On April 26, 2020, Douglas A. Kessler, Senior Managing Director of Ashford Inc., gave notice of his intention to voluntarily resign from his employment and all other positions he holds with the Company and its subsidiaries, affiliated entities, and entities that it advises (including in his role as President and Chief Executive Officer at Ashford Hospitality Trust Inc. (“Ashford Trust”)) in order to pursue other professional opportunities. Mr. Kessler’s resignation will be effective May 14, 2020. On April 30, 2020, Ashford Trust appointed its current Chief Strategy Officer, J. Robison Hays, III, to fill the role of President and Chief Executive Officer of Ashford Trust, effective May 14, 2020. In connection with this appointment, Mr. Hays will no longer serve as Chief Strategy Officer. Additionally, Mr. Hays will cease to serve as the Company’s Co-President and Chief Strategy Officer and will serve as Senior Managing Director of the Company. Accordingly, Jeremy J. Welter’s titles at the Company will change from Co-President and Chief Operating Officer to President and Chief Operating Officer.