Ashland SVP Drury reports RSU vesting and 7,601 shares owned

Rhea-AI Filing Summary

Ashland Inc. (ASH) reported an insider equity transaction by its SVP and Chief HRO, Eileen Drury, on a Form 4. On 11/17/2025, Drury acquired 567 shares of Ashland common stock at $49.60 per share through the vesting and settlement of Restricted Stock Units (transaction code M). In a related move, 280 shares were withheld at $49.60 (transaction code F) to cover tax liabilities tied to the RSU vesting.

After these transactions, Drury directly owned 7,601 shares of Ashland common stock. The RSUs were granted under Ashland’s shareholder-approved incentive plan, and each RSU represents the right to receive one share of common stock upon vesting. The explanation notes that grants under this plan vest in three equal installments beginning one year from the grant date, subject to continued employment.

Insider Trade Summary

567 shares exercised/converted

Mixed 3 txns

Insider Drury Eileen

Role SVP and Chief HRO

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Unit	567	$0.00	--
Exercise	Common Stock	567	$49.60	$28K
Tax Withholding	Common Stock	280	$49.60	$14K

Holdings After Transaction: Restricted Stock Unit — 0 shares (Direct); Common Stock — 7,881 shares (Direct)

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^*

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)
11/17/2025

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		567	A	$49.6	7,881	D
Common Stock	11/17/2025		F(1)		280	D	$49.6	7,601	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			567	(3)	(3)	Common Stock	567	$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 Eileen Drury	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 Inc. (ASH) report in this Form 4?

The filing shows that SVP and Chief HRO Eileen Drury acquired 567 shares of Ashland common stock on 11/17/2025 through the vesting of Restricted Stock Units and had 280 shares withheld to pay taxes.

How many Ashland (ASH) shares does the reporting person own after the transaction?

Following the reported RSU vesting and tax withholding, Eileen Drury directly owns 7,601 shares of Ashland common stock.

Were the Ashland (ASH) shares acquired in an open-market purchase?

No. The Form 4 lists transaction code M, indicating that 567 shares were acquired through the exercise/settlement of Restricted Stock Units, not an open-market purchase.

Why were 280 Ashland (ASH) shares disposed of in the Form 4 filing?

The 280 shares with transaction code F were withheld at $49.60 per share to satisfy a tax liability arising from the RSU vesting under Ashland’s incentive plan.

What does each Ashland Restricted Stock Unit (RSU) represent in this filing?

Each Restricted Stock Unit represents a right to receive one share of Ashland common stock upon vesting, as described in the explanation of responses.

How do Ashland (ASH) RSU grants typically vest for this insider?

The explanation notes that the RSU grant vests in three equal installments beginning one year from the date of grant, provided the reporting person remains continuously employed by Ashland.