X0306 4 2020-04-27 0 0001574085 Braemar Hotels & Resorts Inc. BHR 0001261029 NUNNELEY MARK 14185 DALLAS PARKWAY, SUITE 1100 DALLAS TX 75254 0 1 0 0 Chief Accounting Officer Common Stock 2020-04-27 4 F 0 1469 2.39 D 235745 D Performance Stock Units (2020) 0.00 2022-12-31 2022-12-31 Common Stock 20000 20000 D Performance Stock Units (2019) 0.00 2021-12-31 2021-12-31 Common Stock 18029 18029 D Performance Stock Units (2018) 0.00 2020-12-31 2020-12-31 Common Stock 21170 21170 D Represents shares of common stock forfeited to the Issuer to satisfy certain tax-withholding obligations of the Reporting Person arising as a result of the vesting of restricted stock held by the Reporting Person. Represents the closing price of the common stock on April 24, 2020, the last trading day before the date of forfeiture. 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. 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, 2020 (for the 2018 grant), December 31, 2021 (with respect to the 2019 grant) and December 31, 2022 (with respect to the 2020 grant). One-third of the Performance Stock Units granted in 2020 will be eligible to vest (at up to 200% of target) based on performance during the first year of the performance period. /s/ Mark Nunneley 2020-04-29