Abteen Vaziri - May 11, 2022 Form 4 Insider Report for Braemar Hotels & Resorts Inc. (BHR)

Role: Director
Signature: /s/ Abteen Vaziri
Stock symbol: BHR
Transactions as of: May 11, 2022
Transactions value $: $0
Form type: 4
Date filed: 5/13/2022, 04:26 PM
Previous filing: May 13, 2021
Next filing: Nov 4, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	BHR	Common Stock						3.33K	May 11, 2022	Direct

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	$0	+14.9K	+86.53%	$0.00	32.2K	May 11, 2022	Common Stock		$0.00	Direct	F1, F2, F3
holding	BHR	Common Partnership Units						20K	May 11, 2022	Common Stock		$0.00	Direct	F4

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

Explanation of Responses:

Id	Content
F1	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.
F2	The LTIP Unit awards reported herein were issued as an annual grant under the Issuer's Second Amended and Restated 2013 Equity Incentive Plan (the "Plan") upon the Reporting Person's re-election to the Issuer's Board of Directors.
F3	Neither the Common Partnership Units nor vested LTIP Units have an expiration date.
F4	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.