J. Robison Hays III - 03 Mar 2023 Form 4 Insider Report for Ashford Inc.

Role: Senior Managing Director
Signature: /s/ J. Robison Hays, III
Issuer symbol: N/A
Transactions as of: 03 Mar 2023
Net transactions value: $0
Form type: 4
Filing time: 07 Mar 2023, 18:26:40 UTC
Previous filing: 08 Jul 2022
Next filing: 15 Mar 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	AINC	Common Stock	Award	$0	+16,984	+16%	$0.000000	120,086	03 Mar 2023	Direct	F1

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
holding	AINC	Class 2 LTIP Units						35,000	03 Mar 2023	Common Stock	35,000	$61.12	Direct
holding	AINC	Class 2 LTIP Units						27,451	03 Mar 2023	Common Stock	27,451	$94.96	Direct
holding	AINC	Class 2 LTIP Units						17,500	03 Mar 2023	Common Stock	17,500	$57.71	Direct
holding	AINC	Class 2 LTIP Units						17,500	03 Mar 2023	Common Stock	17,500	$57.34	Direct
holding	AINC	Class 2 LTIP Units						35,000	03 Mar 2023	Common Stock	35,000	$45.59	Direct
holding	AINC	Class 2 LTIP Units						30,000	03 Mar 2023	Common Stock	30,000	$85.97	Direct
holding	AINC	Common Units						77	03 Mar 2023	Common Stock	77	$0.000000	Direct	F2

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

Explanation of Responses:

Id	Content
F1	The Reporting Person received the shares pursuant to a stock grant from the Issuer under the Issuer's 2014 Incentive Plan. Such shares vest in three (3) substantially equal installments on the first three (3) anniversaries following the date of grant.
F2	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.