[Form 4] ASHLAND INC. Insider Trading Activity

Rhea-AI Filing Summary

Ashland Inc. (ASH) senior executive equity activity was reported on a Form 4 for the company’s Senior Vice President and General Manager, Personal Care. On 11/13/2025, 1,020 shares of common stock were acquired through the exercise of previously granted restricted stock units, with 319 shares withheld to cover taxes. On 11/14/2025, an additional 1,225 shares were acquired from restricted stock units, with 383 shares withheld for taxes. These restricted stock units were granted under Ashland’s shareholder‑approved incentive plan, and each unit represents one share of common stock upon vesting. Following these transactions, the reporting person held 4,257 shares of Ashland common stock 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

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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^*

MINICUCCI JAMES P.

(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 and GM, Personal Care

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		1,020	A	$53.1	3,734	D
Common Stock	11/13/2025		F(1)		319	D	$53.1	3,415	D
Common Stock	11/14/2025		M		1,225	A	$51.51	4,640	D
Common Stock	11/14/2025		F(1)		383	D	$51.51	4,257	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			1,020	(3)	(3)	Common Stock	1,020	$0	2,042(4)	D
Restricted Stock Unit	(2)	11/14/2025		M			1,225	(3)	(3)	Common Stock	1,225	$0	1,225(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 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 James P. Minicucci	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 Inc. (ASH) report on this Form 4?

The filing shows that a Senior Vice President and General Manager, Personal Care of Ashland Inc. (ASH) acquired common shares through the vesting and exercise of restricted stock units, with some shares withheld to satisfy tax obligations.

How many Ashland (ASH) shares were acquired through restricted stock units?

On 11/13/2025, 1,020 shares of Ashland common stock were acquired from restricted stock units, and on 11/14/2025, a further 1,225 shares were acquired.

How many Ashland (ASH) shares were withheld for taxes in these transactions?

The filing states that 319 shares were withheld on 11/13/2025 and 383 shares were withheld on 11/14/2025 to pay tax liabilities associated with the vesting of restricted stock units.

What is the reporting person’s Ashland (ASH) share ownership after the reported trades?

After the reported transactions, the Form 4 shows the reporting person directly beneficially owned 4,257 shares of Ashland common stock.

How do Ashland (ASH) restricted stock units work in this Form 4?

Each Restricted Stock Unit represents a right to receive one share of Ashland common stock upon vesting. The units were granted under Ashland’s incentive plan and vest in three equal installments starting one year from the date of grant, subject to continued employment.

Were the Ashland (ASH) restricted stock unit transactions part of an incentive plan?

Yes. The filing notes that the restricted stock units were granted under Ashland’s incentive plan as approved by shareholders and that these grants and related transactions are exempt under Rule 16b-3.