X0306 4 2019-02-28 0 0001574085 Braemar Hotels & Resorts Inc. BHR 0001688739 Stockton Richard J 14185 DALLAS PARKWAY, SUITE 1100 DALLAS TX 75254 0 1 0 0 CEO and President Common Stock 2019-02-28 4 A 0 64103 0.00 A 361589 D Performance Stock Units (2019) 0.00 2019-02-28 4 A 0 64103 0.00 A 2021-12-31 2021-12-31 Common Stock 64103 64103 D Performance Stock Units (2018) 0.00 2020-12-31 2020-12-31 Common Stock 74093 74093 D Performance Stock Units (2017) 0.00 2019-12-31 2019-12-31 Common Stock 5882 5882 D The Reporting Person received the shares pursuant to a stock grant from the Issuer under the Issuer's Second Amended and Restated 2013 Equity Incentive Plan (the "Plan"). Such shares vest in three (3) substantially equal installments following the first three (3) anniversaries following the date of grant. Each Performance Stock Unit ("Performance Stock Unit") award represents the right, upon achievement of certain specified performance-based vesting criteria, to receive up to two (2) shares of the Issuer's common stock. The Reporting Person received the Performance Stock Units pursuant to an award granted by the Issuer under the Plan. Represents the target share amount that may be issued pursuant to such award of Performance Stock Units. The actual number of shares of common stock to be issued upon vesting can range from 0% to 200% of the number of Performance Stock Units awarded, based on achievement of a specified relative total stockholder returns. Assuming continued service through the vesting date and achievement of the specified performance-based vesting criteria, the Performance Stock Units, as adjusted, will generally vest on December 31, 2019 (for the 2017 grant), December 31, 2020 (for the 2018 grant) and December 31, 2021 (for the 2019 grant). /s/ Richard J. Stockton 2019-03-04