# EDGAR Filing Document

**Accession Number:** 0001539436
**File Stem:** 0001104659-25-117151
**Filing Date:** 2025-12
**Character Count:** 26384
**Document Hash:** a77151f98ac5a04765945a9ff04efc8b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-117151.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0001104659-25-117151

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ASHLAND INC.
- **CENTRAL INDEX KEY:** 0001674862
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-CHEMICALS & ALLIED PRODUCTS [5160]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 812587835
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-89658
- **FILM NUMBER:** 251537262

**BUSINESS ADDRESS:**
- **STREET 1:** 8145 BLAZER DRIVE
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19808
- **BUSINESS PHONE:** 304-995-3000

**MAIL ADDRESS:**
- **STREET 1:** 8145 BLAZER DRIVE
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19808

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ASHLAND GLOBAL HOLDINGS INC
- **DATE OF NAME CHANGE:** 20160517
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Standard Investments LLC
- **CENTRAL INDEX KEY:** 0001539436

**ORGANIZATION NAME:**
- **EIN:** 264203244
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D

**BUSINESS ADDRESS:**
- **STREET 1:** 9 WEST 57TH STREET
- **STREET 2:** 47TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-821-1600

**MAIL ADDRESS:**
- **STREET 1:** 9 WEST 57TH STREET
- **STREET 2:** 47TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** 40 North Management LLC
- **DATE OF NAME CHANGE:** 20130703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** 40 North Industries LLC
- **DATE OF NAME CHANGE:** 20120112

## Ex-1

**<u>Schedule 1</u>**

**TRANSACTIONS IN THE SHARES OF COMMON STOCK OF THE ISSUER BY THE REPORTING PERSONS DURING THE PAST SIXTY DAYS**

The following table sets forth all transactions with respect to the Shares of the Issuer effected during the past sixty (60) days by the Reporting Persons, inclusive of any transactions effected through 4:00 p.m., New York City time, on December 1, 2025. Except as noted below, all such transactions were effected in the open market through brokers and the price per share excludes commissions. Where a price range is provided in the column titled "Price Range ($)", the price reported in the column titled "Price Per Share ($)" is a weighted average price. These Shares were sold or purchased in multiple transactions at prices between the price ranges indicated in the column titled "Price Range ($)". The Reporting Persons undertake to provide, upon request of the staff of the Securities and Exchange Commission, full information regarding the number of Shares purchased or sold at each separate price within the price ranges set forth on the table below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Transaction Date** | **Reporting Person Effecting Transaction** | **Shares Purchased<br> (Sold)** | **Price Per Share<br> ($)** | **Price Range ($)** |
| 11/18/2025 | Standard Latitude Master Fund Ltd | 26808 | 49.6932 | 49.4000 - 50.0000 |
| 11/19/2025 | Standard Latitude Master Fund Ltd | 8192 | 49.7400 | 49.6450 - 49.9000 |
| 11/21/2025 | Standard Latitude Master Fund Ltd | 175000 | 50.2015 | 48.4079 - 51.1450 |
| 11/24/2025 | Standard Latitude Master Fund Ltd | 175000 | 50.0777 | 49.5600 - 50.3500 |

---

## Exhibit 99.1

**Exhibit 99.1**

AGREEMENT

JOINT FILING OF SCHEDULE 13D

The undersigned hereby agree to jointly prepare and file with regulatory authorities this Schedule 13D and any future amendments thereto reporting each of the undersigned's ownership of securities of Ashland Inc., and hereby affirm that such Schedule 13D is being filed on behalf of each of the undersigned pursuant to and in accordance with the provisions of Rule 13d-1(k) under the Securities Exchange Act of 1934. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the other, except to the extent that he or it knows or has reason to believe that such information is inaccurate.

---

| | |
|:---|:---|
| Date: December 1, 2025 | **Standard Investments LLC** |
|  | By: |
|  | /s/ David S. Winter |
|  | David S. Winter |
|  | Managing Member |

---

---

| |
|:---|
| By: |
| /s/ David J. Millstone |
| David J. Millstone |
| Managing Member |

---

---

| | |
|:---|:---|
| Date: December 1, 2025 | **STANDARD LATITUDE FUND LP** |
|  | By SI GP III LLC, its General Partner |
|  | By: |
|  | /s/ David S. Winter |
|  | David S. Winter |
|  | Principal |

---

---

| |
|:---|
| By: |
| /s/ David J. Millstone |
| David J. Millstone |
| Principal |

---

---

| | |
|:---|:---|
| Date: December 1, 2025 | **Standard Latitude Master Fund Ltd.** |
|  | By: |
|  | /s/ David S. Winter |
|  | David S. Winter |
|  | Director |

---

---

| |
|:---|
| By: |
| /s/ David J. Millstone |
| David J. Millstone |
| Director |

---

---

| | |
|:---|:---|
| Date: December 1, 2025 | **SI GP III LLC** |
|  | By: |
|  | /s/ David S. Winter |
|  | David S. Winter |
|  | Principal |

---

---

| |
|:---|
| By: |
| /s/ David J. Millstone |
| David J. Millstone |
| Principal |

---

---

| | |
|:---|:---|
| Date: December 1, 2025 | **DAVID S. WINTER** |
|  | By: |
|  | /s/ David S. Winter |

---

---

| | |
|:---|:---|
| Date: December 1, 2025 | **DAVID J. MILLSTONE** |
|  | By: |
|  | /s/ David J. Millstone |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**ASHLAND INC.**

*(Name of Issuer)*

**Common Stock, par value $0.01 per share**

*(Title of Class of Securities)*

**044186104**

*(CUSIP Number)*

**David S. Winter**<br>Standard Investments LLC<br>9 West 57th Street, 47th Floor<br>New York NY 10019<br>(212) 821-1600

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**11/21/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **044186104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Standard Investments LLC** | Name of reporting person<br>**Standard Investments LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2625000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2625000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2625000.00** | Aggregate amount beneficially owned by each reporting person<br>**2625000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.7%** | Percent of class represented by amount in Row (11)<br>**5.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

| **CUSIP No.** | **044186104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**SI GP III LLC** | Name of reporting person<br>**SI GP III LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2625000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2625000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2625000.00** | Aggregate amount beneficially owned by each reporting person<br>**2625000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.7%** | Percent of class represented by amount in Row (11)<br>**5.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **044186104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Standard Latitude Master Fund Ltd.** | Name of reporting person<br>**Standard Latitude Master Fund Ltd.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2625000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2625000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2625000.00** | Aggregate amount beneficially owned by each reporting person<br>**2625000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.7%** | Percent of class represented by amount in Row (11)<br>**5.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

| **CUSIP No.** | **044186104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Standard Latitude Fund LP** | Name of reporting person<br>**Standard Latitude Fund LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2625000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2625000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2625000.00** | Aggregate amount beneficially owned by each reporting person<br>**2625000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.7%** | Percent of class represented by amount in Row (11)<br>**5.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **044186104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**David S. Winter** | Name of reporting person<br>**David S. Winter** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2625000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2625000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2625000.00** | Aggregate amount beneficially owned by each reporting person<br>**2625000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.7%** | Percent of class represented by amount in Row (11)<br>**5.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

| **CUSIP No.** | **044186104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**David J. Millstone** | Name of reporting person<br>**David J. Millstone** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2625000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2625000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2625000.00** | Aggregate amount beneficially owned by each reporting person<br>**2625000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.7%** | Percent of class represented by amount in Row (11)<br>**5.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, par value $0.01 per share

**(b) Name of Issuer:**
ASHLAND INC.

**(c) Address of Issuer's Principal Executive Offices:**
8145 Blazer Drive, Wilmington, DE, 19808

**Item 4. Purpose of Transaction**

The Reporting Persons acquired the Shares to which this Schedule 13D relates because they believe the Shares represent an attractive investment opportunity.

The Reporting Persons and their representatives have, from time to time, engaged in, and expect to continue to engage in, discussions with members of management of the Issuer and the board of directors of the Issuer (the "Board"), other current or prospective shareholders, industry analysts, existing or potential strategic partners and other third parties regarding a variety of matters relating to the Issuer, which may include, among other things, the Issuer's business, management, capital structure and allocation, corporate governance, Board composition and strategic alternatives and direction, and may take other steps seeking to bring about changes to increase shareholder value as well as pursue other plans or proposals that relate to or could result in any of the matters set forth in clauses (a)-(j) of Item 4 of Schedule 13D.

The Reporting Persons intend to review their investment in the Issuer on a continuing basis. Depending on various factors, including, without limitation, the outcome of any discussions referenced above, the Issuer's financial position, results and strategic direction, actions taken by the Issuer's management and the Board, price levels of the Shares, other investment opportunities available to the Reporting Persons, conditions in the securities and other markets and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate, including, without limitation, exchanging information with the Issuer or other third parties pursuant to appropriate confidentiality or similar agreements, proposing changes in the Issuer's operations, governance or capitalization, acquiring additional Shares and/or other equity, debt, notes, instruments or other securities of the Issuer (collectively, "Securities") or disposing of some or all of the Securities beneficially owned by them, in public market or privately negotiated transactions, entering into financial instruments or other agreements that increase or decrease the Reporting Persons' economic exposure with respect to their investment in the Issuer and/or otherwise changing their intention with respect to any and all matters referred to in Item 4 of Schedule 13D.

**Item 5. Interest in Securities of the Issuer**

**(a)**
See rows (11) and (13) of the cover pages to this Schedule 13D for the aggregate number of Shares and percentage of the Shares beneficially owned by each of the Reporting Persons. The aggregate percentage of Shares reported beneficially owned by each of the Reporting Persons is based upon 45,718,113 Shares outstanding, as of October 31, 2025, as reported in the Issuer's Annual Report on Form 10-K filed with the Securities and Exchange Commission on November 20, 2025.

The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer that he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.

**(b)**
See rows (7) through (10) of the cover pages to this Schedule 13D for the number of Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and the sole or shared power to dispose or to direct the disposition.

**(c)**
Information concerning transactions in the Shares effected by the Reporting Persons during the past sixty (60) days is set forth in Schedule 1 attached hereto and is incorporated herein by reference. Except as otherwise noted, all of the transactions in the Shares listed therein were effected in the open market through various brokerage entities.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Standard Latitude Master has entered into cash settled total return swaps (the "Total Return Swaps") providing economic exposure to an aggregate of 1,900,000 Shares of the Issuer (representing 4.2% of the Shares of the Issuer).  The Total Return Swaps provide Standard Latitude Master with economic results that are comparable to the economic results of ownership but do not provide the Reporting Persons with the power to vote or direct the voting or dispose of or direct the disposition of the shares that are referenced in the Total Return Swaps.  The Total Return Swaps may only be cash settled and do not require the counterparty to the Total Return Swaps to acquire, hold, vote or dispose of any securities of the Issuer.  The Reporting Persons disclaim beneficial ownership in any Shares of the Issuer that may be referenced in such Total Return Swaps or any Shares or other securities or financial instruments that may be held from time to time by the counterparty to the Total Return Swaps. The counterparty to the Total Return Swaps is an unaffiliated third party financial institution.

The Reporting Persons have economic exposure to the Issuer, when such Total Return Swaps and beneficially owned shares are combined, of approximately 9.9% of the Shares outstanding.

Except as set forth herein, there are no contracts, arrangements, understandings or relationships (legal or otherwise) among the Reporting Persons and between such persons and any person with respect to any securities of the Issuer, including any class of the Issuer's securities used as a reference security, in connection with any of the following: call options, put options, security-based swaps or any other derivative securities, transfer or voting of any of the securities, finder's fees, joint ventures, loan or option arrangements, guarantees of profits, division of profits or loss, or the giving or withholding of proxies.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Standard Investments LLC

**Signature:** /s/ David S. Winter

**Name/Title:** David S. Winter, Managing Member

**Date:** 12/01/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** SI GP III LLC

**Signature:** /s/ David S. Winter

**Name/Title:** David S. Winter, Principal

**Date:** 12/01/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Standard Latitude Master Fund Ltd.

**Signature:** /s/ David S. Winter

**Name/Title:** David S. Winter, Director

**Date:** 12/01/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Standard Latitude Fund LP

**Signature:** /s/ David S. Winter

**Name/Title:** David S. Winter, Principal of SI GP III LLC, its General Partner

**Date:** 12/01/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** David S. Winter

**Signature:** /s/ David S. Winter

**Name/Title:** David S. Winter, Individually

**Date:** 12/01/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** David J. Millstone

**Signature:** /s/ David J. Millstone

**Name/Title:** David J. Millstone, Individually

**Date:** 12/01/2025