Jamal K. Muashsher - 11 Nov 2021 Form 4 Insider Report for VALVOLINE INC (VVV)

Role: SVP and Pres., Global Products
Signature: /s/ Ian C. Lofwall, Attorney-in-Fact
Issuer symbol: VVV
Transactions as of: 11 Nov 2021
Net transactions value: -$49,715
Form type: 4
Filing time: 15 Nov 2021, 17:04:03 UTC
Next filing: 16 Nov 2021
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	VVV	Common Stock	Award		+2,443	+56%		6,799	11 Nov 2021	Direct	F1, F2
transaction	VVV	Common Stock	Tax liability	$27,213	-772	-11%	$35.25	6,027	11 Nov 2021	Direct
transaction	VVV	Common Stock	Options Exercise		+982	+16%		7,009	12 Nov 2021	Direct	F2
transaction	VVV	Common Stock	Tax liability	$10,935	-311	-4.4%	$35.16	6,698	12 Nov 2021	Direct
transaction	VVV	Common Stock	Options Exercise		+1,038	+15%		7,736	12 Nov 2021	Direct	F2
transaction	VVV	Common Stock	Tax liability	$11,568	-329	-4.3%	$35.16	7,407	12 Nov 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	+2,350		$0.000000	2,350	11 Nov 2021	Common Stock	2,350		Direct	F2, F3
transaction	VVV	FY 2022 Stock Appreciation Rights	Award	$0	+8,210		$0.000000	8,210	11 Nov 2021	Common Stock	8,210	$35.25	Direct	F4
transaction	VVV	FY 2020 Restricted Stock Units	Options Exercise	$0	-982	-50%	$0.000000	983	12 Nov 2021	Common Stock	982		Direct	F2, F3
transaction	VVV	FY 2021 Restricted Stock Units	Options Exercise	$0	-1,038	-33%	$0.000000	2,078	12 Nov 2021	Common Stock	1,038		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.