Mary E. Meixelsperger - Nov 11, 2021 Form 4 Insider Report for VALVOLINE INC (VVV)

Role
Chief Financial Officer
Signature
/s/ Ian C. Lofwall, Attorney-in-Fact
Stock symbol
VVV
Transactions as of
Nov 11, 2021
Transactions value $
-$383,598
Form type
4
Date filed
11/15/2021, 04:51 PM
Previous filing
Jul 26, 2021
Next filing
Nov 22, 2021

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction VVV Common Stock Award +26.1K +43.74% 85.6K Nov 11, 2021 Direct F1, F2
transaction VVV Common Stock Tax liability -$290K -8.23K -9.62% $35.25 77.4K Nov 11, 2021 Direct
transaction VVV Common Stock Options Exercise +3.04K +3.93% 80.4K Nov 12, 2021 Direct F2
transaction VVV Common Stock Tax liability -$49.8K -1.42K -1.76% $35.16 79K Nov 12, 2021 Direct
transaction VVV Common Stock Options Exercise +3.21K +4.06% 82.2K Nov 12, 2021 Direct F2
transaction VVV Common Stock Tax liability -$43.6K -1.24K -1.51% $35.16 81K Nov 12, 2021 Direct

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 2022 Restricted Stock Units Award $0 +5.96K $0.00 5.96K Nov 11, 2021 Common Stock 5.96K Direct F2, F3
transaction VVV FY 2022 Stock Appreciation Rights Award $0 +20.8K $0.00 20.8K Nov 11, 2021 Common Stock 20.8K $35.25 Direct F4
transaction VVV FY 2020 Restricted Stock Units Options Exercise $0 -3.04K -50% $0.00 3.04K Nov 12, 2021 Common Stock 3.04K Direct F2, F3
transaction VVV FY 2021 Restricted Stock Units Options Exercise $0 -3.21K -33.33% $0.00 6.42K Nov 12, 2021 Common Stock 3.21K Direct F2, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
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 The restricted stock units vest in three equal annual installments beginning on the first anniversary of the grant date.
F4 Fifty percent (50%) of the stock appreciation rights vest on the first anniversary of the grant date and 25% vest on each of the second and third anniversaries of the grant date.