UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 20, 2024, Ashland Inc. (the “Company”) and Min Chong, the Company’s Senior Vice President and General Manager, Personal Care and Specialty Additives, agreed that Mr. Chong will depart from the Company on April 30, 2024.
Mr. Chong’s departure constitutes a Qualifying Termination under the Company’s Senior Leadership Severance Plan, which was filed with the U. S. Securities and Exchange Commission as Exhibit 10.60 to the Company’s 2022 Annual Report on Form 10-K (the “Severance Plan”), and, accordingly, the Company anticipates that Mr. Chong will be entitled to receive the payments and benefits under the Severance Plan in exchange for a waiver and release of claims and confidentiality and non-solicitation covenants in favor of the Company. A summary of the material terms of the Severance Plan and the treatment of any outstanding equity awards following a Qualifying Termination is contained in the Company’s Proxy Statement for the 2024 Annual Meeting of Stockholders under the heading “Potential Payments Upon Termination or Change in Control.”
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Date: |
February 26, 2024 |
By: |
/s/ Robin E. Lampkin |
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Robin E. Lampkin |