Bennett Monty J Form 4 Braemar Hotels & Resorts / Monty J Bennett ownership change

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Bennett Monty J

(Last)

(First)

(Middle)

14185 DALLAS PARKWAY, SUITE 1200

(Street)

DALLAS

75254

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Braemar Hotels & Resorts Inc. [ BHR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
05/11/2021

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock								134,103	D
Common Stock								216,891	I	By MJB Investments, LP
Common Stock								17,828	I	By Reserve, LP IV
Common Stock								86,329	I	By Dartmore, LP

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
LTIP Units⁽¹⁾	$0.00⁽¹⁾	05/11/2021		A⁽²⁾		117,922⁽¹⁾		⁽³⁾	⁽⁴⁾	Common Stock	117,922⁽¹⁾	$0.00⁽²⁾	117,922⁽¹⁾	D
LTIP Units⁽¹⁾	$0.00⁽¹⁾							⁽³⁾	⁽⁴⁾	Common Stock	201,164⁽¹⁾		201,164⁽⁵⁾	D
LTIP Units⁽¹⁾	$0.00⁽¹⁾							⁽³⁾	⁽⁴⁾	Common Stock	95,430⁽¹⁾		95,430⁽⁵⁾	I	By MJB Operating, LP
Performance LTIP Units (2021)⁽⁶⁾	$0.00⁽⁶⁾	05/11/2021		A⁽²⁾		612,483⁽⁷⁾		12/31/2023	12/31/2023	Common Stock	612,483⁽⁷⁾	$0.00⁽²⁾	612,483⁽⁷⁾	D
Performance Stock Units (2020)⁽⁸⁾	$0.00⁽⁸⁾							12/31/2022	12/31/2022	Common Stock	70,000⁽⁵⁾		70,000⁽⁵⁾	D
Performance Stock Units (2019)⁽⁸⁾	$0.00⁽⁸⁾							12/31/2021	12/31/2021	Common Stock	64,103⁽⁹⁾		64,103⁽⁹⁾	D
Common Partnership Units⁽¹⁰⁾	$0.00⁽¹⁰⁾							⁽¹⁰⁾	⁽⁴⁾	Common Stock	296,040.3⁽¹⁰⁾		296,040.3⁽¹¹⁾	I	By MJB Operating, LP
Common Partnership Units⁽¹⁰⁾	$0.00⁽¹⁰⁾							⁽¹⁰⁾	⁽⁴⁾	Common Stock	664,012.7⁽¹⁰⁾		664,012.7⁽¹¹⁾	I	By Dartmore, LP
Common Partnership Units⁽¹⁰⁾	$0.00⁽¹⁰⁾							⁽¹⁰⁾	⁽⁴⁾	Common Stock	123,477.15⁽¹⁰⁾		123,477.15⁽¹¹⁾⁽¹²⁾	I	By Ashford Financial Corporation⁽¹²⁾
Common Partnership Units⁽¹⁰⁾	$0.00⁽¹⁰⁾							⁽¹⁰⁾	⁽⁴⁾	Common Stock	46,364.7⁽¹⁰⁾		46,364.7⁽¹¹⁾	I	By MJB Investments, LP
Common Partnership Units⁽¹⁰⁾	$0.00⁽¹⁰⁾							⁽¹⁰⁾	⁽⁴⁾	Common Stock	143,924.9⁽¹⁰⁾		143,924.9⁽¹¹⁾	I	By Reserve, LP IV
Common Partnership Units⁽¹⁰⁾	$0.00⁽¹⁰⁾							⁽¹⁰⁾	⁽⁴⁾	Common Stock	103,911.2⁽¹⁰⁾		103,911.2⁽¹¹⁾	I	By Reserve, LP III

Explanation of Responses:

1. Represents 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 Partnership Units (as defined below) are convertible into Common Partnership Units at the option of the Reporting Person. See Footnote 10 discussing convertibility of Common Partnership Units.

2. The Reporting Person received the Performance LTIP Units and LTIP Units (as defined below) awards reported herein under the Issuer's Second Amended and Restated 2013 Equity Incentive Plan (the "Plan"). The 2021 Performance LTIP Units and LTIP Units were approved by the Issuer on February 26, 2021, subject to approval of the Plan by the Company's stockholders at the Company's Annual Meeting on May 11, 2021 (which approval was obtained).

3. The LTIP Units reported herein vest and are convertible in three (3) equal installments over a three (3) year term from the date of the award. See Footnote 1 discussing the convertibility of vested LTIP Units.

4. Neither the Common Partnership Units nor vested LTIP Units (including any LTIP Units awarded upon achievement of the specified performance criteria relating to vested Performance LTIP Units) have an expiration date.

5. Reflects the aggregate number of LTIP Units held directly or indirectly by the Reporting Person, and includes LTIP Units comprising awards previously granted to, and reported by, the Reporting Person. Such LTIP Units have different grant and vesting dates and include those which (i) may have achieved parity with the Common Partnership Units, (ii) have not yet achieved parity with the Common Partnership Units, (iii) are currently vested or (iv) have not yet vested. Such LTIP Units have been combined herein solely for reporting purposes. See Footnote 1 discussing convertibility of LTIP Units and Footnote 10 discussing convertibility of Common Partnership Units.

6. Each performance LTIP unit ("Performance LTIP Unit") award represents an LTIP Unit (as defined below) subject to specified performance-based vesting criteria.

7. Represents the maximum number of LTIP Units that may vest pursuant to the 2021 awards of Performance LTIP Units, which is 250% of the target number of LTIP Units. The actual number of 2021 Performance LTIP Units that may vest can range from 0% to 250% of the target number of Performance LTIP Units, based on achievement of specified performance metrics. Assuming continued service through the vesting date and minimum achievement of the specified performance metrics, the 2021 Performance LTIP Units will generally vest on December 31, 2023. See Footnote 1 discussing the convertibility of vested LTIP Units.

8. 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.

9. Represents the target number of common stock shares that may be issued pursuant to the 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 target number of Performance Stock Units reported, based on achievement of specified relative and total stockholder returns of the Issuer. Assuming continued service through the vesting date and achievement of the specified relative and total stockholder returns, the Performance Stock Units, as adjusted, will generally vest on December 31, 2021 (with respect to the 2019 grant) December 31, 2022 (with respect to the 2020 grant).

10. Common Limited Partnership Units of the Subsidiary ("Common Partnership Units"). 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.

11. Reflects the aggregate number of Common Partnership Units currently held directly or indirectly, as noted, by the Reporting Person, some of which may have been converted from LTIP Units by the Reporting Person since the Reporting Person's most recent Form 4 or Form 5 filing. See Footnote 10 discussing the convertibility of the Common Partnership Units.

12. The Common Partnership Units reflected as beneficially owned indirectly through Ashford Financial Corporation reflect only the Reporting Person's pecuniary interest in all Common Partnership Units owned by such entity. The Reporting Person hereby disclaims interest in all other securities of the Issuer or the Subsidiary owned directly by such entity.

	/s/ Monty J. Bennett	05/13/2021
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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Bennett Monty J Form 4Braemar Hotels & Resorts / Monty J Bennett ownership change