Company: BHR-PD
Filing Date: 2025-04-29
Form Type: 10-K/A
Source: 0001574085-25-000040
Chunk: 28

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-04-29
Form: 10-K/A
Chunk 28
---
 vests is generally calculated based on performance at the greater of target or actual performance (based on a truncated performance period), except that in the case of clauses (iii) and (iv), the number is based solely on actual performance (based on a truncated performance period).

For the purposes of the plan, the following definitions apply:

“ Cause ” has, with respect to a named executive officer, the same definition as in any employment agreement that such named executive officer has with the Company, Ashford Inc., or any of their respective affiliates. In the employment agreements that our named executive officers have with our advisor, “cause” generally means, in some cases subject to cure rights, the named executive officer's:

• conviction of, or entry of a plea of guilty or nolo contendere to, a felony (exclusive of a conviction, plea of guilty, or plea of nolo contendere arising under a statutory provision imposing criminal liability on a per se basis due to any oﬃces held by the named executive oﬃcer pursuant to the employment agreement, so long as any act or omission of the named executive oﬃcer with respect to such matter was not taken or omitted in contravention of any applicable policy or directive of our advisor's board of directors);

• willful breach of duty of loyalty which is materially detrimental to our advisor or any entity that it advises;

• willful failure to perform or adhere to explicitly stated duties or guidelines of employment or to follow the lawful directives of our advisor;

• gross negligence or willful misconduct in the performance of duties;

• willful commission of an act of dishonesty resulting in material economic or ﬁnancial injury to our advisor or any entity that it advises, or willful commission of fraud;

• chronic absence from work for reasons other than illness; or

• in the case of Mr. Eubanks, certain other acts or omissions, including without limitation a failure to cooperate with certain investigations or willful conduct that has or could reasonably be expected to have a material adverse effect on our advisor or any entity that it advises or on his ability to function in his assigned role.

A “ change of control ” of the Company is deemed to have occurred when:

• any person other than (A) the Company or any of its subsidiaries, (B) any employee beneﬁt plan of the Company or any of its subsidiaries, (C) Ashford Inc. or an aﬃliate, (D) a company