VALVOLINE INC — Director's Dealing 2021

Mar 1, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: VALVOLINE INC (VVV)
CIK: 0001674910
Period of Report: 2021-02-25

Reporting Person: Puckett Anthony R. (SVP, President, Quick Lubes)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-02-25	Common Stock	M	8070	$16.67	Acquired	8070	Direct
2021-02-25	Common Stock	F	6314	$25.04	Disposed	1756	Direct
2021-02-25	Common Stock	M	7801	$20.99	Acquired	9557	Direct
2021-02-25	Common Stock	F	6929	$25.03	Disposed	2628	Direct
2021-02-25	Common Stock	M	9684	$20.80	Acquired	12312	Direct
2021-02-25	Common Stock	F	8564	$25.03	Disposed	3748	Direct
2021-02-25	Common Stock	M	11298	$20.29	Acquired	15046	Direct
2021-02-25	Common Stock	F	9835	$25.03	Disposed	5211	Direct
2021-02-25	Common Stock	M	7875	$20.37	Acquired	13086	Direct
2021-02-25	Common Stock	F	6874	$25.02	Disposed	6212	Direct
2021-02-25	Common Stock	S	6212	$25.01	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-02-25	FY 2014 Stock Appreciation Right	$16.67	M	8070	Disposed	2023-12-13	Common Stock (8070.0)	Direct
2021-02-25	FY 2015 Stock Appreciation Right	$20.99	M	7801	Disposed	2024-12-12	Common Stock (7801.0)	Direct
2021-02-25	FY 2016 Stock Appreciation Right	$20.8	M	9684	Disposed	2025-12-18	Common Stock (9684.0)	Direct
2021-02-25	FY 2017 Stock Appreciation Right	$20.29	M	11298	Disposed	2026-12-16	Common Stock (11298.0)	Direct
2021-02-25	Stock Appreciation Right	$20.37	M	7875	Disposed	2028-11-19	Common Stock (7875.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4735	Indirect

Footnotes

F1: Shares withheld by Valvoline to cover the exercise price and applicable withholding taxes on the Reporting Person's exercise of stock appreciation rights.

F2: The price reported in Column 4 is a weighted average price. These shares of Valvoline common stock were sold in multiple transactions at prices ranging from $25.00 to $25.075, inclusive. Upon request, the Reporting Person will provide to Valvoline, any security holder of Valvoline, or the staff of the Securities and Exchange Commission full information regarding the shares of Valvoline common stock sold at each separate price within the range set forth in this footnote.

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 Transaction Date.

F4: 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.