AINC Ashford Holding Company

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 * NUNNELEY MARK	2. Issuer Name and Ticker or Trading Symbol Ashford Inc. [ AINC ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director                    _____ 10% Owner __X__ Officer (give title below)    _____ Other (specify below) Chief Accounting Officer
(Last)          (First)          (Middle) 14185 DALLAS PARKWAY, SUITE 1100	3. Date of Earliest Transaction (MM/DD/YYYY) 12/28/2020
(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	12/28/2020		A(1)		15196	A(1)	$5.36	49609	D

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 Options (right to purchase)	$61.12							2/27/2022	2/27/2029	Common Stock	20000		20000	D
Stock Options (right to purchase)	$94.96							3/14/2021	3/14/2028	Common Stock	16299		16299	D
Stock Options (right to purchase)	$57.71							10/3/2020	10/3/2027	Common Stock	10000		10000	D
Stock Options (right to purchase)	$57.34							4/18/2020	4/18/2027	Common Stock	10000		10000	D
Stock Options (right to purchase)	$45.59							3/31/2019	3/31/2026	Common Stock	20000		20000	D
Stock Options (right to purchase)	$85.97							12/11/2017	12/11/2022	Common Stock	30000		30000	D
Common Units (2)	$0.00 (2)							(2)	(2)	Common Stock (2)	132.8		132.8	D

Explanation of Responses:
(1)	These shares of fully vested common stock were issued under the Issuer's 2014 Incentive Plan in lieu of a portion of the Reporting Person's 2019 cash bonus that would have otherwise been paid in cash.
(2)	Common units ("Common Units") in Ashford Hospitality Advisors LLC, 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.

Reporting Owners
Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
NUNNELEY MARK 14185 DALLAS PARKWAY SUITE 1100 DALLAS, TX 75254			Chief Accounting Officer

Signatures
/s/ Mark L. Nunneley		12/30/2020
**Signature of Reporting Person		Date