Ownership Submission
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

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
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 (Month/Day/Year)
02/27/2019
(Street)

DALLAS, TX 75254
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction 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               14,154 I (1) By MJB Operating, LP
Common Stock               115,477 I By MJB Investments LP
Common Stock               53,726 I By Dartmore LP
Common Stock               11,602 I By Reserve, LP IV
Common Stock               7,763 I By Reserve, LP III
Common Stock               9,225 (2) I By Ashford Financial Corporation

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction 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
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(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 02/27/2019   A(3)   90,000   02/27/2022 02/27/2029 Common Stock 90,000 $ 0 (3) 90,000 D  
Stock Options (right to purchase) $ 94.96             03/14/2021 03/14/2028 Common Stock 77,206   77,206 D  
Stock Options (right to purchase) $ 57.71             10/03/2020 10/03/2027 Common Stock 50,000   50,000 D  
Stock Options (right to purchase) $ 57.34             04/18/2020 04/18/2027 Common Stock 50,000   50,000 I (1) By MJB Operating, LP
Stock Options (right to purchase) $ 45.59             03/31/2019 03/31/2026 Common Stock 100,000   100,000 I (1) By MJB Operating, LP
Stock Options (right to purchase) $ 85.97             12/11/2017 12/11/2022 Common Stock 95,000   95,000 I (1) By MJB Operating, LP
Common Units (4) $ 0 (4)               (4)   (4) Common Stock (4) 143.04   143.04 I (1) By MJB Operating, LP
Common Units (4) $ 0 (4)               (4)   (4) Common Stock (4) 501.6   501.6 I By Dartmore LP
Common Units (4) $ 0 (4)               (4)   (4) Common Stock (4) 35.91   35.91 I By MJB Investments LP
Common Units (4) $ 0 (4)               (4)   (4) Common Stock (4) 109.24   109.24 I By Reserve, LP IV
Common Units (4) $ 0 (4)               (4)   (4) Common Stock (4) 78.67   78.67 I By Reserve, LP III
Common Units (4) $ 0 (4)               (4)   (4) Common Stock (4) 93.18 (2)   93.18 (2) I By Ashford Financial Corporation
Series B Convertible Preferred Stock (5) $ 0.18 (5)             08/08/2018(5)   (5) Common Stock 714,286   4,000,000 I By MJB Investments LP
Stock Units under Deferred Compensation Plan (6) (6)               (6)   (6) Common Stock 195,579   0 (6) D  

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   03/01/2019
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(1) Previously reported as directly owned by the Reporting Person. Reflects the recent transfer of such securities to MJB Operating, LP, which is wholly-owned, directly or indirectly, by the Reporting Person.
(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 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) The options were acquired from the Issuer in a grant under the Issuer's 2014 Incentive Plan.
(4) 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.
(5) In connection with the transactions contemplated by the Combination Agreement, dated August 8, 2018, among the Issuer, the Reporting Person, Archie Bennett, Jr., Remington Holdings, L.P., Remington Holdings GP, LLC, Project Management LLC, MJB Investments, L.P., Mark A. Sharkey, Ashford Holding Corp. and Ashford Merger Sub Inc., the Reporting Person, directly or indirectly through certain affiliates, acquired 4,000,000 shares of Series B Convertible Preferred Stock as reported herein. Such 4,000,000 shares of Series B Convertible Preferred Stock are convertible at any time and from time to time, in full or partially, into 714,286 shares of the Issuer's common stock at a conversion ratio equal to the liquidation preference of a share of Series B Convertible Preferred Stock, par value $25.00, divided by $140, subject to adjustment.
(6) 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.

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