Ashland CEO Guillermo Novo receives new RSU and SAR grants

Rhea-AI Filing Summary

Ashland Inc. (ASH) reported an equity award to its Chair and CEO, Guillermo Novo. On 11/19/2025, he received 43,495 Restricted Stock Units (RSUs), each representing one share of Ashland common stock, granted under the company’s shareholder‑approved incentive plan and exempt under Rule 16b-3.

The RSUs vest in three equal installments beginning one year from the grant date, as long as he remains continuously employed. Novo was also granted 97,864 Stock Appreciation Rights (SARs) with an exercise price of $50.58 per share, expiring on 11/19/2035. These SARs become exercisable ratably over three years starting on the first anniversary of the grant date, and both awards are held directly.

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
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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^*

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)
11/19/2025

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
Restricted Stock Units	(1)	11/19/2025		A		43,495		(2)	(2)	Common Stock	43,495	$0	43,495	D
Stock Appreciation Rights(3)	$50.58	11/19/2025		A		97,864		(4)	11/19/2035	Common Stock	97,864	$0	97,864	D

Explanation of Responses:

1. Each Restricted Stock Unit (RSU) represents a right to receive one (1) share of ASH Common Stock.

2. Grant of Restricted Stock Units on November 19, 2025, 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.

3. Stock Appreciation Rights (SARs) granted under the Ashland Inc. 2021 Omnibus Incentive Compensation Plan.

4. SARs become exercisable ratably over three years beginning on the first anniversary from the date of grant.

	/s/ Serena S. Kenost, Attorney-In-Fact for Guillermo Novo	11/21/2025
	** 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 equity awards did Ashland (ASH) grant to its CEO Guillermo Novo?

Ashland granted Guillermo Novo 43,495 Restricted Stock Units (RSUs) and 97,864 Stock Appreciation Rights (SARs) on 11/19/2025 under its incentive compensation plans.

How do the Restricted Stock Units granted to Ashland (ASH) CEO vest?

The 43,495 RSUs granted to Guillermo Novo vest in three equal installments beginning one year from the grant date, provided he remains in continuous employment with Ashland.

What are the key terms of the Stock Appreciation Rights granted by Ashland (ASH)?

The 97,864 SARs have an exercise price of $50.58 per share, were granted on 11/19/2025, and expire on 11/19/2035. They become exercisable ratably over three years starting on the first anniversary of the grant date.

Under which plans were the Ashland (ASH) equity awards to the CEO granted?

The RSUs were granted under Ashland’s shareholder‑approved incentive plan and are exempt under Rule 16b-3. The SARs were granted under the Ashland Inc. 2021 Omnibus Incentive Compensation Plan.

How many derivative securities does the Ashland (ASH) CEO beneficially own after these grants?

Following the reported transactions, Guillermo Novo beneficially owns 43,495 RSUs and 97,864 SARs as derivative securities, all reported as held directly.

What does each Ashland (ASH) RSU granted to the CEO represent?

Each Restricted Stock Unit granted to Guillermo Novo represents the right to receive one share of Ashland common stock upon settlement, subject to the vesting terms.