[Form 4] ASHLAND INC. Insider Trading Activity

Rhea-AI Filing Summary

Ashland Inc. (ASH) reported insider equity transactions by its Chair of the Board and CEO, Guillermo Novo, on a Form 4. On 11/13/2025, Novo acquired 9,029 shares of common stock through the vesting and settlement of restricted stock units, with 3,779 shares withheld to cover tax liabilities. On 11/14/2025, he acquired an additional 9,119 shares, with 3,817 shares withheld for taxes. After these transactions, Novo directly owned 137,290 Ashland common shares and indirectly owned 31,294 shares through GMGN Novo Family Limited Partnership. He also continued to hold restricted stock units that convert into common stock at no cash exercise price.

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^*

NOVO GUILLERMO

(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
X	Officer (give title below)		Other (specify below)
	Chair of the Board and CEO

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		9,029	A	$53.1	135,767	D
Common Stock	11/13/2025		F(1)		3,779	D	$53.1	131,988	D
Common Stock	11/14/2025		M		9,119	A	$51.51	141,107	D
Common Stock	11/14/2025		F(1)		3,817	D	$51.51	137,290	D
Common Stock								31,294	I	By GMGN Novo Family Limited Partnershi

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			9,029	(3)	(3)	Common Stock	9,029	$0	18,060(4)	D
Restricted Stock Unit	(2)	11/14/2025		M			9,119	(3)	(3)	Common Stock	9,118	$0	9,119(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 Guillermo Novo	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 transaction did Ashland (ASH) disclose in this Form 4?

The filing reports that Ashland's Chair of the Board and CEO, Guillermo Novo, had restricted stock units vest and convert into common stock on 11/13/2025 and 11/14/2025, with some shares withheld to pay related tax liabilities.

How many Ashland (ASH) shares did the CEO acquire and have withheld for taxes?

On 11/13/2025, Novo acquired 9,029 shares and had 3,779 shares withheld for taxes. On 11/14/2025, he acquired 9,119 shares and had 3,817 shares withheld to satisfy tax obligations.

How many Ashland (ASH) shares does the CEO own after these transactions?

Following the reported transactions, Guillermo Novo directly owned 137,290 shares of Ashland common stock and indirectly owned 31,294 shares through GMGN Novo Family Limited Partnership.

What are the restricted stock units (RSUs) mentioned in the Ashland (ASH) Form 4?

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

Why were some Ashland (ASH) shares reported as disposed of in the Form 4?

The shares marked as disposed of were withheld to pay a tax liability associated with the vesting of restricted stock units, as described in the explanation of responses.

Does the Ashland (ASH) CEO still hold unvested RSUs after these transactions?

Yes. Table II shows that Novo continued to hold restricted stock units that correspond to common stock, with no cash exercise price, and that vest over time under Ashland's incentive plan.