Company: BHR-PD
Filing Date: 2025-10-30
Form Type: DEF 14A
Source: 0001574085-25-000111
Chunk: 36

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-10-30
Form: DEF 14A
Chunk 36
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 31, 2025 and thereafter. Previously granted PSUs and Performance LTIPs remain outstanding in accordance with their terms.

A summary of the Deferred Cash Awards granted in March 2025 to our named executive officers is as follows.

|                     |     | Deferred Cash Amount ($) |           |
| Richard J. Stockton |     |                          | 2,096,369 |
| Deric S. Eubanks    |     |                          | 1,147,717 |
| Alex Rose           |     |                          |   919,482 |
| Justin Coe          |     |                          |   321,563 |

#### LTIP Units
As noted above, the Company in the past has granted equity in the form of LTIP units. The LTIP units are a special class of partnership units in Braemar OP called "long-term incentive partnership units." Grants of LTIP units are designed to offer executives the same long-term incentive as restricted stock, while allowing them more favorable income tax treatment. Each LTIP unit awarded is deemed equivalent to an award of one share of common stock reserved under our stock incentive plan, reducing availability for other equity awards, because LTIP units are convertible into common units of Braemar OP, which may themselves be converted into shares of our common stock based on a conversion ratio of 1:1. As a result, an LTIP unit granted may result in an issuance of one share of our common stock. LTIP units, whether vested or not, receive the same quarterly per unit distributions as common units of our operating partnership, which typically equal per share dividends on our common stock, if any. This treatment with respect to quarterly distributions is analogous to the typical treatment of time-vested restricted stock. (Note that distributions on Performance LTIPs accrue

2025 Proxy Statement 26

#### TABLE OF CONTENTS
on unvested units and are paid in the form of additional common units of our operating partnership on the actual number of LTIP units that vest.) The key difference between LTIP units and restricted stock is that at the time of award, LTIP units do not have full economic parity with common units but can achieve such parity over time. Upon the occurrence of certain corporate events, which are not performance-related events, the capital accounts of our operating partnership may be adjusted, allowing for the LTIP units to achieve parity with the common units over time. If such parity is reached, vested LTIP units become convertible into an equal number of common units. Until