Valvoline amends Tax Matters Agreement with Ashland, clarifying legacy tax attribute use and payment sharing

VALVOLINE INC

Amended agreement (Jan 13, 2023) sets rules for Valvoline's amended and future returns claiming Legacy Tax Attributes.
Valvoline to pay Ashland 100% of tax reimbursement for first $10M, then 80% for each year starting Oct 1, 2018.
Ashland caps reimbursement for Valvoline's third-party costs to prepare amended returns at $300,000 total.
Valvoline must file amended returns by March 15, 2023, and provide hypothetical return workpapers for 2018-2020.
Ashland controls any tax audit portion relating to validity of Legacy Tax Attributes; indemnifies related penalties and costs.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

VALVOLINE INC amended Amendment to Tax Matters Agreement with Ashland Inc. valued at Amendment to Tax Matters Agreement dated September 22, 2016 (effective 2023-01-13).

Action: amendment
Counterparty: Ashland Inc.
Value: Amendment to Tax Matters Agreement dated September 22, 2016
Effective: 2023-01-13

Exact text from the filing

On January 13, 2023, Valvoline Inc., a Kentucky corporation (“ Valvoline ”) and Ashland Inc. (f/k/a Ashland Global Holdings Inc.), a Delaware corporation (“Ashland”) entered into an Amendment, dated as of January 13, 2023 (the “Amendment”) to the Tax Matters Agreement, dated as of September 22, 2016, between Valvoline and Ashland (the “ Tax Matters Agreement ”).

View on SEC.gov

Browse all material agreements →

VALVOLINE INC filing history →

Source: SEC EDGAR

accession 0001674910-23-000004

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.