Ashland (ASH) director receives deferred stock units in board plan award

Rhea-AI Filing Summary

Ashland Inc. director Sanat Chattopadhyay reported acquiring additional deferred equity tied to the company’s stock. On 12/31/2025, he received 245 Common Stock Units at $58.67 per unit under Ashland’s Deferred Compensation Plan for Non-Employee Directors, which is exempt under Rule 16b-3. Each unit is equivalent to one share of Ashland common stock and is payable in common stock when he separates from board service, subject to any deferral election. Following this award, he beneficially owns 1,679 Common Stock Units, a figure that includes units accumulated in lieu of cash dividends.

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

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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^*

Chattopadhyay Sanat

(Last) (First) (Middle)

8145 BLAZER DRIVE

(Street)

WILMNGTON 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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/31/2025

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
Common Stock Units	(1)	12/31/2025		A(2)		245		(3)	(3)	Common Stock	245	$58.67	1,679(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	01/05/2026
	** 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.

FAQ

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

Ashland Inc. director Sanat Chattopadhyay reported acquiring 245 Common Stock Units linked to Ashland common stock under the company’s Deferred Compensation Plan for Non-Employee Directors.

At what price were the Ashland (ASH) Common Stock Units credited to the director?

The 245 Common Stock Units were credited at a price of $58.67 per unit on 12/31/2025.

What does one Common Stock Unit represent for Ashland (ASH)?

Under Ashland’s Deferred Compensation Plan for Non-Employee Directors, one Common Stock Unit is the equivalent of one share of Ashland common stock.

When will the Ashland (ASH) Common Stock Units be paid out to the director?

Subject to any deferral election on timing of distribution, the Common Stock Units are payable in Ashland common stock when the director separates from service on the board.

How many Ashland (ASH) Common Stock Units does the director own after this transaction?

After this reported transaction, the director beneficially owns 1,679 Common Stock Units, which includes additional units acquired in lieu of cash dividends.

Is the Ashland (ASH) director’s award part of a compensation plan?

Yes. The Common Stock Units were acquired pursuant to Ashland’s Deferred Compensation Plan for Non-Employee Directors, and the transaction is described as exempt under Rule 16b-3.