<SEC-DOCUMENT>0000950157-17-000872.txt : 20170608
<SEC-HEADER>0000950157-17-000872.hdr.sgml : 20170608
<ACCEPTANCE-DATETIME>20170608185233
ACCESSION NUMBER:		0000950157-17-000872
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20170606
FILED AS OF DATE:		20170608
DATE AS OF CHANGE:		20170608

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

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Lockwood Frances E.
		CENTRAL INDEX KEY:			0001685734

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37884
		FILM NUMBER:		17901213

	MAIL ADDRESS:	
		STREET 1:		3499 BLAZER PARKWAY
		CITY:			LEXINGTON
		STATE:			KY
		ZIP:			40509
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
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    <periodOfReport>2017-06-06</periodOfReport>

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        <issuerName>VALVOLINE INC</issuerName>
        <issuerTradingSymbol>VVV</issuerTradingSymbol>
    </issuer>

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            <rptOwnerName>Lockwood Frances E.</rptOwnerName>
        </reportingOwnerId>
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            <rptOwnerStreet1>100 VALVOLINE WAY</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>LEXINGTON</rptOwnerCity>
            <rptOwnerState>KY</rptOwnerState>
            <rptOwnerZipCode>40509</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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            <isOfficer>true</isOfficer>
            <officerTitle>Chief Technology Officer</officerTitle>
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    <footnotes>
        <footnote id="F1">Ashland Global Holdings Inc. (&quot;Ashland&quot;) distributed to its stockholders on May 12, 2017 (the &quot;Distribution Date&quot;) 170,000,000 shares of Valvoline Inc. (&quot;Valvoline&quot;) common stock as a pro rata dividend (the &quot;Distribution&quot;).  Pursuant to the terms of the Employee Matters Agreement entered into between Ashland and Valvoline dated September 22, 2016 (the &quot;Employee Matters Agreement&quot;), the Reporting Person was entitled to receive the number of shares of restricted stock of Valvoline obtained by dividing (x) the closing price of Ashland common stock on the Distribution Date by (y) the simple arithmetic average of the volume-weighted average price of Valvoline common stock for each of the ten consecutive trading days immediately following the Distribution Date (such quotient, the &quot;Equity Award Exchange Ratio&quot;) for each such share of restricted stock.</footnote>
        <footnote id="F2">Includes 640 shares of unvested restricted stock.</footnote>
        <footnote id="F3">As of the close of business on June 5, 2017, the reporting person had acquired approximately 6,311 shares of Valvoline common stock under the Valvoline 401(k) plan (based on the closing price of Valvoline common stock as of the close of business on June 5, 2017).</footnote>
        <footnote id="F4">Each restricted stock unit represents a contingent right to receive one (1) share of Valvoline common stock.</footnote>
        <footnote id="F5">Represents the sum of 3,188 restricted stock units granted pursuant to the adjustment described in footnote (6) below and 1,255 restricted stock units granted pursuant to the plan described in footnote (7) below.</footnote>
        <footnote id="F6">Pursuant to the terms of the Employee Matters Agreement, the Reporting Person was entitled to receive the number of restricted stock units of Valvoline equal to the Equity Award Exchange Ratio for each such restricted stock unit.</footnote>
        <footnote id="F7">Pursuant to the terms of the FY 2016-2018 Long Term Incentive Plan (the &quot;LTIP Plan&quot;), upon the Distribution, one-third of the Reporting Person's performance units under the LTIP Plan became convertible into 233 time-based, stock-settled restricted stock units immediately following the 120th day following the consummation of the Distribution.  Pursuant to the terms of the LTIP Plan, each such time-based, stock settled restricted stock unit was further adjusted into the number of time-based, stock settled restricted stock units equal to the Equity Award Exchange Ratio.</footnote>
        <footnote id="F8">The restricted stock units described in footnote (6) above vest upon the same terms and conditions as were applicable to the Reporting Person's awards of restricted stock units of Ashland immediately prior to the Distribution. The restricted stock units described in footnote (7) above vest upon the third anniversary of the grant date (i.e. November 18, 2018) so long as the Reporting Person remains employed through such vesting date.</footnote>
        <footnote id="F9">Pursuant to the terms of the Employee Matters Agreement, the Reporting Person was entitled to receive the number of stock appreciation rights of Valvoline equal to the Equity Award Exchange Ratio for each such stock appreciation right, and the original strike price of $55.56 was converted to $10.33.</footnote>
        <footnote id="F10">Fifty percent (50%) of the stock appreciation rights vested on December 2, 2012, twenty-five percent (25%) of the stock appreciation rights vested on December 2, 2013 and twenty-five percent (25%) of the stock appreciation rights vested on December 2, 2014.</footnote>
        <footnote id="F11">Pursuant to the terms of the Employee Matters Agreement, the Reporting Person was entitled to receive the number of stock appreciation rights of Valvoline equal to the Equity Award Exchange Ratio for each such stock appreciation right, and the original strike price of $70.37 was converted to $13.08.</footnote>
        <footnote id="F12">Fifty percent (50%) of the stock appreciation rights vested on November 14, 2013, twenty-five percent (25%) of the stock appreciation rights vested on November 14, 2014 and twenty-five percent (25%) of the stock appreciation rights vested on November 14, 2015.</footnote>
        <footnote id="F13">Pursuant to the terms of the Employee Matters Agreement, the Reporting Person was entitled to receive the number of stock appreciation rights of Valvoline equal to the Equity Award Exchange Ratio for each such stock appreciation right, and the original strike price of $89.69 was converted to $16.67.</footnote>
        <footnote id="F14">Fifty percent (50%) of the stock appreciation rights vested on November 13, 2014, twenty-five percent (25%) of the stock appreciation rights vested on November 13, 2015 and twenty-five percent (25%) of the stock appreciation rights vested on November 13, 2016.</footnote>
        <footnote id="F15">Pursuant to the terms of the Employee Matters Agreement, the Reporting Person was entitled to receive the number of stock appreciation rights of Valvoline equal to the Equity Award Exchange Ratio for each such stock appreciation right, and the original strike price of $112.91 was converted to $20.99.</footnote>
        <footnote id="F16">Fifty percent (50%) of the stock appreciation rights vested on November 12, 2015, twenty-five percent (25%) of the stock appreciation rights vested on November 12, 2016 and twenty-five percent (25%) of the stock appreciation rights vest on November 12, 2017.</footnote>
        <footnote id="F17">Pursuant to the terms of the Employee Matters Agreement, the Reporting Person was entitled to receive the number of stock appreciation rights of Valvoline equal to the Equity Award Exchange Ratio for each such stock appreciation right, and the original strike price of $111.89 was converted to $20.80.</footnote>
        <footnote id="F18">Fifty percent (50%) of the stock appreciation rights vested on November 18, 2016, twenty-five percent (25%) of the stock appreciation rights vest on November 18, 2017 and twenty-five percent (25%) of the stock appreciation rights vest on November 18, 2018.</footnote>
        <footnote id="F19">Pursuant to the terms of the Employee Matters Agreement, the Reporting Person was entitled to receive the number of stock appreciation rights of Valvoline equal to the Equity Award Exchange Ratio for each such stock appreciation right, and the original strike price of $109.15 was converted to $20.29.</footnote>
        <footnote id="F20">Fifty percent (50%) of the stock appreciation rights vest on November 16, 2017, twenty-five percent (25%) of the stock appreciation rights vest on November 16, 2018 and twenty-five percent (25%) of the stock appreciation rights vest on November 16, 2019.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Issa O. Yesufu, Attorney-in-Fact</signatureName>
        <signatureDate>2017-06-08</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</SEC-DOCUMENT>
