0001674910-20-000167.txt : 20201116 0001674910-20-000167.hdr.sgml : 20201116 20201116193152 ACCESSION NUMBER: 0001674910-20-000167 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20201112 FILED AS OF DATE: 20201116 DATE AS OF CHANGE: 20201116 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Caldwell Jonathan L. CENTRAL INDEX KEY: 0001809539 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-37884 FILM NUMBER: 201318928 MAIL ADDRESS: STREET 1: 100 VALVOLINE WAY 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 CITY: LEXINGTON STATE: KY ZIP: 40509 BUSINESS PHONE: 859-357-2591 MAIL ADDRESS: STREET 1: 100 VALVOLINE WAY CITY: LEXINGTON STATE: KY ZIP: 40509 4 1 wf-form4_160557309739776.xml FORM 4 X0306 4 2020-11-12 0 0001674910 VALVOLINE INC VVV 0001809539 Caldwell Jonathan L. 100 VALVOLINE WAY LEXINGTON KY 40509 0 1 0 0 Chief People Officer Common Stock 2020-11-12 4 A 0 728 A 728 D Common Stock 2020-11-12 4 F 0 234 21.60 D 494 D Common Stock 2020-11-13 4 M 0 520 A 1014 D Common Stock 2020-11-13 4 F 0 167 22.35 D 847 D Common Stock 2020-11-13 4 M 0 578 A 1425 D Common Stock 2020-11-13 4 F 0 186 22.35 D 1239 D FY 2021 Restricted Stock Units 2020-11-12 4 A 0 1840 0 A Common Stock 1840.0 1840 D FY 2021 Stock Appreciation Rights 21.6 2020-11-12 4 A 0 7790 0 A 2030-11-12 Common Stock 7790.0 7790 D FY 2018 Restricted Stock Units 2020-11-13 4 M 0 520 0 D Common Stock 520.0 0 D FY 2020 Restricted Stock Units 2020-11-13 4 M 0 578 0 D Common Stock 578.0 1160 D Represents shares earned from the FY18-FY20 performance stock unit ("PSU") award granted on November 13, 2017, as certified by the Compensation Committee of the Board of Directors on November 12, 2020. 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 FY18, FY19 and FY20, and a fourth cumulative FY18-FY20 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 FY18-FY20 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 51.2% of Target. Restricted stock units and performance stock units convert into Valvoline common stock on a one-for-one basis. 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 2020-11-16