Company: BHR-PD
Filing Date: 2025-10-30
Form Type: DEF 14A
Source: 0001574085-25-000111
Chunk: 33

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-10-30
Form: DEF 14A
Chunk 33
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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 Ashford Inc. to its employees, who are also our executive officers. Our advisor makes all decisions relating to compensation paid by Ashford Inc. to our executive officers, who are its employees based on such factors as the terms of their employment agreements with Ashford Inc. and an evaluation of the performance of such employees on behalf of Ashford Inc. and its advisees during the year.

• For 2024, our named executive officers earned total cash compensation of approximately $5.4 million from Ashford Inc. based on amounts determined through the date hereof. This amount was comprised of an aggregate of approximately $2.2 million in salaries and an aggregate of approximately $3.2 million in cash bonuses. In addition, Ashford Inc. granted 101,054 restricted shares of common stock of Ashford Inc. with an aggregate grant date fair value of approximately $330,000 to our named executive officers.

• Not all of the cash compensation received by our named executive officers from Ashford Inc. was attributable to services performed by its employees in their capacity as our executive officers. Based on a review of the proportion that the operations of the Company represents of the total operations managed using various measures of size (revenue, assets and total enterprise value), we estimate that approximately 30% of the compensation paid by Ashford Inc. to our named executive officers is attributable to services provided by our named executive officers to us.

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