Item 4 — Purpose of Transaction
Item 4 is hereby amended and supplemented as follows: On October 6, 2026 (the "Effective Date"), ASIL and, solely for purposes of Section 8 thereof, Mr. Said (together, the "Al Shams Parties") entered into a Cooperation and Settlement Agreement (the "Settlement Agreement") with the Issuer, Ashford Hospitality Trust, Inc. and Ashford Inc. (collectively, the "Company Group"). Pursuant to the Settlement Agreement, ASIL has withdrawn the Nomination Notice. The Al Shams Parties have also agreed to certain standstill restrictions and voting commitments. In connection with the Board's previously announced Board refresh process, ASIL will have the opportunity to consult with the Issuer's search firm regarding candidates for one additional director seat. The Board retains sole discretion over the selection. The Settlement Agreement includes mutual releases and non-disparagement provisions, thereby resolving various disputes between the parties, including claims under the securities laws and claims sounding in defamation and libel. Pursuant to the Settlement Agreement and subject to the terms thereof, the Issuer has agreed to pay ASIL $25,000,000 plus expenses. The foregoing description of the Settlement Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Settlement Agreement, which is attached hereto as Exhibit 99.9 and is incorporated herein by reference.