Valvoline (VVV) Form 4 VALVOLINE / Heidi J. Matheys ownership change

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Matheys Heidi J.

(Last) (First) (Middle)

100 VALVOLINE WAY, SUITE 100

(Street)

LEXINGTON KY 40509

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
VALVOLINE INC [ VVV ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
SVP, Chief Commercial Officer

3. Date of Earliest Transaction (Month/Day/Year)
04/03/2023

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	04/03/2023		M		9,684	A	$20.8	46,843	D
Common Stock	04/03/2023		F		7,010(1)	D	$35.33	39,833	D
Common Stock	04/03/2023		M		11,298	A	$20.29	51,131	D
Common Stock	04/03/2023		F		8,149(1)	D	$35.33	42,982	D
Common Stock	04/04/2023		S		5,823	D	$35.25	37,159	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
FY 2016 Stock Appreciation Right	$20.8	04/03/2023		M			9,684	(2)	12/18/2025	Common Stock	9,684	$0	0	D
FY 2017 Stock Appreciation Right	$20.29	04/03/2023		M			11,298	(3)	12/16/2026	Common Stock	11,298	$0	0	D

Explanation of Responses:

1. Shares withheld by Valvoline to cover the exercise price and applicable withholding taxes on the Reporting Person's exercise of Stock Appreciation Rights.

2. 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.

3. 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.

Remarks:

	/s/ Ian C. Lofwall, Attorney-in-Fact for Heidi J. Matheys	04/05/2023
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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