[Form 4] ASHLAND INC. Insider Trading Activity

Rhea-AI Filing Summary

Ashland Inc. (ASH) reported an equity award for senior vice president and general manager of Personal Care, James P. Minicucci. On 11/19/2025, he received 5,049 Restricted Stock Units (RSUs), each representing one share of Ashland common stock, granted under the company’s shareholder-approved incentive plan. These RSUs vest in three equal installments starting one year from the grant date, contingent on continued employment.

On the same date, he was also granted 11,361 Stock Appreciation Rights (SARs) with an exercise price of $50.58 per share under the Ashland Inc. 2021 Omnibus Incentive Compensation Plan. The SARs become exercisable ratably over three years beginning on the first anniversary of the grant and expire on 11/19/2035.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

MINICUCCI JAMES P.

(Last) (First) (Middle)

8145 BLAZER DRIVE

(Street)

WILMINGTON DE 19808

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ASHLAND INC. [ ASH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP and GM, Personal Care

3. Date of Earliest Transaction (Month/Day/Year)
11/19/2025

4. If Amendment, Date of 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

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

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 Securities Underlying Derivative Security (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: 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
Restricted Stock Units	(1)	11/19/2025		A		5,049		(2)	(2)	Common Stock	5,049	$0	5,049	D
Stock Appreciation Rights(3)	$50.58	11/19/2025		A		11,361		(4)	11/19/2035	Common Stock	11,361	$0	11,361	D

Explanation of Responses:

1. Each Restricted Stock Unit (RSU) represents a right to receive one (1) share of ASH Common Stock.

2. Grant of Restricted Stock Units on November 19, 2025, pursuant to Ashland's incentive plan as approved by the shareholders and exempt pursuant to Rule 16b-3. The shares in this grant vest in three equal installments beginning one year from the date of grant, provided that the Reporting Person remains in continuous employment with the issuer.

3. Stock Appreciation Rights (SARs) granted under the Ashland Inc. 2021 Omnibus Incentive Compensation Plan.

4. SARs become exercisable ratably over three years beginning on the first anniversary from the date of grant.

	/s/ Serena S. Kenost, Attorney-In-Fact for James P. Minicucci	11/21/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What equity awards did Ashland (ASH) grant to James P. Minicucci?

Ashland granted 5,049 Restricted Stock Units (RSUs) and 11,361 Stock Appreciation Rights (SARs) to SVP and GM, Personal Care, James P. Minicucci on 11/19/2025.

How do the Restricted Stock Units granted by Ashland (ASH) vest?

The 5,049 RSUs granted on 11/19/2025 vest in three equal installments beginning one year from the grant date, provided the executive remains in continuous employment with Ashland.

What are the key terms of the Stock Appreciation Rights granted by Ashland (ASH)?

The 11,361 SARs have an exercise price of $50.58 per share, were granted on 11/19/2025, and expire on 11/19/2035. They become exercisable ratably over three years starting on the first anniversary of the grant.

Under which plans were the RSUs and SARs for Ashland (ASH) granted?

The RSUs were granted under Ashland’s shareholder-approved incentive plan and are exempt under Rule 16b-3. The SARs were granted under the Ashland Inc. 2021 Omnibus Incentive Compensation Plan.

What does each Ashland (ASH) Restricted Stock Unit represent?

Each Restricted Stock Unit (RSU) represents a right to receive one share of Ashland common stock.

Who is the reporting person in this Ashland (ASH) Form 4 filing and what is their role?

The reporting person is James P. Minicucci, who serves as SVP and GM, Personal Care at Ashland Inc.