SEC Form 4 · accession 0000314808-15-000137

Valaris Ltd · VAL

Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗

Reporting owner

Francis S Kalman

Director

Period of report

Jun 1, 2015

Accepted (ET)

Jun 3, 2015 · 4:53 pm EDT

Rule 10b5-1 plan

unknown — predates the checkbox

Issuer CIK

0000314808

Table I — non-derivative securities

Security	Date	Code	Shares	Price	A/D	Owned after	D/I	Nature of ownership
Class A Ordinary Shares^F1	Jun 1, 2015	M	1,735	—	A	24,135	D
Class A Ordinary Shares^F2	Jun 1, 2015	F	179	$23.40	D	23,956	D
Class A Ordinary Shares^F3	Jun 2, 2015	M	1,587	—	A	25,543	D
Class A Ordinary Shares^F2	Jun 2, 2015	F	164	$24.46	D	25,379	D
Class A Ordinary Shares	holding	—	—		—	115	I	Foundation

Table II — derivative securities

Security	Conv. / exercise price	Date	Code	Shares	A/D	Exercisable	Expires	Underlying	Underlying shares	Owned after	D/I
Restricted Share Units^F4,F5	—	Jun 1, 2015	A	10,686	A	—	—	Class A Ordinary Shares	10,686	10,686	D
Restricted Share Units^F1,F6	—	Jun 1, 2015	M	1,735	D	—	—	Class A Ordinary Shares	1,735	0	D
Restricted Share Units^F3,F7	—	Jun 2, 2015	M	1,587	D	—	—	Class A Ordinary Shares	1,587	3,174	D

Explanation of responses

F1Upon the vesting of our restricted share units, the reporting person is required to pay the aggregate nominal value (par value), $0.10 per share, of our Class A ordinary shares actually issued, in accordance with U.K. corporate law. In connection with the transaction reported above, the reporting person paid $155.60 to Ensco plc with respect to the shares actually issued upon vesting of the restricted share units. The remaining 179 shares were withheld and not issued to satisfy certain tax withholding obligations.
F2These shares were withheld to satisfy tax withholding obligations that arose upon vesting.
F3Upon the vesting of our restricted share units, the reporting person is required to pay the aggregate nominal value (par value), $0.10 per share, of our Class A ordinary shares actually issued, in accordance with U.K. corporate law. In connection with the transaction reported above, the reporting person paid $142.30 to Ensco plc with respect to the shares actually issued upon vesting of the restricted share units. The remaining 164 shares were withheld and not issued to satisfy certain tax withholding obligations.
F4Upon the vesting of our restricted share units, the reporting person is required to pay the aggregate nominal value (par value), $0.10 per share, of our Class A ordinary shares actually issued, in accordance with U.K. corporate law.
F5The restricted share units vest in three equal annual installments.
F6On June 1, 2012, the reporting person was granted 5,205 restricted share units, vesting in three equal annual installments beginning on the first anniversary of the grant date.
F7On June 2, 2014, the reporting person was granted 4,761 restricted share units, vesting in three equal annual installments beginning on the first anniversary of the grant date.