Ashland SVP exercises 9,793 stock rights

Ashland Inc. SVP and CTO Osama M. Musa exercised 9,793 Stock Appreciation Rights at an exercise price of $57.96 per share, eliminating this SAR position.

Rhea-AI Filing Summary

Ashland Inc. SVP and CTO Osama M. Musa exercised 9,793 Stock Appreciation Rights at an exercise price of $57.96 per share, eliminating this SAR position. The exercise was settled on a net-share basis, resulting in the acquisition of 1,267 common shares and increasing his direct holdings to 30,806 shares. The SARs were granted under the Ashland Inc. 2021 Omnibus Incentive Compensation Plan and the transaction was effected pursuant to a Rule 10b5-1 trading plan adopted on February 26, 2026.

Insider Trade Summary 10b5-1

9,793 shares exercised/converted

Exercise 2 txns

Insider MUSA OSAMA M

Role SVP and CTO

Type	Security	Shares	Price	Value
Exercise	Stock Appreciation Rights F1	9,793	$0.00	$0.00
Exercise	Common Stock	1,267	$57.96	$73K

Holdings After Transaction: Stock Appreciation Rights — 0 contracts (Direct); Common Stock — 30,806 shares (Direct)

Footnotes (1)

1. F1. The Stock Appreciation Rights (SARs) were exercised pursuant to the Ashland Inc. 2021 Omnibus Incentive Compensation Plan and were settled on a net-share basis. The transaction was effected pursant to a Rule 10b5-1 trading plan adopted by the reporting person on February 26, 2026.

Key Figures

Stock Appreciation Rights Exercised: 9,793 rights Exercise Price: $57.96 per share Common Shares Acquired: 1,267 shares +3 more

6 metrics

Stock Appreciation Rights Exercised 9,793 rights Stock Appreciation Rights exercised on 2026-07-29

Exercise Price $57.96 per share Exercise price for 9,793 Stock Appreciation Rights

Common Shares Acquired 1,267 shares Common stock received from SAR exercise on 2026-07-29

Post-transaction Holdings 30,806 shares Direct Ashland common stock held after the transaction

SAR Expiration Date 2026-12-16 Original expiration date of exercised Stock Appreciation Rights

SAR Position Remaining 0 rights Total Stock Appreciation Rights following the exercise

Key Terms

Stock Appreciation Rights, net-share basis, Rule 10b5-1 trading plan, 2021 Omnibus Incentive Compensation Plan

4 terms

Stock Appreciation Rights financial

"The Stock Appreciation Rights (SARs) were exercised pursuant to the Ashland Inc."

Stock appreciation rights (SARs) are a form of employee compensation that give the holder the right to receive the increase in a company's stock price over a set baseline, paid in cash or shares, without having to buy the stock. For investors, SARs matter because they can create future cash outflows or share dilution and signal how a company rewards and motivates executives — similar to giving a bonus tied directly to how well the company’s stock performs.

net-share basis financial

"SARs were exercised ... and were settled on a net-share basis."

Rule 10b5-1 trading plan regulatory

"The transaction was effected pursant to a Rule 10b5-1 trading plan adopted"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

2021 Omnibus Incentive Compensation Plan financial

"exercised pursuant to the Ashland Inc. 2021 Omnibus Incentive Compensation Plan"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did ASH reporting person Osama M. Musa report?

Osama M. Musa exercised 9,793 Stock Appreciation Rights and received 1,267 shares of Ashland common stock. The transaction eliminated this SAR position and increased his direct holdings to 30,806 shares of common stock.

At what price were the Ashland (ASH) Stock Appreciation Rights exercised?

The Stock Appreciation Rights were exercised at an exercise price of $57.96 per share. This price applied to 9,793 SARs, which converted into common stock and were settled on a net-share basis under the company’s incentive plan.

How many Ashland (ASH) shares does Osama M. Musa hold after this Form 4 transaction?

Following the transaction, Osama M. Musa directly holds 30,806 shares of Ashland common stock. These holdings reflect the 1,267 shares acquired through the net-share settlement of exercised Stock Appreciation Rights.

Were the Ashland (ASH) insider transactions made under a Rule 10b5-1 plan?

Yes. The filing states the Stock Appreciation Rights were exercised under a Rule 10b5-1 trading plan adopted by Osama M. Musa on February 26, 2026, indicating the trades were made pursuant to a pre-arranged plan.

What compensation plan governed the Stock Appreciation Rights for Ashland (ASH)?

The Stock Appreciation Rights were granted and exercised under the Ashland Inc. 2021 Omnibus Incentive Compensation Plan. The rights converted into common stock and were settled on a net-share basis as described in the Form 4 footnote.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 07/30/2026 - 04:30 PM Accepted by SEC EDGAR 07/30/2026 - 04:30 PM Learn about SEC filing dates

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

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^*

MUSA OSAMA M

(Last) (First) (Middle)

8145 BLAZER DRIVE

(Street)

WILMINGTON DELAWARE 19808

(City) (State) (Zip)

UNITED STATES

(Country)

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 and CTO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/29/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	07/29/2026		M		1,267	A	$57.96	30,806	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
Stock Appreciation Rights	$57.96	07/29/2026		M			9,793	(1)	12/16/2026	Common Stock	9,793	$0	0	D

Explanation of Responses:

1. The Stock Appreciation Rights (SARs) were exercised pursuant to the Ashland Inc. 2021 Omnibus Incentive Compensation Plan and were settled on a net-share basis. The transaction was effected pursant to a Rule 10b5-1 trading plan adopted by the reporting person on February 26, 2026.

	/s/ Serena S. Kenost, Attorney-In-Fact for Osama M. Musa	07/30/2026
	** 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.
* Form 4: SEC 1474 (03-26)