Ashland ASH insider Whitaker details RSU conversions, share taxes

Rhea-AI Filing Summary

Ashland Inc. (ASH) senior vice president, chief financial officer and principal financial officer William Whitaker reported routine equity compensation activity involving restricted stock units and common stock. On 11/13/2025, 229 shares of common stock were acquired upon RSU vesting at $53.10 per share, with 70 shares withheld to cover tax liabilities, leaving 1,727 shares directly owned. On 11/14/2025, a further 356 shares were acquired at $51.51 per share, with 108 shares withheld for taxes, bringing direct ownership to 1,975 shares.

The related derivative positions show RSUs converting into common stock at a $0 exercise price, with remaining RSU balances of 460 and 356 units after the reported transactions. Each RSU represents the right to receive one share of Ashland common stock upon vesting, and grants are made under Ashland’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

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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^*

WHITAKER WILLIAM

(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, CFO & PFO

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		229	A	$53.1	1,797	D
Common Stock	11/13/2025		F(1)		70	D	$53.1	1,727	D
Common Stock	11/14/2025		M		356	A	$51.51	2,083	D
Common Stock	11/14/2025		F(1)		108	D	$51.51	1,975	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)	11/13/2025		M			229	(3)	(3)	Common Stock	229	$0	460(4)	D
Restricted Stock Unit	(2)	11/14/2025		M			356	(3)	(3)	Common Stock	356	$0	356(4)	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.

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

	/s/ Serena S. Kenost, Attorney-in-fact for William Whitaker	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).
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FAQ

What insider transaction did Ashland (ASH) report in this Form 4?

The filing reports that William Whitaker, Ashland’s SVP, CFO and PFO, acquired common shares through the vesting of restricted stock units and had a portion of those shares withheld to satisfy tax obligations.

How many Ashland (ASH) shares did the CFO acquire and retain?

On 11/13/2025, 229 shares were acquired and 70 withheld for taxes, leaving 1,727 shares directly owned. On 11/14/2025, 356 shares were acquired and 108 withheld, bringing direct ownership to 1,975 shares.

What prices were used for the Ashland (ASH) share transactions?

The common stock transactions were reported at $53.10 per share on 11/13/2025 and $51.51 per share on 11/14/2025.

How do the restricted stock units (RSUs) work for Ashland (ASH) executives?

Each restricted stock unit represents a right to receive one share of Ashland common stock upon vesting under the company’s shareholder‑approved incentive plan. The filing notes that RSU grants vest in three equal installments beginning one year from the grant date, subject to continued employment.

Why were some Ashland (ASH) shares disposed of in this filing?

The disposal transactions coded as F reflect shares withheld to pay tax liabilities associated with the vesting of restricted stock units, as described in the explanation of responses.

What derivative securities does the Ashland (ASH) CFO still hold after these transactions?

After the reported RSU conversions, the filing shows remaining restricted stock unit balances of 460 units in one line and 356 units in another, each unit tied to one share of common stock upon future vesting.