AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT TO EMPLOYMENT AGREEMENT, effective as of January 23, 2009 (the Effective
Date), between ASHFORD HOSPITALITY TRUST, INC., a corporation organized under the laws of the
State of Maryland and having its principal place of business at Dallas, Texas (hereinafter, the
REIT), ASHFORD HOSPITALITY LIMITED PARTNERSHIP, a limited partnership organized under the laws
of the State of Delaware and having its principal place of business at Dallas, Texas (the
Operating Partnership), and MONTY BENNETT, an individual residing in Dallas, Texas (the
||The REIT and the Operating Partnership (collectively, the Company)
and the Executive are parties to a certain Employment Agreement (as amended, the
Agreement), dated as of March 21, 2008, effective as of January 1, 2008; and
||The Compensation Committee, with the approval granted by the Board of
Directors of the Company on January 23, 2009, desire to modify the Employment
Agreement as specifically set forth herein;
||The Executive has agreed to accept this Amendment pursuant to the terms and
conditions set forth herein; and
||All terms with their initial letter capitalized as set forth in the
Employment Agreement shall have the same meaning herein as given such terms in the
NOW, THEREFORE, the Company and the Executive, in consideration of the respective covenants
set forth in the Employment Agreement, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, agree that the Employment Agreement is modified as
set forth below:
1. POSITION. Section l (a) of the Employment Agreement is hereby modified by
providing that the Executive shall be employed by the Company as Chief Executive Officer. Except
for this modification to the Executives position and title, no other modification is made to
Section l(a) of the Employment Agreement.
2. RESPONSIBILITIES. Section l (b) of the Employment Agreement is hereby modified
by deleting the reference to President and Chief Executive Officer and inserting in lieu thereof
the reference of Chief Executive Officer.
3. OTHER REFERENCES. All additional references in the Employment Agreement referring
to Executives title or position of President and Chief Executive Officer are hereby modified to
Chief Executive Officer.
4. LIMITED MODIFICATION. Except as expressly modified above, the terms and
conditions of the Employment Agreement shall remain in full force and effect, and the Company and
the Executive ratify and confirm to each other the enforceability thereof.
5.1 Severability. If any provision of this Amendment is or becomes invalid,
illegal or unenforceable in any respect under any law, the validity, legality and
enforceability of the remaining provisions hereof shall not in any way be affected or
5.2 Counterparts. This Amendment may be executed in multiple counterparts,
each of which shall be deemed an original, but all of which together shall constitute one
and the same instrument. In making proof of this Amendment, it shall not be necessary to
produce or account for more than one such counterpart.
5.3 Entire Agreement. This Amendment (together with the Employment Agreement,
as modified herein) contains the entire understanding of the parties, supersedes all prior
agreements and understandings, whether written or oral, relating to the subject matter
hereof and may not be amended except by a written instrument hereafter signed by the
Executive and a duly authorized representative of the Board.
5.4 Governing Law. This Amendment and the performance hereof shall be
construed and governed in accordance with the laws of the State of Texas, without giving
effect to principles of conflicts of law. Jurisdiction and venue shall be solely in the
federal or state courts of Dallas County, Texas. This provision shall not be read as a
waiver of any right to removal to federal court in Dallas County, Texas.
5.5 Construction. The language used in this Amendment will be deemed to be
the language chosen by the parties to express their mutual intent, and no rule of strict
construction will be applied against any party. The headings of sections of this Amendment
are for convenience of reference only and shall not affect its meaning or construction.
5.6 Consultation with Counsel. The Executive acknowledges that he has had a
full and complete opportunity to consult with counsel or other advisers of his own choosing
concerning the terms, enforceability and implications of this Amendment, and that the
Company has not made any representations or warranties to the Executive concerning the
terms, enforceability and implications of this Amendment other than as are reflected in