Todd D. Strickler - Jan 1, 2025 Form 3 Insider Report for Seadrill Ltd (SDRL)

Role
Senior VP & General Counsel
Signature
/s/ Todd D. Strickler
Stock symbol
SDRL
Transactions as of
Jan 1, 2025
Transactions value $
$0
Form type
3
Date filed
1/2/2025, 12:29 PM

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
holding SDRL Common Shares 5.44K Jan 1, 2025 Direct

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
holding SDRL Restricted Stock Units Jan 1, 2025 Common Shares 1.07K Direct F1
holding SDRL Restricted Stock Units Jan 1, 2025 Common Shares 6.12K Direct F2
holding SDRL Restricted Stock Units Jan 1, 2025 Common Shares 11.7K Direct F3
holding SDRL Restricted Stock Units Jan 1, 2025 Common Shares 7.48K Direct F4
holding SDRL Restricted Stock Units Jan 1, 2025 Common Shares 7.62K Direct F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Represents restricted stock units granted to the reporting person on April 21, 2023. Each restricted stock unit represents a contingent right to receive one common share, par value $0.01 per share (a "Common Share"), of Seadrill Limited (the "Company"). The restricted stock units vest on August 6, 2025 and will be settled in cash or Common Shares at the election of the Joint Nomination and Remuneration Committee of the Board of Directors of the Company (the "Committee").
F2 Represents restricted stock units granted to the reporting person on September 25, 2023. Each restricted stock unit represents a contingent right to receive one Common Share. The restricted stock units vest on September 25, 2025 and will be settled in cash or Common Shares at the election of the Committee.
F3 Represents restricted stock units granted to the reporting person on April 17, 2024. Each restricted stock unit represents a contingent right to receive one Common Share. The restricted stock units vest in three equal annual installments beginning on April 17, 2025 and will be settled in cash or Common Shares at the election of the Committee.
F4 Represents performance-based restricted stock units granted to the reporting person on April 21, 2023. Each restricted stock unit represents a contingent right to receive one Common Share. The restricted stock units may be earned based on the extent the Company maintains or exceeds set per Common Share trading prices for a period of at least 45 consecutive trading days over the period beginning on August 6, 2022 and ending on August 6, 2025. The earned restricted stock units vest subject to the reporting person's continued employment from the grant date through August 6, 2025 and will be settled in cash or Common Shares at the election of the Committee.
F5 Represents performance-based restricted stock units granted to the reporting person on September 25, 2023 for which the performance metric described below has been certified by the Committee. Each restricted stock unit represents a contingent right to receive one Common Share. The restricted stock units were earned based on the achievement of an annual free cash flow performance metric for the annual measurement period beginning on January 1, 2023 and ending on December 31, 2023. The earned restricted stock units vest subject to the reporting person's continued employment from the grant date through December 31, 2025 and will be settled in cash or Common Shares at the election of the Committee.

Remarks:

Exhibit List: Exhibit 24 - Power of Attorney