Samuel J. Mitchell - Jul 6, 2021 Form 4 Insider Report for VALVOLINE INC (VVV)

Role: Chief Executive Officer, Director
Signature: /s/ Ian C. Lofwall, Attorney-in-Fact
Stock symbol: VVV
Transactions as of: Jul 6, 2021
Transactions value $: -$399,382
Form type: 4
Date filed: 7/7/2021, 05:07 PM
Next filing: Nov 15, 2021

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	VVV	Common Stock	Options Exercise	$539K	+52.2K	+21.63%	$10.33	294K	Jul 6, 2021	Direct	F1
transaction	VVV	Common Stock	Tax liability	-$938K	-28.9K	-9.83%	$32.52	265K	Jul 6, 2021	Direct	F2
holding	VVV	Common Stock						5.55K	Jul 6, 2021	By 401(k) Plan	F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	VVV	FY 2011 Stock Appreciation Right	Options Exercise	$0	-52.2K	-100%	$0.00^*	0	Jul 6, 2021	Common Stock	52.2K	$10.33	Direct	F1, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Transactions were effected pursuant to a Rule 10b5-1 Plan adopted by the Reporting Person on May 21, 2021.
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	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 the Reporting 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.