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

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-10-30
Form: DEF 14A
Chunk 25
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 new annual grant size (11,194 shares/units, worth approximately $78,500 as of the date of determination in 2021) that applied for the 2021-2023 three-year cycle. In 2022, however, upon the recommendation of our compensation consultant, the annual grant was again "reset" by establishing a new annual grant size (14,925 shares/units, worth approximately $80,000 as of the date of determination in 2022) that applied for the remainder of the 2021-2023 three-year cycle. In May 2024, the Board elected to maintain the annual grant at 14,925 shares/units. The 2013 Equity Incentive Plan terminated in accordance with its terms on May 12, 2025. Therefore, on May 22, 2025, in lieu of an annual equity award, the Board determined to pay non-executive directors an additional cash amount equal to $29,044 (which is the equivalent of 14,925 shares of the Company's common stock based on the volume weighted average price of the shares over a 20-day period ending on May 13, 2025).

Our Chairman, Mr. Bennett, instead receives an annual incentive compensation grant (for the 2024 award, in the form of an equity-based award and a deferred cash compensation award and for the award granted in 2025 in respect of 2024 in the form of a deferred cash compensation award only) with a value and vesting schedule that is determined by the Board after review of the Company's prior fiscal year performance, considering the same factors as the Board takes into account in making (and providing generally the same vesting terms as) the annual incentive compensation grants to our named executive officers (as further described below under “ Executive Compensation ”). Mr. Bennett's annual award is not granted in respect of his service on the Board but instead in recognition of the extraordinary service that he provides to the Company indirectly through his employment with our advisor. The Board believes that the size of, and vesting schedule applicable to, Mr. Bennett's annual grant is appropriate because it reflects the scale of his historical and ongoing contributions to the Company, the depth of his expertise and knowledge of both the Company and our industry generally, and his continuous leadership as a founder of the Company and our advisor.

Our Corporate Governance Guidelines provide a stock ownership requirement for our directors. Under our guidelines, each director should hold common stock with a value in excess of three times his