Michael S. Ryan - Nov 17, 2022 Form 4 Insider Report for VALVOLINE INC (VVV)

Signature
/s/ Ian C. Lofwall, Attorney-in-Fact
Stock symbol
VVV
Transactions as of
Nov 17, 2022
Transactions value $
-$70,933
Form type
4
Date filed
11/21/2022, 04:51 PM
Previous filing
Nov 15, 2022
Next filing
Nov 23, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction VVV Common Stock Award +6.72K +146.21% 11.3K Nov 17, 2022 Direct F1, F2
transaction VVV Common Stock Tax liability -$70.9K -2.16K -19.07% $32.87 9.16K Nov 17, 2022 Direct
* 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 FY20-FY22 performance stock unit ("PSU") award granted on November 14, 2019, as certified by the Compensation Committee of the Board of Directors on November 17, 2022. 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 FY20, FY21 and FY22, and a fourth cumulative FY20-FY22 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 FY20-FY22 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 200% of Target.
F2 PSUs convert into Valvoline common stock on a one-for-one basis.