ASHLAND INC. — Director's Dealing 2023

Nov 30, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ASHLAND INC. (ASH)
CIK: 0001674862
Period of Report: 2023-11-28

Reporting Person: MUSA OSAMA M (Sr. Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-11-28	Common Stock	M	2825	$47.36	Acquired	22262	Direct
2023-11-28	Common Stock	F	2092	$47.63	Disposed	20170	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2023-11-28	Stock Appreciation Right	$47.63	M	2825	Disposed	2023-12-13	Common Stock (2825)	Direct

Footnotes

F1: Represents an acquisition by the Reporting Person of 733 net shares of the Issuer, after exercise price and tax liability withholdings, upon an exercise of stock appreciation rights.

F2: These Stock Appreciation Rights were granted on November 13, 2013, and vested over a three-year period, with 50% vesting on November 13, 2014, and 25% vesting on November 13, 2015, and November 13, 2016.