Johansen Kristian 4

What Happened
Kristian Johansen, a director of Valaris Ltd (VAL), converted/exercised derivatives that resulted in 4,860 shares on June 10, 2026. Of those, 1,944 shares were disposed to the issuer at $88.98 per share for a total of $172,977. The filing also shows a grant of 1,984 restricted stock units (RSUs) as an annual equity retainer (no cash paid). Footnotes indicate a portion of awards were cash-settled and that each RSU represents the right to one share, cash, or a combination.

Key Details

• Transaction date: 2026-06-10; Form 4 filed: 2026-06-12 (filed within the typical reporting window).
• Exercise/Conversion (code M): 4,860 shares acquired (no cash price reported).
• Disposition to issuer (code D): 1,944 shares at $88.98/share = $172,977.
• Grant/Award (code A): 1,984 RSUs awarded (will vest per grant terms).
• Footnotes: F1—portion of RSUs were cash-settled; F2—1,984 RSUs are the annual retainer and vest on the earlier of 1 year or next annual meeting; F3—each RSU may be settled in shares, cash, or combination at the recipient’s election.
• Shares owned after transaction: Not specified in this filing.

Context
The filing shows an exercise/conversion plus an immediate disposition back to the issuer, which commonly reflects net settlement or tax withholding following an award exercise; the filing’s footnotes confirm cash settlement is an option for these RSUs. Grants (A) are awards, not open-market purchases, so they are routine compensation rather than a direct bullish vote via buying stock. This is a director-level transaction, not a 10% owner filing.