Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-02

Valvoline (VVV)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$4,844,663
Lori Flees total, FY2025
12th
CEO pay percentile vs peers
CEO-to-median pay ratio
87.82%
Say-on-pay support, latest vote
Companies that benchmark against VVV
2 companies name VVV as a compensation peer

Each company listed discloses VVV in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named VVV in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Lori Flees$923,178$0$2,198,255$750,066$823,391$0$149,773$4,844,663
President and Chief Executive Officer
J. Kevin Willis240,41101,199,644400,070154,79516,76017,0002,028,679
Chief Financial Officer
Mary Meixelsperger482,2080641,157218,879310,4820104,7101,757,435
Senior Vice President Former Chief Financial Officer
Linne Fulcher511,5890366,769125,120263,520072,4981,339,497
Senior Vice President and Chief Operating Officer
Julie O’Daniel469,8620311,730106,402242,0261,61477,4881,209,122
Senior Vice President, Chief Legal Officer and Corporate Secretary
Jonathan Caldwell386,3160238,61081,279191,695063,641961,541
Senior Vice President and Chief People Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Lori Flees$4,844,663$4,275,549$2,363,609+569,114
J. Kevin Willis2,028,679
Mary Meixelsperger1,757,4352,021,1222,045,898−263,687
Linne Fulcher1,339,4971,299,941+39,556
Julie O’Daniel1,209,1221,188,3341,201,928+20,788
Jonathan Caldwell961,541901,874+59,667

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Mary MeixelspergerRSU2024-11-215,280$203,597
Jonathan CaldwellOPTION2024-11-214,95081,279
Jonathan CaldwellPSU2024-11-217694,10010,250162,647
Jonathan CaldwellRSU2024-11-211,97075,963
Lori FleesOPTION2024-11-2145,680750,066
Lori FleesPSU2024-11-217,09137,82094,5501,500,319
Lori FleesRSU2024-11-2118,100697,936
Linne FulcherPSU2024-11-211,1836,31015,775250,318
Linne FulcherOPTION2024-11-217,620125,120
Linne FulcherRSU2024-11-213,020116,451
Mary MeixelspergerOPTION2024-11-2113,330218,879
Mary MeixelspergerPSU2024-11-212,06811,03027,575437,560
Julie O’DanielPSU2024-11-211,0055,36013,400212,631
Julie O’DanielOPTION2024-11-216,480106,402
Julie O’DanielRSU2024-11-212,57099,099
J. Kevin WillisRSU2025-06-0211,630399,607
J. Kevin WillisOPTION2025-06-0227,050400,070
J. Kevin WillisPSU2025-06-024,30322,95057,375800,037
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Mary Meixelsperger$203,597$437,560$218,87950.9%
Jonathan Caldwell75,963162,64781,27950.8%
Lori Flees697,9361,500,319750,06650.9%
Linne Fulcher116,451250,318125,12050.9%
Julie O’Daniel99,099212,631106,40250.9%
J. Kevin Willis399,607800,037400,07050.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Julie O’DanielPSU10,910$391,778
Lori FleesPSU70,4502,529,860
Lori FleesRSU47,8331,717,683
Mary MeixelspergerRSU23,448842,018
J. Kevin WillisPSU22,950824,135
Mary MeixelspergerPSU22,450806,180
Linne FulcherPSU12,840461,084
J. Kevin WillisRSU11,630417,633
Julie O’DanielRSU11,384408,799
Linne FulcherRSU8,548306,959
Jonathan CaldwellPSU8,350299,849
Jonathan CaldwellRSU7,392265,447
Lori FleesOption45,68038.56
Lori FleesOption21,00534.94
Lori FleesOption4,98432.4
J. Kevin WillisOption27,05034.36
Mary MeixelspergerOption13,33038.56
Mary MeixelspergerOption7,35534.94
Mary MeixelspergerOption4,11332.4
Linne FulcherOption7,62038.56
Linne FulcherOption4,20534.94
Julie O’DanielOption6,48038.56
Julie O’DanielOption3,57534.94
Julie O’DanielOption1,99432.4
Jonathan CaldwellOption4,95038.56
Jonathan CaldwellOption2,73534.94
Jonathan CaldwellOption1,12232.4
05

Incentive-plan design — the Compensation Discussion & Analysis

Valvoline targets the 50th percentile of the competitive range for target total direct compensation, with a significant portion of compensation 'at-risk' to align executive pay with shareholder value creation and drive long-term performance. The program emphasizes internal pay equity and consistency among Named Executive Officers.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantDeloitte Tax LLP
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-01-2897,201,19713,477,256360,00587.82%Passed
20252025-01-28102,295,6139,218,255351,94491.73%Passed
20242024-01-25109,727,6275,094,084235,77395.56%Passed
20232023-01-26147,391,3283,302,528394,58097.81%Passed
20222022-01-25149,621,6074,896,304534,13196.83%Passed
20212021-01-28154,208,7384,311,371554,07897.28%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-01-2887.82%a
20252025-01-2891.73%b
20242024-01-2595.56%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Richard J. FreelandIndependent · Board Chair · Executive Leadership · Risk Management$215,000$139,313$354,313
Mary J. TwinemIndependent · Audit (Chair) · Not standing for re-election120,000139,313259,313
Gerald W. Evans JrIndependent115,000139,313254,313
Vada O. ManagerIndependent · Audit · Not standing for re-election115,000139,313254,313
Jennifer L. SlaterIndependent · Finance and Accounting · Executive Leadership · Risk Management · Technology100,000139,313239,313
Carol H. KruseIndependent · Executive Leadership · Risk Management · Technology100,000139,313239,313
Charles M. SonstebyIndependent · Finance and Accounting · Executive Leadership · Risk Management100,000139,313239,313
Patrick S. PaciousIndependent · Executive Leadership · Risk Management · Technology100,000139,313239,313
Lori A. FleesEmployee director · Finance and Accounting · Executive Leadership · Risk Management0
Chris CarrIndependent · Executive Leadership · Risk Management · Newly elected
Janet S. WongIndependent · Finance and Accounting · Executive Leadership · Risk Management · Technology · Newly elected
09

Board fee structure and ownership guideline

Annual cash retainer$100,000
Annual equity retainer$135,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 15,000 / 15,000
Stock ownership guideline$5
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$965,000
Equity awards (grant-date value)$1,114,504
All other compensation$0
Total cost of the board$2,079,504

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Valvoline names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Valvoline.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Wingstop Inc.2025Michael Skipworth$959,231$32,590,697$0$1,708,800$35,288,595
2H&R Block, Inc.2025Jeffrey Jones II997,7348,300,08501,435,44610,969,337
3Warby Parker Inc.2025Neil Blumenthal575,0008,408,680009,000,180
4Monro, Inc.2026Peter Fitzsimmons290,7693,802,4000107,2516,539,830
5Floor & Decor Holdings, Inc.2025Bradley Paulsen612,3083,700,0000528,6056,445,144
6National Vision Holdings, Inc.2025Alexander Wilkes734,6163,156,88701,259,4685,198,862
7Driven Brands Holdings, Inc.2025Daniel Rivera714,3284,421,299005,188,235
8Valvoline2025Lori Flees923,1782,198,255750,066823,3914,844,663
9The Container Store Group2021Satish Malhotra875,000999,9881,750,0003,629,119
Mister Car Wash, Inc.not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Valvolinenot disclosedPSU 50 · SAR 25 · RSU 25not disclosedDeloitte Tax LLP
Driven Brands Holdings, Inc.0%PSU 67 · RSU 33Yes — Relative TSRMeridian Compensation Partners
Floor & Decor Holdings, Inc.86.3%RSU 50 · PSU 50NoKorn Ferry
H&R Block, Inc.96.2%PSU 65 · RSU 35Yes — Total Shareholder Return (TSR) vs. S&P 400 IndexCompensation Advisory Partners LLC (CAP LLC)
Mister Car Wash, Inc.not disclosednot disclosednot disclosednot disclosed
Monro, Inc.not disclosednot disclosednot disclosednot disclosed
National Vision Holdings, Inc.196.6%PSU 50 · RSU 50NoMeridian Compensation Partners, LLC
The Container Store Groupnot disclosednot disclosednot disclosedKorn Ferry
Warby Parker Inc.73.0%PSU 50 · RSU 50Yes — Relative TSRSemler Brossy
Wingstop Inc.142%PSU 60 · RSU 40NoFW Cook

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Lori FleesDEF 14A2025-12-190001104659-25-122788Section “Summary Compensation Table”. As printed: 4,844,663. Filing ↗machine: r1 · c54 · span 1209553–1209562
2Section 01, J. Kevin WillisDEF 14A2025-12-190001104659-25-122788Section “Summary Compensation Table”. As printed: 2,028,679. Filing ↗machine: r4 · c54 · span 1230614–1230623
3Section 01, Mary MeixelspergerDEF 14A2025-12-190001104659-25-122788Section “Summary Compensation Table”. As printed: 1,757,435. Filing ↗machine: r5 · c54 · span 1237633–1237642
4Section 01, Linne FulcherDEF 14A2025-12-190001104659-25-122788Section “Summary Compensation Table”. As printed: 1,339,497. Filing ↗machine: r8 · c54 · span 1257186–1257195
5Section 01, Julie O’DanielDEF 14A2025-12-190001104659-25-122788Section “Summary Compensation Table”. As printed: 1,209,122. Filing ↗machine: r10 · c54 · span 1270968–1270977
6Section 01, Jonathan CaldwellDEF 14A2025-12-190001104659-25-122788Section “Summary Compensation Table”. As printed: 961,541. Filing ↗machine: r13 · c54 · span 1290428–1290435
7Section 03, Mary Meixelsperger RSUDEF 14A2025-12-190001104659-25-122788Section “Grants of Plan-Based Awards for Fiscal 2025” · grants of plan-based awards table. Filing ↗machine: span 1423783–1423790
8Section 03, Jonathan Caldwell OPTIONDEF 14A2025-12-190001104659-25-122788Section “Grants of Plan-Based Awards for Fiscal 2025” · grants of plan-based awards table. Filing ↗machine: span 1514920–1514926
9Section 03, Jonathan Caldwell PSUDEF 14A2025-12-190001104659-25-122788Section “Grants of Plan-Based Awards for Fiscal 2025” · grants of plan-based awards table. Filing ↗machine: span 1503359–1503366
10Section 03, Jonathan Caldwell RSUDEF 14A2025-12-190001104659-25-122788Section “Grants of Plan-Based Awards for Fiscal 2025” · grants of plan-based awards table. Filing ↗machine: span 1509135–1509141
11Section 03, Lori Flees OPTIONDEF 14A2025-12-190001104659-25-122788Section “Grants of Plan-Based Awards for Fiscal 2025” · grants of plan-based awards table. Filing ↗machine: span 1375242–1375249
12Section 03, Lori Flees PSUDEF 14A2025-12-190001104659-25-122788Section “Grants of Plan-Based Awards for Fiscal 2025” · grants of plan-based awards table. Filing ↗machine: span 1358928–1358937
13Section 03, Lori Flees RSUDEF 14A2025-12-190001104659-25-122788Section “Grants of Plan-Based Awards for Fiscal 2025” · grants of plan-based awards table. Filing ↗machine: span 1365961–1365968
14Section 03, Linne Fulcher PSUDEF 14A2025-12-190001104659-25-122788Section “Grants of Plan-Based Awards for Fiscal 2025” · grants of plan-based awards table. Filing ↗machine: span 1445662–1445669
15Section 03, Linne Fulcher OPTIONDEF 14A2025-12-190001104659-25-122788Section “Grants of Plan-Based Awards for Fiscal 2025” · grants of plan-based awards table. Filing ↗machine: span 1459464–1459471
16Section 03, Linne Fulcher RSUDEF 14A2025-12-190001104659-25-122788Section “Grants of Plan-Based Awards for Fiscal 2025” · grants of plan-based awards table. Filing ↗machine: span 1451438–1451445
17Section 03, Mary Meixelsperger OPTIONDEF 14A2025-12-190001104659-25-122788Section “Grants of Plan-Based Awards for Fiscal 2025” · grants of plan-based awards table. Filing ↗machine: span 1433064–1433071
18Section 03, Mary Meixelsperger PSUDEF 14A2025-12-190001104659-25-122788Section “Grants of Plan-Based Awards for Fiscal 2025” · grants of plan-based awards table. Filing ↗machine: span 1416753–1416760
19Section 03, Julie O’Daniel PSUDEF 14A2025-12-190001104659-25-122788Section “Grants of Plan-Based Awards for Fiscal 2025” · grants of plan-based awards table. Filing ↗machine: span 1474558–1474565
20Section 03, Julie O’Daniel OPTIONDEF 14A2025-12-190001104659-25-122788Section “Grants of Plan-Based Awards for Fiscal 2025” · grants of plan-based awards table. Filing ↗machine: span 1490867–1490874
21Section 03, Julie O’Daniel RSUDEF 14A2025-12-190001104659-25-122788Section “Grants of Plan-Based Awards for Fiscal 2025” · grants of plan-based awards table. Filing ↗machine: span 1481588–1481594
22Section 03, J. Kevin Willis RSUDEF 14A2025-12-190001104659-25-122788Section “Grants of Plan-Based Awards for Fiscal 2025” · grants of plan-based awards table. Filing ↗machine: span 1393616–1393623
23Section 03, J. Kevin Willis OPTIONDEF 14A2025-12-190001104659-25-122788Section “Grants of Plan-Based Awards for Fiscal 2025” · grants of plan-based awards table. Filing ↗machine: span 1401643–1401650
24Section 03, J. Kevin Willis PSUDEF 14A2025-12-190001104659-25-122788Section “Grants of Plan-Based Awards for Fiscal 2025” · grants of plan-based awards table. Filing ↗machine: span 1387839–1387846
25Section 08, Richard J. FreelandDEF 14A2025-12-190001104659-25-122788Section “Director Compensation”. As printed: 354,313. Filing ↗
26Section 08, Mary J. TwinemDEF 14A2025-12-190001104659-25-122788Section “Director Compensation”. As printed: 259,313. Filing ↗
27Section 08, Gerald W. Evans JrDEF 14A2025-12-190001104659-25-122788Section “Director Compensation”. As printed: 254,313. Filing ↗
28Section 08, Vada O. ManagerDEF 14A2025-12-190001104659-25-122788Section “Director Compensation”. As printed: 254,313. Filing ↗
29Section 08, Jennifer L. SlaterDEF 14A2025-12-190001104659-25-122788Section “Director Compensation”. As printed: 239,313. Filing ↗
30Section 08, Carol H. KruseDEF 14A2025-12-190001104659-25-122788Section “Director Compensation”. As printed: 239,313. Filing ↗
31Section 08, Charles M. SonstebyDEF 14A2025-12-190001104659-25-122788Section “Director Compensation”. As printed: 239,313. Filing ↗
32Section 08, Patrick S. PaciousDEF 14A2025-12-190001104659-25-122788Section “Director Compensation”. As printed: 239,313. Filing ↗
33Section 08, Lori A. FleesDEF 14A2025-12-190001104659-25-122788Section “Director Compensation”. As printed: 0. Filing ↗
34Section 08, Chris CarrDEF 14A2025-12-190001104659-25-122788Section “Director Compensation”. As printed: —. Filing ↗
35Section 08, Janet S. WongDEF 14A2025-12-190001104659-25-122788Section “Director Compensation”. As printed: —. Filing ↗
36Section 06, 2026 voteForm 8-K2026-01-290001674910-26-000006Item 5.07 · say-on-pay result. As reported: 87.82% (votes for as printed: 97,201,197). Filing ↗
37Section 06, 2025 voteForm 8-K2025-01-300001674910-25-000027Item 5.07 · say-on-pay result. As reported: 91.73% (votes for as printed: 102,295,613). Filing ↗
38Section 06, 2024 voteForm 8-K2024-01-300001674910-24-000024Item 5.07 · say-on-pay result. As reported: 95.56% (votes for as printed: 109,727,627). Filing ↗
39Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
40Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
41Section 09b board cost (computed)ComputedcomputedCash 965,000 + equity 1,114,504 + all other 0 = 2,079,504, summed across the director compensation table rows.machine: formula: Σ = 2,079,504
42Wingstop Inc., Section 10b CEO totalDEF 14A2026-04-020001193125-26-140360CEO total compensation as printed in Wingstop Inc.'s own proxy. As printed: 35,288,595. Filing ↗machine: t256 · r4 · c39 · span 885907–885917
43H&R Block, Inc., Section 10b CEO totalDEF 14A2025-09-240001104659-25-092958CEO total compensation as printed in H&R Block, Inc.'s own proxy. As printed: 10,969,337. Filing ↗machine: t91 · r1 · c48 · span 943762–943772
44Warby Parker Inc., Section 10b CEO totalDEF 14A2026-04-280001104659-26-050432CEO total compensation as printed in Warby Parker Inc.'s own proxy. As printed: 9,000,180. Filing ↗machine: t20 · r1 · c32 · span 611995–612004
45Monro, Inc., Section 10b CEO totalDEF 14A2026-07-020001193125-26-293555CEO total compensation as printed in Monro, Inc.'s own proxy. As printed: 6,539,830. Filing ↗machine: r4 · c39 · span 623569–623578
46Floor & Decor Holdings, Inc., Section 10b CEO totalDEF 14A2026-03-230001628280-26-020341CEO total compensation as printed in Floor & Decor Holdings, Inc.'s own proxy. As printed: 6,445,144. Filing ↗machine: r5 · c42 · span 577349–577358
47National Vision Holdings, Inc., Section 10b CEO totalDEF 14A2026-05-040001140361-26-018642CEO total compensation as printed in National Vision Holdings, Inc.'s own proxy. As printed: 5,198,862. Filing ↗machine: r5 · c25 · span 1093143–1093152
48Driven Brands Holdings, Inc., Section 10b CEO totalDEF 14A2026-06-160001628280-26-043634CEO total compensation as printed in Driven Brands Holdings, Inc.'s own proxy. As printed: 5,188,235. Filing ↗machine: r2 · c69 · span 654432–654441
49Valvoline (subject), Section 10b CEO totalDEF 14A2025-12-190001104659-25-122788CEO total compensation as printed in Valvoline's own proxy. As printed: 4,844,663. Filing ↗machine: r1 · c54 · span 1209553–1209562
50The Container Store Group, Section 10b CEO totalDEF 14A2022-07-120001558370-22-010642CEO total compensation as printed in The Container Store Group's own proxy. As printed: 3,629,119. Filing ↗
51Section 10a, H&R Block, Inc. reciprocityDEF 14A0001104659-25-092958H&R Block, Inc.'s most recent proxy was read; its disclosed peer group does not include Valvoline. Filing ↗
52Section 10a, Monro, Inc. reciprocityDEF 14A0001193125-26-293555Monro, Inc.'s most recent proxy was read; its disclosed peer group does not include Valvoline. Filing ↗
53Section 10a, Wingstop Inc. reciprocityDEF 14A0001193125-26-140360Wingstop Inc.'s most recent proxy was read; its disclosed peer group does not include Valvoline. Filing ↗
54Section 10a, Floor & Decor Holdings, Inc. reciprocityDEF 14A0001628280-26-020341Floor & Decor Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Valvoline. Filing ↗
55Section 10a, Warby Parker Inc. reciprocityDEF 14A0001104659-26-050432Warby Parker Inc.'s most recent proxy was read; its disclosed peer group does not include Valvoline. Filing ↗
56Section 10a, Driven Brands Holdings, Inc. reciprocityDEF 14A0001628280-26-043634Driven Brands Holdings, Inc. names Valvoline in its own disclosed peer group (read from its most recent proxy). Filing ↗
57Section 10a, National Vision Holdings, Inc. reciprocityDEF 14A0001140361-26-018642National Vision Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Valvoline. Filing ↗