Mark Nunneley - Mar 3, 2023 Form 4 Insider Report for Ashford Inc. (AINC)

Role: Chief Accounting Officer
Signature: /s/ Mark L. Nunneley
Stock symbol: AINC
Transactions as of: Mar 3, 2023
Transactions value $: $0
Form type: 4
Date filed: 3/7/2023, 06:29 PM
Previous filing: Jul 8, 2022
Next filing: Mar 15, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	AINC	Common Stock	Award	$0	+9.78K	+19.32%	$0.00	60.4K	Mar 3, 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						20K	Mar 3, 2023	Common Stock	20K	$61.12	Direct
holding	AINC	Class 2 LTIP Units						16.3K	Mar 3, 2023	Common Stock	16.3K	$94.96	Direct
holding	AINC	Class 2 LTIP Units						10K	Mar 3, 2023	Common Stock	10K	$57.71	Direct
holding	AINC	Class 2 LTIP Units						10K	Mar 3, 2023	Common Stock	10K	$57.34	Direct
holding	AINC	Class 2 LTIP Units						20K	Mar 3, 2023	Common Stock	20K	$45.59	Direct
holding	AINC	Class 2 LTIP Units						30K	Mar 3, 2023	Common Stock	30K	$85.97	Direct
holding	AINC	Common Units						133	Mar 3, 2023	Common Stock	133	$0.00	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.