Ashland director receives stock unit award

Chattopadhyay Sanat reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Chattopadhyay Sanat reported acquisition or exercise transactions in this Form 4 filing.

Ashland Inc. director Sanat Chattopadhyay received a grant of 258 Common Stock Units as equity compensation. The units were awarded at a reference price of $55.61 per unit under Ashland's Deferred Compensation Plan for Non-Employee Directors.

Each Common Stock Unit is equivalent to one share of Ashland common stock and is generally payable in common stock when the director separates from board service, subject to any deferral elections under the plan. Following this grant and additional units previously credited in lieu of cash dividends, the director holds a total of 1,952 Common Stock Units.

Insider Trade Summary

Grant/Award: 258 shares

Grant/Award 1 txn

Insider Chattopadhyay Sanat

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock Units	258	$55.61	$14K

Holdings After Transaction: Common Stock Units — 1,952 contracts (Direct)

Footnotes (4)

1. F1. 1 for 1.
2. F2. Common Stock Units acquired pursuant to Ashland's Deferred Compensation Plan for Non-Employee Directors (the "Plan") and exempt under Rule 16b-3. (One (1) Common Stock Unit in the Plan is the equivalent of one (1) share of Ashland Common Stock.)
3. F3. Subject to any deferral election on timing of distribution by the reporting person under the Plan, the Common Stock Units are payable in Common Stock upon the reporting person's separation from service as a director.
4. F4. Balance includes additional Common Stock Units acquired in lieu of cash dividends.

Key Figures

Stock units granted: 258 Common Stock Units Grant reference price: $55.61 per unit Units held after grant: 1,952 Common Stock Units

3 metrics

Stock units granted 258 Common Stock Units Director equity grant under deferred compensation plan

Grant reference price $55.61 per unit Value used for grant of Common Stock Units

Units held after grant 1,952 Common Stock Units Total director balance following March 31, 2026 grant

Key Terms

Common Stock Units, Deferred Compensation Plan for Non-Employee Directors, Rule 16b-3, separation from service

4 terms

Common Stock Units financial

"Common Stock Units acquired pursuant to Ashland's Deferred Compensation Plan"

A common stock unit is a tradable ownership interest that represents one or more ordinary shares in a company, giving the holder a stake in profits, a claim on assets after creditors, and usually voting rights on corporate matters. For investors it matters because these units determine how much of the company you own, how much influence you have, and how returns or losses are shared—think of owning slices of a pie that can be increased or diluted by the company’s actions.

Deferred Compensation Plan for Non-Employee Directors financial

"acquired pursuant to Ashland's Deferred Compensation Plan for Non-Employee Directors"

Rule 16b-3 regulatory

"Common Stock Units acquired pursuant to ... and exempt under Rule 16b-3"

Rule 16b-3 is a Securities and Exchange Commission regulation that exempts certain routine, pre-approved transactions by company insiders from automatic liability for short-term trading profits. It acts like a safe harbor: if an insider follows a formal plan or the board approves specific transactions in advance, profits from buying and selling company stock within six months are not automatically reclaimed. Investors care because the rule clarifies when insider trades are permissible and reduces uncertainty about potential clawbacks.

separation from service financial

"payable in Common Stock upon the reporting person's separation from service as a director"

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

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Accepted by SEC EDGAR 04/01/2026 - 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).

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^*

Chattopadhyay Sanat

(Last) (First) (Middle)

8145 BLAZER DRIVE

(Street)

WILMNGTON 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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026

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

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
Common Stock Units	(1)	03/31/2026		A(2)		258		(3)	(3)	Common Stock	258	$55.61	1,952(4)	D

Explanation of Responses:

1. 1 for 1.

2. Common Stock Units acquired pursuant to Ashland's Deferred Compensation Plan for Non-Employee Directors (the "Plan") and exempt under Rule 16b-3. (One (1) Common Stock Unit in the Plan is the equivalent of one (1) share of Ashland Common Stock.)

3. Subject to any deferral election on timing of distribution by the reporting person under the Plan, the Common Stock Units are payable in Common Stock upon the reporting person's separation from service as a director.

4. Balance includes additional Common Stock Units acquired in lieu of cash dividends.

	/s/ Serena S. Kenost, Attorney-In-Fact for Sanat Chattopadhyay	04/01/2026
	** 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)