VVV

SEC source: 0000950157-17-000954 · form4.xml · derivative · entry 2

O'Daniel Julie Marie · CIK 0001685295 · Gen. Counsel, Corp. Secy, SVP

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8

Underlying: Common Stock · 8 shares

Expires not disclosed

F2 · derivative.exercise_price: The dividend equivalent rights accrued on restricted stock units and will vest upon the same terms and conditions as such restricted stock units. Each dividend equivalent right is the economic equivalent of one restricted stock unit.

F2 · derivative.exercise_date: The dividend equivalent rights accrued on restricted stock units and will vest upon the same terms and conditions as such restricted stock units. Each dividend equivalent right is the economic equivalent of one restricted stock unit.

F2 · derivative.expiration_date: The dividend equivalent rights accrued on restricted stock units and will vest upon the same terms and conditions as such restricted stock units. Each dividend equivalent right is the economic equivalent of one restricted stock unit.

SEC source: 0000950157-17-000959 · form4.xml · derivative · entry 1

TWINEM MARY J · CIK 0001265912 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 6,552

Underlying: Common Stock · 14 shares

Expires not disclosed

F1 · derivative.exercise_price: Each unit represents a contingent right to receive one share of Valvoline common stock upon distribution.

F2 · shares: Acquired pursuant to the dividend reinvestment feature of the Valvoline 2016 Deferred Compensation Plan for Non-Employee Directors ("the Plan"), and exempt pursuant to Rule 16b-3.

F3 · derivative.exercise_date: Shares of Valvoline common stock or cash become payable in respect of the units upon the event of an unforeseeable emergency (as defined in the Plan) or the Reporting Person's death, disability or separation from service, in accordance with the terms of the Plan.

F3 · derivative.expiration_date: Shares of Valvoline common stock or cash become payable in respect of the units upon the event of an unforeseeable emergency (as defined in the Plan) or the Reporting Person's death, disability or separation from service, in accordance with the terms of the Plan.

SEC source: 0000950157-17-000958 · form4.xml · derivative · entry 1

Stensrud Sara K. · CIK 0001498348 · Chief People & Comm. Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 32

Underlying: Common Stock · 32 shares

Expires not disclosed

F1 · derivative.exercise_price: The dividend equivalent rights accrued on restricted stock units and will vest upon the same terms and conditions as such restricted stock units. Each dividend equivalent right is the economic equivalent of one restricted stock unit.

F1 · derivative.exercise_date: The dividend equivalent rights accrued on restricted stock units and will vest upon the same terms and conditions as such restricted stock units. Each dividend equivalent right is the economic equivalent of one restricted stock unit.

F1 · derivative.expiration_date: The dividend equivalent rights accrued on restricted stock units and will vest upon the same terms and conditions as such restricted stock units. Each dividend equivalent right is the economic equivalent of one restricted stock unit.

SEC source: 0000950157-17-000956 · form4.xml · derivative · entry 1

SONSTEBY CHARLES M · CIK 0001186383 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,811

Underlying: Common Stock · 18 shares

Expires not disclosed

F1 · derivative.exercise_price: Each unit represents a contingent right to receive one share of Valvoline common stock upon distribution.

F2 · shares: Acquired pursuant to the dividend reinvestment feature of the Valvoline 2016 Deferred Compensation Plan for Non-Employee Directors ("the Plan"), and exempt pursuant to Rule 16b-3.

F3 · derivative.exercise_date: Shares of Valvoline common stock or cash become payable in respect of the units upon the event of an unforeseeable emergency (as defined in the Plan) or the Reporting Person's death, disability or separation from service, in accordance with the terms of the Plan.

F3 · derivative.expiration_date: Shares of Valvoline common stock or cash become payable in respect of the units upon the event of an unforeseeable emergency (as defined in the Plan) or the Reporting Person's death, disability or separation from service, in accordance with the terms of the Plan.

SEC source: 0000950157-17-000950 · form4.xml · derivative · entry 2

Meixelsperger Mary E · CIK 0001606006 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 18

Underlying: Common Stock · 18 shares

Expires not disclosed

F2 · derivative.exercise_price: The dividend equivalent rights accrued on restricted stock units and will vest upon the same terms and conditions as such restricted stock units. Each dividend equivalent right is the economic equivalent of one restricted stock unit.

F2 · derivative.exercise_date: The dividend equivalent rights accrued on restricted stock units and will vest upon the same terms and conditions as such restricted stock units. Each dividend equivalent right is the economic equivalent of one restricted stock unit.

F2 · derivative.expiration_date: The dividend equivalent rights accrued on restricted stock units and will vest upon the same terms and conditions as such restricted stock units. Each dividend equivalent right is the economic equivalent of one restricted stock unit.

SEC source: 0000950157-17-000950 · form4.xml · derivative · entry 1

Meixelsperger Mary E · CIK 0001606006 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 50

Underlying: Common Stock · 50 shares

Expires not disclosed

F1 · derivative.exercise_price: The dividend equivalent rights accrued on shares of restricted stock and will vest upon the same terms and conditions as such shares of restricted stock. Each dividend equivalent right is the economic equivalent of one share of restricted stock.

F1 · derivative.exercise_date: The dividend equivalent rights accrued on shares of restricted stock and will vest upon the same terms and conditions as such shares of restricted stock. Each dividend equivalent right is the economic equivalent of one share of restricted stock.

F1 · derivative.expiration_date: The dividend equivalent rights accrued on shares of restricted stock and will vest upon the same terms and conditions as such shares of restricted stock. Each dividend equivalent right is the economic equivalent of one share of restricted stock.

SEC source: 0000950157-17-000948 · form4.xml · derivative · entry 1

Manager Vada O · CIK 0001429435 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 148,174

Underlying: Common Stock · 307 shares

Expires not disclosed

F1 · derivative.exercise_price: Each unit represents a contingent right to receive one share of Valvoline common stock upon distribution.

F2 · shares: Acquired pursuant to the dividend reinvestment feature of the Valvoline 2016 Deferred Compensation Plan for Non-Employee Directors ("the Plan"), and exempt pursuant to Rule 16b-3.

F3 · derivative.exercise_date: Shares of Valvoline common stock or cash become payable in respect of the units upon the event of an unforeseeable emergency (as defined in the Plan) or the Reporting Person's death, disability or separation from service, in accordance with the terms of the Plan.

F3 · derivative.expiration_date: Shares of Valvoline common stock or cash become payable in respect of the units upon the event of an unforeseeable emergency (as defined in the Plan) or the Reporting Person's death, disability or separation from service, in accordance with the terms of the Plan.

SEC source: 0000950157-17-000947 · form4.xml · derivative · entry 1

Macadam Stephen E. · CIK 0001432316 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 6,552

Underlying: Common Stock · 14 shares

Expires not disclosed

F1 · derivative.exercise_price: Each unit represents a contingent right to receive one share of Valvoline common stock upon distribution.

F2 · shares: Acquired pursuant to the dividend reinvestment feature of the Valvoline 2016 Deferred Compensation Plan for Non-Employee Directors ("the Plan"), and exempt pursuant to Rule 16b-3.

F3 · derivative.exercise_date: Shares of Valvoline common stock or cash become payable in respect of the units upon the event of an unforeseeable emergency (as defined in the Plan) or the Reporting Person's death, disability or separation from service, in accordance with the terms of the Plan.

F3 · derivative.expiration_date: Shares of Valvoline common stock or cash become payable in respect of the units upon the event of an unforeseeable emergency (as defined in the Plan) or the Reporting Person's death, disability or separation from service, in accordance with the terms of the Plan.

SEC source: 0000950157-17-000943 · form4.xml · derivative · entry 1

Freeland Richard Joseph · CIK 0001327988 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 6,552

Underlying: Common Stock · 14 shares

Expires not disclosed

F1 · derivative.exercise_price: Each unit represents a contingent right to receive one share of Valvoline common stock upon distribution.

F2 · shares: Acquired pursuant to the dividend reinvestment feature of the Valvoline 2016 Deferred Compensation Plan for Non-Employee Directors ("the Plan"), and exempt pursuant to Rule 16b-3.

F3 · derivative.exercise_date: Shares of Valvoline common stock or cash become payable in respect of the units upon the event of an unforeseeable emergency (as defined in the Plan) or the Reporting Person's death, disability or separation from service, in accordance with the terms of the Plan.

F3 · derivative.expiration_date: Shares of Valvoline common stock or cash become payable in respect of the units upon the event of an unforeseeable emergency (as defined in the Plan) or the Reporting Person's death, disability or separation from service, in accordance with the terms of the Plan.

SEC source: 0000950157-17-000874 · form4.xml · derivative · entry 3

Meixelsperger Mary E · CIK 0001606006 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 54,611

Underlying: Common Stock · 54,611 shares

Expires 2026-12-16

F6 · derivative.exercise_price: 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.

F6 · price: 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.

F7 · derivative.exercise_date: 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.

SEC source: 0000950157-17-000874 · form4.xml · derivative · entry 2

Meixelsperger Mary E · CIK 0001606006 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,666

Underlying: Common Stock · 8,666 shares

Expires not disclosed

F3 · derivative.exercise_price: Each restricted stock unit represents a contingent right to receive one (1) share of Valvoline common stock.

F4 · shares: 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.

F4 · price: 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.

F5 · derivative.exercise_date: The restricted stock units 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.

F5 · derivative.expiration_date: The restricted stock units 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.

SEC source: 0000950157-17-000874 · form4.xml · nonDerivative · entry 1

Meixelsperger Mary E · CIK 0001606006 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 26,943

F1 · price: Ashland Global Holdings Inc. ("Ashland") distributed to its stockholders on May 12, 2017 (the "Distribution Date") 170,000,000 shares of Valvoline Inc. ("Valvoline") common stock as a pro rata dividend (the "Distribution"). Pursuant to the terms of the Employee Matters Agreement entered into between Ashland and Valvoline dated September 22, 2016 (the "Employee Matters Agreement"), 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 "Equity Award Exchange Ratio") for each such share of restricted stock.

F2 · balance_after: Includes 24,443 shares of unvested restricted stock.

SEC source: 0000950157-17-000880 · form4.xml · derivative · entry 11

MITCHELL SAMUEL J · CIK 0001166068 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 188,329

Underlying: Common Stock · 310 shares

Expires not disclosed

F25 · derivative.exercise_price: Each unit represents a contingent right to receive one share of Valvoline common stock upon distribution. Subject to the terms and conditons of the Valvoline 2016 Deferred Compensation Plan for Employees (the "Plan"), the Reporting Person may elect to transfer certain units held within the Plan to another hypothetical investment alternative.

F26 · derivative.exercise_date: Shares of Valvoline common stock become payable in respect of the units upon the event of an unforeseeable emergency (as defined in the Plan) or the Reporting Person's death, disability or separation from service, in accordance with the terms of the Plan. The Reporting Person may elect to transfer certain units held within the Plan to another hypothetical investment alternative at any time.

F26 · derivative.expiration_date: Shares of Valvoline common stock become payable in respect of the units upon the event of an unforeseeable emergency (as defined in the Plan) or the Reporting Person's death, disability or separation from service, in accordance with the terms of the Plan. The Reporting Person may elect to transfer certain units held within the Plan to another hypothetical investment alternative at any time.

SEC source: 0000950157-17-000880 · form4.xml · derivative · entry 10

MITCHELL SAMUEL J · CIK 0001166068 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 101,958

Underlying: Common Stock · 101,958 shares

Expires 2026-12-16

F23 · derivative.exercise_price: 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.

F23 · price: 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.

F24 · derivative.exercise_date: 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.

SEC source: 0000950157-17-000880 · form4.xml · derivative · entry 9

MITCHELL SAMUEL J · CIK 0001166068 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 46,002

Underlying: Common Stock · 46,002 shares

Expires 2025-12-18

F21 · derivative.exercise_price: 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.

F21 · price: 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.

F22 · derivative.exercise_date: 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.

SEC source: 0000950157-17-000880 · form4.xml · derivative · entry 8

MITCHELL SAMUEL J · CIK 0001166068 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 31,744

Underlying: Common Stock · 31,744 shares

Expires 2024-12-12

F19 · derivative.exercise_price: 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.

F19 · price: 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.

F20 · derivative.exercise_date: 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.

SEC source: 0000950157-17-000880 · form4.xml · derivative · entry 7

MITCHELL SAMUEL J · CIK 0001166068 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 33,358

Underlying: Common Stock · 33,358 shares

Expires 2023-12-13

F17 · derivative.exercise_price: 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.

F17 · price: 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.

F18 · derivative.exercise_date: 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.

SEC source: 0000950157-17-000880 · form4.xml · derivative · entry 6

MITCHELL SAMUEL J · CIK 0001166068 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 61,874

Underlying: Common Stock · 61,874 shares

Expires 2022-12-14

F15 · derivative.exercise_price: 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.

F15 · price: 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.

F16 · derivative.exercise_date: 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.

SEC source: 0000950157-17-000880 · form4.xml · derivative · entry 5

MITCHELL SAMUEL J · CIK 0001166068 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 52,189

Underlying: Common Stock · 52,189 shares

Expires 2022-01-02

F13 · derivative.exercise_price: 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.

F13 · price: 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.

F14 · derivative.exercise_date: 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.

SEC source: 0000950157-17-000880 · form4.xml · derivative · entry 4

MITCHELL SAMUEL J · CIK 0001166068 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 50,037

Underlying: Common Stock · 50,037 shares

Expires 2020-12-17

F11 · derivative.exercise_price: 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 $51.86 was converted to $9.64.

F11 · price: 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 $51.86 was converted to $9.64.

F12 · derivative.exercise_date: Fifty percent (50%) of the stock appreciation rights vested on November 17, 2011, twenty-five percent (25%) of the stock appreciation rights vested on November 17, 2012 and twenty-five percent (25%) of the stock appreciation rights vested on November 17, 2013.

SEC source: 0000950157-17-000880 · form4.xml · derivative · entry 3

MITCHELL SAMUEL J · CIK 0001166068 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 27,867

Underlying: Common Stock · 27,867 shares

Expires not disclosed

F6 · derivative.exercise_price: Each restricted stock unit represents a contingent right to receive one (1) share of Valvoline common stock.

F7 · shares: Represents the sum of 22,038 restricted stock units granted pursuant to the adjustment described in footnote (8) below and 5,829 restricted stock units granted pursuant to the plan described in footnote (9) below.

F8 · shares: 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.

F9 · shares: Pursuant to the terms of the FY 2016-2018 Long Term Incentive Plan (the "LTIP Plan"), upon the Distribution, one-third of the Reporting Person's performance units under the LTIP Plan became convertible into 1,083 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.

F7 · price: Represents the sum of 22,038 restricted stock units granted pursuant to the adjustment described in footnote (8) below and 5,829 restricted stock units granted pursuant to the plan described in footnote (9) below.

F8 · price: 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.

F9 · price: Pursuant to the terms of the FY 2016-2018 Long Term Incentive Plan (the "LTIP Plan"), upon the Distribution, one-third of the Reporting Person's performance units under the LTIP Plan became convertible into 1,083 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.

F10 · derivative.exercise_date: The restricted stock units described in footnote (8) 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 (9) 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.

F10 · derivative.expiration_date: The restricted stock units described in footnote (8) 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 (9) 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.

SEC source: 0000950157-17-000880 · form4.xml · nonDerivative · entry 1

MITCHELL SAMUEL J · CIK 0001166068 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 100,533

F1 · price: Represents the sum of 46,696 shares of restricted stock granted pursuant to the adjustment described in footnote (2) below and 28,837 shares of restricted stock granted pursuant to the plan described in (3) below.

F2 · price: Ashland Global Holdings Inc. ("Ashland") distributed to its stockholders on May 12, 2017 (the "Distribution Date") 170,000,000 shares of Valvoline Inc. ("Valvoline") common stock as a pro rata dividend (the "Distribution"). Pursuant to the terms of the Employee Matters Agreement entered into between Ashland and Valvoline dated September 22, 2016 (the "Employee Matters Agreement"), 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 "Equity Award Exchange Ratio") for each such share of restricted stock.

F3 · price: Pursuant to the terms of the Executive Performance Incentive and Retention Program (the "EPIRP"), upon the Distribution, one-third of the Reporting Person's performance-based restricted shares granted under the EPIRP were convertible at "target" level (i.e. 50%) into 5,360 time-vested restricted shares immediately following the 120th day following the consummation of the Distribution. Pursuant to the terms of the EPIRP, each such time-vested restricted share was further adjusted into the number of time-vested restricted shares equal to the Equity Award Exchange Ratio.

F4 · balance_after: Includes 75,533 shares of unvested restricted stock.

SEC source: 0000950157-17-000878 · form4.xml · derivative · entry 2

Rios Victor T. · CIK 0001692249 · Chief Info. & Digital Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 11,029

Underlying: Common Stock · 11,029 shares

Expires 2026-12-16

F4 · derivative.exercise_price: 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.

F4 · price: 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.

F5 · derivative.exercise_date: 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.

SEC source: 0000950157-17-000878 · form4.xml · derivative · entry 1

Rios Victor T. · CIK 0001692249 · Chief Info. & Digital Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,046

Underlying: Common Stock · 10,046 shares

Expires not disclosed

F1 · derivative.exercise_price: Each restricted stock unit represents a contingent right to receive one (1) share of Valvoline common stock.

F2 · shares: Ashland Global Holdings Inc. ("Ashland") distributed to its stockholders on May 12, 2017 (the "Distribution Date") 170,000,000 shares of Valvoline Inc. ("Valvoline") common stock as a pro rata dividend (the "Distribution"). Pursuant to the terms of the Employee Matters Agreement entered into between Ashland and Valvoline dated September 22, 2016 (the "Employee Matters Agreement"), the Reporting Person was entitled to receive the number of restricted stock units 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 "Equity Award Exchange Ratio") for each such restricted stock unit.

F2 · price: Ashland Global Holdings Inc. ("Ashland") distributed to its stockholders on May 12, 2017 (the "Distribution Date") 170,000,000 shares of Valvoline Inc. ("Valvoline") common stock as a pro rata dividend (the "Distribution"). Pursuant to the terms of the Employee Matters Agreement entered into between Ashland and Valvoline dated September 22, 2016 (the "Employee Matters Agreement"), the Reporting Person was entitled to receive the number of restricted stock units 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 "Equity Award Exchange Ratio") for each such restricted stock unit.

F3 · derivative.exercise_date: The restricted stock units 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.

F3 · derivative.expiration_date: The restricted stock units 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.

SEC source: 0000950157-17-000879 · form4.xml · derivative · entry 3

Scheve David J. · CIK 0001687665 · Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 6,725

Underlying: Common Stock · 6,725 shares

Expires 2026-12-16

F5 · derivative.exercise_price: 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.

F5 · price: 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.

F6 · derivative.exercise_date: 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.

SEC source: 0000950157-17-000879 · form4.xml · derivative · entry 2

Scheve David J. · CIK 0001687665 · Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,207

Underlying: Common Stock · 9,207 shares

Expires not disclosed

F2 · derivative.exercise_price: Each restricted stock unit represents a contingent right to receive one (1) share of Valvoline common stock.

F3 · shares: Ashland Global Holdings Inc. ("Ashland") distributed to its stockholders on May 12, 2017 (the "Distribution Date") 170,000,000 shares of Valvoline Inc. ("Valvoline") common stock as a pro rata dividend (the "Distribution"). Pursuant to the terms of the Employee Matters Agreement entered into between Ashland and Valvoline dated September 22, 2016 (the "Employee Matters Agreement"), the Reporting Person was entitled to receive the number of restricted stock units 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 "Equity Award Exchange Ratio") for each such restricted stock unit.

F3 · price: Ashland Global Holdings Inc. ("Ashland") distributed to its stockholders on May 12, 2017 (the "Distribution Date") 170,000,000 shares of Valvoline Inc. ("Valvoline") common stock as a pro rata dividend (the "Distribution"). Pursuant to the terms of the Employee Matters Agreement entered into between Ashland and Valvoline dated September 22, 2016 (the "Employee Matters Agreement"), the Reporting Person was entitled to receive the number of restricted stock units 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 "Equity Award Exchange Ratio") for each such restricted stock unit.

F4 · derivative.exercise_date: The restricted stock units 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.

F4 · derivative.expiration_date: The restricted stock units 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.

SEC source: 0000950157-17-000871 · form4.xml · derivative · entry 6

Gerrald Thomas A. II · CIK 0001685717 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 11,298

Underlying: Common Stock · 11,298 shares

Expires 2026-12-16

F13 · derivative.exercise_price: 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.

F13 · price: 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.

F14 · derivative.exercise_date: 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.

SEC source: 0000950157-17-000871 · form4.xml · derivative · entry 5

Gerrald Thomas A. II · CIK 0001685717 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,842

Underlying: Common Stock · 4,842 shares

Expires 2025-12-18

F11 · derivative.exercise_price: 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.

F11 · price: 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.

F12 · derivative.exercise_date: 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.

SEC source: 0000950157-17-000871 · form4.xml · derivative · entry 4

Gerrald Thomas A. II · CIK 0001685717 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,953

Underlying: Common Stock · 1,953 shares

Expires 2024-12-12

F9 · derivative.exercise_price: 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.

F9 · price: 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.

F10 · derivative.exercise_date: 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.

SEC source: 0000950157-17-000871 · form4.xml · derivative · entry 3

Gerrald Thomas A. II · CIK 0001685717 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,443

Underlying: Common Stock · 4,443 shares

Expires not disclosed

F4 · derivative.exercise_price: Each restricted stock unit represents a contingent right to receive one (1) share of Valvoline common stock.

F5 · shares: 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.

F6 · shares: 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.

F7 · shares: Pursuant to the terms of the FY 2016- 2018 Long Term Incentive Plan (the "LTIP Plan"), 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.

F5 · price: 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.

F6 · price: 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.

F7 · price: Pursuant to the terms of the FY 2016- 2018 Long Term Incentive Plan (the "LTIP Plan"), 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.

F8 · derivative.exercise_date: 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.

F8 · derivative.expiration_date: 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.

SEC source: 0000950157-17-000871 · form4.xml · nonDerivative · entry 1

Gerrald Thomas A. II · CIK 0001685717 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 640

F1 · price: Ashland Global Holdings Inc. ("Ashland") distributed to its stockholders on May 12, 2017 (the "Distribution Date") 170,000,000 shares of Valvoline Inc. ("Valvoline") common stock as a pro rata dividend (the "Distribution"). Pursuant to the terms of the Employee Matters Agreement entered into between Ashland and Valvoline dated September 22, 2016 (the "Employee Matters Agreement"), 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 "Equity Award Exchange Ratio") for each such share of restricted stock.

F2 · balance_after: Includes 640 shares of unvested restricted stock.

SEC source: 0000950157-17-000872 · form4.xml · derivative · entry 9

Lockwood Frances E. · CIK 0001685734 · Chief Technology Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,760

Underlying: Common Stock · 10,760 shares

Expires 2026-12-16

F19 · derivative.exercise_price: 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.

F19 · price: 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.

F20 · derivative.exercise_date: 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.

SEC source: 0000950157-17-000872 · form4.xml · derivative · entry 8

Lockwood Frances E. · CIK 0001685734 · Chief Technology Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,684

Underlying: Common Stock · 9,684 shares

Expires 2025-12-18

F17 · derivative.exercise_price: 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.

F17 · price: 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.

F18 · derivative.exercise_date: 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.

SEC source: 0000950157-17-000872 · form4.xml · derivative · entry 7

Lockwood Frances E. · CIK 0001685734 · Chief Technology Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,801

Underlying: Common Stock · 7,801 shares

Expires 2024-12-12

F15 · derivative.exercise_price: 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.

F15 · price: 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.

F16 · derivative.exercise_date: 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.

SEC source: 0000950157-17-000872 · form4.xml · derivative · entry 6

Lockwood Frances E. · CIK 0001685734 · Chief Technology Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,070

Underlying: Common Stock · 8,070 shares

Expires 2023-12-13

F13 · derivative.exercise_price: 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.

F13 · price: 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.

F14 · derivative.exercise_date: 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.

SEC source: 0000950157-17-000872 · form4.xml · derivative · entry 5

Lockwood Frances E. · CIK 0001685734 · Chief Technology Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 16,679

Underlying: Common Stock · 16,679 shares

Expires 2022-12-14

F11 · derivative.exercise_price: 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.

F11 · price: 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.

F12 · derivative.exercise_date: 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.

SEC source: 0000950157-17-000872 · form4.xml · derivative · entry 4

Lockwood Frances E. · CIK 0001685734 · Chief Technology Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,380

Underlying: Common Stock · 5,380 shares

Expires 2022-01-02

F9 · derivative.exercise_price: 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.

F9 · price: 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.

F10 · derivative.exercise_date: 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.

SEC source: 0000950157-17-000872 · form4.xml · derivative · entry 3

Lockwood Frances E. · CIK 0001685734 · Chief Technology Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,443

Underlying: Common Stock · 4,443 shares

Expires not disclosed

F4 · derivative.exercise_price: Each restricted stock unit represents a contingent right to receive one (1) share of Valvoline common stock.

F5 · shares: 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.

F6 · shares: 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.

F7 · shares: Pursuant to the terms of the FY 2016-2018 Long Term Incentive Plan (the "LTIP Plan"), 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.

F5 · price: 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.

F6 · price: 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.

F7 · price: Pursuant to the terms of the FY 2016-2018 Long Term Incentive Plan (the "LTIP Plan"), 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.

F8 · derivative.exercise_date: 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.

F8 · derivative.expiration_date: 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.

SEC source: 0000950157-17-000872 · form4.xml · nonDerivative · entry 1

Lockwood Frances E. · CIK 0001685734 · Chief Technology Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,140

F1 · price: Ashland Global Holdings Inc. ("Ashland") distributed to its stockholders on May 12, 2017 (the "Distribution Date") 170,000,000 shares of Valvoline Inc. ("Valvoline") common stock as a pro rata dividend (the "Distribution"). Pursuant to the terms of the Employee Matters Agreement entered into between Ashland and Valvoline dated September 22, 2016 (the "Employee Matters Agreement"), 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 "Equity Award Exchange Ratio") for each such share of restricted stock.

F2 · balance_after: Includes 640 shares of unvested restricted stock.

SEC source: 0000950157-17-000875 · form4.xml · derivative · entry 9

Moughler Craig A. · CIK 0001685753 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,912

Underlying: Common Stock · 12,912 shares

Expires 2026-12-16

F19 · derivative.exercise_price: 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.

F19 · price: 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.

F20 · derivative.exercise_date: 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.

SEC source: 0000950157-17-000875 · form4.xml · derivative · entry 8

Moughler Craig A. · CIK 0001685753 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,684

Underlying: Common Stock · 9,684 shares

Expires 2025-12-18

F17 · derivative.exercise_price: 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.

F17 · price: 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.

F18 · derivative.exercise_date: 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.

SEC source: 0000950157-17-000875 · form4.xml · derivative · entry 7

Moughler Craig A. · CIK 0001685753 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,801

Underlying: Common Stock · 7,801 shares

Expires 2024-12-12

F15 · derivative.exercise_price: 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.

F15 · price: 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.

F16 · derivative.exercise_date: 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.

SEC source: 0000950157-17-000875 · form4.xml · derivative · entry 6

Moughler Craig A. · CIK 0001685753 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,070

Underlying: Common Stock · 8,070 shares

Expires 2023-12-13

F13 · derivative.exercise_price: 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.

F13 · price: 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.

F14 · derivative.exercise_date: 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.

SEC source: 0000950157-17-000875 · form4.xml · derivative · entry 5

Moughler Craig A. · CIK 0001685753 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,649

Underlying: Common Stock · 5,649 shares

Expires 2022-12-14

F11 · derivative.exercise_price: 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.

F11 · price: 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.

F12 · derivative.exercise_date: 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.

SEC source: 0000950157-17-000875 · form4.xml · derivative · entry 4

Moughler Craig A. · CIK 0001685753 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 6,456

Underlying: Common Stock · 6,456 shares

Expires 2022-01-02

F9 · derivative.exercise_price: 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.

F9 · price: 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.

F10 · derivative.exercise_date: 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.

SEC source: 0000950157-17-000875 · form4.xml · derivative · entry 3

Moughler Craig A. · CIK 0001685753 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,714

Underlying: Common Stock · 4,714 shares

Expires not disclosed

F4 · derivative.exercise_price: Each restricted stock unit represents a contingent right to receive one (1) share of Valvoline common stock.

F5 · shares: Represents the sum of 3,459 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.

F6 · shares: 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.

F7 · shares: Pursuant to the terms of the FY 2016-2018 Long Term Incentive Plan (the "LTIP Plan"), 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.

F5 · price: Represents the sum of 3,459 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.

F6 · price: 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.

F7 · price: Pursuant to the terms of the FY 2016-2018 Long Term Incentive Plan (the "LTIP Plan"), 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.

F8 · derivative.exercise_date: 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.

F8 · derivative.expiration_date: 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.

SEC source: 0000950157-17-000875 · form4.xml · nonDerivative · entry 1

Moughler Craig A. · CIK 0001685753 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,640

F1 · price: Ashland Global Holdings Inc. ("Ashland") distributed to its stockholders on May 12, 2017 (the "Distribution Date") 170,000,000 shares of Valvoline Inc. ("Valvoline") common stock as a pro rata dividend (the "Distribution"). Pursuant to the terms of the Employee Matters Agreement entered into between Ashland and Valvoline dated September 22, 2016 (the "Employee Matters Agreement"), 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 "Equity Award Exchange Ratio") for each such share of restricted stock.

F2 · balance_after: Includes 640 shares of unvested restricted stock.

SEC source: 0000950157-17-000877 · form4.xml · derivative · entry 10

Puckett Anthony R. · CIK 0001685757 · President, Quick Lubes

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 11,298

Underlying: Common Stock · 11,298 shares

Expires 2026-12-16

F21 · derivative.exercise_price: 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.

F21 · price: 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.

F22 · derivative.exercise_date: 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.

SEC source: 0000950157-17-000877 · form4.xml · derivative · entry 9

Puckett Anthony R. · CIK 0001685757 · President, Quick Lubes

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,684

Underlying: Common Stock · 9,684 shares

Expires 2025-12-18

F19 · derivative.exercise_price: 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.

F19 · price: 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.

F20 · derivative.exercise_date: 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.

SEC source: 0000950157-17-000877 · form4.xml · derivative · entry 8

Puckett Anthony R. · CIK 0001685757 · President, Quick Lubes

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,801

Underlying: Common Stock · 7,801 shares

Expires 2024-12-12

F17 · derivative.exercise_price: 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.

F17 · price: 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.

F18 · derivative.exercise_date: 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.