Jeremy Welter - 07 Jul 2022 Form 4 Insider Report for Ashford Inc.

Role: President and COO, 10%+ Owner
Signature: /s/ Jeremy Welter
Issuer symbol: N/A
Transactions as of: 07 Jul 2022
Net transactions value: $0
Form type: 4
Filing time: 08 Jul 2022, 18:41:05 UTC
Previous filing: 17 Mar 2022
Next filing: 19 Jul 2022
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	AINC	Common Stock						264,607	07 Jul 2022	Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	AINC	Class 2 LTIP Units	Disposed to Issuer	$0	-30,000	-100%	$0.000000^*	0	07 Jul 2022	Common Stock	0	$85.97	Direct	F1
transaction	AINC	Class 2 LTIP Units	Award	$0	+30,000		$0.000000	30,000	07 Jul 2022	Common Stock	30,000	$85.97	Direct	F1
holding	AINC	Class 2 LTIP Units						35,000	07 Jul 2022	Common Stock	35,000	$61.12	Direct
holding	AINC	Class 2 LTIP Units						27,451	07 Jul 2022	Common Stock	27,451	$94.96	Direct
holding	AINC	Class 2 LTIP Units						17,500	07 Jul 2022	Common Stock	17,500	$57.71	Direct
holding	AINC	Class 2 LTIP Units						17,500	07 Jul 2022	Common Stock	17,500	$57.34	Direct
holding	AINC	Class 2 LTIP Units						35,000	07 Jul 2022	Common Stock	35,000	$45.59	Direct
holding	AINC	Series D Convertible Preferred Stock						32,400	07 Jul 2022	Common Stock	6,893	$0.2100	Direct	F2
holding	AINC	Common Units						68	07 Jul 2022	Common Stock	68	$0.000000	Direct	F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The reported transaction involves an amendment of outstanding Class 2 Long-Term Incentive Partnership Units ("LTIP 2") in Ashford Hospitality Holdings LLC originally granted on December 11, 2014 (the "Former Award"), resulting in the deemed cancellation of the Former Award and the grant of replacement LTIP 2s.
F2	In connection with the transactions contemplated by the Combination Agreement, dated May 31, 2019, as amended, among the Issuer, the Reporting Person, Monty Bennett, Archie Bennett, Jr., Remington Holdings, L.P., Remington Holdings GP, LLC, Project Management LLC, MJB Investments, L.P., James L. Cowen, Ashford Nevada Holding Corp. and Ashford Merger Sub Inc., the Reporting Person, directly or indirectly through certain affiliates, acquired 32,400 shares of Series D Convertible Preferred Stock as reported herein. Such 32,400 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 6,893 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.
F3	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.