Company: BHR-PD
Filing Date: 2025-10-30
Form Type: DEF 14A
Source: 0001574085-25-000111
Chunk: 20

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-10-30
Form: DEF 14A
Chunk 20
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 of the Cooperation Agreement and continuing until 11:59 p.m., Central Time, on the later of (i) the date of the 2026 Annual Meeting and (ii) the date that is three months after the last day that Mr. Ghassemieh (or any Replacement Director) serves on the Board (the " Restricted Period "). The Cooperation Agreement further provides that, during the Restricted Period, the Ghassemieh Parties are required to vote their shares in favor of the Company's nominees and any other proposals recommended by the Board, subject to certain exceptions, including that the Ghassemieh Parties are permitted to vote in their sole discretion with respect to proposals relating to certain extraordinary transactions (subject to certain exceptions). Additionally, the Ghassemieh Parties and the Company Group have agreed to a customary mutual non-disparagement provision.

The foregoing description of the Cooperation Agreement is qualified in its entirety by reference to the full text thereof, a copy of which is filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on August 26, 2025 and which is incorporated herein by reference.

#### Insider Trading Policy
We have adoptedinsider trading policies and procedures governing the purchase, sale and other dispositions of the Company’s securities by directors, officers and employees that are reasonably designed to promote compliance with insider trading laws, rules and regulations. It is also the policy of the Company to comply with applicable securities laws when transacting in its own securities. A copy of our Policy on Insider Trading and Compliance has been filed as Exhibit 19.1 to our Annual Report on Form 10-K for the year ended December 31, 2024.

2025 Proxy Statement 16

#### TABLE OF CONTENTS

### BOARD OF DIRECTORS AND COMMITTEES
Our business is managed through the oversight and direction of the Board. Members of the Board are kept informed of our business through discussions with the Chairman of the Board, Chief Executive Officer, Lead Director and other officers, by reviewing materials provided to them and by participating in meetings of the Board and its committees.

The Board has retained Ashford Inc. and Ashford LLC to manage our operations and asset manage our portfolio of hotels, subject to the Board's oversight and supervision and the terms and conditions of the advisory agreement. Because of the conflicts of interest created by the relationships among us, Ashford Trust, Ashford Inc. and any other related party, and each of their respective affiliates, many of the responsibilities