Limited waiver allows Braemar to award cash incentives to advisor employees in H1 2026

Braemar Hotels & Resorts Inc.

Limited Waiver with Ashford Inc. and Ashford Hospitality Advisors permits cash incentive awards to advisor employees in Q1/Q2 2026.
Waiver removes Advisory Agreement limitations on cash compensation; effective only for first two quarters of calendar 2026.
Adopted Deferred Cash Award Agreements with vesting in 12 equal quarterly installments starting April 1, 2026.
Cash awards are at Company's discretion and expense; no permanent change to compensation structure.

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