[Form 4] ASHLAND INC. Insider Trading Activity

Rhea-AI Filing Summary

Ashland Inc. senior vice president and chief HRO Eileen Drury reported routine equity transactions involving restricted stock units and common shares. On November 13, 2025, 863 shares of Ashland common stock were acquired through an RSU-related transaction at $53.10 per share, with 400 shares withheld to cover taxes. On November 14, 2025, 1,297 shares were acquired at $51.51 per share, with 603 shares withheld for taxes. Following these transactions, Drury beneficially owns 7,314 shares of Ashland common stock directly and holds 1,296 restricted stock units, which each represent a right to receive one share of Ashland common stock upon vesting.

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^*

Drury Eileen

(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 Chief HRO

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		863	A	$53.1	7,020	D
Common Stock	11/13/2025		F(1)		400	D	$53.1	6,620	D
Common Stock	11/14/2025		M		1,297	A	$51.51	7,917	D
Common Stock	11/14/2025		F(1)		603	D	$51.51	7,314	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			863	(3)	(3)	Common Stock	863	$0	1,728(4)	D
Restricted Stock Unit	(2)	11/14/2025		M			1,297	(3)	(3)	Common Stock	1,297	$0	1,296(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 (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.

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

	/s/ Serena S. Kenost, Attorney-in-fact for Eileen Drury	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 did Ashland (ASH) disclose in this Form 4 filing?

The filing reports equity transactions by Eileen Drury, Ashland Inc.'s SVP and Chief HRO, involving the vesting of restricted stock units and related acquisitions and tax withholdings of common stock on November 13 and 14, 2025.

How many Ashland (ASH) shares did Eileen Drury acquire and dispose of?

Drury acquired 863 shares at $53.10 and 1,297 shares at $51.51 through RSU-related transactions, while 400 and 603 shares, respectively, were disposed of to satisfy tax liabilities.

How many Ashland (ASH) shares does Eileen Drury own after these transactions?

After the reported transactions, Drury beneficially owns 7,314 shares of Ashland common stock directly.

How many restricted stock units does Eileen Drury hold after the Form 4 transactions?

Drury holds 1,296 restricted stock units following the transactions, each representing a right to receive one share of Ashland common stock upon vesting.

Why were some Ashland (ASH) shares disposed of in the Form 4 filing?

The filing states that 400 shares on November 13, 2025 and 603 shares on November 14, 2025 were withheld to pay a tax liability related to the vesting of restricted stock units under Ashland's shareholder-approved incentive plan.

What does each restricted stock unit (RSU) represent for Ashland (ASH) in this filing?

Each restricted stock unit represents a right to receive one share of Ashland common stock upon vesting, as described in the explanatory notes.

Are these Ashland (ASH) Form 4 transactions part of an incentive plan?

Yes. The RSU grants and related vesting are reported as being made under Ashland's incentive plan that was approved by shareholders and described as exempt pursuant to Rule 16b-3.