Company: BHR-PD
Filing Date: 2025-04-29
Form Type: 10-K/A
Source: 0001574085-25-000040
Chunk: 19

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-04-29
Form: 10-K/A
Chunk 19
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 the tables that follow this Compensation Discussion and Analysis of the equity awards that were granted to our named executive officers in 2024. However, this “ 2024 and 2025 Incentive Compensation Grant Decisions ” section describes incentive compensation grants made to our named executive officers in March 2025 because the Company's long-term incentive compensation awards are granted to named executive officers in respect of their performance during the preceding year. For a discussion of awards made in 2024 (in respect of 2023 service), please refer to the

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“ Executive Compensation ” discussion contained in our Amendment No. 1 to the Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on April 25, 2024.

For our March 2025 awards based on 2024 performance, the size of the potential awards for our named executive officers was determined based on 2024 performance, historical compensation levels in the hospitality REIT sector and the recommendations of the Chairman in setting the awards for each individual named executive officer. 2024 performance was evaluated based on six business objectives established by the Board of Directors. The Board believes these objectives reflected the cyclicality of the industry in which we operate and evolving changes in market conditions and were appropriate to further align the interests of the named executive officers with the interests of our stockholders. The following table summarizes the six business objectives set by the Board of Directors for 2023, along with the actual results:

### 2024 Business Objectives
|                                                                                                                |     |                   Budget/ Target |     | Actual(2) |     | Comment  |
| Achieve budgeted Revenue                                                                                       |     |                          $636.7M |     |   $728.4M |     | Achieved |
| Achieve budgeted Adjusted EBITDAre                                                                             |     |                          $125.3M |     |   $157.6M |     | Achieved |
| Sell Hilton Torrey Pines and/or Ritz Carlton Sarasota                                                          |     |                   Closed sale of 
 Hilton Torrey Pines in July 2024 |     |           |     | Achieved |
| Complete Capital Hilton, Bardessono and Ritz-Carlton Lake Tahoe Renovations                                    |     |     Capital Hilton & Bardessono: 
    Renovations completed Q1 2024 
         Ritz-Carlton Lake Tahoe: 
    Renovations