2,449 RSUs awarded to Ashland (NYSE: ASH) director Main

Rhea-AI Filing Summary

Ashland Inc. director Sue Main received an equity award of 2,449 Restricted Stock Units (RSUs) on January 20, 2026. Each RSU represents the right to receive one share of Ashland common stock. The RSUs were granted under Ashland’s Omnibus Incentive Plan and are stock-settled.

The award is deferred at Main’s election under the Deferred Compensation Plan for Non-Employee Directors until she retires from the board, and the RSUs will vest one year after the grant date. Following this grant and prior dividend-equivalent accruals, she beneficially owns 16,073 RSUs directly, which will convert into the same number of common shares when settled.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider MAIN SUE

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Units	2,449	$61.23	$150K

Holdings After Transaction: Restricted Stock Units — 16,073 shares (Direct)

Footnotes (1)

1. Each Restricted Stock Unit (RSU) represents a right to receive one (1) share of Ashland Common Stock. Grant of stock-settled Restricted Stock Units granted under the Ashland Inc. Omnibus Incentive Plan. The Restricted Stock Units are deferred at the election of the Reporting Person under the Ashland Inc. Deferred Compensation Plan for Non-Employee Directors until retirement from service as a director. The Restricted Stock Units will vest one year after the grant date. One (1) Restricted Stock Unit in the Ashland Inc. Deferred Compensation Plan for Non-Employee Directors is the equivalent of one (1) share of Ashland Common Stock. Balance includes additional Restricted Stock Units acquired in lieu of cash dividends.

Form 4 Insider Transactions: What Each Field Means →

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^*

MAIN SUE

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
01/20/2026

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)	01/20/2026		A		2,449		(2)	(2)	Common Stock	2,449	$61.23	16,073(3)	D

Explanation of Responses:

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

2. Grant of stock-settled Restricted Stock Units granted under the Ashland Inc. Omnibus Incentive Plan. The Restricted Stock Units are deferred at the election of the Reporting Person under the Ashland Inc. Deferred Compensation Plan for Non-Employee Directors until retirement from service as a director. The Restricted Stock Units will vest one year after the grant date. One (1) Restricted Stock Unit in the Ashland Inc. Deferred Compensation Plan for Non-Employee Directors is the equivalent of one (1) share of Ashland Common Stock.

3. Balance includes additional Restricted Stock Units acquired in lieu of cash dividends.

	/s/ Serena S. Kenost, Attorney-in-Fact for Susan L. Main	01/21/2026
	** 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 insider transaction did Ashland (ASH) report for Sue Main?

Ashland reported that director Sue Main received an award of 2,449 Restricted Stock Units (RSUs) on January 20, 2026 under the company’s incentive plan.

What does each RSU in this Ashland (ASH) Form 4 represent?

Each Restricted Stock Unit represents a right to receive one share of Ashland common stock when the unit is settled in stock.

When do Sue Main’s newly granted Ashland RSUs vest and pay out?

The 2,449 RSUs will vest one year after the January 20, 2026 grant date and are deferred until retirement from service as a director under Ashland’s deferred compensation plan.

How many Ashland RSUs does Sue Main beneficially own after this transaction?

After the reported grant, Sue Main beneficially owns 16,073 Restricted Stock Units directly, according to the Form 4 data.

At what reference price were the new Ashland RSUs recorded in the Form 4?

The Form 4 lists a price of $61.23 per Restricted Stock Unit for the 2,449 RSUs granted on January 20, 2026.

Does the Ashland director’s RSU balance include dividend equivalents?

Yes. A footnote states that the 16,073 RSU balance includes additional RSUs acquired in lieu of cash dividends.