Matthew Lyne - Sep 4, 2024 Form 4 Insider Report for Valaris Ltd (VAL)

Role: SVP - CCO
Signature: /s/ Andrew Campbell, power-of-attorney
Stock symbol: VAL
Transactions as of: Sep 4, 2024
Transactions value $: -$1,605,791
Form type: 4
Date filed: 9/6/2024, 04:48 PM
Previous filing: Jul 23, 2024
Next filing: Sep 30, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	VAL	Common Shares	Award	$0	+12.2K	+66.41%	$0.00	30.5K	Sep 4, 2024	Direct	F1
transaction	VAL	Common Shares	Award	$0	+2.47K	+8.08%	$0.00	33K	Sep 4, 2024	Direct	F2
transaction	VAL	Common Shares	Options Exercise		+3.11K	+9.42%		36.1K	Sep 4, 2024	Direct	F3
transaction	VAL	Common Shares	Options Exercise		+42.7K	+118.11%		78.8K	Sep 4, 2024	Direct	F4
transaction	VAL	Common Shares	Tax liability	-$1.61M	-28.4K	-36.05%	$56.53	50.4K	Sep 4, 2024	Direct	F5

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	VAL	Performance Share Units	Options Exercise		-3.11K	-100%		0	Sep 4, 2024	Common Shares	3.11K		Direct	F3
transaction	VAL	Performance Share Units	Options Exercise		-42.7K	-100%		0	Sep 4, 2024	Common Shares	42.7K		Direct	F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Represents the settlement of performance share units ("PSUs") that were subject to vesting based on the issuer's achievement of relative return on capital employed metrics, which vested at 100% achievement on September 4, 2024 upon the certification of such achievement by the issuer's Compensation Committee of the Board of Directors (the "Certification Date"). Each PSU was settled with the issuance of one share of the issuer's common shares, par value $0.01 per shares (the "Common Shares").
F2	Represents the settlement of PSUs that were subject to vesting based on the issuer's achievement of strategic goals during the July 1, 2023 through June 30, 2024 performance period, which vested at 81% achievement on the Certification Date.
F3	Represents the settlement of PSUs that were subject to vesting based on the issuer's achievement of strategic goals during the July 1, 2022 through June 30, 2023 performance period, which were previously determined to be earned at 102% achievement but remained subject to service based vesting conditions through the Certification Date.
F4	Represents the settlement of PSUs that were subject to vesting based on the Common Share's achievement of three designated share price hurdles, of which two share price hurdles were achieved. Thus, two-thirds of such PSUs vested on the Certification Date and the remaining one-third was forfeited.
F5	These Common 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.