VALVOLINE INC — Director's Dealing 2019

Jan 22, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: VALVOLINE INC (VVV)
CIK: 0001674910
Period of Report: 2019-01-17

Reporting Person: Moughler Craig A. (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-01-17	Common Stock	M	6456	$10.33	Acquired	27221	Direct
2019-01-17	Common Stock	F	4362	$21.26	Disposed	22859	Direct
2019-01-18	Common Stock	S	2551	$21.88	Disposed	20308	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-01-17	FY 2012 Stock Appreciation Right	$10.33	M	6456	Acquired	2022-01-02	Common Stock (6456.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	9344	Indirect

Footnotes

F1: Transations were effected pursuant to a Rule 10b5-1 Plan adopted by the Reporting Person on November 9, 2018.

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: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions ranging from $21.85 to $22.00, inclusive. The Reporting Person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission upon request full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

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 January 18, 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.