Company: BHR-PD
Filing Date: 2025-10-30
Form Type: DEF 14A
Source: 0001574085-25-000111
Chunk: 72

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-10-30
Form: DEF 14A
Chunk 72
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, business automobile claims and insurance claims services to Braemar through Warwick Insurance Company, LLC.

Contribution Agreement with Ashford Inc. and Ashford Trust to Fund Ashford Securities

On September 25, 2019, Ashford Inc. announced the formation of Ashford Securities LLC (" Ashford Securities ") to raise capital in order to grow its existing and future advised platforms. In conjunction with the formation of Ashford Securities, we entered into a contribution agreement with Ashford Inc. and Ashford Trust pursuant to which we agreed to contribute, with Ashford Trust, funds to operate Ashford Securities.

On December 31, 2020, we entered into an Amended and Restated Contribution Agreement (the " Amended and Restated Contribution Agreement ") with Ashford Inc. and Ashford Trust with respect to the funding of certain expenses of Ashford Securities.

2025 Proxy Statement 45

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Beginning on the effective date of the Amended and Restated Contribution Agreement, costs were allocated 50% to Ashford Inc., 0% to Ashford Trust and 50% to Braemar. Upon reaching the earlier of $400 million in aggregate preferred equity offerings raised, or June 10, 2023, there will be a true up (the " Amended and Restated True-up Date ") among Ashford Inc., Ashford Trust and Braemar whereby the actual amount contributed by each company will be based on the actual amount of capital raised by Ashford Inc., Ashford Trust and Braemar, respectively, through Ashford Securities (the resulting ratio of contributions among the Parties, the " Initial True-up Ratio "). On January 27, 2022, Ashford Trust, Braemar and Ashford Inc. entered into a Second Amended and Restated Contribution Agreement which provided for an additional $18 million in expenses to be reimbursed with all expenses allocated 45% to Ashford Trust, 45% to Braemar and 10% to Ashford Inc. As of December 31, 2024, Braemar has funded approximately $12.9 million. For fiscal years ended 2024, 2023, 2022, 2021, 2020 and 2019, Braemar funded $(8.0) million, $15.3 million, $2.1 million, $2.5 million, $162,000 and $834,000, respectively.

On February 1, 2023,