Ashland insider Osama Musa details RSU vesting in Form 4

Rhea-AI Filing Summary

Ashland Inc. (ASH) senior vice president and CTO Osama M. Musa reported RSU vesting and related tax withholding transactions. On 11/13/2025, 1,393 shares of common stock were acquired through the exercise of restricted stock units at an exercise price of $0, with 477 shares withheld at a market price of $53.10 to cover taxes, leaving 27,525 shares beneficially owned.

On 11/14/2025, 2,091 additional shares were acquired from RSU vesting, with 717 shares withheld at $51.51 for taxes, resulting in 28,899 shares beneficially owned. The RSUs were granted under Ashland’s shareholder-approved incentive plan, vesting in three equal installments, and remaining RSU balances include units accrued in lieu of cash dividends. The report notes it was filed late due to an inadvertent administrative error.

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^*

MUSA OSAMA M

(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 CTO

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		1,393	A	$53.1	28,002	D
Common Stock	11/13/2025		F(1)		477	D	$53.1	27,525	D
Common Stock	11/14/2025		M		2,091	A	$51.51	29,616	D
Common Stock	11/14/2025		F(1)		717	D	$51.51	28,899	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			1,393	(3)	(3)	Common Stock	1,393	$0	2,788(4)	D
Restricted Stock Unit	(2)	11/14/2025		M			2,091	(3)	(3)	Common Stock	2,091	$0	2,090(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.

Remarks:

This form 4 is being filed late as a result of an inadvertent administrative error.

	/s/ Serena S. Kenost, Attorney-in-fact for Osama M. Musa	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).
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FAQ

What insider transaction did Ashland (ASH) report in this Form 4?

The filing shows that Osama M. Musa, Ashland’s senior vice president and CTO, had restricted stock units vest into common stock on 11/13/2025 and 11/14/2025, with some shares withheld to cover tax obligations.

How many Ashland (ASH) shares vested for the reporting person?

On 11/13/2025, 1,393 shares vested, and on 11/14/2025, 2,091 shares vested, all arising from the exercise of restricted stock units granted under Ashland’s incentive plan.

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

The filing explains that 477 shares on 11/13/2025 and 717 shares on 11/14/2025 were withheld to pay a tax liability related to RSU vesting, as permitted under Ashland’s shareholder-approved incentive plan.

What is the reporting person’s Ashland (ASH) share ownership after these transactions?

After the series of transactions, the reporting person beneficially owned 28,899 shares of Ashland common stock in direct ownership.

How do the Ashland (ASH) restricted stock units work for this insider?

Each restricted stock unit (RSU) represents a right to receive one share of Ashland common stock upon vesting. The grants vest in three equal installments, provided the reporting person remains continuously employed.

Why does the Ashland (ASH) Form 4 mention an administrative error?

The remarks section states that the report is being filed late due to an inadvertent administrative error, indicating the delay was unintentional.