---
schema_version: "secwatch.filing_event.v1"
accession: "0001232582-26-000076"
form_type: "8-K"
ticker: "AHT"
cik: "0001232582"
company_name: "ASHFORD HOSPITALITY TRUST INC"
filed_at: "2026-03-30T23:59:59+00:00"
generated_at: "2026-05-15T08:20:55.001893+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Ashford Hospitality Trust amends advisory pact; term extended to 2055, termination fee set at 30× EBITDA discounted 2%

## Summary
- Termination Fee redefined as 30 years of Foregone Adjusted EBITDA, discounted at 2%.
- Minimum Tangible Net Worth reduced from $750M to $600M plus 75% of equity proceeds after June 2023.
- Working Capital Reserve fixed at $20M; Advisor may escrow Termination Fee upon Change of Control.
- Company's ability to terminate agreement for fraud removed; tax indemnity for Advisor added.
- Incentive Fee cap for peer outperformance increased from 25% to 100%; TMC fee reduced if market cap exceeds $4B.

## SEC filing metadata
- accession: 0001232582-26-000076
- form_type: 8-K
- ticker: AHT
- cik: 0001232582
- company_name: ASHFORD HOSPITALITY TRUST INC
- filed_at: 2026-03-30T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1232582/000123258226000076/0001232582-26-000076-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1232582/000123258226000076/aht-20260327.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001232582-26-000076
- JSON: https://secwatch.observer/filing/0001232582-26-000076.json
- Plain text: https://secwatch.observer/filing/0001232582-26-000076.txt

## Key facts
- Material Agreements
  ASHFORD HOSPITALITY TRUST INC entered into Fourth Amended and Restated Advisory Agreement with Ashford Inc. and Ashford Hospitality Advisors LLC (effective 2026-03-27).
  - Action: entry
  - Counterparty: Ashford Inc. and Ashford Hospitality Advisors LLC
  - Effective: 2026-03-27
  source text: On March 27, 2026, Ashford Hospitality Trust, Inc. (the “ Company ”), Ashford Hospitality Limited Partnership (the “ Operating Partnership ”) and Ashford TRS Corporation (“ Ashford TRS ”), a wholly-owned subsidiary of the Company, entered into the Fourth Amended and Restated Advisory Agreement (the “ Fourth Amended and Restated Advisory Agreement ”) with Ashford Inc. and Ashford Hospitality Advisors LLC (together, the “ Advisor ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1232582/000123258226000076/0001232582-26-000076-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.