# EDGAR Filing Document

**Accession Number:** 0001674910
**File Stem:** 0001674910-25-000123
**Filing Date:** 2025-8
**Character Count:** 22149
**Document Hash:** 593fcaff5d983a6f8607eafab429c63f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001674910-25-000123.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0001674910-25-000123

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20250811

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VALVOLINE INC
- **CENTRAL INDEX KEY:** 0001674910
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS PRODUCTS OF PETROLEUM &  COAL [2990]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 300939371
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37884
- **FILM NUMBER:** 251203996

**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

?xml version='1.0' encoding='ASCII'? vvv-20250811

    

**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): August 11, 2025

**__________________________________**

**VALVOLINE INC.**

(Exact name of registrant as specified in its charter)

**___________________________________**

Kentucky 001-37884 30-0939371 <br> (State or other jurisdictionof incorporation) (CommissionFile Number) (I.R.S. EmployerIdentification 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:

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| | | |
|:---|:---|:---|
| <u>Title of each class</u> | <u>Trading Symbol(s)</u> | <u>Name of each exchange on which registered</u> |
| 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). | 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). | 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). |

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| | | |
|:---|:---|:---|
| | 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. | 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. | ☐ |

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| | |
|:---|:---|
| **<u>Item 1.01.</u>** | **<u>Entry into a Material Definitive Agreement.</u>** |

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As previously disclosed, on February 17, 2025, Valvoline Inc., a Kentucky corporation ("<u>Valvoline</u>"), OCI Merger Sub Inc., a Delaware corporation and wholly-owned subsidiary of Valvoline ("<u>Merger Sub</u>"), OC Parent, L.P., a Delaware limited partnership ("<u>HoldCo</u>"), and OC IntermediateCo, Inc., a Delaware corporation and wholly-owned subsidiary of HoldCo ("<u>OC IntermediateCo</u>"), entered into an Agreement and Plan of Merger (the "<u>Merger Agreement</u>"), providing for the merger of Merger Sub with and into OC IntermediateCo, with OC IntermediateCo surviving the merger as a wholly-owned subsidiary of Valvoline (the "<u>Merger</u>"). OC IntermediateCo, through its subsidiaries, owns and operates the Breeze Autocare business, including quick lube oil change stores operating under the Oil Changers brand.

As previously disclosed, on April 9, 2025, Valvoline and Greenbriar Equity Group, LP, parent of HoldCo, each received a Request for Additional Information and Documentary Material (the "<u>Second Request</u>") from the U.S. Federal Trade Commission (the "<u>FTC</u>") in connection with the FTC's review of the Merger. Valvoline continues to have constructive conversations with the FTC regarding a potential path forward to close the Merger.

To provide additional time to work through the Second Request process, on August 11, 2025, Valvoline, Merger Sub, HoldCo and OC IntermediateCo entered into the First Amendment to Agreement and Plan of Merger (the "<u>Amendment</u>") pursuant to which, among other things, the parties have agreed to extend the Termination Date set forth in the Merger Agreement to the later of (i) November 15, 2025 or (ii) the date of Closing, provided all Closing conditions have been satisfied on or prior to November 15, 2025. The Amendment also revises the date of Closing to the fifteenth day (or, if such date is not a business day, then the first succeeding business day thereafter) after all Closing conditions have been satisfied unless another date is agreed to by the parties.

The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by the full text of the Amendment, a copy of which is attached hereto as Exhibit 2.1 and incorporated by reference herein.

**Forward Looking Statements**

Certain statements herein, other than statements of historical fact, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may include, without limitation, statements about the proposed transaction to acquire Breeze Autocare, including its Oil Changers stores, the expected timetable for obtaining regulatory approval and completing the proposed transaction, and the benefits and synergies of the proposed transaction; executing on the growth strategy to create shareholder value by driving the full potential in Valvoline's core business, accelerating network growth and innovating to meet the needs of customers and the evolving car parc; realizing the benefits from acquisitions and refranchising transactions; and future opportunities for the stand-alone retail business; and any other statements regarding Valvoline's future operations, financial or operating results, capital allocation, debt leverage ratio, anticipated business levels, dividend policy, anticipated growth, market opportunities, strategies, competition, and other expectations and targets for future periods. Valvoline has identified some of these forward-looking statements with words such as "anticipates," "believes," "expects," "estimates," "is likely," "predicts," "projects," "forecasts," "may," "will," "should," and "intends," and the negative of these words or other comparable terminology. These forward-looking statements are based on Valvoline's current expectations, estimates, projections, and assumptions as of the date such statements are made and are subject to risks and uncertainties that may cause results to differ materially from those expressed or implied in the forward-looking statements. Additional information regarding these risks and uncertainties are described in Valvoline's filings with the Securities and Exchange Commission (the "SEC"), including in the "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Quantitative and Qualitative Disclosures about Market Risk" sections of Valvoline's most recently filed periodic reports on Forms 10-K and 10-Q, which are available on Valvoline's website at http://investors.valvoline.com/sec-filings or on the SEC's website at http://www.sec.gov. Valvoline assumes no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future, unless required by law.

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| | |
|:---|:---|
| **<u>Item 9.01.</u>** | **<u>Financial Statements and Exhibits.</u>** |
| (d) | Exhibits |
| **Exhibit No.** | **Description of Exhibit** |
| 2.1 | <u>[First Amendment to Agreement and Plan of Merger by and among Valvoline Inc., OCI Merger Sub Inc., OC Parent, L.P., and OC IntermediateCo, Inc., dated as of August 11, 2025](ex21-amendmenttomergeragre.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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**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.

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| | | |
|:---|:---|:---|
| | **VALVOLINE INC.** | **VALVOLINE INC.** |
| Date: August 12, 2025 | By: | /s/ Julie M. O'Daniel |
|  |  | Julie M. O'Daniel |
|  |  | Senior Vice President, Chief Legal Officer and Corporate Secretary |

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## Exhibit 2.1

**Exhibit 2.1** 

**EXECUTION**

**FIRST AMENDMENT TO AGREEMENT AND PLAN OF MERGER** 

**THIS FIRST AMENDMENT TO AGREEMENT AND PLAN OF MERGER** (this "<u>Amendment</u>") is made and entered into as of this 11<sup>th</sup> day of August 2025, by and among OC Parent, L.P., a Delaware limited partnership ("<u>Holdco</u>"), OC IntermediateCo, Inc., a Delaware corporation (the "<u>Company</u>"), Valvoline Inc., a Kentucky corporation ("<u>Parent</u>"), and OCI Merger Sub Inc., a Delaware corporation ("<u>Merger Sub</u>") and a wholly owned Subsidiary of Parent. Capitalized terms used herein without definition shall have the meanings given to them in the Merger Agreement (as defined below).

**WHEREAS**, the parties hereto entered into that certain Agreement and Plan of Merger on February 17, 2025 (the "<u>Merger Agreement</u>"); and

**WHEREAS**, the parties hereto desire to make certain amendments to reflect their mutual understanding and agreement with respect to the timing of the closing of the transactions contemplated by the Merger Agreement.

**ARTICLE 1<br>Amendments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1<u>Timing of Closing</u>. Section 2.2 of the Merger Agreement is hereby amended and restated in its entirety as follows:

"Subject to the terms and conditions of this Agreement, the closing of the Merger (the "<u>Closing</u>") shall take place at 10:00 a.m., Eastern Time on the fifteenth (15th) day (or, if such day is not a Business Day, then the first succeeding Business Day thereafter) after satisfaction (or waiver) of the conditions set forth in <u>Article 6</u> (not including conditions which are to be satisfied by actions taken at the Closing or which by their nature can be satisfied only on the Closing Date), remotely by the electronic exchange of documents and signatures, unless another time, date or place is agreed to in writing by the parties hereto. The "<u>Closing Date</u>" shall be the date on which the Closing takes place."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2<u>Termination Date</u>. Section 7.1(d) of the Merger Agreement is hereby amended and restated in its entirety as follows:

"by either Parent or the Company, if the Merger shall not have been consummated on or prior to July 1, 2025 **(**the "<u>Termination Date</u>"); <u>provided</u>, <u>however</u>, that if, on such date, the condition to Closing set forth in <u>Section 6.1(a)</u> or <u>Section 6.1(b)</u> shall not have been fulfilled but all other conditions to Closing either have been fulfilled or are then capable of being fulfilled, then the Termination Date shall, without any action on the part of the parties hereto, be extended to November 15, 2025; <u>provided</u>, <u>further</u>, that, if the condition to Closing set forth in <u>Section 6.1(a)</u> or <u>Section 6.1(b)</u> shall have been fulfilled on or prior to November 15, 2025 but Closing shall not occur pursuant to <u>Section 2.2</u> until after November 15, 2025, then the Termination Date shall, without any action on the part of the parties hereto, be extended until the day Closing shall take place pursuant to <u>Section 2.2</u>; <u>provided,</u> <u>further</u>, that, if the failure to consummate the Merger is primarily the result of a breach by Parent or Merger Sub or the Company or Holdco of its respective representations or warranties or a failure to perform obligations or covenants under this

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Agreement, then any termination pursuant to this <u>Section 7.1(d)</u> shall not be available to such party who has breached this Agreement;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3<u>Cooperation and Information</u>. Section 5.3(c) of the Merger Agreement is hereby amended and restated in its entirety as follows:

"Each of Holdco, the Company, Parent and Merger Sub shall, in connection with this &nbsp;&nbsp;&nbsp;&nbsp;Agreement and the transactions contemplated hereby, with respect to actions taken on or after the date hereof: (i) immediately notify the other parties of, and if in writing, furnish the other parties with copies of (or, in the case of oral communications, advise the other parties of) any substantive communications from or with any Governmental Entity, (ii) permit the other parties to review, comment on, and discuss in advance, and consider in good faith the view of such other parties in connection with, any proposed substantive written or oral communication with any Governmental Entity, (iii) not participate in any substantive meeting or have any substantive communication with any Governmental Entity unless it has given the other parties a reasonable opportunity to consult with it in advance and, to the extent permitted by such Governmental Entity, gives the other parties the opportunity to attend and participate therein, (iv) furnish the other parties' outside legal counsel with copies of all filings and communications between it and any such Governmental Entity with respect to the Agreement (other than the HSR Act filings), (v) furnish the other parties' outside legal counsel with such necessary information and reasonable assistance as such other parties' outside legal counsel may reasonably request in connection with its preparation of necessary submissions of information to any such Governmental Entity and (vi) permit the other parties to participate in any substantive meetings with any Governmental Entity related to any antitrust remedies, if permitted by such Governmental Entity. Subject to Applicable Law, the parties hereto will consult and cooperate with one another in connection with any analyses, appearances, presentations, memoranda, briefs, arguments, opinions and proposals made or submitted on behalf of any party hereto relating to proceedings under the HSR Act or any other Antitrust Law."

**ARTICLE 2<br>Relationship to Merger Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1<u>Relationship to Merger Agreement</u>. On and after the date of this Amendment, each reference in the Merger Agreement to "this Agreement", "hereunder", "hereof" or words of like import, and each reference to the Merger Agreement, including by "thereunder", "thereof" or words of like import in any document, shall mean and be a reference to the Merger Agreement as amended by this Amendment. Notwithstanding the foregoing, any reference to "the date of this Agreement" or "date hereof" shall mean February 17, 2025 and any reference to the "date of this Amendment" shall mean the date of this Amendment.

**ARTICLE 3<br>Miscellaneous**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1<u>Assignment</u>. This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns. This Amendment shall not be assigned by any party hereto (whether by operation of law or otherwise) without the prior written consent of Parent, Merger Sub and Holdco; provided, that Parent may transfer or assign, in whole or in part, its rights and interests hereunder following the Closing to (a) an Affiliate of Parent; (b) any Debt Financing Source for collateral security purposes; or (c) the insurer under the R&W Insurance Policy; provided, however, that nothing shall relieve Parent of its obligations hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2<u>Governing Law</u>. This Amendment and any claim, controversy or dispute arising under or related to this Amendment or the transactions contemplated by or leading to this Amendment shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the law of any jurisdiction other than the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3<u>Jurisdiction and Venue</u>. Each of the parties to this Amendment (i) submits to the exclusive jurisdiction of the Chancery Court of the State of Delaware (or if the Chancery Court of the State of Delaware declines to accept jurisdiction of a particular matter, any state or federal court sitting in the State of Delaware) in any Action arising out of or relating to this Amendment or the transactions contemplated by or leading to this Amendment, (ii) agrees that all claims in respect of such Action may be heard and determined in any such court and (iii) agrees not to bring any Action arising out of or relating to this Amendment in any other court. Each of the parties hereto waives any defense of inconvenient forum to the maintenance of any Action so brought and waives any bond, surety or other security that might be required of any other party with respect thereto. Each party hereto agrees that a final, non-appealable judgment in any Action so brought shall be conclusive and may be enforced by suit on the judgment or in any other manner provided by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4<u>Counterparts</u>. This Amendment may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment by a scanned page (via email) or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com, shall be effective as delivery of a manually executed counterpart to this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5<u>Headings</u>. The headings contained in this Amendment are inserted for convenience only and shall not affect in any way the meaning or interpretation of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6<u>Severability</u>. Whenever possible, each provision of this Amendment will be interpreted in such a manner as to be effective and valid under Applicable Law, but if any term or other provision of this Amendment is held to be invalid, illegal or unenforceable under Applicable Law, all other provisions of this Amendment shall remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party hereto. Upon such determination that any term or other provision of this Amendment is invalid, illegal or unenforceable under Applicable Law, the parties hereto shall negotiate in good faith to modify this Amendment so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible.

[***Signature Page Follows***]

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**IN WITNESS WHEREOF**, the parties have executed or caused this Amendment to be executed as of the date first written above.

**OC PARENT, L.P.**

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Matthew Burke&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Matthew Burke

Title: Authorized Signatory

**OC INTERMEDIATECO, INC.**

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Matthew Burke&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Matthew Burke

Title: President

**VALVOLINE INC.**

<br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Julie M. O'Daniel&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Julie M. O'Daniel

Title: Senior Vice President, Chief

Legal Officer & Corporate Secretary

**OCI MERGER SUB INC.**

<br>By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Jordan M. Denny&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Jordan M. Denny

Title: Vice President & Treasurer

<br>