Ashland CEO Guillermo Novo discloses RSU vesting and tax withholding

Rhea-AI Filing Summary

Ashland Inc. (ASH) Chair and CEO Guillermo Novo, who is also a director, reported equity award activity on 11/17/2025. A block of 6,122 Restricted Stock Units (RSUs) was converted to the same number of shares of common stock, as shown by an option exercise transaction coded "M" at a reference price of $49.6 per share.

To cover tax liabilities from this vesting, 2,563 shares of common stock were withheld and disposed of, coded "F(1)" at $49.6 per share. After these transactions, Novo directly held 140,849 shares of Ashland common stock and indirectly held 31,294 shares through GMGN Novo Family Limited Partnership. The RSU plan is described as shareholder-approved and exempt under Rule 16b-3.

Insider Trade Summary

6,122 shares exercised/converted

Mixed 4 txns

Insider NOVO GUILLERMO

Role Chair of the Board and CEO

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Unit	6,122	$0.00	--
Exercise	Common Stock	6,122	$49.60	$304K
Tax Withholding	Common Stock	2,563	$49.60	$127K
holding	Common Stock	--	--	--

Holdings After Transaction: Restricted Stock Unit — 0 shares (Direct); Common Stock — 143,412 shares (Direct); Common Stock — 31,294 shares (Indirect, By GMGN Novo Family Limited Partnershi)

Footnotes (1)

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. Each Restricted Stock Unit (RSU) represents a right to receive one (1) share of Ashland common stock upon vesting. 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.

Form 4 Insider Transactions: What Each Field Means →

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^*

NOVO GUILLERMO

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chair of the Board and CEO

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		6,122	A	$49.6	143,412	D
Common Stock	11/17/2025		F(1)		2,563	D	$49.6	140,849	D
Common Stock								31,294	I	By GMGN Novo Family Limited Partnershi

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			6,122	(3)	(3)	Common Stock	6,122	$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 Guillermo Novo	11/19/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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