Company: BHR-PD
Filing Date: 2025-08-26
Form Type: 8-K
Source: 0001104659-25-082767
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Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-08-26
Form: 8-K
Item: Item 1.01
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Item 1.01 Entry into a Material
Definitive Agreement

On August 25, 2025, Braemar Hotels &
Resorts Inc. (the “ Company”), Ashford Hospitality Trust, Inc. and Ashford Inc. (collectively, the “ Company Group”)
entered into a cooperation agreement (the “ Agreement”) with Babak “ Bob” Ghassemieh and certain related parties
of Mr. Ghassemieh (together with the other signatories other than the Company Group, the “ Ghassemieh Group”).

Pursuant to the Agreement, the Company appointed
Mr. Ghassemieh to the Company’s board of directors (the “ Board”) and the Ghassemieh Group agreed to withdraw the
notice delivered to the Company on June 2, 2025, purporting to nominate director candidates to the Board. In addition, the Company
agreed to nominate Mr. Ghassemieh or a Replacement Director (as defined below) for election at the Company’s 2025 and 2026
annual stockholder meetings.

The Agreement provides the Ghassemieh Group rights
to a replacement director (a “ Replacement Director”) selected by the Board from a specified list of individuals in the event
that Mr. Ghassemieh ceases to serve as a director under certain circumstances. These replacement rights fall away if the Ghassemieh
Group ceases to hold the Minimum Ownership Threshold (as defined below). Additionally, pursuant to the terms of the Agreement, Mr. Ghassemieh
and, if applicable, any Replacement Director, will be required to deliver to the Company an irrevocable resignation letter pursuant to
which he or she will resign from the Board and all applicable committees thereof effective immediately if the Ghassemieh Group (i) ceases
to hold at least the lesser of 3% of the Company’s then-outstanding common stock and 2,046,583 shares of the Company’s common
stock (such lesser amount, the “ Minimum Ownership Threshold”) or (ii) if a member of the Ghassemieh Group or certain
related parties breach the Agreement or the Company’s policies (subject to cure).

Pursuant to the Agreement, the Ghassemieh Group
has agreed to abide by certain standstill restrictions, voting commitments (subject to exceptions for certain extraordinary transactions)
and other provisions with respect to the members of the