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 ARCHIE JR 2. Issuer Name and Ticker or Trading Symbol Ashford Inc. [ AINC ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)_____ Director                    __X__ 10% Owner
_____ Officer (give title below)    _____ Other (specify below)
(Last)         (First)         (Middle)
14185 DALLAS PARKWAY, SUITE 1100
3. Date of Earliest Transaction (MM/DD/YYYY)
9/30/2020
(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  9/30/2020    M    371  A  (1) 48328  D   
Common Stock                 62116  I  By 1080 Partners, LP 
Common Stock                 10597.5 (2) 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
Stock Units under Deferred Compensation Plan   (3) 9/30/2020    M        371    (3)  (3) Common Stock  371   (3) 3709  D   
Series D Convertible Preferred Stock (4)(5) $0.21 (4)(5)                  (4)(5)  (4)(5) Common Stock  1957297.9 (4)(5)   9199300  D   
Series D Convertible Preferred Stock (6) $0.21 (6)                  (6)  (6) Common Stock  8510.6 (6)   40000  I  By Trusts (6)
Series D Convertible Preferred Stock (6) $0.21 (6)                  (6)  (6) Common Stock  8510.6 (6)   40000  I  By Trusts (6)
Common Units (7) $0 (7)                  (7)  (7) Common Stock  152.7    152.7  D   
Common Units (7) $0 (7)                  (7)  (7) Common Stock  501.6    501.6  I  By 1080 Partners, LP 
Common Units (7) $0 (7)                  (7)  (7) Common Stock  93.18 (2)   93.18 (2) I  By Ashford Financial Corporation 

Explanation of Responses:
(1)  On September 30, 2020, the Reporting Person received 371 shares of the Issuer's common stock in settlement of an equal number of stock units held under the Ashford Inc. Amended and Restated Nonqualified Deferred Compensation Plan (originally adopted by Ashford Hospitality Trust, Inc., effective January 1, 2008) assumed by Ashford Inc., effective November 12, 2014 (the "Deferred Compensation Plan").
(2)  Reflects the Reporting Person's pecuniary interest in such securities held directly by Ashford Financial Corporation, of which the Reporting Person is a shareholder. The reporting Person disclaims any beneficial interest in any other Common Units or shares of the Issuer's common stock (or securities convertible into shares of the Issuer's common stock) held directly or indirectly by Ashford Financial Corporation.
(3)  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 Deferred Compensation Plan. On September 30, 2020, 371 stock units were settled for an equal number of shares of the Issuer's common stock.
(4)  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, Monty Bennett, 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 Reporting Person acquired 9,279,300 shares of Series D Convertible Preferred Stock as reported on a Form 4 dated November 7, 2019 (the "Form 4").
(5)  As reported in the Form 4, as of November 6, 2019, the Reporting Person directly owned 9,199,300 shares of Series D Convertible Preferred Stock. Such 9,199,300 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 1,957,297.9 shares of the Issuer's common stock at a conversation 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").
(6)  The Series D Convertible Preferred Stock listed here are held in two separate trusts, each of which hold 40,000 shares of Series D Convertible Preferred Stock. In each case, such 40,000 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 8,510.6 shares of the Issuer's common stock at the Conversion Ratio. Pursuant to Rule 16a-1(a)(4) of the Securities Exchange Act of 1934, as amended, the Reporting Person herein states that this filing shall not be deemed an admission that he is the beneficial owner of any such interests, and disclaims beneficial ownership of such interests, except to the extent of his pecuniary interest therein.
(7)  The common units ("Common Units") in Ashford Hospitality Advisors LLC, the Issuer's operating subsidiary, owned by the Reporting Person 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.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
BENNETT ARCHIE JR
14185 DALLAS PARKWAY
SUITE 1100
DALLAS, TX 75254

X


Signatures
/s/ Archie Bennett, Jr. 10/2/2020
**Signature of Reporting Person Date