Document:

EX-4.1

 Exhibit 4.1 

ASHLAND INC. 
 FORM OF
INDUCEMENT RESTRICTED STOCK AWARD AGREEMENT 
 As an inducement material to the decision by the grantee listed below (the
“Grantee”) to accept employment with Ashland Inc., a Kentucky corporation (the “Company”), and pursuant to that certain letter agreement entered into by and between the Grantee and the Company, dated
as of November 12, 2014, the Company hereby grants to the Grantee the number of shares of Common Stock set forth below, subject to certain restrictions specified herein (the “Restricted Stock”). This award of Restricted Stock
(the “Award”) is subject to all of the terms and conditions set forth in this Inducement Restricted Stock Award Agreement (the “Agreement”). This Award is made and granted as a stand-alone award and is
not granted under or pursuant to the Amended and Restated 2011 Ashland Inc. Incentive Plan (the “Plan”). 
  

			
	Grantee:	  	William A. Wulfsohn
		
	Grant Date:	  	January     , 2015
		
	 Total Number of Shares
 of Restricted
Stock
	  	50,000
		
	Vesting Schedule:	  	Subject to the terms and conditions of this Agreement and subject to the Grantee’s continuous employment with the Company or an affiliate through the applicable vesting date, the Restricted Stock shall vest in two
substantially equal annual installments on the first and second anniversaries of the Grant Date.

 TERMS AND CONDITIONS OF AWARD 

ARTICLE I. 
 GENERAL

 1.1 Non-Plan Grant; Incorporation of Certain Terms of Plan. The Award is made and granted as a stand-alone award, separate and
apart from, and outside of, the Plan, and shall not constitute an award granted under or pursuant to the Plan. However, capitalized terms used but not defined in the Agreement shall have the meanings given to those terms in the Plan. 

1.2 Employment Inducement Grant. The Award is intended to constitute an “employment inducement award” under Rule 303A.08 of
the New York Stock Exchange Listed Company Manual, and consequently is intended to be exempt from the New York Stock Exchange rules regarding shareholder approval of equity compensation plans. This Agreement and the terms and conditions of the Award
shall be interpreted in accordance and consistent with such exemption. 
 ARTICLE II. 

TERMS AND CONDITIONS OF RESTRICTED STOCK 

2.1 Grant of Restricted Stock. Upon the terms and conditions set forth in this Agreement, effective as of the Grant Date set forth
above, the Company hereby grants to the Grantee an award of Restricted Stock in consideration of the Grantee’s past and/or future services and for other good and valuable consideration. The shares of Restricted Stock shall be fully paid and
nonassessable. In consideration of this Award, the Grantee agrees to render faithful and efficient services to the Company and its affiliates. This Award will be evidenced by entry on the books of Company’s transfer agent. If any certificate is
issued, the Grantee shall be required to execute and deliver to theUpon the terms and conditions set forth in this Agreement, effective as of the Grant Date set forth above, the Company hereby grants to the Grantee an award of Restricted

 
Company a stock power provided by the Company relating to the Restricted Stock, as a condition to the receipt of this Award. Only whole shares of Common Stock will be issued pursuant to this
Agreement, and any fractional shares will be cancelled. Each entry in respect of shares of Restricted Stock shall be designated in the name of the Grantee and shall bear the following legend: 

“The transferability of this certificate and the shares of stock represented hereby are subject to the terms and conditions (including
forfeitures) contained in the Inducement Restricted Stock Award Agreement entered into between the registered owner and Ashland Inc.” 

2.2 Vesting of Restricted Stock. The Restricted Stock shall vest and become nonforfeitable, if at all, in accordance with the vesting
schedule set forth above and the terms and conditions of this Agreement. The Restricted Stock may not be sold, assigned, transferred, pledged, or otherwise encumbered (except to the extent such shares shall have vested) until such vesting dates.
This Award (and any shares of Common Stock that become vested hereunder) will be subject to the requirements of the Company’s stock ownership guidelines. 

2.3 Forfeiture of Restricted Stock. If the Grantee’s employment with the Company and its affiliates terminates for any reason
prior to a vesting date, all shares of Restricted Stock that have not become vested on or prior to the date of such termination of employment will be forfeited automatically and without further action by the Company or the Grantee. Notwithstanding
the foregoing, in the event that the Grantee’s employment with the Company and its affiliates terminates prior to the vesting of the Restricted Stock as a result of the Grantee’s death, disability (within the meaning of the Company’s
long-term disability plan in which the Grantee participates) or termination by the Company and its affiliates for reasons other than cause, the Grantee will be paid in cash an amount equal to the Fair Market Value on the Grant Date of the shares of
Restricted Stock that are forfeited on the date of such termination of employment, but not including any additional shares of Restricted Stock credited to the Grantee pursuant to Section 2.4 of this Agreement. Any cash payment pursuant to the
immediately preceding sentence will be made within 30 days after the date of termination of the Grantee’s employment. 
 2.4
Dividends on Restricted Stock. 
 (a) While the Restricted Stock granted under this Award remains unvested, on each date that cash
dividends are paid to holders of Common Stock, the Company will credit the Grantee with a number of additional whole shares of Restricted Stock on the unvested portion of the Award, determined as (i) the product of the number of unvested shares of
Restricted Stock held by the Grantee as of the date of record for such dividend times the per share cash dividend amount, divided by (ii) the Fair Market Value per share on the dividend payment date (with any fractional shares cancelled as provided
in Section 2.1 of this Agreement). Such additional Restricted Stock will be subject to the same vesting conditions and restrictions as the underlying Restricted Stock. 

(b) Any additional whole shares of Common Stock or other securities that the Grantee may become entitled to receive pursuant to a stock
dividend, stock split, combination of shares, recapitalization, merger, consolidation, separation or reorganization or any other change in the capital structure of the Company shall be considered Restricted Stock and shall be subject to the same
vesting conditions and restrictions as the Restricted Stock covered by this Agreement (with any fractional shares cancelled as provided in Section 2.1 of this Agreement). 

2.5 Rights as Shareholder. Except for such restrictions as are provided in this Agreement, the Grantee will have all rights of a
shareholder with respect to the shares of Restricted Stock. 

 ARTICLE III. 

MISCELLANEOUS PROVISIONS 

3.1 Tax Withholding. The Company shall have the authority and the right to deduct or withhold, or to require the Grantee to remit to
the Company, an amount sufficient to satisfy all applicable federal, state and local taxes required by law to be withheld with respect to any taxable event arising in connection with the Restricted Stock. The Grantee may elect to satisfy all or any
portion of any such withholding obligation by surrendering to the Company a portion of the shares of Common Stock that become vested hereunder, and the shares of Common Stock so surrendered by the Grantee shall be credited against any such
withholding obligation at the Fair Market Value per share on the date of such surrender. 

 3.2 Administration. The P&C Committee shall have full power and authority to take all
actions and to make all determinations required or provided for under this Agreement, and shall have full power and authority to take all such other actions and make all such other determinations not inconsistent with the specific terms and
provisions of this Agreement that the P&C Committee deems to be necessary or appropriate to the administration of this Agreement. All actions taken and all interpretations and determinations made by the P&C Committee in good faith shall be
final and binding upon the Grantee, the Company and all other interested persons. 
 3.3 Grant Not Transferable. Until vested, the
Restricted Stock may not be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution. Neither the Restricted Stock nor any interest or right therein shall be liable for the debts, contracts or
engagements of the Grantee or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by
operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect, except to the extent that such disposition
is permitted by the preceding sentence. 
 3.4 Tax Consultation; Section 83(b) Election Prohibited. The Grantee understands that as
the Restricted Stock vests, the Grantee will owe applicable federal, state and local income and employment taxes as of each date that shares of Restricted Stock become vested, and that the amount of taxes due in each instance will be based on the
fair market value of the vested Common Stock on the applicable vesting date. The Grantee represents that the Grantee has consulted with any tax consultants the Grantee deems advisable in connection with this Award and that the Grantee is not relying
on the Company for any tax advice. As a condition to receiving this award, the Grantee acknowledges and agrees that he shall not file an election under Section 83(b) of the Code with respect to all or any portion of the Restricted Stock. 

3.5 Grantee’s Representations. The Grantee shall, if required by the Company, concurrently with the issuance of any securities
hereunder, make such written representations as are deemed necessary or appropriate by the P&C Committee and/or the Company’s counsel. 

3.6 Conformity to Securities Laws. The Grantee acknowledges that this Agreement is intended to conform to the extent necessary with all
provisions of the Securities Act of 1933, as amended, and the Exchange Act, and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder, as well as all applicable state securities laws and regulations.
Notwithstanding anything herein to the contrary, this Agreement shall be administered, and the shares of Restricted Stock are granted, only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by applicable
law, this Agreement shall be deemed amended to the extent necessary to conform to such laws, rules and regulations. 
 3.7 Amendment,
Suspension and Termination. This Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the P&C Committee or the Board; provided, however, that no amendment,
modification, suspension or termination of this Agreement shall adversely affect the Restricted Stock in any material way without the prior written consent of the Grantee. 

3.8 Successors and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this
Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement shall be binding upon the Grantee and his or her heirs, executors, administrators, successors
and assigns. 
 3.9 Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of this Agreement, if the
Grantee is subject to Section 16 of the Exchange Act, then the Restricted Stock and this Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any
amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by applicable law, this Agreement shall be deemed amended to the extent necessary to conform to such applicable
exemptive rule. 

 3.10 Not a Contract of Service Relationship. Nothing in this Agreement shall confer upon
the Grantee any right to continue to serve as an Employee or other service provider of the Company or any of its affiliates or shall interfere with or restrict in any way the rights of the Company and its affiliates, which rights are hereby
expressly reserved, to discharge or terminate the services of the Grantee at any time for any reason whatsoever, with or without cause, except to the extent expressly provided otherwise in a written agreement between the Company or an affiliate and
the Grantee. 

 3.11 Entire Agreement. This Agreement (including all Exhibits hereto) constitutes the
entire agreement of the parties and supersedes in its entirety all prior undertakings and agreements of the Company and the Grantee with respect to the subject matter hereof. 

3.12 Severability. If any portion of this Agreement shall be found to be invalid or unenforceable, the remaining terms and provisions
of this Agreement shall be given effect to the maximum extent permitted without considering the void, invalid or unenforceable provision. 

3.13 Governing Law. The laws of the Commonwealth of Kentucky shall govern the interpretation, validity, administration, enforcement and
performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws. 
 3.14
Titles. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement. 

[SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, the parties have executed this Agreement, effective as of the Grant Date.

  

			
	ASHLAND INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 By his signature below, the Grantee agrees to be bound by the terms and conditions of this Agreement. The Grantee has
reviewed this Agreement in its entirety, has had an opportunity to obtain the advice of counsel prior to executing this Agreement and fully understands all provisions of this Agreement. The Grantee hereby agrees to accept as binding, conclusive and
final all decisions or interpretations of the P&C Committee upon any questions arising under this Agreement or relating to the Award. 
  

			
	GRANTEE
	
	  

	Name:	 	William A. WulfsohnEX-4.2

 Exhibit 4.2 
  

 
 ASHLAND INC. 

INDUCEMENT RESTRICTED STOCK AWARD AGREEMENT 
  

			
	Name of Grantee:	  	Mary Meixelsperger
		
	 Total Number of Shares
 of Restricted
Stock:
	  	4,500
		
	Vesting Schedule:	  	Subject to the terms and conditions of this Agreement and subject to the Grantee’s continuous employment with Ashland or its Subsidiaries through the applicable vesting date, 25% of the Award shall vest on the second
anniversary of the Grant Date and the remainder shall vest on the third anniversary of the Grant Date
		
	Grant Date:	  	June     , 2016

 As an inducement material to the decision by the grantee listed above (the “Grantee”) to accept employment
with Ashland Inc., a Kentucky corporation (“Ashland”), as the Chief Financial Officer for Valvoline, and pursuant to that certain letter agreement entered into by and between the Grantee and Ashland, dated as of May 31, 2016,
Ashland hereby awards to the Grantee 4,500 shares of Ashland Common Stock, par value $0.01 per share, subject to certain restrictions specified herein (the “Restricted Stock”). This award of Restricted Stock (the
“Award”) is subject to all of the terms and conditions set forth in this Inducement Restricted Stock Award Agreement (this “Agreement”). 

TERMS AND CONDITIONS OF AWARD 

ARTICLE I. 
 GENERAL

 1.1. Non-Plan Grant; Incorporation of Certain Terms of Plan. The Award is made and granted as a stand-alone award, separate and apart from,
and outside of, the Amended and Restated 2015 Ashland Inc. Incentive Plan (the “Plan”), and shall not constitute an award granted under or pursuant to the Plan. However, except as otherwise expressly stated herein, the Award is
governed by terms and conditions identical to those of the Plan (including Section 14 (Adjustments Upon Changes in Capitalization) and Section 16(h) (Forfeiture Provision)), which are incorporated herein by reference. In the event of any conflict
between the terms and conditions of this Agreement and the terms and conditions of the Plan, the terms and conditions of this Agreement shall govern. Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the
Plan. 
 1.2. Employment Inducement Grant. The Award is intended to constitute an “employment inducement award” under Rule 303A.08 of the
New York Stock Exchange Listed Company Manual, and consequently is intended to be exempt from the New York Stock Exchange rules regarding shareholder approval of equity compensation plans. This Agreement and the terms and conditions of the Award
shall be interpreted in accordance and consistent with such exemption. 

 

 
 ARTICLE II. 

TERMS AND CONDITIONS OF RESTRICTED STOCK 

2.1. Grant of Restricted Stock. Upon the terms and conditions set forth in this Agreement, effective as of the Grant Date set forth above, Ashland
hereby grants to the Grantee the Award in consideration of the Grantee’s future services and for other good and valuable consideration. The shares of Restricted Stock shall be fully paid and nonassessable. In consideration of this Award, the
Grantee agrees to render faithful and efficient services to Ashland and its Subsidiaries. The Award shall be evidenced by entry on the books of Ashland’s transfer agent. If any certificate is issued, the Grantee shall be required to execute and
deliver to Ashland a stock power provided by Ashland relating to the shares of Restricted Stock, as a condition to the receipt of the Award. Only whole shares of Common Stock shall be issued pursuant to this Agreement, and any fractional shares
shall be canceled for no consideration. Each entry in respect of shares of Restricted Stock shall be designated in the name of the Grantee and shall bear the following legend: 

“The transferability of this certificate and the shares of stock represented hereby are subject to the terms and conditions (including forfeitures)
contained in the Inducement Restricted Stock Award Agreement entered into between the registered owner and Ashland Inc.” 
 2.2. Vesting of
Restricted Stock. The shares of Restricted Stock shall vest and become nonforfeitable, if at all, in accordance with the vesting schedule set forth above and the terms and conditions of this Agreement. The shares of Restricted Stock may not be
sold, assigned, transferred, pledged, or otherwise encumbered (except to the extent such shares shall have vested) until the applicable vesting dates. The Award (and any shares of Common Stock that become vested hereunder) shall be subject to the
requirements of Ashland’s stock ownership guidelines. Notwithstanding the foregoing, the P&C Committee may, in its sole discretion, provide for accelerated vesting of the Award at any time and for any reason. 

2.3. Forfeiture of Restricted Stock. If the Grantee’s employment with Ashland and its Subsidiaries terminates for any reason prior to a vesting
date, all shares of Restricted Stock that have not become vested on or prior to the date of such termination of employment shall be forfeited automatically and canceled for no consideration without further action by Ashland or the Grantee.
Notwithstanding the foregoing, if the Transaction (as defined below) is not consummated within 18 months following the commencement of the Grantee’s employment with Ashland or its Subsidiaries (the “Start Date”) and the
Grantee, at her election, chooses to terminate her employment within 60 days following such 18-month anniversary of the Start Date, then the Grantee shall be paid an amount in cash equal to the product of (1) the Fair 

  
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 Market Value of Common Stock as of the Grant Date and (2) the number of shares of Restricted Stock that are forfeited on the
date of such termination of employment (excluding any additional shares of Restricted Stock credited to the Grantee pursuant to Section 2.4 of this Agreement), less applicable withholdings. Any cash payment pursuant to the immediately preceding
sentence shall be made within 30 days after the date of termination of the Grantee’s employment, without interest. 
 2.4. Dividends on Restricted
Stock. While the shares of Restricted Stock granted under this Award remain unvested, on each date that cash dividends are paid to holders of Common Stock, Ashland shall credit the Grantee with a whole number of additional shares of Restricted
Stock on the unvested portion of the Award, determined as the quotient of (1) the product of (A) the number of unvested shares of Restricted Stock held by the Grantee as of the date of record for such dividend multiplied by (B) the per share cash
dividend amount, divided by (2) the Fair Market Value of Common Stock on the dividend payment date (with all fractional shares, if any, resulting from such calculation being cancelled as of such date for no consideration). Such additional shares of
Restricted Stock shall be subject to the same vesting conditions and restrictions as the underlying Restricted Stock. 
 2.5. Rights as Shareholder.
Except as otherwise provided in this Agreement, the Grantee shall have all rights of a shareholder with respect to the shares of Restricted Stock. 
 2.6.
Change in Control. Notwithstanding any provision of Section 12(A) of the Plan to the contrary, the Award shall be treated as follows in the event of a Change in Control prior to an applicable vesting date and while the Grantee remains
employed by Ashland or its Subsidiaries: 
 2.6.1. If the Award is assumed, continued, converted or replaced by the surviving or resulting entity in
connection with the Change in Control, then the Award shall continue to vest subject to the Grantee’s continued employment with Ashland or its Subsidiaries through the applicable vesting date; provided that any outstanding unvested
shares of Restricted Stock shall immediately vest upon the termination of the Grantee’s employment by Ashland without “Cause” (as defined below), and not as a result of the Grantee’s Disability or death, during the one-year
period commencing on the date of the Change in Control. For purposes of this Agreement, “Cause” shall mean (i) the willful and continued failure of the Grantee to substantially perform her duties with Ashland or its Subsidiaries
(other than such failure resulting from the Grantee’s incapacity due to physical or mental illness), (ii) willful engaging by the Grantee in gross misconduct materially injurious to Ashland or its Subsidiaries, or (iii) the Grantee’s
conviction of or the entering of a plea of nolo contendre (or similar plea under the law of a jurisdiction outside the United States) to the commission of a felony (or a similar crime or offense under the law of a jurisdiction outside the United
States). 
 2.6.2. If the Award is not assumed, continued, converted or replaced by the surviving or resulting entity in connection with the Change in
Control, then any outstanding unvested shares of Restricted Stock subject to the Award shall immediately vest upon the date of the Change in Control. 

  
 -3- 

 

 
 For purposes of this Agreement, the Award shall not be considered to be assumed, continued, converted or replaced by the
surviving or resulting entity in connection with the Change in Control unless (i) the Award is adjusted to prevent dilution of the Grantee’s rights hereunder as a result of the Change in Control, and (ii) immediately after the Change in
Control, the Award relates to shares of stock in the surviving or resulting entity which are publicly traded and listed on a national securities exchange, in each case as determined by the P&C Committee in its sole discretion prior to such
Change in Control. 
 For the avoidance of doubt, the transaction, or series of transactions, initially approved by the Ashland Board of Directors on
September 16, 2015, intended to separate the Valvoline business from Ashland’s specialty chemical businesses and create two independent, publicly traded companies (the “Transaction”), shall not constitute a “Change in
Control” for purposes of this Award. It is anticipated that the Award will be converted into shares of Restricted Stock of Valvoline in connection with the Transaction, in accordance with Section 14 of the Plan (Adjustments Upon Changes in
Capitalization), in which case, all references to Ashland in this Agreement shall become references to Valvoline, unless the context clearly requires otherwise. 

ARTICLE III. 
 GRANTEE
COVENANTS 
 3.1. Grantee Covenants. In consideration of this Award, the Grantee agrees that, without the written consent of Ashland, the Grantee
shall not (i) engage directly or indirectly in any manner or capacity as principal, agent, partner, officer, director, employee or otherwise in any business or activity competitive with the business conducted by Ashland or any of its Subsidiaries;
or (ii) perform any act or engage in any activity that is detrimental to the best interests of Ashland or any of its Subsidiaries, including, without limitation, (aa) solicit or encourage any existing or former employee, director, contractor,
consultant, customer or supplier of Ashland or any of its Subsidiaries to terminate his, her or its relationship with Ashland or any of its Subsidiaries for any reason, or (bb) disclose proprietary or confidential information of Ashland or any of
its Subsidiaries to third parties or use any such proprietary or confidential information for the benefit of anyone other than Ashland and its Subsidiaries (the “Grantee Covenants”); provided, however, that section
(ii) above shall not be breached in the event that (x) the Grantee discloses proprietary or confidential information to the Securities and Exchange Commission to the extent necessary to report suspected or actual violations of U.S. securities laws,
or (y) the Grantee’s disclosure of proprietary or confidential information is protected under the whistleblower provisions of any applicable law or regulation. The Grantee understands that if she makes a disclosure of proprietary or
confidential information that is covered by sub-clauses (x) and (y) above, she is not required to inform Ashland, in advance or otherwise, that such disclosure has been made. 

Notwithstanding any other provision this Agreement to the contrary, but subject to any applicable laws to the contrary, the Grantee agrees that in the event
the Grantee fails to comply or otherwise breaches any of the Grantee Covenants either during the Grantee’s employment or within twenty-four (24) months following the Grantee’s termination of employment with Ashland 

  
 -4- 

 

 
 or its Subsidiaries for any reason: (i) Ashland may eliminate or reduce the amount of any compensation, benefit, or payment
otherwise payable by Ashland or any of its Subsidiaries (either directly or under any employee benefit or compensation plan, agreement, or arrangement), except to the extent such compensation, benefit or payment constitutes deferred compensation
under Section 409A of the Code and such elimination or reduction would trigger a tax or penalty under Section 409A of the Code, to or on behalf of the Grantee in an amount up to the total amount of the closing stock price of Common Stock on the
applicable vesting date multiplied by the number of shares of Common Stock delivered to the Grantee under this Agreement (or, in the event the Grantee received a cash payment in connection with her termination of employment pursuant to Section 2.3
of this Agreement, an amount up to the amount of such cash payment); and/or (ii) Ashland may require the Grantee to pay Ashland an amount up to the closing stock price of Common Stock on the applicable vesting date multiplied by the number of shares
of Common Stock delivered to the Grantee under this Agreement (or, in the event the Grantee received a cash payment in connection with her termination of employment pursuant to Section 2.3 of this Agreement, an amount up to the amount of such cash
payment), in each case together with the amount of Ashland’s court costs, attorney fees, and other costs and expenses incurred in connection therewith. 

ARTICLE IV. 

MISCELLANEOUS 
 4.1. Miscellaneous.
As the shares of Restricted Stock vest, the Grantee shall owe applicable federal income and employment taxes and state and local income and employment taxes. The amount of taxes due in each instance is based on the fair market value of the Common
Stock delivered on the applicable vesting date. 
 Nothing contained in this Agreement shall confer upon the Grantee any right to continue in the employment
of, or remain in the service of, Ashland or its Subsidiaries. 
 The Grantee consents and agrees to electronic delivery of any documents that Ashland may
elect to deliver (including, but not limited to, prospectuses, prospectus supplements, grant or award notifications and agreements, account statements, annual and quarterly reports, and all other forms of communications) in connection with this
Award. The Grantee understands that, unless earlier revoked by the Grantee by giving written notice to Ashland at 50 E. RiverCenter Blvd., Covington, KY 41011 Attention: Shea Blackburn, this consent shall be effective for the duration of the Award.
The Grantee also understands that the Grantee shall have the right at any time to request that Ashland deliver written copies of any and all materials referred to above at no charge. 

Copies of the Plan and related Prospectus are available for the Grantee’s review on Fidelity’s website. 

This grant of Restricted Stock is subject to the Grantee’s on-line acceptance of the terms and conditions of this Agreement through the Fidelity
website. By accepting the terms and 

  
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 conditions of this Agreement, the Grantee acknowledges receipt of a copy of the Plan, Prospectus, and Ashland’s most
recent Annual Report and Proxy Statement (the “Prospectus Information”). The Grantee represents that she is familiar with the terms and provisions of the Prospectus Information and hereby accepts this Award on the terms and
conditions set forth herein, and acknowledges that she had the opportunity to obtain independent legal advice at her expense prior to accepting this Award. 

[Remainder of this page intentionally left blank] 

  
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 IN WITNESS WHEREOF, ASHLAND has caused this instrument to be executed and delivered effective as of the day and year first
above written. 
  

			
	ASHLAND INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

		
		 	GRANTEE
		 	  

		 	Name: Mary Meixelsperger

  
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