Ashland Inc. Insider Trading Activity

Insider Trade Summary

3,123 shares exercised/converted

Exercise 3 txns

Insider Assis Alessandra Faccin

Role SVP and GM, Life Sciences

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Unit	3,123	$0.00	$0.00
Exercise	Common Stock	3,123	$51.26	$160K
Exercise Price or Tax Liability	Common Stock	1,327	$51.26	$68K

Holdings After Transaction: Restricted Stock Unit — 12,498 contracts (Direct); Common Stock — 4,946 shares (Direct)

Footnotes (4)

1. F1. Balance includes additional restricted stock units acquired in lieu of cash dividends.
2. F2. Payment of tax liability by withholding securities incident to the vesting of Restricted Stock Units acquired pursuant to Ashland's incentive plan as approved by the shareholders and exempt pursuant to Rule 16b-3.
3. F3. Each Restricted Stock Unit represents a right to receive one (1) share of Ashland Common Stock.
4. F4. On July 25, 2024, the Reporting Person was granted 15,234 restricted stock units, vesting over a three-year period, with 20% vesting on July 25, 2025, 20% vesting on July 25, 2026, and 60% vesting on July 25, 2027, provided that the Reporting Person remains in continuous employment with the Issuer.

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Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 07/28/2025 - 04:30 PM EDT Learn about SEC filing dates

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).

1. Name and Address of Reporting Person^*

Assis Alessandra Faccin

(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, Life Sciences

3. Date of Earliest Transaction (Month/Day/Year)
07/25/2025

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
Common Stock	07/25/2025		M		3,123	A	$51.26	6,273(1)	D
Common Stock	07/25/2025		F		1,327(2)	D	$51.26	4,946	D

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 Unit	(3)	07/25/2025		M			3,123	(4)	(4)	Common Stock	3,123	$0	12,498(1)	D

Explanation of Responses:

1. Balance includes additional restricted stock units acquired in lieu of cash dividends.

2. Payment of tax liability by withholding securities incident to the vesting of Restricted Stock Units acquired pursuant to Ashland's incentive plan as approved by the shareholders and exempt pursuant to Rule 16b-3.

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

4. On July 25, 2024, the Reporting Person was granted 15,234 restricted stock units, vesting over a three-year period, with 20% vesting on July 25, 2025, 20% vesting on July 25, 2026, and 60% vesting on July 25, 2027, provided that the Reporting Person remains in continuous employment with the Issuer.

	/s/ Serena S. Kenost, Attorney-in-Fact for Alessandra Faccin Assis	07/28/2025
	** 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.