Abteen Vaziri - 03 Nov 2022 Form 4 Insider Report for Braemar Hotels & Resorts Inc. (BHR)

Role: Director
Signature: /s/ Abteen Vaziri
Issuer symbol: BHR
Transactions as of: 03 Nov 2022
Net transactions value: +$38,800
Form type: 4
Filing time: 04 Nov 2022, 16:16:13 UTC
Previous filing: 13 May 2022
Next filing: 12 May 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BHR	Common Stock	Purchase	$38,800	+10,000	+300%	$3.88	13,333	03 Nov 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
holding	BHR	LTIP Units						17,248	03 Nov 2022	Common Stock		$0.000000	Direct	F1, F2
holding	BHR	Common Partnership Units						34,928	03 Nov 2022	Common Stock		$0.000000	Direct	F3

* 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	Neither the Common Partnership Units nor vested LTIP Units have an expiration date.
F3	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.