FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      
1. Name and Address of Reporting Person * Bennett Monty J 2. Issuer Name and Ticker or Trading Symbol Ashford Inc. [ AINC ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)__X__ Director                    __X__ 10% Owner
__X__ Officer (give title below)    _____ Other (specify below)
CEO and Chairman of the Board
(Last)          (First)          (Middle)
14185 DALLAS PARKWAY, SUITE 1200
3. Date of Earliest Transaction (MM/DD/YYYY)
7/7/2022
(Street)
DALLAS, TX 75254
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)
 
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. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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)
Code V Amount (A) or (D) Price
Common Stock                 253350  D   
Common Stock                 18816  I  By MJB Operating, LP 
Common Stock                 118290  I  By MJB Investments LP 
Common Stock                 62116  I  By Dartmore LP 
Common Stock                 13408  I  By Reserve, LP IV 
Common Stock                 8918  I  By Reserve, LP III 
Common Stock                 10597.5 (1) I  By Ashford Financial Corporation 

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 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 of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Class 2 LTIP Units  $45.59                  3/31/2019  3/31/2026  Common Stock  100000    100000  I  Texas Yarrow 2021 
Class 2 LTIP Units  $57.71                  10/3/2020  10/3/2027  Common Stock  50000    50000  I  Texas Yarrow 2021 
Class 2 LTIP Units  $57.34                  4/18/2020  4/18/2027  Common Stock  50000    50000  I  Texas Yarrow 2021 
Class 2 LTIP Units  $45.00                  3/15/2025  3/15/2032  Common Stock  48170    48170  I  Texas Yarrow LLC - 2022 PS 
Class 2 LTIP Units  $61.12  7/7/2022    A (2)(3)    90000      2/27/2022  2/27/2029  Common Stock  90000  $0 (2)(3) 90000  D   
Class 2 LTIP Units  $85.97  7/7/2022    A (2)(3)    60000      12/11/2017  12/11/2025  Common Stock  60000  $0 (2)(3) 60000  I  By MJB Operating, LP 
Special Limited Partnership Units  $0.00                   (3)  (4) Common Stock  38853    38853  I  Texas Yarrow LLC - 2022 PS 
Stock Options (right to purchase)  $61.12  7/7/2022    D (5)       90000   2/27/2022  2/27/2029  Common Stock  0  $0 (5) 0  D   
Stock Options (right to purchase)  $94.96                  3/14/2021  3/14/2028  Common Stock  77206    77206  D   
Stock Options (right to purchase)  $85.97  7/7/2022    D (5)(6)       95000   12/11/2017  12/11/2022  Common Stock  0  $0 (5)(6) 0  I  By MJB Operating, LP 
Stock Options (right to purchase)  $85.97  7/7/2022    A (6)    35000      12/11/2017  12/11/2025  Common Stock  35000  $0 (6) 35000  I  By MJB Operating, LP 
Series D Convertible Preferred Stock (7) $0.21 (7)                  (7)  (7) Common Stock  1924957 (7)   9047300  I  By MJB Investments LP 
Series D Convertible Preferred Stock (8) $0.21 (8)                  (8)  (8) Common Stock  17021 (8)   80000  I  By Trust (9)
Series D Convertible Preferred Stock (9) $0.21 (9)                  (9)  (9) Common Stock  32340 (9)   152000  D   
Common Units (10) $0.00 (10)                  (10)  (10) Common Stock (10) 143.04    143.04  I  By MJB Operating, LP 
Common Units (10) $0.00 (10)                  (10)  (10) Common Stock (10) 501.6    501.6  I  By Dartmore LP 
Common Units (10) $0.00 (10)                  (10)  (10) Common Stock (10) 35.91    35.91  I  By MJB Investments LP 
Common Units (10) $0.00 (10)                  (11)  (11) Common Stock (10) 109.24    109.24  I  By Reserve, LP IV 
Common Units (10) $0.00 (10)                  (10)  (10) Common Stock (10) 78.67    78.67  I  By Reserve, LP III 
Common Units (10) $0.00 (10)                  (10)  (10) Common Stock (10) 93.18 (10)   93.18 (10) I  By Ashford Financial Corporation 
Stock Units under Deferred Compensation Plan (11)  (11)                  (11)  (11) Common Stock  195579    195579 (11) I  Bennett Family Trust 

Explanation of Responses:
(1)  Class 2 Long-Term Incentive Partnership Units ("LTIP 2") in Ashford Hospitality Holdings LLC ("AHH") granted under the Issuer's 2014 Incentive Plan, as amended (the "Plan"). The LTIP 2s will vest on March 15, 2025, the third anniversary of the grant date on March 15, 2022. Each vested LTIP 2 can convert into a number of common limited partnership units of AHH ("Common Units"), based on the appreciation in a share of the Issuer's common stock over the issue price, but a vested LTIP 2 may only be so converted prior to the final conversion date of such LTIP 2.
(2)  This LTIP 2 in AHH, was granted to the Reporting Person under the Plan as a substitute award for the corresponding stock option voluntarily forfeited by the Reporting Person, as described herein. The LTIP 2s vest on the same schedule as the applicable forfeited option (and so were vested upon grant) and are intended to replicate the economics of each such option; therefore, each vested LTIP 2 can convert into a number of LTIPs in AHH based on the appreciation in a share of the Issuer's common stock over the initial exercise price of the applicable forfeited option, but a vested LTIP 2 may only be so converted prior to the final conversion date of such LTIP 2 (which is the same as the expiration date of the applicable forfeited option).
(3)  Vested LTIP Units, upon achieving parity with Common Units, are convertible into Common Units at the option of the Reporting Person. See Footnote 7 discussing the convertibility of Common Units.
(4)  Neither the LTIP Units nor the Common Units have an expiration date.
(5)  This stock option was voluntarily forfeited by the Reporting Person in exchange for LTIP 2s, as described in Footnote 2.
(6)  The reported transaction involves an amendment of an outstanding option originally granted on December 11, 2014 (the "Former Award"), resulting in the deemed cancellation of the Former Award and the grant of a replacement option.
(7)  Common Units in AHH, the Issuer's operating subsidiary, owned by the Reporting Person. Common 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. The Common Units have no expiration date.
(8)  Such 9,047,300 of Series D Convertible Preferred Stock have no expiration date and are convertible at any time and from time to time, in full or partially, into 1,924,957 shares of the Issuer's common stock at a conversion ratio equal to the liquidation preference of a share of Series D Convertible Preferred Stock, par value $25.00, divided by $117.50, subject to adjustment (the "Conversion Ratio").
(9)  In connection with the transactions contemplated by the Combination Agreement, dated May 31, 2019, as amended (the "Combination Agreement"), among the Issuer, the Reporting Person, Archie Bennett, Jr., Remington Holdings, L.P., Remington Holdings GP, LLC, Project Management LLC, MJB Investments, L.P., Jeremy Welter, James L. Cowen, Ashford Nevada Holding Corp. and Ashford Merger Sub Inc., the 80,000 shares of Series B Convertible Preferred Stock beneficially owned by a trust for the benefit of one of the Reporting Person's minor children were converted on a one-for-one basis into 80,000 shares of Series D Convertible Preferred Stock. Such 80,000 shares of Series D Convertible Preferred Stock have no expiration date and are convertible at any time and from time to time, in full or partially, into 17,021 shares of the Issuer's common stock at the Conversion Ratio.
(10)  In connection with the transactions contemplated by the Combination Agreement, the Reporting Person received 152,000 shares of Series D Convertible Preferred Stock. Such 152,000 shares of Series D Convertible Preferred Stock have no expiration date and are convertible at any time and from time to time, in full or partially, into 32,340 shares of the Issuer's common stock at the Conversion Ratio.
(11)  Each Stock Unit entitles the Reporting Person to receive one share of the Issuer's common stock on the date (or dates) elected by the Reporting Person under the Ashford Inc. Amended and Restated Nonqualified Deferred Compensation Plan (originally adopted by Ashford Hospitality Trust, Inc., effective January 1, 2008) assumed by the Issuer, effective November 12, 2014.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Bennett Monty J
14185 DALLAS PARKWAY
SUITE 1200
DALLAS, TX 75254
X X CEO and Chairman of the Board

Signatures
/s/ Monty J. Bennett 7/8/2022
**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).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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