[Form 4] ASHLAND INC. Insider Trading Activity

Rhea-AI Filing Summary

Ashland Inc. (ASH) senior executive reports routine equity transactions. The company’s SVP, CFO & PFO filed a Form 4 for activity on 11/17/2025 involving Ashland common stock and restricted stock units (RSUs). A total of 107 shares of common stock were acquired following the vesting and settlement of RSUs at a price of $49.6 per share, and 33 shares were withheld and disposed of at $49.6 per share to cover tax liabilities related to this vesting. After these transactions, the reporting person beneficially owned 2,049 shares of Ashland common stock directly. The RSUs were granted under Ashland’s shareholder-approved incentive plan, and each RSU represents the right to receive one share of common stock upon vesting, generally in three equal installments beginning one year from the grant date, contingent on continued employment.

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).

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)
11/17/2025

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	11/17/2025		M		107	A	$49.6	2,082	D
Common Stock	11/17/2025		F(1)		33	D	$49.6	2,049	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)	11/17/2025		M			107	(3)	(3)	Common Stock	107	$0	0	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.

	/s/ Serena S. Kenost, Attorney-in-fact for William Whitaker	11/19/2025
	** 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 Inc. (ASH) report on this Form 4?

The Form 4 reports that Ashland’s SVP, CFO & PFO had 107 restricted stock units convert into 107 shares of common stock on 11/17/2025, with related tax withholding handled through share disposition.

How many Ashland (ASH) shares were used to cover taxes in this transaction?

The filing shows that 33 shares of Ashland common stock were disposed of at $49.6 per share to pay a tax liability associated with the vesting of restricted stock units.

How many Ashland (ASH) shares does the reporting person own after the Form 4 transactions?

After the reported transactions on 11/17/2025, the reporting person beneficially owned 2,049 shares of Ashland common stock in direct ownership.

Who is the reporting person and what is their role at Ashland Inc. (ASH)?

The reporting person is an officer of Ashland Inc. serving as SVP, CFO & PFO, as indicated in the Form 4 relationship section.

What does each restricted stock unit (RSU) represent in Ashland’s incentive plan?

Each Ashland restricted stock unit (RSU) represents a right to receive one share of Ashland common stock upon vesting, under the company’s shareholder-approved incentive plan.

How do Ashland (ASH) restricted stock units vest for this grant?

The RSUs described vest in three equal installments beginning one year from the date of grant, provided the reporting person remains in continuous employment with Ashland.

Was the tax withholding on Ashland (ASH) RSUs done in cash or shares?

The tax liability was satisfied by withholding Ashland shares; specifically, 33 shares were withheld and disposed of in connection with the RSU vesting.