X0306 4 2019-04-27 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 2019-04-27 4 F 0 478 13.85 D 355097 D Performance Stock Units (2019) 0.00 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 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 26, 2019, 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. The Reporting Person received the Performance Stock Units pursuant to an award granted by the Issuer under the Issuer's Second Amended and Restated 2013 Equity Incentive 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 2019-04-29