EX-10.1
ASHLAND INC.
EXECUTION VERSION
COOPERATION AGREEMENT
This Cooperation Agreement (“Agreement”), dated as of July 27, 2026, is made by and among Ashland Inc., a Delaware corporation (the “Company”), Ancora Holdings Group, LLC (“Ancora”) and the other persons and entities listed on Schedule Ahereto (collectively with Ancora, the “Investor Group”). The Company and each member of the Investor Group are collectively herein referred to as the “Parties” and individually as a “Party.”
WHEREAS, the Company and representatives of the Investor Group have engaged in discussions regarding various matters concerning the Company, including matters concerning the Board of Directors of the Company (the “Board”);
WHEREAS, as of the date of this Agreement, the Investor Group Beneficially Owns (as defined below) common stock of the Company, par value $0.01 per share (the “Common Stock”), as set forth on Schedule Ahereto; and
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