Heidi J. Matheys - Apr 3, 2023 Form 4 Insider Report for VALVOLINE INC (VVV)

Signature
/s/ Ian C. Lofwall, Attorney-in-Fact for Heidi J. Matheys
Stock symbol
VVV
Transactions as of
Apr 3, 2023
Transactions value $
-$310,165
Form type
4
Date filed
4/5/2023, 05:08 PM
Previous filing
Jan 30, 2023
Next filing
May 15, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction VVV Common Stock Options Exercise $201K +9.68K +26.06% $20.80 46.8K Apr 3, 2023 Direct
transaction VVV Common Stock Tax liability -$248K -7.01K -14.96% $35.33 39.8K Apr 3, 2023 Direct F1
transaction VVV Common Stock Options Exercise $229K +11.3K +28.36% $20.29 51.1K Apr 3, 2023 Direct
transaction VVV Common Stock Tax liability -$288K -8.15K -15.94% $35.33 43K Apr 3, 2023 Direct F1
transaction VVV Common Stock Sale -$205K -5.82K -13.55% $35.25 37.2K Apr 4, 2023 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 2016 Stock Appreciation Right Options Exercise $0 -9.68K -100% $0.00* 0 Apr 3, 2023 Common Stock 9.68K $20.80 Direct F2
transaction VVV FY 2017 Stock Appreciation Right Options Exercise $0 -11.3K -100% $0.00* 0 Apr 3, 2023 Common Stock 11.3K $20.29 Direct F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

Transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Explanation of Responses:

Id Content
F1 Shares withheld by Valvoline to cover the exercise price and applicable withholding taxes on the Reporting Person's exercise of Stock Appreciation Rights.
F2 Fifty percent (50%) of the stock appreciation rights vested on November 18, 2016, twenty-five percent (25%) of the stock appreciation rights vested on November 18, 2017 and twenty-five percent (25%) of the stock appreciation rights vested on November 18, 2018.
F3 Fifty percent (50%) of the stock appreciation rights vested on November 16, 2017, twenty-five percent (25%) of the stock appreciation rights vested on November 16, 2018 and twenty-five percent (25%) of the stock appreciation rights vested on November 16, 2019.