VALVOLINE INC — Director's Dealing 2019

Nov 12, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: VALVOLINE INC (VVV)
CIK: 0001674910
Period of Report: 2019-11-07

Reporting Person: Moughler Craig A. (SVP and CSCO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-11-07	Common Stock	M	5649	$13.08	Acquired	25957	Direct
2019-11-07	Common Stock	F	4008	$22.74	Disposed	21949	Direct
2019-11-08	Common Stock	S	1641	$22.91	Disposed	24114	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-11-07	FY 2013 Stock Appreciation Right	$13.08	M	5649	Disposed	2022-12-14	Common Stock (5649.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5543	Indirect

Footnotes

F1: Transations were effected pursuant to a Rule 10b5-1 Plan adopted by the Reporting Person on August 20, 2019.

F2: Shares withheld by Valvoline to cover the exercise price and applicable withholding taxes on the Reporting Person's exercise of stock appreciation rights.

F3: Since the date of the reporting person's last report, 3,806 shares previously owned through the Valvoline 401(k) Plan were rolled over into a self-directed IRA and therefore are now owned directly.

F4: Represents the approximate number of shares of Valvoline common stock held by the Reporting Person in the Valvoline 401(k) Plan based on the closing price of Valvoline common stock as of the close of business on November 8, 2019.

F5: 50% of the stock appreciation rights vested on the first anniversary of the grant date and 25% vested on each of the second and third anniversaries of the grant date.