SEC Form 4 · accession 0000314808-17-000036
Valaris Ltd · VAL
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Patrick Carey Lowe
Officer — EVP & Chief Operating Officer
Period of report
Mar 6, 2017
Accepted (ET)
Mar 8, 2017 · 5:51 pm EST
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 SharesF1 | Mar 6, 2017 | A | 103,845 | $0.00 | A | 373,014 | D | |
| Class A Ordinary SharesF2 | Mar 6, 2017 | A | 4,794 | $0.00 | A | 377,808 | D | |
| Class A Ordinary SharesF3 | Mar 6, 2017 | F | 1,968 | $9.63 | D | 375,840 | D |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1On March 6, 2017, the reporting person was granted 103,845 restricted shares, vesting in three equal annual installments beginning on the first anniversary of the grant date.
- F2Shares earned under performance unit awards for 2014-2016 performance period.
- F3The reporting person disposed of these shares to an affiliate of the issuer upon the vesting of previously awarded restricted shares. The purpose of the disposition was to enable the reporting person to satisfy tax withholding obligations that arose upon such vesting, which will be paid by the issuer to the Internal Revenue Service in cash.