Samuel J. Mitchell - Oct 17, 2022 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: Oct 17, 2022
Transactions value $: -$269,462
Form type: 4
Date filed: 10/18/2022, 04:20 PM
Previous filing: Nov 22, 2021
Next filing: Nov 15, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	VVV	Common Stock	Options Exercise	$809K	+61.9K	+18.42%	$13.08	398K	Oct 17, 2022	Direct	F1
transaction	VVV	Common Stock	Tax liability	-$1.08M	-40.8K	-10.25%	$26.46	357K	Oct 17, 2022	Direct	F2
holding	VVV	Common Stock						5.67K	Oct 17, 2022	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 2013 Stock Appreciation Right	Options Exercise	$0	-61.9K	-100%	$0.00^*	0	Oct 17, 2022	Common Stock	61.9K	$13.08	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 August 31, 2022.
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 Transaction Date.
F4	Fifty percent (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.