SEC Form 4 · accession 0000314808-19-000043
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 5, 2019
Accepted (ET)
Mar 7, 2019 · 7:21 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 5, 2019 | F | 33,548 | $4.34 | D | 507,035 | D | |
| Class A Ordinary SharesF1 | Mar 6, 2019 | F | 16,270 | $4.22 | D | 490,765 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Share UnitsF2,F3 | — | Mar 6, 2019 | A | 236,967 | A | — | — | Class A Ordinary Shares | 236,967 | 236,967 | D |
Explanation of responses
- F1These shares were withheld upon vesting to enable the reporting person to satisfy tax withholding obligations that arose upon such vesting, which will be paid by the issuer to the appropriate taxing authority in cash.
- F2Each Restricted Share Unit represents the economic equivalent of one Ensco Class A ordinary share. The Restricted Share Units vest in three equal annual installments beginning on the first anniversary of the grant date.
- F3On March 6, 2019, the reporting person was granted 236,967 restricted share units, vesting in three equal annual installments beginning on the first anniversary of the grant date.