Jay H. Shah - 23 Dec 2024 Form 4 Insider Report for Braemar Hotels & Resorts Inc. (BHR)

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	+9.12K		$0.00	9.12K	23 Dec 2024	Common Stock		$0.00	Direct	F1, F2, F3

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

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. 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.
F2	The LTIP Unit awards reported herein were issued as a grant under the Issuer's Second Amended and Restated 2013 Equity Incentive Plan, in connection with the Reporting Person's appointment to the Issuer's Board of Directors.
F3	Neither the Common Partnership Units nor vested LTIP Units have an expiration date.