Company: BHR-PD
Filing Date: 2025-10-30
Form Type: DEF 14A
Source: 0001574085-25-000111
Chunk: 43

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-10-30
Form: DEF 14A
Chunk 43
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 a change of control are pursuant to awards granted under our equity incentive plan and the award agreements issued thereunder (which, for our executive officers, incorporate by reference certain acceleration of vesting provisions contained in the employment agreements that each executive officer has entered into with our advisor); provided, however, pursuant to the August 2024 Limited Waiver (as defined below), we agreed to pay the Advisor an amount equal to the Advisor’s obligation under the Advisor’s current employment agreement with Mr. Stockton (the “ St ockton Employment Agreement” ) 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 (i) a Change of Control (as defined in the Stockton Employment Agreement) of the Company and termination of Mr. Stockton’s employment by the Advisor without Cause (or not renewed by the Advisor) or by Mr. Stockton for any reason on or before the one (1)-year anniversary of the effective date of the Change of Control (a “CoC Trigger” ) or (ii) termination of Mr. Stockton’s employment thereunder by the Advisor or Mr. Stockton for any reason other than a CoC Trigger, as more fully described in the August 2024 Limited Waiver. In certain cases below, references to the “Company” and other entities may also refer to Ashford Inc. and other entities affiliated with it and our advisor. For more information, see the Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as amended by amendment no. 1 thereto, of Ashford, Inc. as filed with the SEC, as well as the individual employment agreements of our executive officers filed as exhibits thereto.

Generally, our equity awards (other than performance awards) and our deferred cash awards will fully vest upon (i) the death or disability of the named executive officer; (ii) the termination or removal of the named executive officer as an employee or consultant of the Company or an affiliate without "cause" (as defined therein) or by the named executive officer for "good reason" (as defined therein); or (iii) the termination without "cause" or resignation for any reason of the named executive officer as an employee or consultant of the Company or an affiliate within one year from the effective date of a change of control of the Company.

The PSUs and Performance LTIPs granted to the named executive officers will