Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________

FORM 8-K

___________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): July 11, 2023

__________________________________

VALVOLINE INC.

(Exact name of registrant as specified in its charter)

___________________________________

Kentucky

001-37884

30-0939371

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

100 Valvoline Way, Suite 100

Lexington, KY 40509

(Address of Principal Executive Offices)

(859) 357-7777

(Registrant’s telephone number, including area code)

___________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:



			☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

			☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

			☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

			☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.01 per share

VVV

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).


	Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.		☐


Item 5.02.			Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(d). On July 11, 2023, the Board of Directors (the “Board”) of Valvoline Inc. (the “Company”) approved the recommendation of the Governance & Nominating Committee of the Board that Patrick Pacious be elected to the Board, effective July 11, 2023. Mr. Pacious will serve on the Board's Compensation Committee.

As a non-employee director, Mr. Pacious will be entitled to receive compensation in accordance with the Company's non-employee director compensation program, which provides that non-employee directors shall receive an (i) annual cash retainer in the amount of $100,000, paid quarterly; and (ii) annual equity retainer in the form of restricted stock units with a grant date value of $135,000, pro-rated for less than a full year of service. The Compensation Committee approved a pro-rated restricted stock unit award for Mr. Pacious with a grant date value of $73,603, which was granted on July 11, 2023. The restricted stock units will become fully vested on July 11, 2024, subject to Mr. Pacious’ continuous service as a member of the Board on such date.

There are no arrangements or understandings between Mr. Pacious and any other person pursuant to which he was elected as a director. There are no transactions or proposed transactions between Mr. Pacious and the Company that would be required to be reported under Item 404(a) of Regulation S-K.

A copy of the press release issued by the Company on July 12, 2023 announcing the election of Mr. Pacious to the Board is attached as Exhibit 99.1 and is incorporated herein by reference.


Item 9.01.			Financial Statements and Exhibits.
(d) Exhibits

Exhibit No.			Description of Exhibit.
99.1			Press Release, dated July 12 , 202 3 .
104			Cover Page Interactive Data File

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	VALVOLINE INC.

Date: July 12, 2023	By:	/s/ Julie M. O'Daniel
		Julie M. O'Daniel
		Senior Vice President, Chief Legal Officer and Corporate Secretary

Exhibit 99.1


			PRESS RELEASE

Valvoline Inc. Announces Election of Patrick Pacious

to its Board of Directors

LEXINGTON, Ky., July 12, 2023 – Valvoline Inc. (NYSE: VVV), a trusted leader in preventive automotive maintenance delivering quick and convenient service, today announced the election of Patrick Pacious as an independent director to the company’s Board of Directors, effective July 11, 2023, as part of the Board’s ongoing refreshment process.

Since 2017, Pacious has served as President and Chief Executive Officer of Choice Hotels International Inc., one of the largest and most successful lodging franchisors in the world, with more than 7,400 hotels. Before assuming this role, he was President and Chief Operating Officer and served in various other senior leadership positions since joining Choice Hotels in 2005. Mr. Pacious has also served as a director of Choice Hotels since September 2017.

“On behalf of Valvoline’s Board of Directors, I am thrilled to welcome Pat to the Board during this exciting time as the Company transitions to a pure-play automotive services company following the recent sale of the Global Products business,” said Richard J. Freeland, Chairman of the Board. “Pat’s expertise in franchise development and expansion, brand building, acquisitions and technology transformation will be invaluable as the Company executes on its strategy to rapidly expand its retail footprint with an increased emphasis on franchisee unit growth. Through my conversations with Pat, I know he will be a tremendous asset to our Board and management team and look forward to his perspectives on the Company’s expansion.”

Pacious will serve as a member of the Board’s Compensation Committee.

About Valvoline Inc.

The Quick, Easy, Trusted name in preventive vehicle maintenance, Valvoline Inc. (NYSE: VVV) leads the industry with automotive service innovations that simplify consumers’ lives. With an average consumer rating of 4.6 out of 5 stars*, Valvoline Inc. has built the model for transparency and convenience to take the worry out of vehicle care. From its 15-minute, stay-in-your-car oil changes to battery replacements and tire rotations, the Company's model offers maintenance solutions for all types of vehicles. The Company operates and franchises nearly 1,800 service center locations through its Valvoline Instant Oil ChangeSM and Valvoline Great Canadian Oil Change retail brands, and helps independent operators grow their businesses through its nearly 300 Valvoline Express Care locations in North America. To learn more, or to find a Valvoline Inc. service center near you, visit vioc.com.

TM Trademark, Valvoline Inc. or its subsidiaries, registered in various countries

SM Service mark, Valvoline Inc. or its subsidiaries, registered in various countries

* Based on a survey of more than 600,000 Valvoline Instant Oil Change customers annually

FOR FURTHER INFORMATION

Investor Inquiries

Elizabeth B. Russell

+1 (859) 357-3155

IR@valvoline.com

Media Inquiries

Michele Gaither Sparks

+1 (859) 230-8097

michele.sparks@valvoline.com

Cover Page	Jul. 11, 2023
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jul. 11, 2023
Entity Registrant Name	VALVOLINE INC
Entity Incorporation, State or Country Code	KY
Entity File Number	001-37884
Entity Tax Identification Number	30-0939371
Entity Address, Address Line One	100 Valvoline Way, Suite 100
Entity Address, City or Town	Lexington
Entity Address, State or Province	KY
Entity Address, Postal Zip Code	40509
City Area Code	859
Local Phone Number	357-7777
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	VVV
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0001674910
Amendment Flag	false