On December 23, 2020, Ashford Hospitality Trust, Inc. sent a letter to Cygnus Capital, Inc. In the revocation letter, the Company claimed that the waiver had been revoked because Cygnus Capital and their representatives had allegedly misrepresented that they would not become ‘active’ with respect to their investment in the Company if the waiver was granted by the Company. The Company claimed that Cygnus Capital’ request on December 10, 2020, to obtain a form of questionnaire from the Company that is required under the second amended and restated bylaws, as amended, in order to nominate directors at the Company’s 2021 annual meeting of shareholders, showed an active intent. In the response letter Cygnus demands that the Company (i) immediately reinstate the waiver, which was revoked, and (ii) instruct its transfer agent that Cygnus will remain the record holder of all shares held in record name by any of Cygnus. Cygnus concerned by the Company’s efforts to try to interfere with its right as a shareholder to nominate directors for election at the 2021 annual meeting. In addition, Cygnus reserving all rights against the Company in the event the Company continues to attempt to try to obtain an unfair advantage in a contested election in violation of Maryland law.