ASHLAND INC. — Director's Dealing 2025

Nov 18, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ASHLAND INC. (ASH)
CIK: 0001674862
Period of Report: 2025-11-13

Reporting Person: NOVO GUILLERMO (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-11-13	Common Stock	M	9029	$53.10	Acquired	135767	Direct
2025-11-13	Common Stock	F	3779	$53.10	Disposed	131988	Direct
2025-11-14	Common Stock	M	9119	$51.51	Acquired	141107	Direct
2025-11-14	Common Stock	F	3817	$51.51	Disposed	137290	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-11-13	Restricted Stock Unit	$	M	9029	Disposed		Common Stock (9029)	Direct
2025-11-14	Restricted Stock Unit	$	M	9119	Disposed		Common Stock (9118)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	31294	Indirect

Footnotes

F1: 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.

F2: Each Restricted Stock Unit (RSU) represents a right to receive one (1) share of Ashland common stock upon vesting.

F3: 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.

F4: Balance includes additional Common Stock Units acquired in lieu of cash dividends.