Company: BHR-PD
Filing Date: 2025-04-29
Form Type: 10-K/A
Source: 0001574085-25-000040
Chunk: 17

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-04-29
Form: 10-K/A
Chunk 17
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 decisions for our executive officers are ultimately made in the sole discretion of, and with the approval of, the members of the Board based on the recommendations of the Compensation Committee.

#### Corporate Governance
Our Compensation Committee believes that the integrity of corporate governance is reinforced by linking our executive officers' long-term interests to the interests of our stockholders through our compensation program. We believe that our

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compensation program provides appropriate performance-based incentives to attract and retain leadership talent, and to align officer and stockholder interests.

#### Consideration of Prior Year Say-on-Pay Vote
At our 2024 annual meeting of stockholders, we provided our stockholders with the opportunity to vote to approve, on a non-binding advisory basis, our executive compensation. Approximately 73% of the votes cast at our 2024 annual meeting of stockholders voted to approve our 2023 executive compensation. The Compensation Committee reviewed the results of this advisory "say-on-pay" vote and considered it in determining specific award amounts granted to our named executive officers for 2024. For more information, see “—2024 and 2025 Incentive Compensation Grant Decisions” below. The Compensation Committee will also carefully consider future stockholder votes on this matter, along with other expressions of stockholder views it receives on specific policies and desirable actions.

#### Advisory Fee and Compensation Paid by the Advisor
Pursuant to our advisory agreement, we pay Ashford Inc. an advisory fee. In turn, Ashford Inc. uses a portion of the proceeds of such advisory fee to pay the cash compensation it pays its personnel. We do not specifically reimburse Ashford Inc. for any executive officer compensation or benefits costs. The following is a summary of the advisory fees we paid to Ashford Inc. in 2024 and the total 2024 compensation paid to our named executive officers:

• Under the terms of our advisory agreement, we incurred a total advisory fee of approximately $30.5 million to Ashford Inc., comprised of a base fee of approximately $13.8 million, approximately $11.6 million of reimbursable expenses inclusive of deferred cash compensation, equity-based compensation expense of approximately $2.3 million associated with equity grants of our common stock and LTIP units awarded to our executive officers and the officers and certain employees of Ashford Inc. and its aﬃliates and an incentive fee of approximately $2.7 million.

• No specific portion of our advisory fee is allocated to the compensation paid by Ash