Stefani D. Carter - 11 May 2021 Form 4 Insider Report for Braemar Hotels & Resorts Inc. (BHR)

Role: Director
Signature: /s/ Stefani D. Carter
Issuer symbol: BHR
Transactions as of: 11 May 2021
Net transactions value: +$1,754
Form type: 4
Filing time: 13 May 2021, 17:12:44 UTC
Next filing: 02 Jun 2021
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BHR	Common Stock	Award	$0	+11,194	+61%	$0.000000	29,494	11 May 2021	Direct	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	BHR	LTIP Units	Award	$1,754	+289	+1.5%	$6.07	20,166	11 May 2021	Common Stock		$0.000000	Direct	F2, F3, F4
holding	BHR	Common Partnership Units						6,400	11 May 2021	Common Stock		$0.000000	Direct	F4, F5, F6

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The Reporting Person received the shares pursuant to a stock grant from the Issuer, under the Issuer's Second Amended and Restated 2013 Equity Incentive Plan (the "Plan"), in connection with the re-election of the Reporting Person to the Issuer's Board of Directors.
F2	Fully vested special long-term incentive partnership units ("LTIP Units") in Braemar Hospitality Limited Partnership, the Issuer's operating subsidiary ("Subsidiary"). Vested LTIP Units, upon achieving parity with the Common Limited Partnership Units of the Subsidiary ("Common Partnership Units"), are convertible into Common Partnership Units at the option of the Reporting Person. See Footnote 4 discussing the convertibility of Common Partnership Units.
F3	The LTIP Units were issued to the Reporting Person under the Plan in lieu of certain cash retainer fees and were fully vested upon grant.
F4	Neither the Common Partnership Units nor vested LTIP Units have an expiration date.
F5	Common Partnership Units are redeemable for cash or, at the option of the Issuer, convertible into shares of the Issuer's common stock on a 1-for-1 basis.
F6	Reflects the aggregate number of Common Partnership Units currently held directly or indirectly, as noted, by the Reporting Person. See Footnote 4 discussing the convertibility of the Common Partnership Units.