0001674910-23-000134.txt : 20231120
0001674910-23-000134.hdr.sgml : 20231120
20231120160559
ACCESSION NUMBER: 0001674910-23-000134
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: Caldwell Jonathan L.
CENTRAL INDEX KEY: 0001809539
FILING VALUES:
FORM TYPE: 4
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-37884
FILM NUMBER: 231422790
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
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_1700514349.xml
FORM 4
X0508
4
2023-11-16
0
0001674910
VALVOLINE INC
VVV
0001809539
Caldwell Jonathan L.
100 VALVOLINE WAY
SUITE 100
LEXINGTON
KY
40509
0
1
0
0
Chief People Officer
0
Performance Stock Units
2023-11-16
4
A
0
6171
0
A
Common Stock
6171
6171
D
FY 2024 Restricted Stock Units
2023-11-16
4
A
0
2620
0
A
Common Stock
2620
2620
D
FY 2024 Stock Appreciation Rights
34.94
2023-11-16
4
A
0
5470
0
A
2033-11-16
Common Stock
5470
5470
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