Company: BHR-PD
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001574085-25-000024
Chunk: 260

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 8
Chunk 260
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 are authorized to grant 8.2 million restricted stock or performance stock units of our common stock as incentive stock awards. At December 31, 2024, approximately 920,000 shares were available for future issuance under the 2013 Equity Incentive Plan.

Restricted Stock—We incur stock-based compensation expense in connection with restricted stock awarded to certain employees of Ashford LLC and its affiliates. We also issue common stock to certain of our independent directors, which vests immediately upon issuance.

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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

The following table summarizes the stock-based compensation expense for restricted stock (in thousands):Year Ended December 31,Line Item202420232022Advisory services fee$216 $1,162 $2,195 Management fees2 11 26 Corporate general and administrative 14 101 126 Corporate general and administrative - independent directors144 182 252 $376 $1,456 $2,599 A summary of our restricted stock activity is as follows (shares in thousands):Year Ended December 31,202420232022Number of UnitsWeighted AveragePrice at GrantNumber of UnitsWeighted AveragePrice at GrantNumber of UnitsWeighted AveragePrice at GrantOutstanding at beginning of year167 $7.02 437 $6.46 957 $6.94 Restricted shares granted50 2.82 45 4.07 45 5.63 Restricted shares vested(216)6.04 (312)5.82 (543)5.86 Restricted shares forfeited(1)7.02 (3)6.90 (22)6.77 Outstanding at end of year— $— 167 $7.02 437 $6.46 The fair value of restricted stock vested during the years ended December 31, 2024, 2023 and 2022 was approximately $452,000, $1.3 million and $3.1 million, respectively.

Performance Stock Units—The compensation committee of the board of directors of the Company may authorize the issuance of grants of performance stock units (“PSUs”) to certain executive officers and directors from time to time. The award agreements provide for the grant of a target number of PSUs that will be settled in shares of common stock of the