VALVOLINE INC — Director's Dealing 2023

Apr 5, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: VALVOLINE INC (VVV)
CIK: 0001674910
Period of Report: 2023-04-03

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-04-03	Common Stock	M	9684	$20.80	Acquired	46843	Direct
2023-04-03	Common Stock	F	7010	$35.33	Disposed	39833	Direct
2023-04-03	Common Stock	M	11298	$20.29	Acquired	51131	Direct
2023-04-03	Common Stock	F	8149	$35.33	Disposed	42982	Direct
2023-04-04	Common Stock	S	5823	$35.25	Disposed	37159	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2023-04-03	FY 2016 Stock Appreciation Right	$20.8	M	9684	Disposed	2025-12-18	Common Stock (9684.0)	Direct
2023-04-03	FY 2017 Stock Appreciation Right	$20.29	M	11298	Disposed	2026-12-16	Common Stock (11298.0)	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 18, 2016, twenty-five percent (25%) of the stock appreciation rights vested on November 18, 2017 and twenty-five percent (25%) of the stock appreciation rights vested on November 18, 2018.

F3: Fifty percent (50%) of the stock appreciation rights vested on November 16, 2017, twenty-five percent (25%) of the stock appreciation rights vested on November 16, 2018 and twenty-five percent (25%) of the stock appreciation rights vested on November 16, 2019.