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 1100
3. Date of Earliest Transaction (MM/DD/YYYY)
2/5/2021
(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  2/5/2021    A(1)    3470  A $0 (1) 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 (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
Series D Convertible Preferred Stock (3) $0.21 (3)                  (3)  (3) Common Stock  1924957 (3)   9047300  I  By MJB Investments LP 
Series D Convertible Preferred Stock (4) $0.21 (4)                  (4)  (4) Common Stock  17021 (4)   80000  I  By Trust (4)
Series D Convertible Preferred Stock (5) $0.21 (5)                  (5)  (5) Common Stock  32340 (5)   152000  D   
Stock Options (right to purchase)  $61.12                  2/27/2022  2/27/2029  Common Stock  90000    90000  D   
Stock Options (right to purchase)  $94.96                  3/14/2021  3/14/2028  Common Stock  77206    77206  D   
Stock Options (right to purchase)  $57.71                  10/3/2020  10/3/2027  Common Stock  50000    50000  D   
Stock Options (right to purchase)  $57.34                  4/18/2020  4/18/2027  Common Stock  50000    50000  I  By MJB Operating, LP 
Stock Options (right to purchase)  $45.59                  3/31/2019  3/31/2026  Common Stock  100000    100000  I  By MJB Operating, LP 
Stock Options (right to purchase)  $85.97                  12/11/2017  12/11/2022  Common Stock  95000    95000  I  By MJB Operating, LP 
Common Units (6) $0.00 (6)                  (6)  (6) Common Stock (6) 143.04    143.04  I  By MJB Operating, LP 
Common Units (6) $0.00 (6)                  (6)  (6) Common Stock (6) 501.6    501.6  I  By Dartmore LP 
Common Units (6) $0.00 (6)                  (6)  (6) Common Stock (6) 35.91    35.91  I  By MJB Investments LP 
Common Units (6) $0.00 (6)                  (6)  (6) Common Stock (6) 109.24    109.24  I  By Reserve, LP IV 
Common Units (6) $0.00 (6)                  (6)  (6) Common Stock (6) 78.67    78.67  I  By Reserve, LP III 
Common Units (6) $0.00 (6)                  (6)  (6) Common Stock (6) 93.18 (2)   93.18 (2) I  By Ashford Financial Corporation 
Stock Units under Deferred Compensation Plan (7)  (7)                  (7)  (7) Common Stock  195579    195579 (7) D   

Explanation of Responses:
(1)  The Reporting Person received the shares of Common Stock as payment of base salary in lieu of cash.
(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 (as defined below) or any 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)  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").
(4)  In connection with the transactions contemplated by the Combination Agreement, 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.
(5)  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.
(6)  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.
(7)  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 1100
DALLAS, TX 75254
X X CEO and Chairman of the Board

Signatures
/s/ Monty J. Bennett 2/8/2021
**Signature of Reporting Person Date