Amendment to Advisory Agreement

Braemar Hotels & Resorts Inc. entered into Amendment No. 3 to its Fifth Amended and Restated Advisory Agreement with Ashford Inc. and Ashford Hospitality Advisors LLC. The amendment extends the negotiation period for a revised Base Fee or Incentive Fee through December 31, 2026. This extension specifically applies to the fee renegotiation initiated in connection with the Advisor's exercise of extension rights for the term commencing January 25, 2027. The amendment does not affect other fee renegotiations and confirms the continued validity of the Advisory Agreement in all other respects. The agreement is governed by Texas law.