*The remainder of this cover page shall
be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any
subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder
of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act
of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other
provisions of the Act (however, see the Notes).
| CUSIP No. 044104 10 7 |
13D |
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| |
| 1 |
Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Mark Nunneley
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| 2 |
Check the Appropriate Box if a Member of a Group* |
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(a) |
¨ |
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(b) |
¨ |
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| 3 |
SEC Use Only |
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| 4 |
Source of Funds
OO/PF
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| 5 |
Check
Box if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) ¨
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| 6 |
Citizenship or Place of Organization
United States
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Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With |
7 |
Sole
Voting Power
166,816 (1)
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| 8 |
Shared
Voting Power
0
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| 9 |
Sole
Dispositive Power
166,816 (1)
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| 10 |
Shared Dispositive
Power
0 |
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| 11 |
Aggregate
Amount Beneficially Owned by Each Reporting Person
166,816 (1)
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| 12 |
Check
Box if the Aggregate Amount in Row (11) Excludes Certain Shares* ¨
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| 13 |
Percent
of Class Represented by Amount in Row (11)
5.0%(2)
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| 14 |
Type of Reporting Person
IN |
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|
(1) Includes 133 Common Units (as defined herein) and
106,299 Class 2 LTIP Units (as defined herein).
(2) Based on 3,196,981 shares of Common Stock outstanding
as of March 31, 2023, plus the following: (i) 133 Common Units; (ii) 106,299 Class 2 LTIP Units;
and (iii) any other Securities (as defined herein) beneficially owned by the Reporting Person that are convertible into Common Stock.
CUSIP No. 044104 10 7
Item 1. Security and Issuer
This Statement on Schedule
13D (“Statement”) relates to the common stock, par value $0.001 per share (the “Common Stock”),
of Ashford Inc., a Nevada corporation (the “Issuer”), and is being filed by Mark Nunneley (the “Reporting
Person”). The principal executive offices of the Issuer are located at 14185 Dallas Parkway, Suite 1200, Dallas, Texas
75254.
Item 2. Identity and Background
(a) Name. The name of the Reporting
Person is Mark Nunneley.
(b) Business Address. The business
address of the Reporting Person is 14185 Dallas Parkway, Suite 1200, Dallas, Texas 75254.
(c) Occupation and
Employment. The Reporting Person is currently the Chief Accounting Officer of the Issuer and Chief Accounting Officer of each of Ashford
Hospitality Trust, Inc., Braemar Hotels & Resorts Inc. and Ashford Hospitality Advisors LLC.
(d) Criminal Proceedings.
During the last five years, the Reporting Person has not been convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) Civil Proceedings.
During the last five years, the Reporting Person has not been a party to a civil proceeding of a judicial or administrative body of competent
jurisdiction as a result of which the Reporting Person was or is subject to a judgment, decree or final order enjoining future violations
of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such
laws.
(f) Citizenship. The Reporting Person
is a citizen of the United States.
Item 3. Source and Amount of Funds or
Other Consideration
The holdings reported by the
Reporting Person herein consist of (i) 60,384 shares of Common Stock, (ii) 133 common units in Ashford Hospitality Advisors
LLC, the operating subsidiary of the Issuer, held directly or indirectly by the Reporting Person (“Common Units”),
and (iii) 106,299 Class 2 Long-term Incentive Partnership Units in Ashford Hospitality Holdings LLC (“AHH”),
all of which are vested (“Class 2 LTIP Units,” and together with the shares of Common Stock and the Common Units
held by the Reporting Person, the “Securities”). The Common Units are redeemable for cash or, at the option of the
Issuer, convertible into shares of Common Stock on a 1-for-1 basis. The Class 2 LTIP Units replicate the economics of a stock option
granted by the Issuer by converting (prior to the applicable final conversion date) into a number of long-term incentive partnership units
(“LTIP Units”) in AHH based on the appreciation in a share of the Issuer’s Common Stock over the issue price
of the applicable Class 2 LTIP Unit. LTIP Units are in turn convertible into common limited partnership units of AHH, which are themselves
redeemable for cash or, at the option of the Issuer, convertible into shares of Common Stock on a 1-for-1 basis. The shares of Common
Stock beneficially owned by the Reporting Person were acquired either as compensation for his services as an executive officer of the
Issuer or by open market purchases using personal funds.
CUSIP No. 044104 10 7
Item 4. Purpose of Transaction
The Reporting Person, directly
or indirectly through certain affiliates, acquired the Securities as compensation for services as an executive officer of the Issuer for
investment purposes. As a result of the Reporting Person’s position as Chief Accounting Officer of the Issuer, the Reporting Person
effects a measure of control over the Issuer. The Reporting Person will continue to evaluate his ownership and voting position in the
Issuer and may consider the following future courses of action: (i) continuing to hold the Securities for investment; (ii) converting,
at the option of the Company, some or all of the Common Units into shares of Common Stock, (iii) disposing of all or a portion of
the Securities in open market sales or in privately-negotiated transactions; or (iv) acquiring additional shares of Common Stock
in open market or in privately-negotiated transactions. The Reporting Person has not as yet determined which of the courses of action
specified in this paragraph he may ultimately take. The Reporting Person’s future actions with regard to this investment are dependent
on his evaluation of a variety of circumstances affecting the Issuer in the future, including the market price of the Common Stock, the
Issuer’s business and the Reporting Person’s investment portfolio.
Other than as set forth above
or reflected below, the Reporting Person does not have any plans or proposals that would result in any of the following:
(a) the acquisition
by any person of additional securities of the Issuer, or the disposition of securities of the Issuer;
(b) an extraordinary
corporate transaction, such as a merger, reorganization or liquidation, involving the Issuer or any of its subsidiaries;
(c) a sale or transfer
of a material amount of assets of the Issuer or any of its subsidiaries;
(d) any change in the
present Board of Directors or management of the Issuer, including any plans or proposals to change the number or terms of Directors or
to fill any existing vacancies on the Board of Directors, except as announced by the Issuer of its intention to present a proposal to
the Issuer’s stockholders at the first annual meeting of stockholders to declassify the Issuer’s Board of Directors;
(e) any material change
in the present capitalization or dividend policy of the Issuer;
(f) any other material
change in the Issuer’s business or corporate structure;
(g) changes in the Issuer’s
charter, bylaws or instruments corresponding thereto or other actions which may impede the acquisition of control of the Issuer by any
person;
(h) causing a class
of securities of the Issuer to be delisted from a national securities exchange or to cease to be authorized to be quoted in an interdealer
quotation system of a registered national securities association;
(i) causing a class
of equity securities of the Issuer to become eligible for termination of registration pursuant to Section 12(g)(4) of the Securities
Exchange Act of 1934, as amended; or
(j) any action similar
to any of those enumerated above.
CUSIP No. 044104 10 7
Item 5. Interest in Securities of the
Issuer
(a) Aggregate Number
and Percentage of Securities. The Reporting Person is deemed to beneficially own an aggregate of 166,816(3) shares
of Common Stock (which includes 133 Common Units which are presently, upon redemption at the request of the Reporting Person, convertible,
at the option of the Issuer, into shares of Common Stock), and an aggregate of 106,299 of Class 2 LTIP Units, representing approximately
5.0% of the Issuer’s outstanding Common Stock, and all of which are held directly by the Reporting Person.
(b) Power to Vote
and Dispose. The Reporting Person has the sole voting and dispositive power over the Securities identified in response to Item 5(a) above.
(c) Transactions
within the Past 60 Days. During the 60-day period immediately preceding the filing date of this Statement on Schedule 13D, the Reporting
Person acquired shares of Common Stock as set forth in the table below:
Date of
Acquisition | |
Number of
Shares of
Common Stock
Acquired | | |
Price Per
Share | | |
Type and Manner of Acquisition |
| 03/03/2023 | |
| 9,779 | | |
$ | 0.00 | | |
Stock grant from the Issuer under the Issuer’s 2014 Incentive Plan.(1) |
| | | |
| (1) | Reference is made to the Form 4 filed on March 7, 2023 by the Reporting Persons with the Securities and Exchange Commission,
which is incorporated herein by reference. |
(d) Certain Rights of Other Persons.
Not applicable.
(e) Date Ceased to be a 5% Owner.
Not applicable.
(3) Includes 60,384 shares of Common Stock,
133 Common Units and 106,299 Class 2 LTIP Units held directly by the Reporting Person.
CUSIP No. 044104 10 7
| Item 6. | Contracts, Arrangements, Understandings or Relationships
with respect to Securities of the Issuer |
None.
| Item 7. | Material to be filed as Exhibits |
None.
SIGNATURE
After reasonable inquiry and
to the best of my knowledge and belief, I hereby certify that the information set forth in this Statement is true, complete and correct.
Date: April 7, 2023
| | /s/
Mark Nunneley |
| | | Mark Nunneley |