Abteen Vaziri - May 10, 2023 Form 4 Insider Report for Braemar Hotels & Resorts Inc. (BHR)

Role: Director
Signature: /s/ Abteen Vaziri
Stock symbol: BHR
Transactions as of: May 10, 2023
Transactions value $: $0
Form type: 4
Date filed: 5/12/2023, 04:26 PM
Previous filing: Nov 4, 2022
Next filing: Oct 17, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	BHR	Common Stock						13.3K	May 10, 2023	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 10, 2023	Common Stock		$0.00	Direct	F1, F2, F3
holding	BHR	Common Partnership Units						34.9K	May 10, 2023	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 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.