[Form 4] ASHLAND INC. Insider Trading Activity

Rhea-AI Filing Summary

Ashland Inc. (ASH) senior vice president, general counsel and secretary Robin E. Lampkin reported routine equity award activity. On 11/13/2025, 866 shares of common stock were acquired through the vesting and settlement of restricted stock units at a reference price of $53.10, with 259 shares withheld to cover taxes. On 11/14/2025, a further 1,276 shares were acquired at $51.51, with 381 shares withheld for taxes.

After these transactions, Lampkin directly owns 4,856 Ashland common shares and indirectly holds 854 shares through a 401(k) plan. She also continues to hold 1,275 restricted stock units, each representing one share of Ashland common stock upon future vesting under the company’s shareholder-approved incentive plan.

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^*

LAMPKIN ROBIN E.

(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, Gen Counsel and Secrty.

3. Date of Earliest Transaction (Month/Day/Year)
11/13/2025

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	11/13/2025		M		866	A	$53.1	4,220	D
Common Stock	11/13/2025		F(1)		259	D	$53.1	3,961	D
Common Stock	11/14/2025		M		1,276	A	$51.51	5,237	D
Common Stock	11/14/2025		F(1)		381	D	$51.51	4,856	D
Common Stock								854(2)	I	By 401(k) Plan

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)	11/13/2025		M			866	(4)	(4)	Common Stock	866	$0	1,732(5)	D
Restricted Stock Unit	(3)	11/14/2025		M			1,276	(4)	(4)	Common Stock	1,276	$0	1,275(5)	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. Total inlcudes dividends accrued in reporting person's 401(k) savings plan.

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

4. 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.

5. Balance includes additional Common Stock Units acquired in lieu of cash dividends.

	/s/ Serena S. Kenost, Attorney-in-fact for Robin E. Lampkin	11/17/2025
	** 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 activity did Ashland (ASH) report for Robin E. Lampkin?

The filing shows that Robin E. Lampkin, Ashland’s senior vice president, general counsel and secretary, reported vesting of restricted stock units that resulted in the acquisition of common shares on 11/13/2025 and 11/14/2025, along with share withholding to cover taxes.

How many Ashland (ASH) shares did Robin E. Lampkin acquire and at what prices?

On 11/13/2025, Lampkin acquired 866 Ashland common shares at a reference price of $53.10. On 11/14/2025, she acquired an additional 1,276 shares at a reference price of $51.51, both tied to restricted stock unit vesting.

How many Ashland (ASH) shares were withheld for taxes in the reported Form 4?

The filing states that 259 shares on 11/13/2025 and 381 shares on 11/14/2025 were disposed of to satisfy tax liabilities associated with the vesting of restricted stock units, as described in the explanation of responses.

What is Robin E. Lampkin’s Ashland (ASH) share ownership after these transactions?

Following the reported transactions, Lampkin directly owns 4,856 Ashland common shares and indirectly owns 854 shares through a 401(k) plan, according to the ownership table.

How many restricted stock units does Robin E. Lampkin still hold in Ashland (ASH)?

After the exercises reported in Table II, Lampkin beneficially owns 1,275 restricted stock units. Each RSU represents the right to receive one share of Ashland common stock upon vesting, as described in the notes.

What do the restricted stock unit terms disclose for Ashland (ASH)?

The notes state that each RSU represents one share of Ashland common stock upon vesting and that the grants were made under Ashland’s shareholder-approved incentive plan. The shares in the referenced grant vest in three equal installments beginning one year from the date of grant, subject to continuous employment.

Who signed the Ashland (ASH) Form 4 on behalf of Robin E. Lampkin?

The Form 4 was signed by Serena S. Kenost as attorney-in-fact for Robin E. Lampkin, with a signature date of 11/17/2025, as indicated in the signature block.