VALVOLINE INC — Director's Dealing 2017

Feb 21, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: VALVOLINE INC (VVV)
CIK: 0001674910
Period of Report: 2016-12-20

Reporting Person: Freeland Richard Joseph (N/A)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-12-20	Restricted Stock Units	$	A	3.676	Acquired		Common Stock (3.676)	Direct

Footnotes

F1: Each Restricted Stock Unit represents a contingent right to receive one share of VVV common stock. Subject to the terms and requirements of the 2016 Deferred Compensation Plan for Non-Employee Directors (the "Plan"), the reporting person may elect to transfer certain Restricted Stock Units granted under the Plan to another hypothetical investment alternative.

F2: Acquired pursuant to a dividend reinvestment feature of the Plan, and exempt pursuant to Rule 16b-3.

F3: The Restricted Stock Units were credited as dividends with respect to previously granted Restricted Stock Units under the Plan and vest on the same date as the previously granted Restricted Stock Units with respect to which they were credited as dividends.

F4: Subject to any deferral election on timing of distribution by the reporting person under the Plan, such units are payable upon separation from service as a director subject to the vesting conditions of the previously granted Restricted Stock Units with respect to which they were credited as dividends.