Company: BHR-PD
Filing Date: 2025-04-29
Form Type: 10-K/A
Source: 0001574085-25-000040
Chunk: 15

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-04-29
Form: 10-K/A
Chunk 15
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 for approval to the independent directors. Also, the Related Party Transactions Committee periodically reviews and reports to independent directors on past-approved related party transactions.

#### Insider Trading Policy
We have adopted insider trading policies and procedures governing the purchase, sale and other dispositions of the Company’s securities by directors, officers and employees that are reasonably designed to promote compliance with insider trading laws, rules and regulations. It is also the policy of the Company to comply with applicable securities laws when transacting in its own securities.A copy of our Policy on Insider Trading and Compliance has been filed as an exhibit to our Original Form 10-K.

## ITEM 11. EXECUTIVE COMPENSATION.

### COMPENSATION DISCUSSION AND ANALYSIS
The following is a discussion of the compensation program adopted for our named executive officers, which include Mr. Stockton, our President and Chief Executive Officer, Mr. Eubanks, our Chief Financial Officer, Mr. Rose, our Executive Vice President, General Counsel and Secretary, and Mr. Coe, our Chief Accounting Officer. Also included below is a discussion of the incentive compensation awarded to our named executive officers in 2025 with respect to 2024 performance. This discussion should be read together with the compensation tables and related disclosures set forth elsewhere in this Item 11.

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#### Compensation of Our Executive Officers
We are externally advised by Ashford Inc. pursuant to an advisory agreement. Ashford Inc., through its operating company Ashford Hospitality Advisors LLC (“Ashford LLC”), is responsible for implementing our investment strategies and managing our operations. Our advisor manages the day-to-day operations of our Company and our affiliates in exchange for an advisory fee, the terms of which are described under “ Our Relationship and Agreements with Ashford Inc. and its Subsidiaries .” As a consequence of this management arrangement and although the Company has executive officers, it does not have any employees. Each of the Company's executive officers is, however, an employee of our advisor and is compensated by our advisor in his capacity as such. During all of 2022, 2023 and 2024, the cash compensation received by our executive officers was paid to those persons by Ashford Inc. in their capacity as employees of our advisor. However, our executive officers (as well as other employees of our advisor) continue to be eligible to receive equity-based (and, for 2023, 2024 and 2025, certain deferred cash) awards under our 2013 Equity In