[Form 4] ASHLAND INC. Insider Trading Activity

Rhea-AI Filing Summary

Sanat Chattopadhyay, a director of Ashland Inc. (ASH), reported an acquisition of 300 Common Stock Units under Ashland's Deferred Compensation Plan for Non-Employee Directors on 09/30/2025. Each unit is equivalent to one share of Ashland common stock and the units are payable in common stock upon the reporting person's separation from service, subject to any deferral election. After this transaction, the reporting person beneficially owns 1,425 shares/units, which includes additional units received in lieu of cash dividends. The filing is an internal, non-derivative compensation-related award that is exempt under Rule 16b-3.

Positive

• Director received 300 Common Stock Units under the non-employee director deferred compensation plan
• Units vest/payable in common stock upon separation, aligning director compensation with shareholder equity
• Beneficial ownership increased to 1,425 shares/units, including units acquired in lieu of cash dividends

Negative

• None.

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

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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).

1. Name and Address of Reporting Person^*

Chattopadhyay Sanat

(Last) (First) (Middle)

8145 BLAZER DRIVE

(Street)

WILMNGTON 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)
09/30/2025

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
Common Stock Units	(1)	09/30/2025		A(2)		300		(3)	(3)	Common Stock	300	$47.91	1,425(4)	D

Explanation of Responses:

1. 1 for 1.

2. Common Stock Units acquired pursuant to Ashland's Deferred Compensation Plan for Non-Employee Directors (the "Plan") and exempt under Rule 16b-3. (One (1) Common Stock Unit in the Plan is the equivalent of one (1) share of Ashland Common Stock.)

3. Subject to any deferral election on timing of distribution by the reporting person under the Plan, the Common Stock Units are payable in Common Stock upon the reporting person's separation from service as a director.

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

	/s/ Serena S. Kenost, Attorney-In-Fact for Sanat Chattopadhyay	10/02/2025
	** 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 transaction did Sanat Chattopadhyay report for ASH?

The reporting person acquired 300 Common Stock Units under Ashland's Deferred Compensation Plan for Non-Employee Directors on 09/30/2025.

How many shares/units does the reporting person own after the transaction?

The filing shows beneficial ownership of 1,425 shares/units following the reported transaction.

Are the Common Stock Units immediately transferable shares?

No. The Common Stock Units are payable in common stock upon the reporting person's separation from service, subject to any deferral election under the Plan.

Under what rule is this transaction exempt?

The acquisition of Common Stock Units is reported as exempt under Rule 16b-3.

Did the filing indicate cash dividends were involved?

Yes. The balance includes additional Common Stock Units acquired in lieu of cash dividends.