X0306 4 2020-12-15 0 0001574085 Braemar Hotels & Resorts Inc. BHR 0001780661 Evans Mary Candace 14185 DALLAS PARKWAY SUITE 1100 DALLAS TX 75254 1 0 0 0 Common Stock 1125 D LTIP Units 0 2020-12-15 4 A 0 1535 4.80 A Common Stock 20192 D Fully vested special long-term incentive partnership units ("LTIP Units") in Braemar Hospitality Limited Partnership, the Issuer's operating subsidiary ("Subsidiary"). Vested LTIP Units, upon achieving parity with the Common Limited Partnership Units of the Subsidiary ("Common Partnership Units"), are convertible into Common Partnership Units at the option of the Reporting Person. Common Partnership Units are redeemable for cash or, at the option of the Issuer, convertible into shares of the Issuer's common stock on a 1-for-1 basis. The LTIP Units were issued to the Reporting Person under the Issuer's 2013 Equity Incentive Plan in lieu of certain cash retainer fees and were fully vested upon grant. The LTIP Units have no expiration date. /s/ Candace Evans 2020-12-17