on December 31, 2021 (for the 2019 grant).

F3 · price: The Reporting Person received the Performance Stock Units pursuant to an award granted by the Issuer under the Plan.

F4 · derivative.underlying_shares: Represents the target share amount that may be issued pursuant to such award of Performance Stock Units. The actual number of shares of common stock to be issued upon vesting can range from 0% to 200% of the number of Performance Stock Units awarded, based on achievement of specified relative total stockholder returns. Assuming continued service through the vesting date and achievement of the specified performance-based vesting criteria, the Performance Stock Units, as adjusted, will generally vest on December 31, 2021 (for the 2019 grant).

F4 · balance_after: Represents the target share amount that may be issued pursuant to such award of Performance Stock Units. The actual number of shares of common stock to be issued upon vesting can range from 0% to 200% of the number of Performance Stock Units awarded, based on achievement of specified relative total stockholder returns. Assuming continued service through the vesting date and achievement of the specified performance-based vesting criteria, the Performance Stock Units, as adjusted, will generally vest on December 31, 2021 (for the 2019 grant).

SEC source: 0001104659-19-012459 · a4.xml · nonDerivative · entry 1

Bennett Monty J · CIK 0001260654 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 64,103

F1 · kind: The Reporting Person received the shares pursuant to a stock grant from the Issuer under the Issuer's Second Amended and Restated 2013 Equity Incentive Plan (the "Plan"). Such shares vest in three (3) substantially equal installments on the first three (3) anniversaries following the date of grant.

F1 · price: The Reporting Person received the shares pursuant to a stock grant from the Issuer under the Issuer's Second Amended and Restated 2013 Equity Incentive Plan (the "Plan"). Such shares vest in three (3) substantially equal installments on the first three (3) anniversaries following the date of grant.

SEC source: 0001567619-19-005756 · doc1.xml · derivative · entry 7

Bennett Monty J · CIK 0001260654 · Director · CEO and Chairman of the Board · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 90,000

Underlying: Common Stock · 90,000 shares

Expires 2029-02-27

F3 · kind: The options were acquired from the Issuer in a grant under the Issuer's 2014 Incentive Plan.

F3 · price: The options were acquired from the Issuer in a grant under the Issuer's 2014 Incentive Plan.

SEC source: 0000914121-19-000385 · form5.xml · derivative · entry 1

Bennett Monty J · CIK 0001260654 · Director · Chief Executive Officer · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · MJB Investments LP

Disclosed balance after: 4,000,000

Underlying: Common Stock · 714,286 shares

Expires not disclosed

F1 · security: In connection with the transactions contemplated by the Combination Agreement, dated August 8, 2018, among the Issuer, the Reporting Person, Archie Bennett, Jr., Remington Holdings, L.P., Remington Holdings GP, LLC, Project Management LLC, MJB Investments, L.P., Mark A. Sharkey, Ashford Holding Corp. and Ashford Merger Sub Inc., the Reporting Person, directly or indirectly through certain affiliates, acquired 4,000,000 shares of Series B Convertible Preferred Stock as reported herein. Such 4,000,000 shares of Series B Convertible Preferred Stock are convertible at any time and from time to time, in full or partially, into 714,286 shares of the Issuer's common stock at a conversion ratio equal to the liquidation preference of a share of Series B Convertible Preferred Stock, par value $25.00, divided by $140, subject to adjustment.

F1 · derivative.exercise_price: In connection with the transactions contemplated by the Combination Agreement, dated August 8, 2018, among the Issuer, the Reporting Person, Archie Bennett, Jr., Remington Holdings, L.P., Remington Holdings GP, LLC, Project Management LLC, MJB Investments, L.P., Mark A. Sharkey, Ashford Holding Corp. and Ashford Merger Sub Inc., the Reporting Person, directly or indirectly through certain affiliates, acquired 4,000,000 shares of Series B Convertible Preferred Stock as reported herein. Such 4,000,000 shares of Series B Convertible Preferred Stock are convertible at any time and from time to time, in full or partially, into 714,286 shares of the Issuer's common stock at a conversion ratio equal to the liquidation preference of a share of Series B Convertible Preferred Stock, par value $25.00, divided by $140, subject to adjustment.

F1 · date: In connection with the transactions contemplated by the Combination Agreement, dated August 8, 2018, among the Issuer, the Reporting Person, Archie Bennett, Jr., Remington Holdings, L.P., Remington Holdings GP, LLC, Project Management LLC, MJB Investments, L.P., Mark A. Sharkey, Ashford Holding Corp. and Ashford Merger Sub Inc., the Reporting Person, directly or indirectly through certain affiliates, acquired 4,000,000 shares of Series B Convertible Preferred Stock as reported herein. Such 4,000,000 shares of Series B Convertible Preferred Stock are convertible at any time and from time to time, in full or partially, into 714,286 shares of the Issuer's common stock at a conversion ratio equal to the liquidation preference of a share of Series B Convertible Preferred Stock, par value $25.00, divided by $140, subject to adjustment.

F1 · price: In connection with the transactions contemplated by the Combination Agreement, dated August 8, 2018, among the Issuer, the Reporting Person, Archie Bennett, Jr., Remington Holdings, L.P., Remington Holdings GP, LLC, Project Management LLC, MJB Investments, L.P., Mark A. Sharkey, Ashford Holding Corp. and Ashford Merger Sub Inc., the Reporting Person, directly or indirectly through certain affiliates, acquired 4,000,000 shares of Series B Convertible Preferred Stock as reported herein. Such 4,000,000 shares of Series B Convertible Preferred Stock are convertible at any time and from time to time, in full or partially, into 714,286 shares of the Issuer's common stock at a conversion ratio equal to the liquidation preference of a share of Series B Convertible Preferred Stock, par value $25.00, divided by $140, subject to adjustment.

F1 · derivative.exercise_date: In connection with the transactions contemplated by the Combination Agreement, dated August 8, 2018, among the Issuer, the Reporting Person, Archie Bennett, Jr., Remington Holdings, L.P., Remington Holdings GP, LLC, Project Management LLC, MJB Investments, L.P., Mark A. Sharkey, Ashford Holding Corp. and Ashford Merger Sub Inc., the Reporting Person, directly or indirectly through certain affiliates, acquired 4,000,000 shares of Series B Convertible Preferred Stock as reported herein. Such 4,000,000 shares of Series B Convertible Preferred Stock are convertible at any time and from time to time, in full or partially, into 714,286 shares of the Issuer's common stock at a conversion ratio equal to the liquidation preference of a share of Series B Convertible Preferred Stock, par value $25.00, divided by $140, subject to adjustment.

F1 · derivative.expiration_date: In connection with the transactions contemplated by the Combination Agreement, dated August 8, 2018, among the Issuer, the Reporting Person, Archie Bennett, Jr., Remington Holdings, L.P., Remington Holdings GP, LLC, Project Management LLC, MJB Investments, L.P., Mark A. Sharkey, Ashford Holding Corp. and Ashford Merger Sub Inc., the Reporting Person, directly or indirectly through certain affiliates, acquired 4,000,000 shares of Series B Convertible Preferred Stock as reported herein. Such 4,000,000 shares of Series B Convertible Preferred Stock are convertible at any time and from time to time, in full or partially, into 714,286 shares of the Issuer's common stock at a conversion ratio equal to the liquidation preference of a share of Series B Convertible Preferred Stock, par value $25.00, divided by $140, subject to adjustment.

SEC source: 0001104659-18-018464 · a4.xml · derivative · entry 5

Bennett Monty J · CIK 0001260654 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 222,606

Underlying: Common Stock · 74,093 shares

Expires not disclosed

F3 · security: Represents special long-term incentive partnership units ("LTIP Units") in Ashford Hospitality Prime Limited Partnership, the Issuer's operating subsidiary ("Subsidiary"). Vested LTIP Units, upon achieving parity with the Common Partnership Units (as defined below) are convertible into Common Partnership Units at the option of the Reporting Person. See Footnote 5 discussing convertibility of Common Partnership Units.

F3 · derivative.exercise_price: Represents special long-term incentive partnership units ("LTIP Units") in Ashford Hospitality Prime Limited Partnership, the Issuer's operating subsidiary ("Subsidiary"). Vested LTIP Units, upon achieving parity with the Common Partnership Units (as defined below) are convertible into Common Partnership Units at the option of the Reporting Person. See Footnote 5 discussing convertibility of Common Partnership Units.

F2 · kind: The Reporting Person received the LTIP Units and Performance LTIP Units awards reported herein under the Issuer's 2013 Equity Incentive Plan (the "Plan").

F3 · shares: Represents special long-term incentive partnership units ("LTIP Units") in Ashford Hospitality Prime Limited Partnership, the Issuer's operating subsidiary ("Subsidiary"). Vested LTIP Units, upon achieving parity with the Common Partnership Units (as defined below) are convertible into Common Partnership Units at the option of the Reporting Person. See Footnote 5 discussing convertibility of Common Partnership Units.

F6 · price: Per Performance LTIP Unit or LTIP Unit, as applicable, purchase price.

F7 · derivative.exercise_date: The LTIP Units reported herein vest and are convertible in three equal installments over a three-year term from the date of the award. See Footnote 3 discussing the convertibility of vested LTIP Units.

F9 · derivative.expiration_date: Neither the Common Partnership Units nor vested LTIP Units (including any LTIP Units awarded upon achievement of the specified performance criteria relating to vested Performance LTIP Units) have an expiration date.

F12 · derivative.underlying_shares: Reflects only the number of shares of underlying securities into which the reported award of LTIP Units (not the aggregate number of LTIP Units) is convertible. See Footnote 3 discussing the convertibility of vested LTIP Units.

F10 · balance_after: Reflects the aggregate number of LTIP Units held directly or indirectly by the Reporting Person following the LTIP Units award reported herein, and includes LTIP Units comprising awards previously granted to, and reported by, the Reporting Person. Such LTIP Units have different grant and vesting dates and include those which (i) may have achieved parity with the Common Partnership Units, (ii) have not yet achieved parity with the Common Partnership Units, (iii) are currently vested, or (iv) have not yet vested. Such LTIP Units have been combined herein solely for reporting purposes. See Footnote 3 discussing convertibility of LTIP Units and Footnote 5 discussing convertibility of Common Partnership Units.

SEC source: 0001104659-18-018464 · a4.xml · derivative · entry 4

Bennett Monty J · CIK 0001260654 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 148,185

Underlying: Common Stock · 148,185 shares

Expires 2020-12-31

F1 · security: Each performance LTIP unit ("Performance LTIP Unit") award represents an LTIP Unit (as defined below) subject to specified performance-based vesting criteria.

F1 · derivative.exercise_price: Each performance LTIP unit ("Performance LTIP Unit") award represents an LTIP Unit (as defined below) subject to specified performance-based vesting criteria.

F2 · kind: The Reporting Person received the LTIP Units and Performance LTIP Units awards reported herein under the Issuer's 2013 Equity Incentive Plan (the "Plan").

F4 · shares: Represents the maximum number of LTIP Units that may vest pursuant to such award of Performance LTIP Units, which is 200% of the target number of LTIP Units for such respective award. The actual number of Performance LTIP Units that may vest can range from 0% to 200% of the target number of Performance LTIP Units, based on achievement of a specified relative total stockholder returns of the Issuer. Assuming continued service through the vesting date and achievement of the specified relative total stockholder return, the Performance LTIP Units, as adjusted, will generally vest December 31, 2018 (with respect to the 2016 grant), December 31, 2019 (with respect to the 2017 grant), and December 31, 2020 (with respect to the 2018 grant - reported herein). See Footnote 3 discussing the convertibility of vested LTIP Units.

F6 · price: Per Performance LTIP Unit or LTIP Unit, as applicable, purchase price.

F4 · derivative.underlying_shares: Represents the maximum number of LTIP Units that may vest pursuant to such award of Performance LTIP Units, which is 200% of the target number of LTIP Units for such respective award. The actual number of Performance LTIP Units that may vest can range from 0% to 200% of the target number of Performance LTIP Units, based on achievement of a specified relative total stockholder returns of the Issuer. Assuming continued service through the vesting date and achievement of the specified relative total stockholder return, the Performance LTIP Units, as adjusted, will generally vest December 31, 2018 (with respect to the 2016 grant), December 31, 2019 (with respect to the 2017 grant), and December 31, 2020 (with respect to the 2018 grant - reported herein). See Footnote 3 discussing the convertibility of vested LTIP Units.

F4 · balance_after: Represents the maximum number of LTIP Units that may vest pursuant to such award of Performance LTIP Units, which is 200% of the target number of LTIP Units for such respective award. The actual number of Performance LTIP Units that may vest can range from 0% to 200% of the target number of Performance LTIP Units, based on achievement of a specified relative total stockholder returns of the Issuer. Assuming continued service through the vesting date and achievement of the specified relative total stockholder return, the Performance LTIP Units, as adjusted, will generally vest December 31, 2018 (with respect to the 2016 grant), December 31, 2019 (with respect to the 2017 grant), and December 31, 2020 (with respect to the 2018 grant - reported herein). See Footnote 3 discussing the convertibility of vested LTIP Units.

SEC source: 0001104659-18-018452 · a4.xml · derivative · entry 5

Bennett Monty J · CIK 0001260654 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,269,221

Underlying: Common Stock · Not disclosed shares

Expires not disclosed

F4 · security: 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 Units (as defined below), are convertible into Common Units at the option of the Reporting Person. See Footnote 9 discussing the convertibility of the Common Units.

F4 · derivative.exercise_price: 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 Units (as defined below), are convertible into Common Units at the option of the Reporting Person. See Footnote 9 discussing the convertibility of the Common Units.

F2 · kind: The Reporting Person received the LTIP Units and Performance LTIP Units awards reported herein under the Issuer's 2011 Stock Incentive Plan.

F4 · shares: 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 Units (as defined below), are convertible into Common Units at the option of the Reporting Person. See Footnote 9 discussing the convertibility of the Common Units.

F5 · price: Per LTIP Unit purchase price.

F6 · derivative.exercise_date: The LTIP Units reported herein vest in three (3) substantially equal installments on the first three (3) anniversaries of the date of grant. See Footnote 4 discussing the convertibility of Vested LTIP Units.

F7 · derivative.expiration_date: Neither the Common Units nor the LTIP Units have an expiration date.

F4 · derivative.underlying_shares: 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 Units (as defined below), are convertible into Common Units at the option of the Reporting Person. See Footnote 9 discussing the convertibility of the Common Units.

F8 · balance_after: Reflects adjustment from number of units previously reported to give effect to the adoption of Amendment No. 5 to the Seventh Amended and Restated Agreement of Limited Partnership of the Subsidiary (the "Subsidiary Agreement Amendment"), which was adopted for the purpose of creating additional common partnership units of the Subsidiary and the recapitalization of the common partnership units so that the Conversion Factor (as defined in the Subsidiary Agreement Amendment) became 1.0

F9 · balance_after: Reflects the aggregate number of LTIP Units held directly or indirectly by the Reporting Person following the LTIP Units award reported herein, and includes LTIP Units comprising awards previously granted to, and reported by, the Reporting Person. Such LTIP Units have different grant and vesting dates and include those which (i) may have achieved parity with the Common Units, (ii) have not yet achieved parity with the Common Units, (iii) are currently vested, or (iv) have not yet vested. Such LTIP Units have been combined herein solely for reporting purposes.

SEC source: 0001104659-18-018452 · a4.xml · derivative · entry 4

Bennett Monty J · CIK 0001260654 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 400,641

Underlying: Common Stock · 400,641 shares

Expires 2021-03-14

F1 · security: Each performance LTIP unit ("Performance LTIP Unit") award represents an LTIP Unit (as defined below) subject to specified performance-based vesting criteria.

F1 · derivative.exercise_price: Each performance LTIP unit ("Performance LTIP Unit") award represents an LTIP Unit (as defined below) subject to specified performance-based vesting criteria.

F2 · kind: The Reporting Person received the LTIP Units and Performance LTIP Units awards reported herein under the Issuer's 2011 Stock Incentive Plan.

F3 · shares: Represents the maximum number of LTIP Units that may vest pursuant to such award of Performance LTIP Units, which is 200% of the target number of LTIP Units. The actual number of Performance LTIP Units that may vest can range from 0% to 200% of the target number of Performance LTIP Units, based on achievement of specified relative and total stockholder returns of the Issuer. Assuming continued service through the vesting date and achievement of the specified relative and total stockholder return, the Performance LTIP Units, will generally vest on December 31, 2019 (with respect to the 2016 Performance LTIP Unit award), March 23, 2020 (with respect to the 2017 Performance LTIP Unit award), and March 13, 2021 (with respect to the 2018 Performance LTIP Unit award). See Footnote 4 discussing the convertibility of Vested LTIP Units.

F5 · price: Per LTIP Unit purchase price.

F3 · derivative.underlying_shares: Represents the maximum number of LTIP Units that may vest pursuant to such award of Performance LTIP Units, which is 200% of the target number of LTIP Units. The actual number of Performance LTIP Units that may vest can range from 0% to 200% of the target number of Performance LTIP Units, based on achievement of specified relative and total stockholder returns of the Issuer. Assuming continued service through the vesting date and achievement of the specified relative and total stockholder return, the Performance LTIP Units, will generally vest on December 31, 2019 (with respect to the 2016 Performance LTIP Unit award), March 23, 2020 (with respect to the 2017 Performance LTIP Unit award), and March 13, 2021 (with respect to the 2018 Performance LTIP Unit award). See Footnote 4 discussing the convertibility of Vested LTIP Units.

F4 · derivative.underlying_shares: 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 Units (as defined below), are convertible into Common Units at the option of the Reporting Person. See Footnote 9 discussing the convertibility of the Common Units.

F3 · balance_after: Represents the maximum number of LTIP Units that may vest pursuant to such award of Performance LTIP Units, which is 200% of the target number of LTIP Units. The actual number of Performance LTIP Units that may vest can range from 0% to 200% of the target number of Performance LTIP Units, based on achievement of specified relative and total stockholder returns of the Issuer. Assuming continued service through the vesting date and achievement of the specified relative and total stockholder return, the Performance LTIP Units, will generally vest on December 31, 2019 (with respect to the 2016 Performance LTIP Unit award), March 23, 2020 (with respect to the 2017 Performance LTIP Unit award), and March 13, 2021 (with respect to the 2018 Performance LTIP Unit award). See Footnote 4 discussing the convertibility of Vested LTIP Units.

F4 · balance_after: 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 Units (as defined below), are convertible into Common Units at the option of the Reporting Person. See Footnote 9 discussing the convertibility of the Common Units.

SEC source: 0001104659-18-018444 · a4.xml · derivative · entry 7

Bennett Monty J · CIK 0001260654 · Director · Chief Executive Officer · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 77,206

Underlying: Common Stock · 77,206 shares

Expires 2028-03-14

F1 · kind: The options were acquired from the Issuer in a grant under the Issuer's 2014 Incentive Plan.

F1 · price: The options were acquired from the Issuer in a grant under the Issuer's 2014 Incentive Plan.

SEC source: 0000909143-17-000070 · primary_doc.xml · derivative · entry 7

Bennett Monty J · CIK 0001260654 · Director · Chief Executive Officer · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 50,000

Underlying: Common Stock · 50,000 shares

Expires 2027-10-03

F1 · kind: The options were acquired from the Issuer in a grant under the Issuer's 2014 Incentive Plan.

F1 · price: The options were acquired from the Issuer in a grant under the Issuer's 2014 Incentive Plan.

SEC source: 0000909143-17-000040 · primary_doc.xml · derivative · entry 5

Bennett Monty J · CIK 0001260654 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 148,513

Underlying: Common Stock · 95,430 shares

Expires not disclosed

F3 · security: Special long-term incentive partnership units ("LTIP Units") in Ashford Hospitality Prime Limited Partnership, the Issuer's operating subsidiary ("Subsidiary"). Vested LTIP Units, upon achieving parity with the Common Partnership Units (as defined below) are convertible into Common Partnership Units at the option of the Reporting Person. See Footnote 5 discussing convertibility of Common Partnership Units.

F3 · derivative.exercise_price: Special long-term incentive partnership units ("LTIP Units") in Ashford Hospitality Prime Limited Partnership, the Issuer's operating subsidiary ("Subsidiary"). Vested LTIP Units, upon achieving parity with the Common Partnership Units (as defined below) are convertible into Common Partnership Units at the option of the Reporting Person. See Footnote 5 discussing convertibility of Common Partnership Units.

F2 · kind: The Reporting Person received the LTIP Units and Performance LTIP Units awards reported herein under the Issuer's 2013 Equity Incentive Plan (the "Plan"). Such awards are subject to approval, by the Issuer's shareholders, of an amendment to the Plan to increase the number of shares of common stock available thereunder.

F6 · price: Per Performance LTIP Unit or LTIP Unit, as applicable, purchase price.

F7 · derivative.exercise_date: The LTIP Units reported herein vest and are convertible in three equal installments over a three-year term from the date of the award. See Footnote 3 discussing the convertibility of vested LTIP Units.

F9 · derivative.expiration_date: Neither the Common Partnership Units nor vested LTIP Units (including any LTIP Units awarded upon achievement of the specified performance criteria relating to vested Performance LTIP Units) have an expiration date.

F3 · derivative.underlying: Special long-term incentive partnership units ("LTIP Units") in Ashford Hospitality Prime Limited Partnership, the Issuer's operating subsidiary ("Subsidiary"). Vested LTIP Units, upon achieving parity with the Common Partnership Units (as defined below) are convertible into Common Partnership Units at the option of the Reporting Person. See Footnote 5 discussing convertibility of Common Partnership Units.

F12 · derivative.underlying_shares: Reflects only the number of shares of underlying securities into which the reported award of LTIP Units (not the aggregate number of LTIP Units) is convertible. See Footnote 3 discussing the convertibility of vested LTIP Units.

F10 · balance_after: Reflects the aggregate number of LTIP Units held directly or indirectly by the Reporting Person following the LTIP Units award reported herein, and includes LTIP Units comprising awards previously granted to, and reported by, the Reporting Person. Such LTIP Units have different grant and vesting dates and include those which (i) may have achieved parity with the Common Partnership Units, (ii) have not yet achieved parity with the Common Partnership Units, (iii) are currently vested, or (iv) have not yet vested. Such LTIP Units have been combined herein solely for reporting purposes. See Footnote 3 discussing convertibility of LTIP Units and Footnote 5 discussing convertibility of Common Partnership Units.

SEC source: 0000909143-17-000040 · primary_doc.xml · derivative · entry 4

Bennett Monty J · CIK 0001260654 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 190,860

Underlying: Common Stock · 190,860 shares

Expires 2019-12-31

F1 · security: Each performance LTIP unit ("Performance LTIP Unit") award represents an LTIP Unit (as defined below) subject to specified performance-based vesting criteria.

F1 · derivative.exercise_price: Each performance LTIP unit ("Performance LTIP Unit") award represents an LTIP Unit (as defined below) subject to specified performance-based vesting criteria.

F2 · kind: The Reporting Person received the LTIP Units and Performance LTIP Units awards reported herein under the Issuer's 2013 Equity Incentive Plan (the "Plan"). Such awards are subject to approval, by the Issuer's shareholders, of an amendment to the Plan to increase the number of shares of common stock available thereunder.

F4 · shares: Represents the maximum number of LTIP Units that may vest pursuant to such award of Performance LTIP Units, which is 200% of the target number of LTIP Units for such respective award. The actual number of Performance LTIP Units that may vest can range from 0% to 200% of the target number (95,430) of Performance LTIP Units, based on achievement of a specified relative total stockholder returns of the Issuer. Assuming continued service through the vesting date and achievement of the specified relative total stockholder return, the Performance LTIP Units, as adjusted, will generally vest on December 31, 2017 (with respect to the 2015 grant), December 31, 2018 (with respect to the 2016 grant) and December 31, 2019 (with respect to the 2017 grant - reported herein). See Footnote 3 discussing the convertibility of vested LTIP Units.

F6 · price: Per Performance LTIP Unit or LTIP Unit, as applicable, purchase price.

F4 · derivative.underlying: Represents the maximum number of LTIP Units that may vest pursuant to such award of Performance LTIP Units, which is 200% of the target number of LTIP Units for such respective award. The actual number of Performance LTIP Units that may vest can range from 0% to 200% of the target number (95,430) of Performance LTIP Units, based on achievement of a specified relative total stockholder returns of the Issuer. Assuming continued service through the vesting date and achievement of the specified relative total stockholder return, the Performance LTIP Units, as adjusted, will generally vest on December 31, 2017 (with respect to the 2015 grant), December 31, 2018 (with respect to the 2016 grant) and December 31, 2019 (with respect to the 2017 grant - reported herein). See Footnote 3 discussing the convertibility of vested LTIP Units.

F4 · derivative.underlying_shares: Represents the maximum number of LTIP Units that may vest pursuant to such award of Performance LTIP Units, which is 200% of the target number of LTIP Units for such respective award. The actual number of Performance LTIP Units that may vest can range from 0% to 200% of the target number (95,430) of Performance LTIP Units, based on achievement of a specified relative total stockholder returns of the Issuer. Assuming continued service through the vesting date and achievement of the specified relative total stockholder return, the Performance LTIP Units, as adjusted, will generally vest on December 31, 2017 (with respect to the 2015 grant), December 31, 2018 (with respect to the 2016 grant) and December 31, 2019 (with respect to the 2017 grant - reported herein). See Footnote 3 discussing the convertibility of vested LTIP Units.

F4 · balance_after: Represents the maximum number of LTIP Units that may vest pursuant to such award of Performance LTIP Units, which is 200% of the target number of LTIP Units for such respective award. The actual number of Performance LTIP Units that may vest can range from 0% to 200% of the target number (95,430) of Performance LTIP Units, based on achievement of a specified relative total stockholder returns of the Issuer. Assuming continued service through the vesting date and achievement of the specified relative total stockholder return, the Performance LTIP Units, as adjusted, will generally vest on December 31, 2017 (with respect to the 2015 grant), December 31, 2018 (with respect to the 2016 grant) and December 31, 2019 (with respect to the 2017 grant - reported herein). See Footnote 3 discussing the convertibility of vested LTIP Units.

SEC source: 0000909143-17-000031 · primary_doc.xml · derivative · entry 7

Bennett Monty J · CIK 0001260654 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 50,000

Underlying: Common Stock · 50,000 shares

Expires 2027-04-18

F1 · kind: The options were acquired from the Issuer in a grant under the Issuer's 2014 Incentive Plan.

F1 · price: The options were acquired from the Issuer in a grant under the Issuer's 2014 Incentive Plan.

SEC source: 0000909143-17-000019 · primary_doc.xml · derivative · entry 5

Bennett Monty J · CIK 0001260654 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,141,186

Underlying: Common Stock · Not disclosed shares

Expires not disclosed

F4 · security: 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 Units (as defined below), are convertible into Common Units at the option of the Reporting Person. See Footnote 9 discussing the convertibility of the Common Units.

F4 · derivative.exercise_price: 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 Units (as defined below), are convertible into Common Units at the option of the Reporting Person. See Footnote 9 discussing the convertibility of the Common Units.

F3 · kind: The Reporting Person received the LTIP Units and Performance LTIP Units awards reported herein under the Issuer's 2011 Stock Incentive Plan.

F4 · shares: 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 Units (as defined below), are convertible into Common Units at the option of the Reporting Person. See Footnote 9 discussing the convertibility of the Common Units.

F7 · price: Per LTIP Unit purchase price.

F5 · derivative.exercise_date: The LTIP Units reported herein vest in three (3) substantially equal installments on the first three (3) anniversaries of the date of grant. See Footnote 4 discussing the convertibility of Vested LTIP Units.

F6 · derivative.expiration_date: Neither the Common Units nor the LTIP Units have an expiration date.

F4 · derivative.underlying: 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 Units (as defined below), are convertible into Common Units at the option of the Reporting Person. See Footnote 9 discussing the convertibility of the Common Units.

F4 · derivative.underlying_shares: 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 Units (as defined below), are convertible into Common Units at the option of the Reporting Person. See Footnote 9 discussing the convertibility of the Common Units.

F8 · balance_after: Reflects the aggregate number of LTIP Units held directly or indirectly by the Reporting Person following the LTIP Units award reported herein, and includes LTIP Units comprising awards previously granted to, and reported by, the Reporting Person. Such LTIP Units have different grant and vesting dates and include those which (i) may have achieved parity with the Common Units, (ii) have not yet achieved parity with the Common Units, (iii) are currently vested, or (iv) have not yet vested. Such LTIP Units have been combined herein solely for reporting purposes.

SEC source: 0000909143-17-000019 · primary_doc.xml · derivative · entry 4

Bennett Monty J · CIK 0001260654 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 622,000

Underlying: Common Stock · 622,000 shares

Expires 2020-03-24

F1 · security: Each performance LTIP unit ("Performance LTIP Unit") award represents an LTIP Unit (as defined below) subject to specified performance-based vesting criteria.

F1 · derivative.exercise_price: Each performance LTIP unit ("Performance LTIP Unit") award represents an LTIP Unit (as defined below) subject to specified performance-based vesting criteria.

F3 · kind: The Reporting Person received the LTIP Units and Performance LTIP Units awards reported herein under the Issuer's 2011 Stock Incentive Plan.

F2 · shares: Represents the maximum number of LTIP Units that may vest pursuant to such award of Performance LTIP Units, which is 200% of the target number of LTIP Units of 311,000. The actual number of Performance LTIP Units that may vest can range from 0% to 200% of the target number of Performance LTIP Units, based on achievement of specified relative and total stockholder returns of the Issuer. Assuming continued service through the vesting date and achievement of the specified relative and total stockholder return, the Performance LTIP Units, will generally vest on March 31, 2019 (with respect to the 2016 Performance LTIP Unit award), and on March 24, 2020] (with respect to the 2017 Performance LTIP Unit award). See Footnote 4 discussing the convertibility of Vested LTIP Units.

F7 · price: Per LTIP Unit purchase price.

F1 · derivative.underlying: Each performance LTIP unit ("Performance LTIP Unit") award represents an LTIP Unit (as defined below) subject to specified performance-based vesting criteria.

F4 · derivative.underlying: 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 Units (as defined below), are convertible into Common Units at the option of the Reporting Person. See Footnote 9 discussing the convertibility of the Common Units.

F2 · derivative.underlying_shares: Represents the maximum number of LTIP Units that may vest pursuant to such award of Performance LTIP Units, which is 200% of the target number of LTIP Units of 311,000. The actual number of Performance LTIP Units that may vest can range from 0% to 200% of the target number of Performance LTIP Units, based on achievement of specified relative and total stockholder returns of the Issuer. Assuming continued service through the vesting date and achievement of the specified relative and total stockholder return, the Performance LTIP Units, will generally vest on March 31, 2019 (with respect to the 2016 Performance LTIP Unit award), and on March 24, 2020] (with respect to the 2017 Performance LTIP Unit award). See Footnote 4 discussing the convertibility of Vested LTIP Units.

F4 · derivative.underlying_shares: 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 Units (as defined below), are convertible into Common Units at the option of the Reporting Person. See Footnote 9 discussing the convertibility of the Common Units.

F2 · balance_after: Represents the maximum number of LTIP Units that may vest pursuant to such award of Performance LTIP Units, which is 200% of the target number of LTIP Units of 311,000. The actual number of Performance LTIP Units that may vest can range from 0% to 200% of the target number of Performance LTIP Units, based on achievement of specified relative and total stockholder returns of the Issuer. Assuming continued service through the vesting date and achievement of the specified relative and total stockholder return, the Performance LTIP Units, will generally vest on March 31, 2019 (with respect to the 2016 Performance LTIP Unit award), and on March 24, 2020] (with respect to the 2017 Performance LTIP Unit award). See Footnote 4 discussing the convertibility of Vested LTIP Units.

F4 · balance_after: 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 Units (as defined below), are convertible into Common Units at the option of the Reporting Person. See Footnote 9 discussing the convertibility of the Common Units.

SEC source: 0000910484-17-000002 · primary_doc.xml · derivative · entry 5

Bennett Monty J · CIK 0001260654 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,161,674

Underlying: Common Stock · Not disclosed shares

Expires not disclosed

F4 · security: 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 Units (as defined below), are convertible into Common Units at the option of the Reporting Person. See Footnote 9 discussing the convertibility of the Common Units.

F4 · derivative.exercise_price: 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 Units (as defined below), are convertible into Common Units at the option of the Reporting Person. See Footnote 9 discussing the convertibility of the Common Units.

F3 · kind: The Reporting Person received the LTIP Units and Performance LTIP Units awards reported herein under the Issuer's 2011 Stock Incentive Plan.

F4 · shares: 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 Units (as defined below), are convertible into Common Units at the option of the Reporting Person. See Footnote 9 discussing the convertibility of the Common Units.

F7 · price: Per LTIP Unit purchase price.

F5 · derivative.exercise_date: The LTIP Units reported herein vest in three (3) substantially equal installments on the first three (3) anniversaries of the date of grant. See Footnote 4 discussing the convertibility of Vested LTIP Units.

F6 · derivative.expiration_date: Neither the Common Units nor the LTIP Units have an expiration date.

F4 · derivative.underlying: 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 Units (as defined below), are convertible into Common Units at the option of the Reporting Person. See Footnote 9 discussing the convertibility of the Common Units.

F4 · derivative.underlying_shares: 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 Units (as defined below), are convertible into Common Units at the option of the Reporting Person. See Footnote 9 discussing the convertibility of the Common Units.

F8 · balance_after: Reflects the aggregate number of LTIP Units held directly or indirectly by the Reporting Person following the LTIP Units award reported herein, and includes LTIP Units comprising awards previously granted to, and reported by, the Reporting Person. Such LTIP Units have different grant and vesting dates and include those which (i) may have achieved parity with the Common Units, (ii) have not yet achieved parity with the Common Units, (iii) are currently vested, or (iv) have not yet vested. Such LTIP Units have been combined herein solely for reporting purposes.

SEC source: 0000910484-17-000002 · primary_doc.xml · derivative · entry 4

Bennett Monty J · CIK 0001260654 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 662,977

Underlying: Common Stock · 662,977 shares

Expires 2020-03-24

F1 · security: Each performance LTIP unit ("Performance LTIP Unit") award represents an LTIP Unit (as defined below) subject to specified performance-based vesting criteria.

F1 · derivative.exercise_price: Each performance LTIP unit ("Performance LTIP Unit") award represents an LTIP Unit (as defined below) subject to specified performance-based vesting criteria.

F3 · kind: The Reporting Person received the LTIP Units and Performance LTIP Units awards reported herein under the Issuer's 2011 Stock Incentive Plan.

F2 · shares: Represents the maximum number of LTIP Units that may vest pursuant to such award of Performance LTIP Units, which is 200% of the target number of LTIP Units of 331,488. The actual number of Performance LTIP Units that may vest can range from 0% to 200% of the target number of Performance LTIP Units, based on achievement of specified relative and total stockholder returns of the Issuer. Assuming continued service through the vesting date and achievement of the specified relative and total stockholder return, the Performance LTIP Units, will generally vest on March 31, 2019 (with respect to the 2016 Performance LTIP Unit award), and on March 24, 2020] (with respect to the 2017 Performance LTIP Unit award). See Footnote 4 discussing the convertibility of Vested LTIP Units.

F7 · price: Per LTIP Unit purchase price.

F1 · derivative.underlying: Each performance LTIP unit ("Performance LTIP Unit") award represents an LTIP Unit (as defined below) subject to specified performance-based vesting criteria.

F4 · derivative.underlying: 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 Units (as defined below), are convertible into Common Units at the option of the Reporting Person. See Footnote 9 discussing the convertibility of the Common Units.

F2 · derivative.underlying_shares: Represents the maximum number of LTIP Units that may vest pursuant to such award of Performance LTIP Units, which is 200% of the target number of LTIP Units of 331,488. The actual number of Performance LTIP Units that may vest can range from 0% to 200% of the target number of Performance LTIP Units, based on achievement of specified relative and total stockholder returns of the Issuer. Assuming continued service through the vesting date and achievement of the specified relative and total stockholder return, the Performance LTIP Units, will generally vest on March 31, 2019 (with respect to the 2016 Performance LTIP Unit award), and on March 24, 2020] (with respect to the 2017 Performance LTIP Unit award). See Footnote 4 discussing the convertibility of Vested LTIP Units.

F4 · derivative.underlying_shares: 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 Units (as defined below), are convertible into Common Units at the option of the Reporting Person. See Footnote 9 discussing the convertibility of the Common Units.

F2 · balance_after: Represents the maximum number of LTIP Units that may vest pursuant to such award of Performance LTIP Units, which is 200% of the target number of LTIP Units of 331,488. The actual number of Performance LTIP Units that may vest can range from 0% to 200% of the target number of Performance LTIP Units, based on achievement of specified relative and total stockholder returns of the Issuer. Assuming continued service through the vesting date and achievement of the specified relative and total stockholder return, the Performance LTIP Units, will generally vest on March 31, 2019 (with respect to the 2016 Performance LTIP Unit award), and on March 24, 2020] (with respect to the 2017 Performance LTIP Unit award). See Footnote 4 discussing the convertibility of Vested LTIP Units.

F4 · balance_after: 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 Units (as defined below), are convertible into Common Units at the option of the Reporting Person. See Footnote 9 discussing the convertibility of the Common Units.

SEC source: 0000909143-16-000102 · primary_doc.xml · derivative · entry 4

Bennett Monty J · CIK 0001260654 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 311,969

Underlying: Common Stock · 311,969 shares

Expires 2018-12-31

F1 · security: Performance LTIP units granted to the Reporting Person under the Issuer's 2013 Equity Incentive Plan. Each performance LTIP unit ("Performance LTIP Unit") award represents the right to receive one (1) LTIP Unit (as defined below) subject to performance-based vesting criteria at the end of a specified performance period.

F1 · derivative.exercise_price: Performance LTIP units granted to the Reporting Person under the Issuer's 2013 Equity Incentive Plan. Each performance LTIP unit ("Performance LTIP Unit") award represents the right to receive one (1) LTIP Unit (as defined below) subject to performance-based vesting criteria at the end of a specified performance period.

F4 · derivative.exercise_price: Vested LTIP Units, upon achieving parity with the Common Limited Partnership Units of the Subsidiary ("Common Partnership Units"), are convertible into Common Partnership Units at the option of the Reporting Person. Common Partnership 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.

F1 · kind: Performance LTIP units granted to the Reporting Person under the Issuer's 2013 Equity Incentive Plan. Each performance LTIP unit ("Performance LTIP Unit") award represents the right to receive one (1) LTIP Unit (as defined below) subject to performance-based vesting criteria at the end of a specified performance period.

F3 · shares: Represents the maximum number of LTIP Units that may be issued pursuant to an award of Performance LTIP Units, which is 200% of the target number of LTIP Units for such respective award. The actual number of Performance LTIP Units for any such award that vest can range from 0% to 200% of the target number of Performance LTIP Units, based on achievement of a specified relative total stockholder return, as determined by the Compensation Committee of the Board of Directors of the Issuer. Assuming continued service through the vesting date and achievement of the specified relative total stockholder return, the Performance LTIP Units, as adjusted, will generally vest on December 31, 2017 (with respect to the 2015 grant) and December 31, 2018 (with respect to the 2016 grant - reported herein).

F5 · price: Per LTIP Unit purchase price.

F4 · derivative.underlying: Vested LTIP Units, upon achieving parity with the Common Limited Partnership Units of the Subsidiary ("Common Partnership Units"), are convertible into Common Partnership Units at the option of the Reporting Person. Common Partnership 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.

F3 · derivative.underlying_shares: Represents the maximum number of LTIP Units that may be issued pursuant to an award of Performance LTIP Units, which is 200% of the target number of LTIP Units for such respective award. The actual number of Performance LTIP Units for any such award that vest can range from 0% to 200% of the target number of Performance LTIP Units, based on achievement of a specified relative total stockholder return, as determined by the Compensation Committee of the Board of Directors of the Issuer. Assuming continued service through the vesting date and achievement of the specified relative total stockholder return, the Performance LTIP Units, as adjusted, will generally vest on December 31, 2017 (with respect to the 2015 grant) and December 31, 2018 (with respect to the 2016 grant - reported herein).

F4 · derivative.underlying_shares: Vested LTIP Units, upon achieving parity with the Common Limited Partnership Units of the Subsidiary ("Common Partnership Units"), are convertible into Common Partnership Units at the option of the Reporting Person. Common Partnership 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.

F3 · balance_after: Represents the maximum number of LTIP Units that may be issued pursuant to an award of Performance LTIP Units, which is 200% of the target number of LTIP Units for such respective award. The actual number of Performance LTIP Units for any such award that vest can range from 0% to 200% of the target number of Performance LTIP Units, based on achievement of a specified relative total stockholder return, as determined by the Compensation Committee of the Board of Directors of the Issuer. Assuming continued service through the vesting date and achievement of the specified relative total stockholder return, the Performance LTIP Units, as adjusted, will generally vest on December 31, 2017 (with respect to the 2015 grant) and December 31, 2018 (with respect to the 2016 grant - reported herein).