ASHLAND INC. — Director's Dealing 2023

Feb 13, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ASHLAND INC. (ASH)
CIK: 0001674862
Period of Report: 2023-02-09

Reporting Person: Winkler von Mohrenfels Petra Yvonne (Sr. VP, GC and Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-02-09	Common Stock	M	1250	$82.34	Acquired	6916.154	Direct
2023-02-09	Common Stock	D	953	$107.95	Disposed	5963.154	Direct
2023-02-09	Common Stock	F	107	$107.95	Disposed	5856.154	Direct
2023-02-09	Common Stock	M	1500	$77.90	Acquired	7356.154	Direct
2023-02-09	Common Stock	D	1082	$107.95	Disposed	6274.154	Direct
2023-02-09	Common Stock	F	135	$107.95	Disposed	6139.154	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2023-02-09	Stock Appreciation Right	$82.34	M	1250	Disposed	2028-11-15	Common Stock (1250)	Direct
2023-02-09	Stock Appreciation Right	$77.90	M	1500	Disposed	2029-11-13	Common Stock (1500)	Direct

Footnotes

F1: This represents the shares of common stock for payment of exercise price incident to the exercise of stock appreciation rights (SARs).

F2: This represents the withholding of shares of common stock to satisfy tax withholding liability associated with the exercise of the SARs that are required in this Form 4.

F3: Stock Appreciation Right granted pursuant to Ashland's incentive plan which vests in three annual installments: 50% after the first year, the next 25% the second year and the remaining 25% the third year.