[Form 4] ASHLAND INC. Insider Trading Activity

Rhea-AI Filing Summary

Ashland Inc. (ASH) senior executive Dago Caceres reported routine equity compensation activity involving Ashland common stock. On 11/13/2025, 746 shares of common stock were acquired upon the settlement of restricted stock units at a price of $53.10 per share, leaving the shares held directly after the transaction at 746. On the same date, 215 shares were disposed of at $53.10 per share to cover tax withholding related to the vesting, as permitted under Ashland’s shareholder-approved incentive plan. The filing also notes that each restricted stock unit represents one share of Ashland common stock and that the remaining balance of 1,494 restricted stock units includes additional units credited 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^*

Caceres Dago

(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 & GM, Specialty Additives

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		746	A	$53.1	746	D
Common Stock	11/13/2025		F		215(1)	D	$53.1	531	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			746	(3)	(3)	Common Stock	746	$0	1,494(4)	D

Explanation of Responses:

1. Payment of 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 represents a right to receive one (1) share of Ashland Common Stock.

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 restricted stock units acquired in lieu of cash dividends.

	/s/ Serena S. Kenost, Attorney-in-Fact for Dago Caceres	11/17/2025
	** 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 for Dago Caceres?

The report shows that Dago Caceres, an officer of Ashland Inc., acquired 746 shares of common stock on 11/13/2025 through the settlement of restricted stock units under the company’s incentive plan.

How many Ashland (ASH) shares were sold or withheld in this Form 4 filing?

The filing reports the disposition of 215 shares of Ashland common stock on 11/13/2025, identified as payment of tax liability by withholding shares at a price of $53.10 per share.

At what price were the Ashland (ASH) insider transactions reported?

Both the acquisition and the tax-withholding disposition of Ashland common stock were reported at a price of $53.10 per share on 11/13/2025.

What Ashland (ASH) equity awards does Dago Caceres still hold after this transaction?

After the reported transactions, Dago Caceres beneficially owns 746 shares of Ashland common stock directly and 1,494 restricted stock units, which include additional units credited in lieu of cash dividends.

How do the restricted stock units for Ashland (ASH) vest for this officer?

The grant of restricted stock units vests in three equal installments beginning one year from the date of grant, provided that the reporting person remains in continuous employment with Ashland.

What does each Ashland (ASH) restricted stock unit represent in this Form 4?

Each restricted stock unit reported represents a right to receive one share of Ashland common stock, pursuant to the company’s shareholder-approved incentive plan.