0001674910-23-000138.txt : 20231120 0001674910-23-000138.hdr.sgml : 20231120 20231120160705 ACCESSION NUMBER: 0001674910-23-000138 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20231116 FILED AS OF DATE: 20231120 DATE AS OF CHANGE: 20231120 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: O'Daniel Julie Marie CENTRAL INDEX KEY: 0001685295 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-37884 FILM NUMBER: 231422814 MAIL ADDRESS: STREET 1: 3499 BLAZER PARKWAY CITY: LEXINGTON STATE: KY ZIP: 40509 ISSUER: COMPANY DATA: COMPANY CONFORMED NAME: VALVOLINE INC CENTRAL INDEX KEY: 0001674910 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS PRODUCTS OF PETROLEUM & COAL [2990] IRS NUMBER: 300939371 FISCAL YEAR END: 0930 BUSINESS ADDRESS: STREET 1: 100 VALVOLINE WAY STREET 2: SUITE 100 CITY: LEXINGTON STATE: KY ZIP: 40509 BUSINESS PHONE: 859-357-2591 MAIL ADDRESS: STREET 1: 100 VALVOLINE WAY STREET 2: SUITE 100 CITY: LEXINGTON STATE: KY ZIP: 40509 4 1 wk-form4_1700514413.xml FORM 4 X0508 4 2023-11-16 0 0001674910 VALVOLINE INC VVV 0001685295 O'Daniel Julie Marie 100 VALVOLINE WAY, SUITE 100 LEXINGTON KY 40509 0 1 0 0 Chief Legal Officer 0 Performance Stock Units 2023-11-16 4 A 0 13362 0 A Common Stock 13362 13362 D FY 2024 Restricted Stock Units 2023-11-16 4 A 0 3420 0 A Common Stock 3420 3420 D FY 2024 Stock Appreciation Rights 34.94 2023-11-16 4 A 0 7150 0 A 2033-11-16 Common Stock 7150 7150 D Restricted stock units and performance stock units convert into Valvoline common stock on a one-for-one basis. Represents performance stock units ("PSUs") earned from the FY 21-23 PSU award granted on Nov. 12, 2020, as certified by the Compensation Committee on Nov. 16, 2023. Earned PSUs vested on the last day of the performance period. The PSUs were measured against performance goals over three separate one-year measurement periods (adjusted EPS for FY21 and FY22 and adjusted Net Income for FY23), and a fourth FY21 - FY23 measurement period (average of the three one-year performance measures) 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 FY21 - FY23 TSR relative to the S&P MidCap 400 Index. Based on Valvoline's performance, the Compensation Committee awarded a PSU payout equal to 170% of Target with no modification based on TSR performance. The earned PSUs are expected to be distributed on Nov. 20, 2023. The restricted stock units vest in three equal annual installments beginning on the first anniversary of the grant date. 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. /s/ Ian C. Lofwall, Attorney-in-Fact 2023-11-20