Company: BHR-PD
Filing Date: 2025-10-30
Form Type: DEF 14A
Source: 0001574085-25-000111
Chunk: 64

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-10-30
Form: DEF 14A
Chunk 64
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 “August 2024 Limited Waiver” ). The August 2024 Limited Waiver provided, among other things, the following:

• (i) from August 8, 2024 until the earlier of (A) November 15, 2025 and (B) the refinancing of the Company’s outstanding mortgage loan secured by four hotel properties The Notary Hotel; The Clancy; Sofitel Chicago Magnificent Mile; and Marriott Seattle Waterfront (the “Hotel Properties” ) (such date, the “Loan Outside Date” ), the Advisor waived the operation of Section 12.4(a) of the advisory agreement that would permit the Advisor to terminate the advisory agreement occurring solely as a result from the sale or disposition of one or more of the Hotel Properties as a result of a mortgage foreclosure, deed-in-lieu of mortgage foreclosure, mezzanine loan foreclosure or an assignment in-lieu of a mezzanine loan foreclosure following the failure of the Company to pay, upon the maturity of the Loan, all amounts due and payable thereunder;

• (ii) upon the satisfaction of certain conditions, the Company may request the Advisor agree to amend the August 2024 Limited Waiver to extend the Loan Outside Date for a period not to exceed ninety (90) days from November 15, 2025 and if the Advisor agrees to such amendment, the Advisor shall not be entitled to any further consideration in respect thereof;

• (iii) if our Board of Directors change such that members who constitute the Board as of August 8, 2024 (the “Incumbent Board” ) no longer constitute at least a majority of the Board (other than those whose election to the Board is approved or recommended to stockholders of the Company by a vote of at least a majority of the Incumbent Board), the August 2024 Limited Waiver shall be null and void ab initio (but the consideration provided by the Company to the Advisor as described in item (iv) below shall remain in force); and

• (iv) in exchange for the August 2024 Limited Waiver and the other agreements provided by the Advisor in the August 2024 Limited Waiver, the Company agreed to pay the Advisor an amount equal to the Advisor’s obligation under the Stockton Employment Agreement to pay Mr. Stockton a multiple of his Base Salary (as defined in the Stockton Employment Agreement) that becomes payable by the Advisor to Mr. Stockton as the result of the occurrence of certain events as more fully described in