0001574085-21-000070.txt : 20210630 0001574085-21-000070.hdr.sgml : 20210630 20210629185510 ACCESSION NUMBER: 0001574085-21-000070 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20210630 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210630 DATE AS OF CHANGE: 20210629 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Braemar Hotels & Resorts Inc. CENTRAL INDEX KEY: 0001574085 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 462488594 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35972 FILM NUMBER: 211059632 BUSINESS ADDRESS: STREET 1: 14185 DALLAS PARKWAY STREET 2: SUITE 1100 CITY: DALLAS STATE: TX ZIP: 75254 BUSINESS PHONE: (972) 490-9600 MAIL ADDRESS: STREET 1: 14185 DALLAS PARKWAY STREET 2: SUITE 1100 CITY: DALLAS STATE: TX ZIP: 75254 FORMER COMPANY: FORMER CONFORMED NAME: Ashford Hospitality Prime, Inc. DATE OF NAME CHANGE: 20130410 8-K 1 bhr-20210630.htm 8-K bhr-20210630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): June 30, 2021

BRAEMAR HOTELS & RESORTS INC.
(Exact name of registrant as specified in its charter)


Maryland001-3597246-2488594
(State or other jurisdiction of incorporation or organization)(Commission File Number)(IRS employer identification number)
14185 Dallas Parkway
Suite 1200
Dallas
Texas75254
(Address of principal executive offices)(Zip code)
Registrant’s telephone number, including area code: (972490-9600

Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14-a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company    
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockBHRNew York Stock Exchange
Preferred Stock, Series BBHR-PBNew York Stock Exchange
Preferred Stock, Series DBHR-PDNew York Stock Exchange



ITEM 5.02    DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.

On June 30, 2021, Ashford Inc. (“Advisor”), external advisor to Braemar Hotels & Resorts Inc. (the “Company”), entered into a Consulting and Cooperation Agreement (the “Consulting Agreement”) with Robert G. Haiman, the Company’s former Executive Vice President, General Counsel and Secretary.

The Company is not a party to the Consulting Agreement, and the Company is not providing any additional payments or equity awards to Mr. Haiman under the terms of the Consulting Agreement. However, during the three-year term of the Consulting Agreement, Mr. Haiman is required to provide certain services to the Advisor which may include services for the benefit of the Company, and Mr. Haiman will continue to be eligible to vest in all outstanding equity awards previously made to him under the Company’s equity incentive programs (as well as equity awards previously granted to Mr. Haiman by the Advisor, its subsidiaries, and Ashford Hospitality Trust, Inc.) subject to his continuing to be engaged by the Advisor under the Consulting Agreement through the applicable vesting date and the achievement of any relevant performance metrics.

This summary of the Consulting Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Consulting Agreement, which is filed as Exhibit 99.1 hereto and incorporated by reference herein.

ITEM 7.01    REGULATION FD DISCLOSURE.

On June 30, 2021, the Advisor issued a press release announcing the appointment of Alex Rose as the Company’s Executive Vice President, General Counsel and Secretary, and the retirement of Mr. Haiman, the Company’s former Executive Vice President, General Counsel and Secretary. The press release is attached hereto as Exhibit 99.2.

The information under Item 7.01 of this Form 8-K and Exhibit 99.2 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section, nor shall it be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.


ITEM 9.01     FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits

Exhibit
Number     Exhibit Description

104    Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)















SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: June 30, 2021
 
BRAEMAR HOTELS & RESORTS INC.
By:/s/ ROBERT G. HAIMAN
Robert G. Haiman
Executive Vice President, General Counsel & Secretary


EX-99.1 2 haimanconsultagmtfinal.htm EX-99.1 Document
EXHIBIT 99.1
CONSULTING AND COOPERATION AGREEMENT

    CONSULTING AND COOPERATION AGREEMENT, dated June 30, 2021 (the “Agreement”) by and among Ashford Inc. (“AINC”), Ashford Hospitality Advisors, LLC (together with AINC, the “Company”) and Robert G. Haiman (“Consultant”).

W I T N E S E T H:

    WHEREAS, Consultant is currently employed by the Company pursuant to the terms of that certain Employment Agreement dated June 1, 2018 (the “Employment Agreement”);

WHEREAS, Consultant’s employment with the Company will end on June 30, 2021 (the “Termination Date”);

WHEREAS, the Company desires to engage Consultant to provide the Consulting Services (as defined below) to the Company; and

WHEREAS, Consultant desires to be so engaged.

    NOW, THEREFORE, in consideration of the promises and covenants contained herein and for other good and valuable consideration, the receipt, sufficiency and adequacy of which are mutually acknowledged by each party, it is agreed as follows:

1.Consulting Services; Expenses; Prohibited Activities.

(a)During the Term (as defined below), Consultant shall, upon the request, and at the direction, of the Company, assist the Company by: (i) providing the Company with requested information and advice on matters of which Consultant has knowledge; (ii) meeting with Company representatives (either telephonically or in person) from time to time to discuss any such matters with the Company; (iii) cooperating with the Company with respect to litigation, investigations, or governmental proceedings with respect to matters in which Consultant was in any way involved during his employment with the Company and any transition matters in which the Company reasonably believes that Consultant’s cooperation would be helpful; and (iv) providing other services as agreed by the Company and Consultant (collectively, the “Consulting Services”). Consultant shall devote so much of his time and effort as is reasonable and adequate to perform the Consulting Services; provided, however, that the Consulting Services shall be performed at times scheduled taking into consideration Consultant’s other commitments, including business and family matters.
(b)Consultant shall comply in all material respects with all policies of the Company and any of its subsidiaries while performing the Consulting Services. Accordingly, Company shall provide Consultant with prompt written notice of any material change(s) to the policies of the Company or any of its subsidiaries enacted after the Termination Date.



        
(c)In order to facilitate the performance by Consultant of the Consulting Services, the Company shall, during the Term, continue to reimburse Consultant for the actual and reasonable expenses incurred by Consultant in connection with his home office, cellular telephone and annual required continuing legal education expenses, in each case in accordance with past practice and not to exceed $5,000 per year. Consultant will have access to administrative support from Company employees if and to the extent necessary to provide the Consulting Services, generally in accordance with past practice.

(d)In addition to honoring the non-competition covenant set forth in Section 10 of the Employment Agreement, Consultant agrees that he shall not: (i) engage in full-time work as the general counsel (or similar title) of any company; or (ii) become a partner (or other senior position) with any law firm (collectively, the “Prohibited Activities”).

(e)If the Company believes that Consultant has engaged in a Prohibited Activity, Company shall provide Consultant with prompt written notice thereof. Company and Consultant shall discuss in good faith the facts and circumstances underlying Company’s belief that Consultant is engaged in a Prohibited Activity. If, after such consultation, Company still believes that Consultant is engaged in a Prohibited Activity, then Company may rescind the then-unvested portion of Consultant’s awards from the Equity Plans (as defined below) by providing Consultant with prompt written notice thereof.

(f)Notwithstanding the prohibitions set forth in Section 1(d) above, the Company acknowledges and agrees that Consultant may provide any legal, consulting or other services to clients so long as the services provided by Consultant: (i) do not constitute Prohibited Activities; and (ii) otherwise comply with the restrictions set forth in Consultant’s Employment Agreement and the Release and Waiver to which this Agreement is attached as Exhibit A.

2.Compensation. As compensation for the Consulting Services to be provided by Consultant hereunder, Consultant shall be deemed to be in continuous employment or service during the Term for purposes of any equity or equity-based awards granted to Consultant and outstanding as of the Termination Date under each of: (a) the Remington Hotels, LLC Ashford Stock Plan (as amended from time to time, the “Remington Plan”); (b) the Ashford Inc. 2014 Incentive Plan (as amended from time to time, the “AINC Plan”); (c) the Ashford Hospitality Trust 2011 Stock Incentive Plan (as amended from time to time, the “2011 AHT Plan”); (d) the Ashford Hospitality Trust 2021 Stock Incentive Plan (as amended from time to time, the “2021 AHT Plan”); and (e) the Braemar Hotels & Resorts Inc. Second Amended and Restated Equity Incentive Plan (as amended from time to time, the “BHR Plan,” and together with the Remington Plan, the AINC Plan, the 2011 AHT Plan, and the 2021 AHT Plan, the “Equity Plans”). For the avoidance of doubt, each such equity or equity-based award shall otherwise remain subject to the terms and conditions (including, without limitation, any time-based or performance-based vesting requirements) of the applicable award agreement and Equity Plan under which such award was granted, and the termination of this Agreement shall be treated as a termination of Consultant’s employment or service for purposes of each such equity or equity-based award.

-2-

        
3.Term. Unless earlier terminated in accordance with Section 4, this Agreement shall commence as of the Termination Date and shall remain in effect until the third (3rd) anniversary of the Termination Date; provided, that if Consultant does not execute the Release and Waiver, or revokes such Release and Waiver in accordance with its terms, this Agreement shall automatically terminate and be null and void ab initio. The period of time during which this Agreement is in effect is referred to herein as the “Term.”

4.Termination.

(a)The Company may terminate this Agreement immediately in the event of Consultant’s material breach of this Agreement, which remains uncured for fourteen (14) days after the Company provides Consultant with written notice of such breach.

(b)Upon termination of this Agreement, Consultant shall be entitled to no further compensation under this Agreement, other than as described in Section 2.

(c)Upon expiration or termination of this Agreement for any reason, Consultant shall, within fifteen (15) business days:

(i)deliver to the Company all hardware, software, tools and equipment that were provided by the Company for use by Consultant; and

(ii)deliver, or provide access, to the Company all tangible documents and materials (and any copies) containing or incorporating Confidential Information (as defined in the Employment Agreement).

(d)The terms and conditions of this Section 4 and Sections 5 through 15 hereof shall survive the termination of this Agreement.

5.Entire Agreement. This Agreement sets forth the entire agreement and understanding between the parties hereto with respect to the Consulting Services and supersedes and merges all prior discussions, agreements and understandings of every kind and nature between them with respect to the subject matter hereof.

6.Independent Contractor.

(a)Consultant is an independent contractor and not an employee of the Company or any of its subsidiaries. This Agreement shall not be construed to create any partnership, joint venture, employee, or agency relationship between Consultant and the Company. Consultant shall not have any authority to bind the Company, and Consultant shall not make any agreements or representations on the Company’s behalf without the Company’s prior written consent.

(b)    Consultant shall be solely responsible for all of Consultant’s federal, state, and local income taxes, social security taxes and all such other withholdings. Notwithstanding
-3-

        
the foregoing, if any federal, state, and local income taxes, social security taxes or other withholdings are required under applicable law to be withheld by the Company, any of the companies that the Company advises, or any affiliates of the foregoing (including, without limitation, Ashford Hospitality Trust, Inc. or Braemar Hotels & Resorts Inc.) with respect to any compensation or benefits under this Agreement, then each of the foregoing are hereby authorized to effectuate such withholding, including, without limitation, by withholding against any cash payments otherwise made to Consultant or through any “net exercise” or “cashless exercise” procedures in connection with the vesting, settlement, exercise, or conversion of any of Consultant’s equity or equity-based awards under the Equity Plans.

7.Restrictive Covenants. Nothing in this Agreement shall be construed as modifying, amending, or terminating any of the covenants set forth in Sections 9 or 10 of the Employment Agreement, which continue in full force and effect in accordance with their terms. Consultant’s breach of any such covenants, beyond any applicable notice and cure period(s), shall likewise constitute a breach of this Agreement.

8.Counterparts. This Agreement may be executed simultaneously in two or more counterparts (including in portable document format (.pdf) or other electronic medium), each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

9.Notices. All notices shall be sent to the parties by hand delivery or by certified or registered mail: (a) in the case of the Company, at the address of the Company’s principal executive offices, Attention: Chief Executive Officer; and (b) in the case of Consultant, at the Consultant’s last known address in the Company’s records. Unless hand delivered, notices shall be deemed given three (3) business days following the date deposited in any general or branch United States Post Office or one (1) business day following the date of delivery to a nationally recognized overnight courier service.

10.Severability. In the event that this Agreement or any provision hereof is declared invalid, unenforceable, or illegal by any court, agency, commission, or arbitrator(s) having jurisdiction over the subject matter hereof, neither party hereto shall have any cause of action or claim against the other by reason of such declaration of invalidity, unenforceability, or illegality; and any such declaration concerning any provision hereof shall not affect, impair, or invalidate the remainder of this Agreement, but shall be confined in its operation to that provision hereof only and the remainder of this Agreement shall remain in full force and effect. The parties hereto agree to substitute the invalid, unenforceable, or illegal provision(s) with a valid, enforceable, or legal one which corresponds to the spirit and purpose of the invalid, unenforceable, or illegal provision(s) to the greatest extent possible.

11.Amendment. This Agreement may not be changed, modified, or amended in any manner except by an instrument in writing signed by all parties hereto.    

12.Assignment. The Company may assign its rights and delegate its obligations under this Agreement to any subsidiary of the Company or to any successor-in-interest to its
-4-

        
business, upon written notice to Consultant. Except as provided in the previous sentence, neither party may assign any of its or his rights or delegate any of its or his duties under this Agreement without the consent of the other, and any attempted assignment in violation of this provision shall be void.

13.Headings. The headings contained in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.

14.Waiver. No failure or delay on the part of any party hereto in the exercise of any right hereunder in enforcing or requiring the compliance or performance by the other party of any of the terms and conditions of this Agreement shall operate as a waiver of any such right, or constitute a waiver of a breach of any such terms and conditions, nor shall any single or partial exercise of any such right preclude other or further exercise thereof or of any other right, nor shall any of the aforementioned failures or delays affect or impair such rights generally in any way. The waiver by any party of a breach of any term or condition of this Agreement by another party shall not operate as nor be construed as a waiver of any subsequent breach thereof.

15.Governing Law; Venue. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Texas without regard to the principles of conflict of laws. Jurisdiction and venue shall be solely in the federal or state courts of Dallas County, Texas. This provision shall not be read as a waiver of any right to removal to federal court in Dallas County.


[Remainder of page intentionally left blank. Signature page follows]
-5-



    IN WITNESS WHEREOF, the parties hereto have signed this Agreement as of the date first above written.


ASHFORD HOSPITALITY ADVISORS, LLC                                 
By:    /s/ Jeremy Welter
    Name: Jeremy Welter
    Title: CEO


ASHFORD INC.

By:    /s/ Monty J. Bennett
    Name: Monty J. Bennett
    Title: CEO


CONSULTANT
                    
/s/ Robert G. Haiman
Name: Robert G. Haiman
[Signature Page to Haiman Consulting Agreement]
EX-99.2 3 bhr2021q2haimanpr.htm EX-99.2 Document

EXHIBIT 99.2
    
imagea.jpg
NEWS RELEASE
Contact:Deric EubanksJordan JenningsJoseph Calabrese
Chief Financial OfficerInvestor RelationsFinancial Relations Board
(972) 490-9600(972) 778-9487(212) 827-3772


ASHFORD ANNOUNCES RETIREMENT OF ROBERT HAIMAN AND APPOINTMENT OF ALEX ROSE AS GENERAL COUNSEL


DALLAS, June 30, 2021 - Ashford Inc. (NYSE American: AINC) (“Ashford” or the “Company”) today announced that Robert Haiman, Executive Vice President, General Counsel and Secretary, will retire on June 30 after a career spanning nearly 17 years at Ashford and Remington. The Company has appointed Mr. Alex Rose as Executive Vice President, General Counsel and Secretary as his successor effective July 1, 2021. To ensure a seamless transition, Mr. Haiman will provide support to the Company on a consulting basis for 3 years. Mr. Rose will also serve as General Counsel for Ashford Hospitality Trust (NYSE: AHT) and Braemar Hotels & Resorts (NYSE: BHR).

Jeremy Welter, Ashford’s President and Chief Operating Officer, commented “On behalf of our entire team, we’d like to thank Rob for his many years of devoted service. He has helped Ashford, and its affiliated companies, grow and we appreciate his numerous contributions to our organization during his career. We wish him the best in his retirement."

Mr. Welter added, “We are pleased to welcome Alex to Ashford’s management team. His legal acumen, and insights working complex transactions for public and private companies as well as portfolio companies, makes him ideally suited as our next General Counsel.”




Mr. Rose has a broad range of legal experience and corporate governance expertise. Prior to joining Ashford, he was a Partner at Kirkland & Ellis, where he worked with public and private companies, as well as private equity funds and their portfolio companies, in connection with complex transactions such as mergers, acquisitions, leveraged buyouts, joint ventures, tender offers, divestitures, private financings, recapitalizations, debt and equity security investments, and other general corporate matters.

Mr. Rose holds a Juris Doctorate from Columbia University School of Law and a B.S. in Finance from the University of Kansas.
Ashford provides global asset management, investment management and related services to the real estate and hospitality sectors.

###

Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company’s strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words “will likely result,” “may,” “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Inc.’s control.

These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: the impact of COVID-19, and the rate of adoption and efficacy of vaccines to prevent COVID-19, on our business and investment strategy; our ability to continue as a going concern; the timing and outcome of the Securities and Exchange Commission’s investigation; our ability to regain compliance with NYSE American LLC continued listing standards; our ability to regain Form S-3 eligibility; our ability to repay, refinance or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in the Company’s filings with the Securities and Exchange Commission.

The forward-looking statements included in this press release are only made as of the date of this press release. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider this risk when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations, or otherwise, except to the extent required by law.

This overview is for informational purposes only and is not an offer to sell, or a solicitation of an offer to buy or sell, any securities of Ashford Inc., or any of its respective affiliates, and may not be relied upon in connection with the purchase or sale of any such security, and the information contained herein does not form part of any prospectus of Ashford Inc. that may be used to offer or sell securities.

Prior to investing in Ashford, potential investors should carefully review Ashford’s periodic filings with the Securities and Exchange Commission, including, but not limited to, Ashford’s most current Form 10-K, Form 10-Q and Form 8-K’s, including the risk factors included therein.

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MD 001-35972 46-2488594 14185 Dallas Parkway Suite 1200 Dallas TX 75254 972 490-9600 false false false false false Common Stock BHR NYSE Preferred Stock, Series B BHR-PB NYSE Preferred Stock, Series D BHR-PD NYSE XML 10 R1.htm IDEA: XBRL DOCUMENT v3.21.2
Cover Page Cover Page
Jun. 30, 2021
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Jun. 30, 2021
Entity Registrant Name BRAEMAR HOTELS & RESORTS INC.
Entity Incorporation, State or Country Code MD
Entity File Number 001-35972
Entity Tax Identification Number 46-2488594
Entity Address, Address Line One 14185 Dallas Parkway
Entity Address, Address Line Two Suite 1200
Entity Address, City or Town Dallas
Entity Address, State or Province TX
Entity Address, Postal Zip Code 75254
City Area Code 972
Local Phone Number 490-9600
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001574085
Amendment Flag false
Common Stock  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock
Trading Symbol BHR
Security Exchange Name NYSE
Series B Preferred Stock  
Entity Information [Line Items]  
Title of 12(b) Security Preferred Stock, Series B
Trading Symbol BHR-PB
Security Exchange Name NYSE
Series D Preferred Stock  
Entity Information [Line Items]  
Title of 12(b) Security Preferred Stock, Series D
Trading Symbol BHR-PD
Security Exchange Name NYSE
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