VALVOLINE INC — Director's Dealing 2023

May 15, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: VALVOLINE INC (VVV)
CIK: 0001674910
Period of Report: 2023-05-11

Reporting Person: Matheys Heidi J. (SVP, Chief Commercial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-05-11	Common Stock	M	9000	$23.08	Acquired	46159	Direct
2023-05-11	Common Stock	F	6454	$38.50	Disposed	39705	Direct
2023-05-12	Common Stock	S	2546	$38.64	Disposed	37159	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2023-05-11	Stock Appreciation Right	$23.08	M	9000	Disposed	2027-11-13	Common Stock (9000.0)	Direct

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: Fifty percent (50%) of the Stock Appreciation Rights vested on November 13, 2018 and 25% vested on each of November 13, 2019 and November 13, 2020.