ASHLAND INC. — Director's Dealing 2022

Nov 16, 2022

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ASHLAND INC. (ASH)
CIK: 0001674862
Period of Report: 2022-11-13

Reporting Person: BONI ERIC N (Principal Accounting Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2022-11-13	Common Stock	M	175	$108.93	Acquired	10815.42	Direct
2022-11-13	Common Stock	F	51	$108.93	Disposed	10764.42	Direct
2022-11-13	Common Stock	M	1223	$108.93	Acquired	11987.42	Direct
2022-11-13	Common Stock	F	353	$108.93	Disposed	11634.42	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2022-11-13	Restricted Stock Units	$	M	175	Disposed		Common Stock (175)	Direct
2022-11-13	Restricted Stock Units	$	M	1223	Disposed		Common Stock (1223)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	7549	Indirect

Footnotes

F1: 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.

F2: Payment of tax liability by withholding securities incident to the vesting of Performance Stock Units, acquired pursuant to Ashland's incentive plan as approved by the shareholders and exempt pursuant to Rule 16b-3.

F3: Each Restricted Stock Unit (RSU) represents a right to receive one (1) share of Ashland Common Stock.

F4: Grant of Restricted Stock Units on November 13, 2019, 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.

F5: Reporting Person's 2020-2022 Performance Stock Units converted to time-based stock settled RSUs based on performance of the 2020-2022 LTIP Plan and vests three years from the original grant.