XIAOLAN WANG - 03 Feb 2023 Form 4 Insider Report for ASHLAND INC. (ASH)

Role: Sr VP & Gen Mgr, Personal Care
Signature: /s/ Babatunde Awodiran, Attorney-in-Fact
Issuer symbol: ASH
Transactions as of: 03 Feb 2023
Net transactions value: -$532,026
Form type: 4
Filing time: 24 Feb 2023, 20:56:45 UTC
Previous filing: 21 Nov 2022
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ASH	Common Stock	Options Exercise		+2,022	+460%		2,462	03 Feb 2023	Direct	F1
transaction	ASH	Common Stock	Disposed to Issuer	$212,937	-2,022	-82%	$105.31	440	03 Feb 2023	Direct
transaction	ASH	Common Stock	Options Exercise		+273	+62%		713	03 Feb 2023	Direct	F1
transaction	ASH	Common Stock	Disposed to Issuer	$28,750	-273	-38%	$105.31	440	03 Feb 2023	Direct
transaction	ASH	Common Stock	Options Exercise		+2,757	+627%		3,197	03 Feb 2023	Direct	F1
transaction	ASH	Common Stock	Disposed to Issuer	$290,340	-2,757	-86%	$105.31	440	03 Feb 2023	Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	ASH	Restricted Stock Equivalents	Options Exercise		-2,022	-100%		0	03 Feb 2023	Common Stock	2,022		Direct	F1, F2
transaction	ASH	Restricted Stock Equivalents	Options Exercise		-273	-100%		0	03 Feb 2023	Common Stock	273		Direct	F1, F3
transaction	ASH	Restricted Stock Equivalents	Options Exercise		-2,757	-100%		0	03 Feb 2023	Common Stock	2,757		Direct	F1, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each Restricted Stock Equivalent represents a right to receive one (1) share of Ashland Common Stock. The reporting person settled all of her Restricted Stock Equivalents for cash.
F2	Reporting Person's 2020-2022 Performance Stock Equivalents converted to time-based cash settled RSUs based on performance of the 2020-2022 LTIP Plan and vests three years from the original grant.
F3	Grant of cash-settled Restricted Stock Equivalents on February 3,2020, pursuant to Ashland's incentive plan as approved by the shareholders and exempt pursuant to Rule 16b-3. The s hares in this grant vest in three equal annual installments beginning one year from the date of the grant, provided that the Reporting Person remains in continuous employment with the Issuer.
F4	Grant of cash-settled Restricted Stock Equivalents on February 3, 2020, pursuant to Ashland's incentive plan as approved by the shareholders and exempt pursuant to Rule 16b-3. One hundred percent of the shares awarded vested February 3, 2023.