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SEC FORM 4 SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940 		 
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
WANG XIAOLAN
(Last) (First) (Middle)
8145 BLAZER DRIVE
(Street)
WILMINGTON DE 19808
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
ASHLAND INC. [ ASH ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
Sr VP & Gen Mgr, Personal Care
3. Date of Earliest Transaction (Month/Day/Year)
02/03/2023
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 02/03/2023 M 2,022 A (1) 2,462 D
Common Stock 02/03/2023 D 2,022 D $105.31 440 D
Common Stock 02/03/2023 M 273 A (1) 713 D
Common Stock 02/03/2023 D 273 D $105.31 440 D
Common Stock 02/03/2023 M 2,757 A (1) 3,197 D
Common Stock 02/03/2023 D 2,757 D $105.31 440 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Restricted Stock Equivalents (1) 02/03/2023 M 2,022 (2) (2) Common Stock 2,022 (1) 0 D
Restricted Stock Equivalents (1) 02/03/2023 M 273 (3) (3) Common Stock 273 (1) 0 D
Restricted Stock Equivalents (1) 02/03/2023 M 2,757 (4) (4) Common Stock 2,757 (1) 0 D
Explanation of Responses:
1. 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.
2. 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.
3. 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.
4. 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.
/s/ Babatunde Awodiran, Attorney-in-Fact 02/24/2023
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
POWER OF ATTORNEY

The undersigned hereby appoints Petra Yvonne Winkler von Mohrenfels his or her
true and lawful attorney-in-fact to:

(1) apply for and obtain on behalf of the undersigned the necessary access codes
to file Forms 3, 4, 5 and 144, pursuant to Section 16(a) of the Securities
Exchange Act of 1934 and Rule 144 of the Securities Act of 1933, respectively,
electronically via the EDGAR system pursuant to Regulation S-T and the rules
thereunder, and

(2) act in a filing agent capacity to perform any and all acts for and on behalf
of the undersigned which may be necessary to complete the filing of any such
Form 3, 4, 5 and 144 with the U.S. Securities and Exchange Commission and
any other authority in accordance with Section 16(a) of the Securities Exchange
Act of 1934 and the rules thereunder.

The undersigned hereby grants to attorney-in-fact the full power and authority,
for me and on my behalf, to perform all acts necessary and proper to be done
in the exercise of the rights and powers hereby granted.

The undersigned acknowledges that the foregoing individual is acting under
this Power of Attorney at the request of the undersigned, and is not assuming
any of the undersigned?s responsibilities to comply with Section 16 of the
Securities Exchange Act of 1934 or Rule 144 of the Securities Act of 1933.

Attorney-in-fact shall be authorized to act under this Power of Attorney
only so long as such attorney-in-fact is an employee of Ashland Global
Holdings Inc., or until such time as this Power of Attorney has been revoked,
annulled or set aside.

IN WITNESS WHEREOF, the undersigned has executed this Power of
Attorney as of this 31st day of December, 2020.

/s/ Xiaolan Wang