[Form 4] ASHLAND INC. Insider Trading Activity

Rhea-AI Filing Summary

Ashland Inc. (ASH) senior vice president and CTO Osama M. Musa reported equity transactions involving company stock. On 11/17/2025, 976 Restricted Stock Units were converted to the same number of shares of Ashland common stock at a reference price of $49.6 per share. To cover tax obligations tied to this vesting, 335 shares were withheld, also at $49.6 per share.

Following these transactions, Musa directly owned 29,540 shares of Ashland common stock. The filing notes that each RSU represents the right to receive one share of common stock upon vesting, and that the RSUs were granted under Ashland’s shareholder-approved incentive plan and are exempt under Rule 16b-3.

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^*

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)
11/17/2025

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	11/17/2025		M		976	A	$49.6	29,875	D
Common Stock	11/17/2025		F(1)		335	D	$49.6	29,540	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)	11/17/2025		M			976	(3)	(3)	Common Stock	976	$0	0	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.

	/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).
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 for Osama M. Musa?

Osama M. Musa, Ashland's senior vice president and CTO, reported the vesting and settlement of 976 Restricted Stock Units into Ashland common stock on 11/17/2025, along with share withholding for taxes.

How many Ashland (ASH) shares did Osama M. Musa acquire and dispose of in this Form 4?

Musa acquired 976 shares of Ashland common stock upon RSU vesting at a reference price of $49.6 per share and had 335 shares withheld to satisfy tax liabilities, also at $49.6 per share.

How many Ashland (ASH) shares does Osama M. Musa own after the reported transactions?

After the reported RSU vesting and tax withholding, Osama M. Musa directly beneficially owned 29,540 shares of Ashland common stock.

What does the RSU information in the Ashland (ASH) Form 4 mean for shareholders?

The Form 4 states that each Restricted Stock Unit (RSU) represents a right to receive one share of Ashland common stock upon vesting, granted under Ashland’s shareholder-approved incentive plan and exempt under Rule 16b-3.

Why were 335 Ashland (ASH) shares disposed of in Osama M. Musa’s Form 4?

The filing explains that 335 shares were withheld to pay a tax liability arising from the vesting of RSUs, which is a common method of satisfying withholding obligations.

What derivative securities did the Ashland (ASH) Form 4 report for Osama M. Musa?

The Form 4 shows 976 Restricted Stock Units converted into 976 shares of Ashland common stock at an exercise price of $0, leaving 0 RSUs from that grant after the transaction.