Joseph Goldschmid - 15 Jun 2021 Form 4 Insider Report for Valaris Ltd (VAL)

Role
Director, Other*
Signature
/s/ Davor S. Vukadin, by power-of-attorney
Issuer symbol
VAL
Transactions as of
15 Jun 2021
Net transactions value
$0
Form type
4
Filing time
17 Jun 2021, 17:11:19 UTC
Previous filing
10 May 2021
Next filing
13 Jun 2022
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction VAL Common Shares Award $0 +22,023 $0.000000 22,023 15 Jun 2021 Direct F1, F2
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Consists of a one-time grant of 14,823 restricted stock units and an annual equity retainer of 7,200 restricted stock units. The one-time grant was awarded in connection with the Issuer's emergence from chapter 11 to Mr. Joseph Goldschmid ("Mr. Goldschmid"), an employee of Oak Hill Advisors, L.P. ("OHA") and a member of the board of directors of the Issuer. These restricted stock units will vest ratably in three installments on each of the first three anniversaries of the date of grant. The 7,200 restricted stock units, representing the recipient's annual equity retainer, will vest in full on the earlier of the first anniversary of the date of grant or the next annual meeting of the Issuer's shareholders.
F2 Pursuant to the policies of OHA, the restricted stock units received by Mr. Goldschmid are held for the benefit of certain clients of OHA.

Remarks:

Mr. Goldschmid, an employee of OHA, is a member of the board of directors of the Issuer. Pursuant to Rule 16a-1 under the Securities Exchange Act of 1934, as amended (the "Act"), Mr. Goldschmid is a beneficial owner of certain securities of the Issuer to the extent of his pecuniary interest therein. This filing shall not be deemed an admission that Mr. Goldschmid is or was, for the purposes of Section 16 of the Act of otherwise, a beneficial owner of any securities of the Issuer, and such beneficial ownership is and was expressly disclaimed by Mr. Goldschmid, in each case except to the extent of his pecuniary interests.