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 *

Eubanks Deric S		 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)
CFO and Treasurer
(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         55613 D  
Common Stock         30 I By spouse's IRA 

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 Security3. Trans. Date3A. Deemed Execution Date, if any4. 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 Date7. 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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Stock Options (right to purchase) $61.12           2/27/2022 2/27/2029 Common Stock 35000  35000 D  
Stock Options (right to purchase) $94.96           3/14/2021 3/14/2028 Common Stock 27451  27451 D  
Stock Options (right to purchase) $57.71           10/3/2020 10/3/2027 Common Stock 17500  17500 D  
Stock Options (right to purchase) $57.34           4/18/2020 4/18/2027 Common Stock 17500  17500 D  
Stock Options (right to purchase) $45.59           3/31/2019 3/31/2026 Common Stock 35000  35000 D  
Stock Options (right to purchase) $85.97 7/7/2022  D (1)    30000  12/11/2017 12/11/2022 Common Stock 0 $0 (1)0 D  
Stock Options (right to purchase) $85.97 7/7/2022  A (1)  30000    12/11/2017 12/11/2025 Common Stock 30000 $0 (1)30000 D  
Common Units (2)$0.00 (2)           (2) (2)Common Stock (2)27.8  27.8 D  
Explanation of Responses:
(1) 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.
(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
Director10% OwnerOfficerOther
Eubanks Deric S
14185 DALLAS PARKWAY
SUITE 1200
DALLAS, TX 75254

CFO and Treasurer
Signatures
/s/ Deric S. Eubanks7/8/2022
**Signature of Reporting PersonDate
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).
Note:File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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