Stefani D. Carter - 10 May 2023 Form 4 Insider Report for Braemar Hotels & Resorts Inc. (BHR)

Role: Director
Signature: /s/ Stefani D. Carter
Issuer symbol: BHR
Transactions as of: 10 May 2023
Net transactions value: $0
Form type: 4
Filing time: 12 May 2023, 19:38:40 UTC
Previous filing: 02 Sep 2022
Next filing: 17 Aug 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	Award	$0	+14,925	+34%	$0.000000	59,344	10 May 2023	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
holding	BHR	LTIP Units						3,489	10 May 2023	Common Stock		$0.000000	Direct	F2, F3
holding	BHR	Common Partnership Units						23,077	10 May 2023	Common Stock		$0.000000	Direct	F3, F4, F5

* 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, 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	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.
F5	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.