Braemar Hotels & Resorts Inc. — Director's Dealing 2021

May 13, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Braemar Hotels & Resorts Inc. (BHR)
CIK: 0001574085
Period of Report: 2021-05-11

Reporting Person: Evans Mary Candace (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-05-11	LTIP Units	$0	A	11194	Acquired		Common Stock ()	Direct
2021-05-11	LTIP Units	$0	A	405	Acquired		Common Stock ()	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1125	Direct

Footnotes

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 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: The LTIP Units have no expiration date.

F4: The LTIP Units were issued to the Reporting Person under the Plan in lieu of certain cash retainer fees and were fully vested upon grant.