SCHULTZ ANDREW ELIOT 4

What Happened

• Andrew E. Schultz, a director of Seadrill Ltd (SDRL), reported the exercise/conversion of 4,860 derivative awards on May 14, 2026. The underlying awards were restricted stock units (RSUs) that vested on the first anniversary of a May 14, 2025 grant. The conversion is reported with no cash proceeds — Schultz elected to defer receipt of the common shares until separation from service or a change in control.

Key Details

• Transaction date: 2026-05-14 (reported on Form 4 filed 2026-05-18).
• Transaction type/code: Exercise/conversion of derivative (Code M).
• Shares involved: 4,860 RSUs converted into common shares (1-for-1 conversion per filing).
• Price reported: $0.00 disposed (no proceeds); one line shows acquired with price N/A.
• Shares owned after transaction: Not specified in the provided filing data.
• Footnotes: F1 — director elected to defer receipt of the common shares until earlier of separation or change in control; F2 — RSUs convert one-for-one into common shares; F3 — 4,860 RSUs were granted 5/14/2025 and vested on 5/14/2026.
• Timeliness: Filing appears timely (transaction 5/14/2026; Form 4 filed 5/18/2026).

Context

• This was a conversion/vesting event for RSUs, not an open-market purchase or sale. Because Schultz elected to defer receipt of the shares, no shares were delivered to the market and no cash was received — the filing does not indicate any immediate market action. For retail investors, such deferred vesting conversions generally do not signal a buy or sell decision by the insider.