[Form 4] ASHLAND INC. Insider Trading Activity

Rhea-AI Filing Summary

Ashland Inc. (ASH) VP, Controller and PAO Samuel Richardson reported routine equity compensation activity. On 11/17/2025, 107 Restricted Stock Units (RSUs) converted into an equal number of Ashland common shares at an exercise price of $0, shown as transaction code "M." At the same time, 32 shares were disposed of at $49.6 per share under transaction code "F" to cover tax withholding related to the RSU vesting. After these transactions, Richardson beneficially owned 1,072 shares of Ashland common stock directly. The RSUs were granted under Ashland's shareholder-approved incentive plan and are exempt under Rule 16b-3.

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

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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^*

RICHARDSON SAMUEL

(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)
	VP, Controller and PAO

3. Date of Earliest Transaction (Month/Day/Year)
11/17/2025

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	11/17/2025		M		107	A	$49.6	1,104	D
Common Stock	11/17/2025		F(1)		32	D	$49.6	1,072	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	(2)	11/17/2025		M			107	(3)	(3)	Common Stock	107	$0	0	D

Explanation of Responses:

1. Payment of a 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.

2. Each Restricted Stock Unit (RSU) represents a right to receive one (1) share of Ashland common stock upon vesting.

3. Grant of Restricted Stock Units 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.

	/s/ Serena S. Kenost, Attorney-in-fact for Samuel Richardson	11/19/2025
	** 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 insider transaction did Ashland (ASH) report for Samuel Richardson?

Samuel Richardson, Ashland's VP, Controller and PAO, reported the vesting and conversion of 107 Restricted Stock Units into common stock on 11/17/2025, along with a related tax withholding share disposition.

How many Ashland (ASH) shares did Samuel Richardson acquire and dispose of?

He acquired 107 shares of Ashland common stock through RSU conversion and disposed of 32 shares at $49.6 per share to satisfy tax withholding obligations.

What is Samuel Richardson's Ashland (ASH) share ownership after the reported transactions?

Following the reported Form 4 transactions, Samuel Richardson beneficially owned 1,072 shares of Ashland common stock in direct ownership.

What do the Form 4 transaction codes M and F mean for Ashland (ASH)?

Code M reflects the exercise or conversion of a derivative security, here the conversion of RSUs into 107 common shares. Code F indicates a disposition of 32 shares to cover tax withholding linked to that RSU vesting.

How do Ashland (ASH) Restricted Stock Units work in this filing?

Each Restricted Stock Unit (RSU) represents a right to receive one share of Ashland common stock upon vesting, under Ashland's shareholder-approved incentive plan and exempt pursuant to Rule 16b-3.

Are the Ashland (ASH) RSUs in this Form 4 part of an incentive plan?

Yes. The RSUs and related transactions are under Ashland's incentive plan as approved by shareholders and are noted as exempt from certain short-swing profit rules under Rule 16b-3.