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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): March 28, 2006
ASHFORD HOSPITALITY TRUST, INC.
(Exact name of registrant as specified in its charter)
         
MARYLAND
(State of Incorporation) 		  001-31775
(Commission File Number) 		  86-1062192
(I.R.S. Employer
Identification Number)
     
14185 Dallas Parkway, Suite 1100    
Dallas, Texas   75254
(Address of principal executive offices)   (Zip code)
Registrant’s telephone number, including area code: (972) 490-9600
Check the appropriate box if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
     
o
  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
    
o
  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
    
o
  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
    
o
  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 

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ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
ITEM 9.01. FINANCIAL STATEMTENTS AND EXHIBITS
SIGNATURE
Amended Employment Agreement - Douglas A. Kessler
Amended Employment Agreement - David J. Kimichik
Amended Employment Agreement - David A. Brooks
Amended Employment Agreement - Mark L. Nunneley
Amended Employment Agreement - Montgomery J. Bennett

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ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On March 28, 2006, the Compensation Committee of the Board of Directors for Ashford Hospitality Trust, Inc. (the “Company”) approved a) increases to annual base salaries, retroactively effective January 1, 2006, and annual bonuses related to its executive officers and b) issuances of restricted common stock, which vest 1/3 annually over three years, to its executive officers and Chairman of its Board of Directors as follows:
                                 
    Restricted     Former     Adjusted        
    Stock Awards (1)     Base Salary     Base Salary     Bonus  
     
Archie Bennett, Jr.
   $ 997,600                          
Chairman of the Board of Directors
                                
 
                                
Montgomery J. Bennett
   $ 2,244,600     $ 467,500     $ 650,000     $ 584,375  
President and Chief Executive Officer
                                
 
                                
Douglas A. Kessler
   $ 1,870,500     $ 360,000     $ 500,000     $ 360,000  
Chief Operating Officer
                                
 
                                
David J. Kimichik
   $ 872,900     $ 286,000     $ 325,000     $ 257,400  
Chief Financial Officer
                                
 
                                
David A. Brooks
   $ 872,900     $ 286,000     $ 325,000     $ 257,400  
Chief Legal Officer
                                
 
                                
Mark L. Nunneley
   $ 374,100     $ 181,500     $ 220,000     $ 108,900  
Chief Accounting Officer
                                
 
(1)   Represents shares of restricted common stock issued March 28, 2006, valued at $12.47 per share, the closing price of the Company’s common stock on the date of issuance.
In addition, employment agreements with Messrs. Montgomery J. Bennett, Douglas A. Kessler, David J. Kimichik, David A. Brooks, and Mark L. Nunneley were modified, effective March 29, 2006, to eliminate fixed bonus ranges and establish targeted bonus ranges as follows:
Montgomery J. Bennett – 75% to 125% of Base Salary
Douglas A. Kessler – 50% to 100% of Base Salary
David J. Kimichik – 30% to 90% of Base Salary
David A. Brooks – 30% to 90% of Base Salary
Mark L. Nunneley – 20% to 60% of Base Salary

 

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ITEM 9.01. FINANCIAL STATEMTENTS AND EXHIBITS
     
Exhibit    
Number    
10.5.7
  Amended Employment Agreement Between the Registrant and Douglas A. Kessler
 
    
10.5.8
  Amended Employment Agreement Between the Registrant and David J. Kimichik
 
    
10.5.9
  Amended Employment Agreement Between the Registrant and David A. Brooks
 
    
10.5.10
  Amended Employment Agreement Between the Registrant and Mark L. Nunneley
 
    
10.5.11
  Amended Employment Agreement Between the Registrant and Montgomery J. Bennett

 

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SIGNATURE
Pursuant to the requirements of Section 12 of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: April 3, 2006
         
 
  ASHFORD HOSPITALITY TRUST, INC.    
 
        
 
  By: /s/ DAVID A. BROOKS
 
David A. Brooks 		   
 
  Chief Legal Officer