VALVOLINE INC — Director's Dealing 2021

Nov 16, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: VALVOLINE INC (VVV)
CIK: 0001674910
Period of Report: 2021-11-11

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-11-11	Common Stock	A	7818	—	Acquired	17583	Direct
2021-11-11	Common Stock	F	2471	$35.25	Disposed	15112	Direct
2021-11-12	Common Stock	M	982	—	Acquired	16094	Direct
2021-11-12	Common Stock	F	311	$35.16	Disposed	15783	Direct
2021-11-12	Common Stock	M	1038	—	Acquired	16821	Direct
2021-11-12	Common Stock	F	329	$35.16	Disposed	16492	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-11-12	FY 2020 Restricted Stock Units	$	M	982	Disposed		Common Stock (982.0)	Direct
2021-11-12	FY 2021 Restricted Stock Units	$	M	1038	Disposed		Common Stock (1038.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5530	Indirect

Footnotes

F1: Represents shares earned from the FY19-FY21 performance stock unit ("PSU") award granted on November 19, 2018, as certified by the Compensation Committee of the Board of Directors on November 11, 2021. Earned PSUs became 100% vested on the last day of the performance period. The PSUs were measured against EPS performance goals over three separate one-year measurement periods for each of FY19, FY20 and FY21, and a fourth cumulative FY19-FY21 measurement period with a potential payout of 0% to 200% of Target. Each measurement period was weighted equally at 25%. The entire PSU payout was subject to a payment modifier (-25%, 0% or +25%) based on Valvoline's FY19-FY21 total shareholder return relative to the companies in the S&P MidCap 400 Index. Based on Valvoline's EPS performance and relative TSR performance, the Compensation Committee awarded a PSU payout equal to 144.5% of Target.

F2: Restricted stock units and performance stock units convert into Valvoline common stock on a one-for-one basis.

F3: 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 the earliest Transaction Date.

F4: The restricted stock units vest in three equal annual installments beginning on the first anniversary of the grant date.