SEC Form 4 · accession 0000314808-17-000095

Valaris Ltd · VAL

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

Reporting owner

Keith O Rattie

Director

Period of report

Jun 1, 2017

Accepted (ET)

Jun 5, 2017 · 6:55 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, 2017	M	3,562	—	A	32,448	D
Class A Ordinary Shares^F2	Jun 1, 2017	M	6,909	—	A	39,357	D
Class A Ordinary Shares^F3	Jun 1, 2017	F	4,744	$6.32	D	34,613	D
Class A Ordinary Shares^F4	Jun 2, 2017	M	1,587	—	A	36,200	D
Class A Ordinary Shares^F3	Jun 2, 2017	F	719	$6.14	D	35,481	D
Class A Ordinary Shares	holding	—	—		—	1,379	I	Ensco Non-Employee Director Deferred Compensation Plan

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^F5,F6	—	Jun 1, 2017	A	31,647	A	—	—	Class A Ordinary Shares	31,647	31,647	D
Restricted Share Units^F1,F7	—	Jun 1, 2017	M	3,562	D	—	—	Class A Ordinary Shares	3,562	3,562	D
Restricted Share Units^F2,F8	—	Jun 1, 2017	M	6,909	D	—	—	Class A Ordinary Shares	6,909	13,818	D
Restricted Share Units^F4,F9	—	Jun 2, 2017	M	1,587	D	—	—	Class A Ordinary Shares	1,587	0	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 $194.80 to Ensco plc with respect to the shares actually issued upon vesting of the restricted share units. The remaining 1,614 shares were withheld and not issued to satisfy certain tax withholding obligations.
F2Upon 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 $377.90 to Ensco plc with respect to the shares actually issued upon vesting of the restricted share units. The remaining 3,130 shares were withheld and not issued to satisfy certain tax withholding obligations.
F3These shares were withheld to satisfy tax withholding obligations that arose upon vesting.
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. In connection with the transaction reported above, the reporting person paid $86.80 to Ensco plc with respect to the shares actually issued upon vesting of the restricted share units. The remaining 719 shares were withheld and not issued to satisfy certain tax withholding obligations.
F5Upon 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.
F6The restricted share units vest in three equal annual installments.
F7On June 1, 2015, the reporting person was granted 10,686 restricted share units, vesting in three equal annual installments beginning on the first anniversary of the grant date.
F8On June 1, 2016, the reporting person was granted 20,727 restricted share units, vesting in three equal annual installments beginning on the first anniversary of the grant date.
F9On 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.